Diamond drilling begins at Thormodsdalur gold project in Iceland

Reykjavik, Iceland — September 8, 2026 — Leads & Copy — St-Georges Eco-Mining Corp. (CSE: SX) (OTCQB: SXOOF) (FSE: 85G1) has commenced diamond drilling at its Thormodsdalur gold project in Iceland. The program is being conducted by Aurania Resources Ltd., which holds an option on the project through a definitive agreement finalized in April 2026. Aurania has contracted Arctic Drilling Company Oy Ltd, based in Finland, to execute the six-hole drilling campaign, aiming to cover approximately 770 meters. This drilling is anticipated to conclude within one month, after which the collected core samples will be sent for assaying.

The Thormodsdalur project, also known as Thor's Valley, is a low-sulphidation epithermal gold project. The current drilling initiative includes five holes designed to re-evaluate historical intercepts using contemporary drilling, sampling, and quality control methodologies. An additional hole will investigate a new target identified by recent surface sampling, which yielded high-grade gold-bearing rock-chip and boulder samples grading up to 102 parts per million gold. Previous exploration efforts by another operator resulted in 32 drill holes totaling 2,431 meters, with reported gold grades reaching up to 415.40 g/t. In 2020, Iceland Resources, a wholly-owned subsidiary of St-Georges, completed eleven drill holes amounting to approximately 1,780 meters, with reported results of up to 113 g/t gold.

Þórdís Björk Sigurbjörnsdóttir, Chief Executive Officer of Iceland Resources, stated that the initiation of this drilling program marks a significant milestone for both the Thormodsdalur project and Iceland Resources. She highlighted the team's efforts over many years to consolidate the project, preserve historical data, and enhance the geological understanding of the gold system. Sigurbjörnsdóttir expressed enthusiasm for Aurania's program, noting the added technical expertise and modern exploration techniques applied to targets supported by extensive historical gold findings and prior drilling. The return of active drilling to the project is welcomed, and close collaboration with Aurania is anticipated as they progress towards initial modern resource definition.

The Thormodsdalur project is situated approximately 20 kilometers east of Reykjavik. The collaborative option agreement between St-Georges, Iceland Resources, and Aurania aims to advance the project toward defining a modern mineral resource. Thormodsdalur is recognized as a historically gold-bearing, low-sulphidation epithermal system, with gold first noted in 1903. Historical exploration and mining activities, funded by German and British capital between 1911 and 1924, included the sinking of two shafts and the development of about 400 meters of underground workings. Historical records suggest a productive vein, approximately one meter wide and at least one kilometer long, with reported grades between 11 g/t and 315 g/t gold. Material mined historically was processed in Norway and Germany, and no historical tailings remain on site.

Further studies, including geochemical and petrographic analyses, were conducted in the 1990s. A geothermal well drilled to a depth of approximately 455 meters intersected mineralized quartz veins. In 1997, nine diamond drill holes totaling approximately 1,069 meters were completed, with average core recovery at about 52%. Sampled intervals yielded historical grades ranging from 1.13 g/t to 46.10 g/t gold, though these results were not considered fully representative, and true widths could not be determined. Between 2005 and 2006, Melmi ehf drilled 32 holes for approximately 2,431 meters, reporting grades up to 415.40 g/t gold. Iceland Resources acquired Melmi ehf in 2020 and subsequently drilled eleven more holes, totaling approximately 1,780 meters, with reported results up to 113 g/t gold.

St-Georges Eco-Mining Corp. is focused on developing new technologies and maintains a diverse portfolio of assets and patent-pending intellectual property through subsidiaries such as EVSX for battery processing, St-Georges Metallurgy for metallurgical R&D, Iceland Resources for gold exploration, H2SX for methane conversion technology, and Quebec exploration projects. The company's Canadian Securities Exchange listing has not reviewed or accepted responsibility for the accuracy of this release.

Source: St-Georges Eco-Mining Corp.