Axcap Ventures Identifies High-Grade Zone Below Pit Shell at Converse; Drills 10.85 meters grading 5.45 g/t gold

TORONTO, ON / ACCESS Newswire / June 16, 2025 / Axcap Ventures Inc. (CSE:AXCP)(OTC:GARLF) ("Axcap" or the "Company") is pleased to announce results from the first hole, CV25-001C, in its ongoing 5,500-meter drill program at the Converse Project, located in the Battle Mountain-Eureka Trend, Nevada.

Highlights

• The first hole from Axcap's maiden drill campaign, CV25-001C, has confirmed modelled near-surface gold mineralization but has intersected a potentially new zone of higher-grade mineralization at depth.

• The 10.85m at 5.45g/t in Axcap's first ever drillhole demonstrates a new component of mineralization that has not been explored or modelled by prior operators. Full Details of the intersection can be found in Table 1 and 2.

• The Converse project already hosts a large open pit resource containing 5.5 Moz mineral resource at 0.53 g/t in the measured and indicated categories and 420koz at 0.53 g/t in the inferred category (run at a gold price of US$2,000/oz) (for more information see the Technical Report - https://www.sedarplus.ca/csaparty/records/document.html?id=f5fc799144448597be7850499f79385bbb7bdd3a8ced42847e6c2ffe92bea62a )

Key results from CV25-001 include:

• 26.18 meters grading 2.52 g/t gold from 654 meters depth, including a core intersection of 10.85 meters grading 5.45 g/t gold from 666.4 meters. (Figure 1, Table 3)

• 21.21 meters grading 0.31g/t Au, 9.71g/t Ag and 0.18% Cu starting from 208.8msupporting and potentially expanding the current open pit resource. (Table 2)

Details

• The drill hole is hosted in retrograde skarn altered limey sandstone, containing abundant sulphide minerals.

• Recall that the 2025 drill program was designed to confirm the current open-pit resource estimate (described above), reduce the internal waste and strip ratio, and importantly, test for mineralization both below and adjacent to the current pit shell, where it remains open for expansion.

• Axcap is currently awaiting results for the balance of CV25-001C as well as CV25-002C, the later hole targeted mid-plate rocks, below the Golconda Thrust , for the first time at Converse. These mid-plate rocks are known to host ore zones in mines flanking the Buffalo Valley.

Blake McLaughlin, VP Exploration, stated: " This intersection significantly expands the mineralized area at Converse and validates our exploration approach. The high-grade interval clearly demonstrates the potential for meaningful discoveries of new sub-sets of higher-grade mineralization within these favorable rock units. We anticipate continued positive results from our ongoing drilling program throughout the summer . "

Figure 1: Long-Section Through Converse - Looking West

Figure 2: Converse Is Already A Large Nevada Resource (Contained Gold Oz)

Source: S&P Capital IQ, Converse 2025 MRE was calculated using the costs and values of $2000au, $2.00/t mined mining cost, $4.50/t processed processing cost, $1.00/t processed G&A, $2.50/oz refining, 77%/62%/50% recoveries for oxide/transition/sulphide respectively, 6% NSR, slope angles used range from 36-41 degrees.

Table 1: Drill Hole Parameters

Table 2: Upper Interval in CV25-001C with 21.21 meters grading 0.31g/t Au, 9.71g/t Ag and 0.18% Cu

Table 3: Full Assays for New Zone Below Current Resource in CV25-001C