The First Assay — August 24, 2026

⚑ Hole of the Day

◉ Shallow · From 87m Extension · Up-dip Brazil · Low-Moderate Epithermal-LS

Nine metres at 24.3 g/t is a vein intercept, not a bulk-tonnage one — but it sits only 87 metres below surface in a system Lavras was explicitly drilling to test for near-surface continuity, and it carries an 0.85-metre slug of 99.56 g/t inside it. That context matters more than the headline grade: the previously known high-grade mineralization at Caneleira sat more than 100 metres down, and the stated objective of this campaign was to find out whether it projected up-dip. Hole 26CN051, 4 metres of 9.31 g/t from 10 metres downhole, says it does. At a C$172M market cap the discovery hole returns 1.27× GT/MCap — second on today's sheet behind Galway, and the stronger of the two Exceptional-rated holes on a value-per-dollar basis. Every width in this release is drilled width; true thickness is not known, and for a narrow vein set that caveat is doing real work. Next: assays for the final six holes of the campaign (26CN052–057), and whether Caneleira and Caneleira East convert into the second and third resource blocks management is now openly targeting.

GT/MCap Spotlight — Top 5

Au and Cu metrics are on different price bases — not directly comparable across metals.

Galway Metals tops the sheet at 1.61× on BL-328 and Lavras follows at 1.27× — both clean gold-basis ratios, directly comparable to each other. The step down to third is real: Sirios at 0.94× and Galway's own BL-311 at 0.90×. Hot Chili's 0.58× is the best copper number of the day but should not be read against the gold names — it is a %·m figure against a g/t·m one, and 472 metres of 0.41% CuEq is a fundamentally different asset than 9 metres of bonanza vein.

◉ From depth ≤200m (shallow)  ·  ⚠ High jurisdiction risk  ·  ~ Moderate jurisdiction risk  ·  ✓ True width stated  ·  ★ HOTD

Today's Qualifying Intercepts — Top 10 of 41

Rating	Company	Metal	Hole	m	Grade	GT	AuEq·m	GT/MCap
Exceptional ★	Lavras GoldLGC	AuEpithermal-LS	26CN044*	9.0 ◉	24.30 g/t	218.7	218.7	1.27
Great	Galway MetalsGWM	AuOrogenic	BL-328*	68.0	2.0 g/t	136.0	136.0	1.61
Great	Sirios ResourcesSOI	AuIntrusion-rel	CH26-326*	48.5	2.40 g/t	116.4	116.4	0.94
Great	Troilus MiningTLG	AuEqPorphyry-Au	ZJ19-094 ✓	91.0	0.86 g/t	78.3	78.3	0.06
Great	Galway MetalsGWM	AuOrogenic	BL-311*	23.0	3.3 g/t	75.9	75.9	0.90
Great	Lavras GoldLGC	AuEpithermal-LS	26CN040*	15.46 ◉	4.63 g/t	71.6	71.6	0.42
Exceptional	Hot ChiliHCH	CuEqPorphyry-Cu	DKP045D*	472.0 ◉	0.41 %	193.5	251.5	0.58 (Cu)
Great	Hot ChiliHCH	CuEqPorphyry-Cu	DKP052*	272.0 ◉	0.40 %	108.8	143.1	0.33 (Cu)
Great	Bravo MiningBRVO	NiMagmatic Ni	DDH26LU347 ✓	13.44	1.55 %	20.8	40.6	0.05 (Ni)
Good	Critical ElementsCRE	Li₂OPegmatite	RW-26-36 ✓	23.35 ◉	1.46 %	34.1	49.7	0.41 (Li₂O)

↗ View all 41 intercepts in Google Sheets +31 not shown: SOI CH26-326 (1.1m) Great 0.69×, GWM BL-328 (52m) Great 0.62×, SOI CH26-326 (37.6m) Great 0.45×, LGC 26CN037 Great 0.32×, HCH DKP058 Great 0.27×, HCH DKP045D (105.8m) Great 0.22×, TLG ZJ20-222 Great 0.06×, + 24 more

Near-miss	Critical ElementsCRE	Li₂O	RW-26-36 ✓	7.70 ◉	2.05 %	15.8	23.0	0.19
Near-miss	Sirios ResourcesSOI	Au	CH26-300E*	10.3	0.77 g/t	7.9	7.9	0.06
Near-miss	Sirios ResourcesSOI	Au	CH26-326*	16.0 ◉	0.48 g/t	7.7	7.7	0.06
Near-miss	Sirios ResourcesSOI	Au	CH26-328*	11.5 ◉	0.45 g/t	5.2	5.2	0.04

✓ True width stated in PR  ·  * Drilled width — TW not determined  ·  ◉ From ≤200m (shallow)
⚠ High jurisdiction risk  ·  ~ Moderate jurisdiction risk
GT thresholds — Au: Good >10, Great >50, Exceptional >200 g/t·m  ·  Cu: Good >20, Great >40, Exceptional >150 %·m  ·  Ni: Good >5, Great >10, Exceptional >40 %·m  ·  Li₂O: Good >16, Great >36, Exceptional >75 %·m
AuEq: Au $3,200/oz · Ag $33/oz · Cu $13,700/t · Ni $17,000/t · Li₂O $15,000/t · GT/MCap uses C$ mkt cap at August 24, 2026
Bravo's AuEq excludes Pt, Pd and Rh; Critical Elements' excludes Ta₂O₅ — no conversion is defined for those metals. Deposit type shown under metal symbol.

Not Screened

Bravo Mining (BRVO · TSX-V · C$447M) — Luanga, Pará, Brazil. Best intercept: 6.00m of 6.81 g/t PGM+Au from 122.70m. PGE — no GT threshold defined in the current framework. Bravo's nickel-copper sulphide intercept from the same hole did screen and appears above.

Enumerated but unread — carried forward. This run stopped reading at its context reserve, so nine in-window or backlogged releases were not opened: South Pacific Metals (SPMC · TSX-V, Megabe, PNG, 24 Aug), Alkane Resources (ALK · TSX, Cuffley, NSW, 23 Aug), Westhaven Gold (WHN · TSX-V), Kingsmen Resources (KNG · TSX-V), Fitzroy Minerals (FTZ · TSX-V — JMN URL 403s on length; third failed retrieval), Stakeholder Gold (SRC · TSX-V), Mercado Minerals (MERC · CSE) and Juggernaut Exploration (JUGR · TSX-V). All are queued at the top of tomorrow's read order.

Aged out of the backlog at five days, never read: Metalsource Mining (MSM · CSE), Pinnacle Silver & Gold (PINN · TSX-V), Errington Metals (EM · TSX-V), Soma Gold (SOMA · TSX-V) and Kirkland Lake Discoveries (KLDC · TSX-V, KL West). These were all 18 August releases and are now stale news.

Archived: Google Sheets · Peer ranking this issue uses a 5-day archive window, not the full 30 days