This Junior Miner Just Found Gold Hiding Beside a Decades-Old Pit

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Wednesday, September 9, 2026

Gold exploration gets considerably more compelling when a discovery emerges beside old mine workings rather than miles from established mineralization. Historical mining proves a mineralized system exists, while modern drilling can reveal extensions or parallel zones that earlier operators walked right past. When a zone sits undetected next to a mined pit through decades of drilling by multiple companies, the question becomes whether it has the continuity, grade, and scale to justify chasing it.

Shares of Canuc Resources Corporation (TSX-V: CDA) (OTCQB: CNUCF) are moving higher Wednesday after the company announced the discovery of a new near-surface gold-mineralized zone at its 100%-owned East Sudbury Project in Ontario, located roughly 20 km east of Sudbury.

The newly identified East-West Pit Area Zone 2 sits immediately beside the historically mined East-West Pit at the past-producing Scadding Gold Mines. Canuc has traced the north-dipping mineralized breccia zone across approximately 170 meters of strike through ten drill holes spaced roughly 25 meters apart.

All ten holes intersected the targeted chlorite breccia zone, with interpreted true thicknesses ranging from three to 15 meters. Gold mineralization was encountered as shallow as 3.5 meters downhole in SM-26-151, underscoring the zone's near-surface position.

The strongest initial result came from SM-26-153, which returned 20.0 meters grading 1.51 grams per tonne gold, including 5.0 meters at 3.78 g/t gold. SM-26-151 intersected 8.0 meters grading 1.21 g/t gold, including 1.0 meter at 7.58 g/t, while SM-26-152 returned 19.9 meters at 0.56 g/t gold, including 1.0 meter at 3.2 g/t.

Hole SM-26-160 produced two separate intervals, including 4.0 meters grading 1.28 g/t gold and 1.0 meter at 4.29 g/t. Four holes returned only weakly elevated gold values, and SM-26-156 intersected 14.0 meters grading 0.102 g/t gold.

Surface work completed in 2025 also supported the target. Five grab samples collected from pit material averaged 6.72 g/t gold and ranged from 0.738 to 14.3 g/t, although grab samples are selective by nature and may not represent the average grade of the underlying zone.

Zone 2 has been tested to vertical depths of only 50 to 75 meters and remains open to the north, where historical drilling by a previous operator hit gold mineralization at roughly 85 and 110 meters. Four additional holes have been completed at the zone's western end, where the mineralization may be offset along a regional fault. Assays are pending.

"Zone 2 sat undetected beside old mine workings in the East-West Pit Area for a period spanning several decades," said Christopher Berlet, President and CEO of Canuc, calling that support for the company's thesis that the project area holds significant unrecognized potential.

Canuc plans to keep drilling the discovery for as long as it can track it and intends to include Zone 2 in the East Sudbury Project's maiden mineral resource estimate, currently expected later in 2026. The project does not yet contain a current mineral resource or reserve. Exploration is internally funded by revenue from eight producing natural gas wells in West Texas and a 4% net smelter royalty on the Scadding Gold Tailings Project.

Shares of CDA are up 6.5% to C$0.98, while CNUCF is up 5.4% to $0.6846 in Wednesday morning trading.

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