Canadian Goldfields Completes Inaugural Drill Program at Swayze Central Gold Project

VANCOUVER, British Columbia, Sept. 02, 2026 (GLOBE NEWSWIRE) -- Canadian Goldfields Discovery Corp. (TSX-V: CGM, OTCQB: CGMXF) (“Canadian Goldfields” or the “Company”) is pleased to announce the successful completion of its inaugural diamond drill program at the Swayze Central Gold Project in Ontario, marking an important exploration milestone as the Company continues to systematically advance the project.

Six diamond drill holes totalling 1,422 metres were completed, testing priority targets identified through the Company's initial field work completed concurrently with a review and interpretation of historical exploration data. Assay results from the program are pending and will be reported as they become available

In parallel with drilling, Canadian Goldfields undertook an extensive soil geochemical survey across Swayze Central. To date, 1,808 B-horizon samples have been collected, using 100m line grids with 50m sample intervals. In total, approximately 113-line km has been walked with the high-priority soil sampling program complete.

Together, the drill program and soil survey represent key components of the Company's broader exploration strategy at Swayze Central: systematically integrating new geological, geochemical and drilling information with the project's extensive historical dataset to refine existing targets and identify additional areas for follow-up exploration.

John Booth, Chief Executive Officer and Director, commented: “Completing our inaugural drill program at Swayze Central is an important step and builds on the significant amount of work our team has completed to advance the project. We have now tested priority targets with 6 drill holes while continuing a broad soil geochemical program across the property. With assays pending and additional exploration data being generated, we are looking forward to bringing these results together and using them to define the next phase of exploration at Swayze Central.”

Ian Dasti, P.Geo., Vice President of Exploration, commented: “Our approach at Swayze Central has been to combine new field work with a detailed reinterpretation of the extensive historical geological and geophysical dataset. The six-hole drill program tested priority targets, including resistivity and chargeability anomalies in the vicinity of the Michelle Zone, while our soil geochemical program is providing systematic coverage across the broader eastern and southeastern portions of the property.

As the drill assays and geochemical results become available, we will integrate these new datasets with the historical information to further develop our geological interpretation and prioritize targets for follow-up exploration.”

A Systematic Approach to Swayze Central

Swayze Central is located within Ontario's Swayze Greenstone Belt, an underexplored extension of the prolific Abitibi Greenstone Belt.

The Company's exploration strategy is focused on applying modern exploration techniques to the significant body of historical exploration information available across the property.

The recently completed drill program targeted resistivity and chargeability highs that were identified in several historic IP surveys within the vicinity of the Michelle zone. While the soil geochemical survey is evaluating the broader east and south-eastern portion of the property, which includes the Michelle zone. Once available, results from both programs will be incorporated into the Company's geological interpretation to further refine and prioritize areas for follow-up exploration.

The Company will provide additional updates as assay results from its ongoing exploration programs become available.

About Canadian Goldfields Discovery Corp.

Canadian Goldfields Discovery Corp. is a Canadian mineral exploration company focused on advancing district-scale gold opportunities in Ontario, Canada. The Company’s portfolio includes the flagship Miminiska Gold Project in northwestern Ontario and the Swayze Central Gold Property located within the prospective Swayze Greenstone Belt near Timmins.

Miminiska hosts a gold-rich banded iron formation (“BIF”) system with multiple high-grade intercepts drilled across the Miminiska and Frond Zones and more than 14 km of underexplored strike extent. Supported by approximately 28,000 m of historical drilling, the project demonstrates significant scale potential with mineralization remaining open along strike and at depth. The Swayze Central Gold Property complements the Company’s portfolio with historical high-grade gold occurrences and additional district-scale exploration upside in one of Canada’s most established mining regions.

Canadian Goldfields is led by a lean and execution-focused leadership team committed to disciplined exploration, systematic discovery and long-term value creation through the advancement of high-quality gold assets in tier-one mining jurisdictions.

On behalf of the Company,
John G. Booth, Chief Executive Officer and Director

Additional Information
Harp Gosal | Director of Capital Markets & Communications
Canadian Goldfields Discovery Corp.
Phone: (604) 218-1142
Email: [email protected]

Qualified Persons and Technical Disclosure

The scientific and technical information contained in this news release has been reviewed and approved by Ian Raymond Dasti, P.Geo, Vice-President of Exploration of Canadian Goldfields Discovery Corp., and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43101”).

Mr. Dasti has reviewed the technical information disclosed in this news release and has approved its dissemination. The information presented herein relates to planned exploration activities at the Company’s Swayze Central Gold Project, including the design and objectives of the geochemical soil sampling program.

Historical exploration information referenced in this news release has been compiled from publicly available sources and historical reports. A Qualified Person has not completed sufficient work to independently verify all historical information, and the Company is not treating such information as current mineral resources or mineral reserves as defined by NI 43-101. Historical results, mineral occurrences, and exploration data should not be relied upon as indicative of future exploration results.

The Company considers historical exploration information to be relevant for the purpose of guiding future exploration programs; however, readers are cautioned that such information may not be representative of actual mineralization or exploration potential on the Property.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to the Company’s limited operating history and the Company’s planned exploration program for the Miminiska Gold Property is subject to change. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company does not undertake to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Source: Canadian Goldfields Discovery Corp.

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