Canadian Goldfields Discovery Corp. Finalizes Acquisition of Miminiska Gold Property
Vancouver, British Columbia — February 13, 2026 — Leads & Copy — Canadian Goldfields Discovery Corp. has finalized its acquisition of the Miminiska Gold Property, according to a mineral property purchase agreement dated November 28, 2025, and amended December 29, 2025, with Storm Exploration Inc.
Trading of Canadian Goldfields Discovery Corp. common shares is expected to resume under the ticker “CGM” on the TSX Venture Exchange on Thursday, February 19, 2026.
The Miminiska Gold Property features multiple high-grade gold drill intersections, despite 85% of the identified strike length remaining largely untested by drilling.
Historical drill intercepts include 20.84m at 5.75 g/t Au, 3.96m at 13.45 g/t Au, and 11.18m at 4.49 g/t Au (true widths are unknown). Gold mineralization is primarily hosted within Algoma-type Banded Iron Formations (BIF).
Recent ground geophysical surveys have pinpointed several targets within the Miminiska prospect that have not been drill tested, showing similar responses to known zones of high-grade gold mineralization. The deposit type is potentially analogous to Orla Mining Ltd.’s Musselwhite Mine, situated approximately 150 km northeast of the Miminiska Property.
The Miminiska Gold Property is located approximately 350 kilometers north of Thunder Bay, Ontario, 115 km east of Pickle Lake, and about 40 km west of Fort Hope, Ontario. It encompasses 278 unpatented mining claims, 43 mining patents, and 1 mining licence of occupation (MLO), totaling 6,366.4 hectares across three contiguous blocks: Miminiska Lake, Wottam Lake, and Frond Lake. The Property is within the Eabametoong First Nation (EFN) territory.
The Property lies within the Miminiska – Fort Hope greenstone belt, about 150 km southeast of Orla Mining Ltd.’s Musselwhite Gold Mine. It is situated within the Uchi Subprovince, an east-trending metavolcanic-metasedimentary belt in the Superior Province of the Canadian Shield. The Uchi Subprovince is part of the North Caribou Terrane, which hosts the Red Lake Gold Mines, Musselwhite Gold Mine, and past gold producers, including the Pickle Crow Mine, located approximately 115 km west of the Property.
The Property is primarily underlain by laminated units of interbedded wacke, quarzitic wacke, and slate/argillite. Mafic volcanic units in the northeastern portion are massive to amygdaloidal, showing amphibole and biotite alteration due to regional metamorphism.
All rock units are Early Precambrian in age, except for a few north-trending diabase dykes of Middle Precambrian age. Quaternary deposits cover much of the bedrock. A major unit of banded oxide facies iron formation trends east-west across the northern portion of the Property.
Gold mineralization is mainly associated with banded iron formations and east-west striking shear zones over a 14 km length across the Property.
Exploration at the Property dates back to the 1930s and 1940s, when the Miminiska, Frond, and Wottam Lake prospects were discovered. Modern exploration began in the 1960s, with intermittent drilling resulting in 237 diamond drill holes totaling 28,265m, primarily in the Frond Lake and Miminiska Lake blocks. A significant drill program from 2003-2005 included 47 NQ-sized diamond drill holes totaling 9,249m, yielding intercepts such as 20.84m at 5.75 g/t Au and 11.18m at 4.49 g/t Au.
Since 2021, a Light Detection and Ranging (LiDAR) survey, airborne magnetic geophysical survey, ground magnetic and electromagnetic (EM) geophysical survey, and a small 659.2m diamond drilling program have been completed.
LiDAR survey results helped identify geological outcrops and structures, detect alteration and mineralization patterns, and produce a high-resolution digital elevation model. The airborne magnetic survey delineated northeast trending structures. The ground magnetic and EM survey targeted the faulted and folded banded iron formation (BIF) in the Miminiska Lake block. The ground geophysical surveys identified targets within the Miminiska prospect that are similar in response to known high-grade gold mineralization zones. The EM survey delineated the BIF of the Miminiska prospect and provided structural setting information.
Two diamond drillholes totaling 659.2 m drilled at the Miminiska prospect in 2022 laterally extended known high-grade mineralization in the folded iron formation by 130m.
Following the acquisition, initial exploration plans include step-out and exploration drilling at the Miminiska prospect and Frond Lake prospect. Step-out drilling at the Miminiska prospect will target the central limb of the folded iron formation, with exploration drilling testing the north and south limbs of the BIF. The Company plans to use the 2022 geophysical data to locate structural breaks near strong magnetic anomalies and define drill targets. Step-out drilling at Frond Lake will extend historical drilling to the west.
Initial regional work includes a VTEM survey over the entire Property to map conductive units, enhance geological understanding, and assist in Phase 2 drill targeting. Ground follow-up exploration, including geological mapping, prospecting, and rock sampling of exposed outcrops, will be conducted over geophysical anomalies, prioritizing those coinciding with interpreted BIF horizons and associated with structural complexities or historical occurrences.
Under the Purchase Agreement, the Company paid a $200,000 non-refundable deposit, $1,800,000 on the Closing Date, and issued 7,500,000 common shares at $0.20 per share on the Closing Date.
The Company will also make additional cash payments totaling $1,525,000: $1,000,000 within three months after the Closing Date and $525,000 within nine months after the Closing Date. An additional share issuance of $787,500 of common shares will occur within nine months after the Closing Date. The Second Consideration Shares will be issued at the 30-day volume-weighted average price (“VWAP”) on the date that is five business days prior to the issuance date of the Second Consideration Shares.
The number of Second Consideration Shares is limited to: (i) no more than 19.9% of the Company’s outstanding common shares issuable to Storm, (ii) no more than 49.9% of the Company’s outstanding common shares issued to Storm under the Purchase Agreement and the concurrent private placement financing, and (iii) no more than 3,937,500 common shares. If the total value of the Second Consideration Shares is less than $787,500, the Company will make a one-time payment equal to the difference.
The Consideration Shares are subject to resale restrictions for four months after the issue date. In addition to this restriction, 25% of the First Consideration Shares will be restricted from resale until four months after the Closing Date, 25% until eight months, 25% until twelve months, and the final 25% until sixteen months after the Closing Date.
A portion of the Closing Cash Payment was used to exercise Storm’s option on the Property from Landore Resources Canada Inc. Landore retains a 2% net smelter royalty, 50% of which can be repurchased for C$1,000,000. The Property is also subject to a historical royalty of 2% of the net value of metals on certain mineral claims and a 2% net carrying interest on certain other mineral claims.
Neither the Company nor Storm paid a finder’s fee for the transaction, which is not a non-arm’s length transaction.
The Company also entered into an exploration agreement with the EFN, mirroring the existing agreement with Storm, but excluding mineral claims and licenses retained by Storm.
Under the Exploration Agreement, the Company will make annual contributions to an EFN community fund: 6% of exploration expenditures in cash and, subject to TSX Venture Exchange acceptance, 2% of exploration expenditures in common shares, based on the higher of the 30-day VWAP five business days before the issuance date or the Discounted Market Price.
The Company will also issue shares to EFN: $50,000 in common shares on May 16, 2026, $75,000 on May 16, 2027, and $75,000 on May 16, 2028. The number of shares will be calculated using the 30-day VWAP five business days before the issuance date, with a minimum price of $0.05 per share.
The Company also completed a non-brokered private placement of 29,375,000 common shares at $0.20 per share for gross proceeds of $5,875,000 and 7,727,273 flow-through common shares at $0.22 per share for gross proceeds of $1,700,000.
Securities issued are subject to resale restrictions for four months from the issue date. The Company paid finder’s fees totaling $154,560.
John G. Booth, CEO and director, subscribed for 500,000 HD Shares for $100,000, constituting a related party transaction. The company expects to be exempt from formal valuation and minority shareholder approval requirements.
Proceeds from the Offering were used to satisfy the closing payment for the Miminiska Gold Property and will fund exploration and drill programs on the property and for general working capital purposes.
Fred Tejada, P.Geo., a Qualified Person as defined by NI 43-101, reviewed and approved the scientific and technical information in this release. Mr. Tejada is a director of the Company and is not independent under NI 43-101.
Historical assay information came from the Technical Report of the Miminiska Lake Project dated April 28, 2025 prepared by B.J. McKay, P. Geol.
Source: Canadian Goldfields Discovery Corp.
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