High-grade Abitibi gold, 4 km from a running mill.

The Kestrel property sits in the Abitibi Greenstone Belt in northeastern Ontario, 4 km along strike from the Redtail Gold Mine — a continuously operating underground gold mine and 2,400 tonne-per-day mill complex that has poured gold every year since 1996.^[1]

Kestrel is hosted on the same regional structure that controls mineralisation at Redtail: the Kestrel–Redtail Deformation Corridor, a crustal-scale break that has produced more than 9 million ounces of gold along its 60 km length. Kestrel occupies 11 km of that corridor and has never been drilled below 300 m vertical.^[1]

The mineralised system daylights. Quartz–carbonate veining with visible gold is exposed in outcrop and historic trenches over a strike length of 2.6 km, beneath a metre or less of glacial till.^[1]

Aurelia Gold Corp. is a junior exploration company incorporated in Ontario — a group of geologists and mine builders assembled to acquire and de-risk high-grade gold assets in tier-one jurisdictions with existing infrastructure and a low barrier to entry.^[1]

The company holds a 100% interest in the Kestrel property, acquired from Northgate Consolidated in 2023, and a 100% interest in the Sable Creek property, 45 km north, in the same greenstone belt.^[1]

On March 12, 2026, Blackwater Metallurgical Laboratories completed a detailed mineralogical and recovery study on 412 kg of composite material drawn from four zones across the Kestrel system.^[2]

Roughly 91% of contained gold reports as free, liberated grains at a grind of 75 microns. Gravity concentration alone recovered 62% of the gold; conventional cyanide leach of the gravity tail lifted total recovery to 96.4%. Arsenic, antimony and organic carbon — the three things that turn a gold deposit into a refractory problem — are present at trace levels only.^[2]

Free-milling ore means a conventional flowsheet, no roaster, no pressure oxidation, and — critically — ore that the Redtail mill 4 km away is already built to treat.^[2]

Most junior gold projects in the belt are low-grade disseminated systems that need enormous tonnage and a new mill to work. Kestrel is a structurally controlled quartz–carbonate vein array: narrow, steeply dipping, continuous, and high grade.^[2]

That changes the entire economic question. The asset does not need to justify a billion-dollar build; it needs to justify a haul truck and a toll-milling agreement.

The Phase 1 work also confirmed that gold at Kestrel is associated with fine pyrite along vein selvages rather than locked inside arsenopyrite. The gold is where a conventional circuit can reach it, and the deleterious elements sit in the wall rock rather than in the ore mineral.^[2]

“The Blackwater results remove the two questions every gold junior gets asked: can you recover it, and can you sell it. Ninety-six percent recovery on a conventional flowsheet, four kilometres from an operating mill, answers both.”

The Kestrel deposit is hosted in Archean mafic volcanic rocks of the Blake River assemblage, cut by a series of steeply north-dipping quartz–carbonate–tourmaline veins developed along a second-order splay off the Kestrel–Redtail Deformation Corridor.^[1]

Alteration is classic and mappable: iron-carbonate, sericite and fine disseminated pyrite haloing the veins over 3–12 m. Gold correlates with pyrite content and with vein density, and mineralisation remains open along strike to the east and to depth below 300 m — the limit of all historical drilling.^[1]

Between 1951 and 1978 the vein array was tested with 41 diamond drill holes and two bulk sample sites, defining a significant historical mineral resource (Marchand, 1978). 84 surface and channel sites were tested in 2011 to confirm grade continuity (Okada, 2011), and confirmation sampling, re-logging and collar surveying were completed in 2024 (Fenwick, 2024).^[3][5]

The project has 41 drill holes to date, with significant gold intercepts including:^[3]

An engineering report by Marchand (1978) cited a historical resource of 9.1 million tonnes at 6.4 g/t Au for 1.87 million contained ounces, based on both the 1950s and 1978 drilling programs. The 1978 program comprised more definitive drilling and assaying of the eastern extremity of the vein array, defining a separate 420 m strike length — roughly one sixth of the mapped surface exposure — of 1.4 million tonnes at 9.8 g/t Au within the larger tonnage reported.^[3]

These "resources" are historical in nature and should not be relied upon, nor treated as a current estimate. It is unlikely they conform to current NI 43-101 requirements or follow CIM Definition Standards, and they have not been verified to determine their relevance or reliability. Originally reported in short tons at 0.187 oz/ton, converted here to metric tonnes and grams per tonne at equivalent grades. These historical "resources" are reported without any specific categories, which does not conform to current NI 43-101 requirements, and any comparison is not a valid comparison. A qualified person (QP) has not done sufficient work to classify the estimate as current, and the company is not treating the historical estimate as a current mineral resource. Results are presented for exploration targeting only. Aurelia Gold Corp. is a fictional issuer and all figures on this page are illustrative.

These metallurgical tests are historical in nature and should not be relied upon, nor treated as current data. It is unlikely they conform to current NI 43-101 requirements or follow CIM Definition Standards. A qualified person (QP) has not done sufficient work to classify the metallurgical tests as current, and the company is not treating these historical tests as current data. Results are presented for exploration targeting only.^[4]

Phase 2 focuses on the first deep drill program in the project's history — 12,000 m testing the vein array between 300 m and 700 m vertical, where the corridor at Redtail carries its highest grades. Assays are expected on a rolling basis, alongside a maiden NI 43-101 resource estimate incorporating the historical drilling, the 2024 verification work and the new program.^[2]

Permitting and building a new gold mill in Ontario is a seven-to-ten year proposition. Regional mill capacity, meanwhile, is running below nameplate as mature operations work through declining head grades — which makes clean, high-grade, free-milling feed the scarcest input in the district.^[1]

Aurelia's strategy is to develop Kestrel as a high-grade satellite feed source rather than a standalone build — trading dilution and decade-long timelines for a shorter, cheaper, toll-milled path to revenue.^[1]

The project benefits from Ontario government support through the Junior Exploration Program, which co-funded the Phase 1 metallurgical testing at Blackwater. The combination of favourable ore chemistry, an existing mill within trucking distance and a corridor with 9 million ounces of production history positions Kestrel as a project with significant commercial and strategic potential.^[1]

The property is located on a highly prospective geological unit in the Abitibi Greenstone Belt, 45 km north of Kestrel, and hosts two major deformation corridors. It has been historically underexplored for base and precious metals, with historical assays returning Au-Ag-Cu-Zn values.^[1]

*Redtail Gold Mine — Cavanagh Resources Inc., NI 43-101, 2022. Figures relate to the adjacent Cavanagh property, not to Aurelia Gold's claims.^[6]

Historical drilling returned visible sulphide mineralisation. The presence of a VMS showing and Au-Ag-Cu-Zn mineralisation in the vicinity of the property indicates discovery potential. Geochemical targets run west (up to 189 ppm Cu in basalt-andesite assemblages), centre (up to 412 ppm Cu in the same assemblage) and east (up to 24 ppb Au, 147 ppm Cu and 233 ppm Zn in gabbro, felsic tuff and basalt-andesite assemblages).^[1]

A low-altitude, high-resolution MAG survey has been completed over the entire property using tight line spacing — a configuration that has seen considerable success with neighbouring companies in the district. Total survey length was 1,140 line-km, and it will help define the numerous geophysical targets on the property for follow-up.^[1]

Aurelia Gold Corp. acknowledges that its Kestrel Property is located within the traditional territory of the Anishinaabe, including the communities of the Robinson-Huron Treaty area, and recognises and respects the enduring relationship these communities have with the lands, waters and resources. As activities advance in the region, the company is committed to building a respectful, transparent and long-term relationship with Indigenous communities based on mutual trust, collaboration and shared benefit.^[1]

• Support meaningful participation in project planning and development
• Promote employment, training and business opportunities
• Work collaboratively on environmental protection and monitoring
• Respect cultural values, traditional knowledge and land use
• Ensure ongoing dialogue throughout the life of the project

The approach is grounded in the principles of reconciliation; free, prior and informed consultation; and responsible resource development — on the belief that sustainable mining can only be achieved through genuine partnership with Indigenous peoples.^[1]