MetalQuest Mining Eyes Gold Exploration with West Cameron Project Option
Vancouver, BC — February 3, 2026 — Leads & Copy — MetalQuest Mining Inc. (TSX.V: MQM; OTCQB: MQMIF) has entered into an option agreement with Gallik Explorations Inc., a wholly owned company of Mr. Troy Gallik, to acquire a 100% interest in the West Cameron Gold Project in the Kenora Mining District, Northwestern Ontario.
The agreement, dated January 29, 2026, grants MetalQuest a 40-day due diligence period, with an additional five business days to issue a notice to proceed to Gallik. A subsequent news release will be issued upon completion of the due diligence review and delivery of the notice, which would mark the effective date of the agreement.
The acquisition would represent MetalQuest’s entry into gold exploration and diversify its portfolio. The project benefits from nearby infrastructure, including hydro powerlines, highways, and all-weather roads, with proximity to towns and cities within established Canadian mining districts.
Chairman and CEO Harry Barr stated that the potential acquisition of West Cameron Gold Project would mark the company’s entry into gold exploration and reflects its strategy of building a portfolio of technically strong exploration assets in premier Canadian mining jurisdictions. He noted the Kenora District’s excellent infrastructure, supportive First Nation communities, and growing strategic interest from major industry participants. He added that with proximity to the Cameron Gold Deposit and regional consolidation activity, West Cameron provides a platform for discovery-driven growth.
The West Cameron Gold Project is a 1,700-hectare project located approximately 10km south of Sioux Narrows and 60km south of Kenora, benefiting from year-round road access and established regional infrastructure. It is adjacent to First Mining Gold Corp.’s Cameron Gold Project.
Gold mineralization is hosted in shear zones, quartz-carbonate veining, altered felsic intrusions, and structurally deformed rock packages. The interpreted regional Cameron Lake fault trend extends across the property.
A new porphyry intrusive target has been identified as a key focus for follow-up exploration. Historical surface sampling returned gold values up to 9.18 g/t Au.
Upon proceeding with the agreement, MetalQuest plans to engage with local First Nation communities and pursue opportunities for collaborative and respectful partnerships, consistent with its commitment to responsible exploration.
The Kenora Mining District is emerging as an active exploration and development region, supported by improved commodity prices and renewed industry and investor interest. The region offers established mining infrastructure, highway access, proximity to power, workforce, and service centers, and a favorable permitting environment and community relationships.
Recent acquisitions and investments within and adjacent to the district include Coeur Mining’s announced acquisition of New Gold and the Cameron Lake Gold Project acquisition, led by Frank Giustra’s Fiore Group and First Mining Gold Corp.
The West Cameron Gold Project covers approximately 1,700 hectares and benefits from year-round access via Highway 71, logging roads, and established trails.
The Project is adjacent to the Cameron Lake claim group. The Cameron Lake Deposit hosts pit-constrained Measured and Indicated mineral resources of approximately 3.5 million tonnes grading 2.45 g/t Au, containing approximately 274,000 ounces of gold, and pit-constrained Inferred mineral resources of approximately 0.035 million tonnes grading 2.45 g/t Au, containing approximately 3,000 ounces of gold. In addition, the deposit hosts underground Measured and Indicated mineral resources of approximately 2.0 million tonnes grading 2.90 g/t Au, containing approximately 190,000 ounces of gold, and underground Inferred mineral resources of approximately 6.5 million tonnes grading 2.54 g/t Au, containing approximately 530,000 ounces of gold.
Historical surface sampling results on the West Cameron Project include grab samples returning values of up to 9.18 g/t Au from sheared mafic volcanic rocks, as well as grab samples returning values of up to 1.9 g/t Au from the New Porphyry intrusive target.
Gold mineralization on the property is associated with quartz-carbonate veining within shear zones, sheared felsic intrusions, brecciated and structurally deformed host rocks, and carbonate alteration and sulfide assemblages, including pyrite and chalcopyrite.
The interpreted regional Cameron Lake Fault is mapped as trending through the property and is considered a prospective structural feature for guiding exploration targeting. A key exploration focus is the New Porphyry intrusive unit, located entirely within the Project boundary.
The Project has been explored intermittently by various companies, including Gulf Minerals, Cunniah Lake Inc, Noranda, Endurance Gold, North American Uranium Corp., and Metals Creek Resources.
In the event MetalQuest proceeds with the agreement, to earn a 100% interest in the Project, subject to a 2% Net Smelter Royalty, the company would pay Gallik $15,000 in cash and $15,000 in shares upon TSX Venture Exchange approval, and $20,000 in cash and $20,000 in shares in each year 1, 2 and 3, for total consideration of $75,000 in cash and $75,000 in shares.
Troy Gallik, P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in the release.
MetalQuest Mining (MQM) owns 100% of Lac Otelnuk and is working to develop one of the largest Iron projects in North America. On December 3rd, 2025, MetalQuest Mining (MQM) announced the acquisition of the ROF-1 Project, a critical minerals land package in Ontario’s Ring of Fire totaling 1,034 claims (~20,800 hectares, ~52,000 acres).
With the acquisition of the Fishhook Polymetallic Project in the Ring of Fire, on the January 23rd, New Age Metals Inc. and MetalQuest Mining Inc. have assembled approximately 62,800 hectares (~155,200 acres), consisting of 3,067 mining claims, subject to a 1.0% NSR with a 0.5% buyback, forming a portfolio of early-stage exploration ground considered prospective for critical minerals.
The initial phase of work, planned for Winter/Spring 2026, at the recently acquired Superior Iron Project will comprise systematic ground truthing, detailed geophysical surveys, and comprehensive environmental baseline studies.
The Company also owns ~1.8 million free trading shares and 2.5 million warrants at a strike price of $0.125 of Canadian Copper (CCI) as of the closing of trading on January 30th, 2026, CCI shares were trading at $0.78.
Investors are invited to visit the MetalQuest Mining website at www.metalquestmining.com where they can review the company and its corporate activities.
Source: MetalQuest Mining
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