Miata Metals Expands Gold Exploration Footprint in [Location]

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VANCOUVER, British Columbia, Oct. 17, 2024 (GLOBE NEWSWIRE) — Miata Metals Corp. (CSE: MMET) (FSE: 8NQ) (“Miata” or the “Company”) is pleased to announce the successful completion of a transaction with 79North Inc. (“79North”), through which it has acquired all issued and outstanding shares of 79North in an all-share transaction. This transaction was initially agreed upon on August 6, 2024.

Miata Expands Portfolio in Emerging Gold Belt

As a result of this transaction, Miata now holds a 70% interest in the Sela Creek Gold Project and the Nassau gold project, both located in Suriname, South America. These projects are situated in the Guiana Shield, an area that has seen increased investment in gold exploration recently. Companies like Founders Metals, Newmont Corporation, Zijin Mining, and Greenheart Gold are also operating in Suriname, indicating the region’s attractiveness for gold exploration.

Figure 1: Location of the Sela Creek and Nassau gold projects as well as other notable projects in Suriname*

Suriname has a rich gold endowment associated with greenstone belts in the Guiana Shield and despite being relatively under-explored compared to other South American countries, it hosts multiple producing gold mines and mature development projects. This transaction is a significant milestone for Miata as it expands its asset portfolio with two potentially district-scale gold properties in a promising gold belt.

Key Insights on Miata’s Strategic Move

• Miata issued 8,999,953 common shares to former 79North shareholders for acquiring 100% of 79North’s shares.
• This strategic move positions Miata as a multi-asset explorer in Suriname, with over 40,000 hectares covering two projects in the Guiana Shield.
• The favorable permitting environment and competitive drilling costs in Suriname provide a conducive setting for mineral exploration.

Dr. Jacob Verbaas, Miata’s CEO, expressed enthusiasm about the transaction, highlighting the exploration potential of the acquired projects in Suriname. The company is well-positioned to continue building on existing exploration data and has identified high-priority drill targets for its upcoming drilling program. Miata’s fully-funded exploration activities for the upcoming campaign signify a strong commitment to advancing its projects in Suriname. The added local partnerships are expected to enhance cooperation among all stakeholders involved.

Transaction Terms and Qualified Person

Under the terms of the transaction, Miata issued common shares to 79North shareholders, and the amalgamation was approved by 79North shareholders on October 3, 2024. The Company will file a Business Acquisition Report (BAR) in connection with the transaction. Dr. Thomas Hawkins, P.Geo., has reviewed and approved the technical information in this release as the independent Qualified Person.

In conclusion, Miata’s acquisition of 79North represents a significant opportunity for the company to expand its presence in a highly prospective region for gold exploration. With well-defined exploration plans and adequate funding, Miata is poised to unlock the full potential of the Sela Creek and Nassau projects in Suriname.

The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

A photo accompanying this announcement is available at