Just 4 months ago, the El Mezquite target area at the Gran Pilar Project was represented by a single discovery hole intersecting 22.9 m of gold mineralization. Today, Tocvan Ventures Corp. is reporting an impressive 215 m interval of gold-silver mineralization with several higher-grade internal zones. The contrast illustrates how rapidly the geological understanding of El Mezquite is advancing.
With this drill hole, Tocvan has opened an entirely new chapter at Gran Pilar. An intercept of 215 m @ 0.6 g/t gold is remarkable, especially in a largely unexplored area where the mineralization begins just 36.6 m below surface. Within this broad mineralized interval, several higher-grade zones were also encountered, including 70.2 m @ 0.86 g/t gold and 7.19 g/t silver as well as 33.6 m @ 1.55 g/t gold and 12.2 g/t silver.
This represents one of the thickest continuous zones of gold-silver mineralization intersected at Gran Pilar to date.
The location of the discovery adds another important dimension. The drill hole is situated along the El Mezquite Trend, only 1.9 km northeast of the planned pilot facility and 1.6 km east of the Main Zone.
Gran Pilar is therefore no longer expanding only along known structures. The evidence is increasingly pointing toward the potential for a broader gold-silver district with multiple mineralized target areas.
SCALE AND STRATEGIC SIGNIFICANCE
Executive Chair Brodie Sutherland emphasized the geological significance of the discovery:
“Hole JES-26-155 stands out as one of the strongest intercepts we have seen on the project. The combination of near-surface mineralization, substantial widths, and high-grade shoots within a broader envelope of consistent gold-silver values highlights the scale and continuity of the El Mezquite trend. This discovery, together with our expanding drill program now past 10,000 metres, continues to demonstrate the district-scale opportunity at Gran Pilar.”
Sutherland deliberately emphasizes the geological characteristics of the discovery rather than the gold grade alone. His remarks focus on 3 factors that are particularly relevant when evaluating a broad, near-surface mineralized system: The near-surface position, the substantial thickness and the high-grade shoots contained within a broad, continuous mineralized envelope. It is precisely this combination that makes the drill hole so remarkable.
CEO Chris Gordon focused more closely on the development implications and the strategic location of the discovery:
“This intersection starting near surface is one of the best holes drilled on the Gran Pilar project to date. The discovery of a robust new gold-silver zone along the El Mezquite trend, only 1.9 kilometres from our planned pilot facility, significantly de-risks and expands the development potential of Gran Pilar. With gold prices remaining strong and a clear path toward pilot production, these results reinforce Tocvan’s position as an emerging near-term producer in one of Mexico’s most prospective mining jurisdictions.”
Gordon takes a broader strategic view, focusing on the project’s development potential. By stating that the discovery “de-risks” Gran Pilar, he is not suggesting that economic viability has already been proven. Rather, he is highlighting that the discovery of a broad new mineralized zone close to the planned pilot facility expands the project’s development options and reduces its reliance on a single target area.
MORE THAN JUST GRADE
Private investors often judge drill results almost exclusively by the reported gold grade. At first glance, an intercept containing several grams of gold per tonne may appear far more impressive than half a gram over several hundred meters.
Mining companies, however, evaluate a much broader range of factors. In addition to grade, they consider the thickness and continuity of the mineralization, its depth below surface, metallurgical characteristics and the expected strip ratio, all of which play a critical role in determining a deposit’s development potential.
For this reason, it is worth comparing Tocvan’s latest results with active gold mines in Sonora that also operate as open-pit heap-leach mines. Heap leaching is generally simpler and less capital-intensive than conventional milling, allowing some lower-grade oxide deposits to be developed economically. Average grades of around 0.5 g/t gold are not uncommon at operating mines using this method.
This comparison does not, of course, suggest that Gran Pilar should already be viewed on par with producing mines. A single exploration drill hole is still a long way from a defined resource, let alone an operating mine, and many important development milestones remain ahead.
Nevertheless, the comparison shows that the average gold grade reported from the new drill hole is well within the range of material currently being processed at several active open-pit gold mines in Sonora.
In other words, the reported grades fall within a range that can be economically relevant for similar deposit types. Equally important are the scale of the mineralized interval and the presence of several significantly higher-grade internal zones, both of which further enhance the significance of the intercept.
Particularly noteworthy: The map shows both the initial El Mezquite discovery hole, which intersected 22.9 m @ 0.6 g/t gold, and the new JES-26-155 drill hole, which returned 215 m @ 0.56 g/t gold. This provides a compelling visual example of how follow-up drilling can reveal a newly discovered trend as part of a potentially much larger gold-silver system as the geological model becomes more refined.
FROM 23 METERS TO 215 METERS
Perhaps the most compelling takeaway from today’s news lies not only in JES-26-155 itself. The drill hole also provides a striking example of how exploration actually works.
Many investors tend to view the first drill results from a new target area as a measure of its full potential. The progression of exploration at El Mezquite shows why that can often be misleading.
In early April of this year, Tocvan reported the first drill results from the area. The discovery hole intersected 22.9 m @ 0.6 g/t gold, including 6.1 m @ 1.6 g/t gold, beginning directly at surface. The hole confirmed a new zone of gold mineralization beyond the Main Zone, but its true scale remained uncertain.
As the Rockstone Report noted on April 1:
“The true thickness has not yet been fully defined. At the same time, follow-up drilling can now be targeted much more precisely. With this improved understanding, the likelihood increases that future drilling may return wider intervals, greater thicknesses and potentially higher grades.”
That scenario now appears to be unfolding. Just a few months later, Tocvan has reported a very broad 215 m interval of gold-silver mineralization ~600 m farther south, providing a much stronger indication of the scale and continuity of the El Mezquite Trend.
Of course, these drill holes do not intersect the same mineralized structure and they cannot be compared on a one-to-one geological basis. Nevertheless, their progression illustrates a typical pattern in exploration.
Initial drill holes are often intended to test whether mineralization is present and provide the first indications of its geometry and orientation. Only with that initial geological understanding can follow-up drilling be targeted more effectively to define the true thickness and continuity of the system.
This may be the most important takeaway for investors: Initial drill results often tell only the beginning of the story.
LESSONS FROM EL MEZQUITE
For precisely this reason, the El Mezquite discovery may also provide valuable perspective when evaluating the new silver-gold discovery announced on July 23, 2026.
The initial drill results from that target consisted of relatively short mineralized intervals containing locally high-grade gold and, in particular, silver values. The standout intercept returned 1.5 m @ 2.2 g/t gold and 581 g/t silver. Given the relatively modest thicknesses reported so far, some market participants may have viewed the results with caution.
The evolution of El Mezquite demonstrates, however, that the first exploration drill holes do not necessarily reveal the full potential of a new target area. Instead, they provide geologists with the information needed to better understand the geometry and orientation of a mineralized system, allowing subsequent drill holes to be targeted much more effectively.
Of course, there is no guarantee that every new discovery will follow the same path. Nevertheless, El Mezquite provides a recent example from within Gran Pilar of how a relatively modest initial intercept can, through targeted follow-up drilling, be revealed as part of a substantially larger mineralized system.
The silver-gold zone discovered in late July may now be at much the same early stage of development that El Mezquite was only a few months ago.
BEYOND THE MAIN ZONE
Just over a year ago, Gran Pilar would have been described primarily in terms of the Main Zone. Today, geologists are increasingly discussing several distinct mineralized trends. That shift marks the transition from a single exploration target toward a potentially broader mining district.
In addition to the Main Zone, further mineralized areas have now been identified, including North Hill, 4-Trench, the expansion zones and El Mezquite, followed most recently by the new silver-gold zone. With each successful step-out hole, the geological understanding of the project continues to improve.
This is likely what Brodie Sutherland was referring to when he said that the drill program, which has now surpassed 10,000 m, continues to demonstrate Gran Pilar’s potential as a “district-scale opportunity”. That term is not used lightly in the mining sector. It generally refers to projects that may host not just a single deposit, but several mineralized centers within a larger, connected geological area.
Whether Gran Pilar ultimately fulfills that potential will depend on the results of future drilling. What is already clear, however, is that Tocvan is no longer focused solely on expanding a single gold zone. The company is increasingly advancing several separate target areas across the broader project.
BOTTOM LINE
Today’s drill result is particularly significant because it combines several positive characteristics: It begins close to surface, intersects an exceptionally broad zone of gold-silver mineralization and contains several higher-grade intervals within a continuous mineralized envelope.
Equally important, however, is the broader message conveyed by El Mezquite. Only a few months separate the initial discovery hole, which intersected nearly 23 m of mineralization, from today’s 215 m interval. This rapid progression illustrates why early drill results from newly identified target areas should not be interpreted prematurely as a final measure of their potential.
A few months ago, El Mezquite was represented by a single 22.9 m discovery intercept. Today, Tocvan has reported 215 m of gold-silver mineralization approximately 600 m farther south. That progression does not yet define a deposit, but it demonstrates how quickly the geological understanding of a new target can change.
If follow-up drilling confirms continuity around JES-26-155, this hole may ultimately be remembered as the intercept that revealed El Mezquite as one of Gran Pilar’s most important emerging target areas.
Company Details
Tocvan Ventures Corp.
Suite 1150 Iveagh House
707 – 7th Avenue S.W.
Calgary, Alberta, Canada T2P 3H6
Phone: +1 403 668 7855
Email: bsutherland@tocvan.ca (Brodie Sutherland)
www.tocvan.com
ISIN: CA88900N1050
Shares Issued & Outstanding: 78,735,014
Canada Symbol (CSE): TOC
Current Price: 0.72 CAD (08/05/2026)
Market Capitalization: 57 Million CAD
Germany Symbol / WKN (Tradegate): TV3 / A2PE64
Current Price: 0.448 EUR (08/05/2026)
Market Capitalization: 35 Million EUR
Contact
Rockstone News & Research
Stephan Bogner (Dipl. Kfm., FH)
Müligässli 1, 8598 Bottighofen
Switzerland
Phone: +41-71-5896911
Email: info@rockstone-news.com
Disclaimer and Forward-Looking Information: Rockstone and Tocvan Ventures Corp. (“Tocvan”; “the Company”) expressly point out that all forward-looking information contained in this report does not represent a guarantee of future results or performance. Actual results may differ materially from those projected. Readers are referred to Tocvan’s public filings, available on SEDAR+ at www.sedarplus.ca, for a more detailed discussion of risk factors and their potential impact. All statements in this report, other than statements of historical fact, constitute forward-looking statements. This report includes expectations, interpretations, projections and assumptions based on information available at the time of writing, including public disclosures by the Company and statements made by its management. Forward-looking statements include, but are not limited to, statements, expectations and assumptions regarding: The interpretation, significance and potential economic relevance of the latest drill results from the El Mezquite Trend, including drill hole JES-26-155; the interpreted thickness, continuity, orientation and scale of the reported gold-silver mineralization; the potential for additional discoveries along the El Mezquite Trend and across other target areas at the Gran Pilar Gold-Silver Project; the possibility that Gran Pilar may host multiple mineralized centers within a broader district-scale system; the timing and interpretation of pending assay results; the completion of additional exploration, step-out, delineation and expansion drilling; the potential completion of a maiden mineral resource estimate; the preparation of a Preliminary Economic Assessment (PEA); the construction, commissioning and operation of the fully permitted pilot facility designed to process approximately 50,000 tonnes of mineralized material, including associated heap-leach and processing infrastructure; the targeted advancement toward initial gold-silver doré production; the generation of technical, metallurgical, operational and economic data from the pilot operation; the potential use of such data to support future project development or commercial-scale mining; future financing initiatives, strategic partnerships, corporate development activities and additional exploration and development programs. Statements in this report regarding the geological significance of JES-26-155, the possible scale or continuity of mineralization at El Mezquite, the potential relationship between early-stage drill results and subsequent follow-up drilling, the interpretation of Gran Pilar as a potential district-scale gold-silver system or the possible development relevance of mineralization located near planned infrastructure represent the author’s interpretation of publicly available Company information as of the publication date. Such statements reflect current expectations, technical interpretations and opinions and should not be interpreted as guarantees that further drilling will confirm the reported mineralization, establish continuity, define a deposit or support future mine development. Comparisons in this report with operating gold mines and development projects in Sonora are provided solely for general geological, technical and industry context. Such comparisons do not demonstrate that Gran Pilar has comparable geology, metallurgy, operating costs, recoveries, strip ratios, infrastructure, permitting conditions, mineral resources, mineral reserves or economic performance. References to published grades or cutoff grades at other mines should not be interpreted as evidence that the mineralization reported at Gran Pilar is economically mineable. Cutoff grades are project-specific and depend on numerous factors, including commodity prices, metallurgical recovery, mining method, strip ratio, operating costs, capital costs, infrastructure, taxation and other modifying factors. Statements relating to the future advancement of the Gran Pilar Project, including exploration success, pending drill results, potential resource growth, a maiden mineral resource estimate, a Preliminary Economic Assessment, pilot-scale production, metallurgical performance, future project expansion, commercial development, financing, scalability or similar matters are based on current Company disclosures, management expectations, technical interpretations and the author’s analysis at the time of publication. Such statements are inherently uncertain and should not be interpreted as guarantees of future discoveries, successful exploration results, resource definition, construction progress, pilot production, commercial production, economic viability, project financing or any particular operational or financial outcome. There are currently no mineral reserves defined for the Gran Pilar Project and, unless otherwise disclosed by the Company, no completed maiden mineral resource estimate. Reported drill intervals represent downhole lengths and may not reflect true widths. The Company has stated that true widths for JES-26-155 are currently unknown and are estimated to be approximately 60–80% of drilled widths. Mineralization identified through drilling does not constitute a mineral resource or mineral reserve, and there can be no assurance that further exploration will define economically recoverable mineral resources or support future mining operations. A single drill hole, regardless of grade or thickness, is insufficient to establish the continuity, geometry, tonnage, metallurgical performance or economic viability of a mineralized system. Forward-looking statements are subject to numerous known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These include, but are not limited to: The speculative nature of mineral exploration and development; geological, structural, sampling and metallurgical uncertainties; uncertainty regarding the continuity, true width, orientation and lateral extent of mineralization; risks associated with exploration, drilling, resource estimation and economic studies; the possibility that pending assay results, additional drilling or future technical work may not support current interpretations or expectations; the possibility that other target areas may not produce results comparable to JES-26-155; risks relating to the construction, commissioning, operation and performance of the pilot facility and associated processing infrastructure; uncertainties regarding metallurgical recoveries, reagent consumption, operating costs, processing performance and the ability of pilot-scale results to support future commercial development; delays or cost increases relating to construction, permitting, environmental compliance, infrastructure, contractors, laboratories, equipment deliveries, land access, water supply, power availability, community relations or regulatory approvals; financing and liquidity risks; future shareholder dilution; fluctuations in gold and silver prices, exchange rates, energy prices, operating costs and capital costs; capital-market conditions; political, legal, regulatory, environmental, security and social risks associated with operating in Mexico; and other risks beyond the Company’s control. Any references in this report to Gran Pilar’s district-scale potential, the emergence of El Mezquite as an important target area, the possible significance of mineralization near the planned pilot facility, the potential for multiple mineralized centers, future project growth, commercial development, project value, investment profile, corporate milestones or similar expressions represent the opinions and interpretations of the author based on publicly available information. Such statements should not be interpreted as confirmation of a mineral resource, mineral reserve, future mine, commercial production, economic viability, financing, profitability or investment returns. Forward-looking statements are inherently subject to significant risks and uncertainties and there can be no assurance that such statements will prove to be accurate. Assumptions made by management or interpretations made by the author may prove to be incomplete, overly optimistic or incorrect. Actual results, developments, economic conditions and future events may differ materially from those expressed or implied in this report. Readers are cautioned not to place undue reliance on forward-looking statements and should review the risk factors described in the Company’s public filings before making any investment decision. Neither Rockstone, the author nor Tocvan Ventures Corp. undertakes any obligation to update or revise forward-looking statements, except as required by applicable law.
Disclosure of Interests and Legal Notice: Nothing in this report should be construed as an invitation to buy or sell securities. Rockstone, its owners, and the author of this report are not registered broker-dealers or financial advisors. Before investing in securities, you should always consult your financial advisor and a registered broker-dealer. Never make an investment decision based solely on online or printed reports, including reports from Rockstone – particularly when it comes to small, thinly traded companies. The author of this report, Stephan Bogner, received compensation from Tocvan Ventures Corp. in the amount of 19,000 CAD for a period of 3 months. In addition, he holds securities of Tocvan and will therefore also benefit from increased trading volume and share price appreciation. This represents a significant conflict of interest that may affect the objectivity of this reporting. The author may buy or sell securities of Tocvan at any time without notice, which may give rise to additional conflicts of interest. This report should be understood as a promotional publication and does not replace individual investment advice. All information is current as of the date of publication and is subject to change without notice. Liability for financial losses resulting from investments made on the basis of this report is excluded. The views of Rockstone and the author regarding the companies presented in this report reflect solely their own assessments and are based on information from public sources deemed reliable. Rockstone and the author have not conducted independent due diligence. Neither Rockstone nor the author guarantees the accuracy, completeness, or usefulness of the content, nor its suitability for any particular purpose. There is likewise no guarantee that the companies mentioned will perform as expected, or that comparisons with other companies will prove valid. Please read the full disclaimer carefully. If you do not agree with it, do not use this website or report. By using the website or this report, you agree to the disclaimer, regardless of whether you have read it in full. The information provided is of a general and educational nature. Data, tables, figures, and images, unless otherwise indicated or linked, originate from Tradingview.com, Stockwatch.com, Tocvan Ventures Corp., and publicly available sources. The cover picture has been obtained and licenced from 123rf.com.
