West Madsen Property

With our eastern claim boundary only five kilometres from the headframe of Canada's newest high-grade gold mine, we are in an excellent strategic location with promising targets that merit further exploration," Greg Lytle, President of Gold Finder. 

Gold Finder (formerly GoldON) owns a 100% interest in the West Madsen property (the "Property") that covers 5,988 hectares in the heart of the Red Lake Gold Camp and consists of two contiguous claim blocks: Block A to the east and Block B to the west. Both blocks are accessible via secondary roads that connect to Ontario HWY 618 and the town of Red Lake, located 15 km northeast. Block A adjoins the Madsen Mine property (Figure 1), owned by West Red Lake Gold Mines, which declared commercial production at the Madsen Gold Mine last January (see WRLG news release of January 12, 2026).

Figure 1: Looking northeast from West Madsen Block A to WRLG's Madsen Mine Property (click on image to enlarge).

The bulk of the mineral resources on the Madsen Mine property are hosted in a ~7-km-long gold trend that follows the major crustal break or contact between the Balmer and Confederation Assemblages. Gold Finder has observed the same Balmer-Confederation contact in outcrop approximately 1.5 km west of the Block A eastern claim boundary and identified it within an ~8-km corridor of disrupted regional magnetics that traverses Block A from the Madsen Mine property (Figure 2).

Since acquiring the original claim blocks from Great Bear Resources in 2019 and additional claims from Bounty Gold in 2020 to expand Block A, Gold Finder has focused its exploration on Block A. Work has included geophysical interpretations, regional mapping and prospecting, rock sampling, a soil-gas-hydrocarbon SGH survey, and approximately 11,100 metres of diamond drilling over 28 holes (Figure 2).

Figure 2: Plan view of West Madsen - Block A with 2025 exploration areas and analytical results.

Diamond drilling has identified gold anomalies in both Balmer and Confederation Assemblage rocks. In 2020, drilling intersected 14.4 grams per tonne (g/t) Au over 0.5 metres (m) in strongly altered Balmer mafic volcanic rocks (hole WM-20-05, see news release of July 22, 2020). In 2021, drillhole WM-21-22 intersected 0.16 g/t Au over 195 m, including 0.51 g/t Au over 10.90 m from felsic intrusive rocks of the Confederation Assemblage (see news release of June 1, 2021). In 2024, follow-up drilling in hole WM-24-05, 100 m along strike to the southwest of WM-21-22, intersected 0.28 g/t Au over 15 m from the felsic intrusive rocks and 0.85 g/t Au over 9.44 m from silicified metasediments in the hanging wall to the felsic intrusive rocks (see news release of November 7, 2024).

Summer 2206 Exploration

Gold Finder's summer 2026 program will continue exploration at the western and eastern extremes of the Block A claim group where favourable structures, particularly the Balmer-Confederation unconformity, are interpreted to pass through and where gold anomalies were identified in rock and soil samples last year (see Gold Finder news releases dated September 9, 2025 and February 11, 2026).

During the fall 2025 program, Balmer ultramafic rocks were identified farther south than previously thought to occur, in the eastern part of Block A near gold-in-soil anomalies identified in the summer 2025 program (see Figure 2 above and the February 11, 2026 news release linked above).

Summer fieldwork will focus on geological mapping and prospecting to better define the position of the Balmer-Confederation contact zone. The work will also evaluate lithologies within the Balmer Assemblage, including ultramafic rocks and iron formation, that may help target gold mineralization.

We are pleased to acknowledge the support of the Ontario Junior Exploration Program (OJEP) for the West Madsen Gold Project," said Greg Lytle, President of Gold Finder. "Ontario's Minister of Energy and Mines, Stephen Lecce, announced the OJEP funding recipients at a press conference in Sudbury, Ontario, on March 19, 2026. The province is investing CAD $10 million in junior mineral exploration, and Gold Finder is proud to be one of 68 exploration companies that received OJEP funding.."