Junior Gold Explorer Expands Footprint With New Ontario Acquisition

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Tuesday, April 28, 2026

As gold prices remain elevated and exploration capital continues flowing toward proven mining jurisdictions, junior explorers with district scale upside are drawing attention. Projects located near established camps with historic high grade results often become prime targets for strategic expansion.

Shares of Canadian Goldfields Discovery Corp. (TSX-V: CGM) (OTCQB: CGMXF) are moving higher Tuesday after the company announced it will acquire the Newton Gold Property in Ontario through an amalgamation agreement with privately held Newton Gold Corp.

The Newton Gold Property is located roughly 100 kilometers southwest of Timmins and spans approximately 7,029 hectares within the Swayze Greenstone Belt, widely considered a southwest extension of the prolific Abitibi Greenstone Belt. The region is known for hosting multiple Tier One gold mines and remains one of the most attractive gold exploration belts in Canada.

What makes the acquisition notable is the historic drill data already in place. Previous drilling included 35 meters grading 4.05 grams per tonne gold, including 15.42 meters at 7.76 g/t gold in hole 10-02, along with 40 meters grading 2.65 g/t gold in hole 10-08. Additional resampling of historical core also returned strong intercepts, including 2.35 g/t gold over 52.4 meters. Management noted that drilling remains limited across known zones, while several high priority targets remain completely undrilled.

The company said future exploration will focus primarily on orogenic gold deposit targets, similar in nature to the Kirkland Lake, Timmins, and Wawa gold camps. Mineralization on the property has been identified across multiple geological settings, including sheared pyritic mafic volcanics, quartz feldspar porphyry hosted systems, and quartz vein structures.

Under the terms of the deal, Canadian Goldfields will issue 12.5 million common shares to Newton Gold shareholders, with staged resale restrictions extending up to 18 months. The property carries a 2% net smelter return royalty, of which 50% can be repurchased for C$1.5 million, along with a separate 1.5% NSR that can be fully bought back for C$500,000. No finder's fee will be paid, and management emphasized the transaction is arm's length.

The acquisition adds another highly prospective Ontario asset alongside the company's flagship Miminiska Gold Project, broadening Canadian Goldfields' exposure in one of the safest mining jurisdictions globally.

With strong historical grades, significant undrilled targets, and continued expansion in a proven gold belt, Canadian Goldfields enters its next exploration cycle with two district scale Ontario projects to advance.

Shares of CGM are ahead 10.8% to C$0.46 in Tuesday morning trading, while U.S. listed shares of CGMXF are flat at $0.3773.

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