Canary Gold Exploration Update - Madeira River Project, Rondonia, Brazil
(TheNewswire)
Vancouver, British Columbia – February 19, 2026 –TheNewswire - Canary GoldCorp. (CSE: BRAZ; OTC: CNYGF; Frankfurt: K5D) (“Canary” or the“Company”) provides the followingexploration update to shareholders regarding ongoing activities at itsMadeira River Project in Rondônia, Brazil, consistent with theCompany’s previously announced exploration strategy and workprogrammes.
As outlined in prior news releases, Canary has onlyrecently commenced a large-scale, systematic drilling programme acrossits expansive Madeira River tenement package. The Company’sexploration strategy is focused on identifying gold mineralisationthat is largely concealed beneath transported cover, requiring amethodical, data-driven approach. This style of exploration isinherently high-risk, high-reward, and results must be interpretedwithin the context of an early-stage programme.
“This phase of drilling is focused on testing ourgeological model and building the dataset required to guide futureexploration,” said Mark Tommasi, President of Canary Gold Corp.“While the programme remains at an early stage, the informationcollected to date is consistent with our stated exploration approachand will be used to progressively refine and prioritizetargets.”
Figure 1 – Figure showing plannedScrew-Auger and Aircore drilling layout over the Madeira RiverProject
To date, approximately 300 metres of drilling havebeen completed from a planned ~20,000-metre drilling programme. Atthis early stage, the Company cautions that it is too early todetermine whether economic mineralisation will be intersected. Theinitial phase of drilling is designed to test the underlyinggeological model and collect the data required to progressively refineand prioritise targets.
Encouragingly, results obtained to date are consistentwith the exploration thesis previously disclosed by the Company,supporting the geological framework underpinning the Madeira RiverProject. These outcomes provide confidence that the Company’stargeting approach is appropriate and warrants continued systematicdrilling.
Figure 2 – Figure showing plannedScrew-Auger and Aircore drilling layout over the Radiometric Ternarydata, Madeira River Project
Figure 3 – interpreted TernaryRadiometric data showing the distribution of the Mocururu andPaleochannel targeted by the current drilling programme over theMadeira River Project
As previously reported, the Madeira River Project islocated within a broader gold-bearing district that hosts historic andactive artisanal (“garimpeiro”) workings, including those atZélia and Santo Antônio, situated immediatelycontiguous to the north and south of the Company’s licences. Theseworkings demonstrate gold endowment within the same regionalgeological setting being targeted by Canary and continue to supportthe prospectivity of the Project area.
Mineralization on adjacent or nearby properties is notnecessarily indicative of mineralization on the Company’s MadeiraRiver Project. The Company has not independently verified the resultsreported from such adjacent properties.
The primary objective of the current drilling campaignis to generate a robust geological dataset that will allow the Companyto refine targets and vector towards areas of potentialmineralisation. Canary expects that the 2026 drilling programme,informed by the results and data collected during the current phase,will be critical in focusing exploration on the most prospective partsof the tenement package.
The Company acknowledges that exploration of thisnature requires patience. With only a small fraction of the planneddrilling completed, Canary believes it is still in the early stages ofunlocking the potential of the Madeira River Project. In a supportivegold market environment, the Company remains committed to disciplinedexecution of its exploration strategy and to providing transparentupdates as work progresses.
Shareholders are encouraged to refer to previousCompany news releases for additional context regarding the explorationmodel, regional setting and planned explorationactivities.
Figure 4. Screw Auger in action,Madeira River Project
Figure 5. Screw Auger in action,Madeira River Project
Figure 6. Screw Auger – nearsurface samples, Madeira River Project
Figure 7. Canary Geologistsexamining surface exposure, Madeira River Project
Qualified Person Statement (NI43-101):
The scientific and technical informationcontained in this news release has been reviewed and approved byAndrew Lee Smith, P.Geo., Executive Director of Canary Gold Corp., whois a “Qualified Person” as defined under National Instrument43-101 – Standards of Disclosure for Mineral Projects. Mr. Smith isnot independent of the Company, as he holds an executive and boardposition.
Data Verification:
In verifying the scientific and technical information disclosedherein, the Qualified Person has reviewed available geological logs,field notes, sampling documentation, heavy-mineral concentratereports, analytical certificates, laboratory procedures, and otherrelevant technical records associated with the Company’s 2025exploration program. Verification included assessment of samplingmethods, chain-of-custody protocols, and analytical methods used byOverburden Drilling Management Ltd. (“ODM”), an independentCanadian laboratory specializing in heavy-mineral evaluation.
Stage of Exploration:
The information disclosed herein relates to early-stage explorationresults, including heavy-mineral indicator mineral data,reconnaissance sampling, and preliminary geological interpretations.Additional drilling and systematic sampling are required to furtherevaluate the significance of the geological features described.
Historical or Third-PartyInformation:
Where the release refers to historical information, academicreferences, or third-party geological interpretations (includingODM’s technical commentary), such data have not been independentlyverified by the Qualified Person.
Canary Gold Corp. is a Canadian public exploration company focused on theacquisition and advancement of gold projects in Brazil. The Companyholds an option to earn up to a 70% undivided interest inthe Rio MadeiraProject through a series of staged explorationexpenditures and milestone payments.
In August 2025, Canary furtherexpanded its regional strategy by entering into a definitive agreementto acquire a 100% interest in ten additional mineral tenementstotaling approximately 94,700 hectares from Talisman Venture Partners Ltd., a private British Columbia corporation. The totalconsideration of CAD $1.7 million is being satisfied through stagedcash and share payments, a portion of which remains outstanding inaccordance with the terms of the agreement.
Talisman retains a 1.0% net smelter return (NSR)royalty on future production from the acquired tenements, one-half ofwhich (reducing the NSR to 0.5%) may be repurchased by the Company atany time for CAD $1.0 million.
Together, these interests provide Canary Gold with adominant and strategically consolidated land position in the MadeiraRiver region of Rondônia State — one of Brazil’s most prospectiveyet underexplored gold provinces.
For Further Information, PleaseContact:
Canary Gold Corp.
Mark Tommasi,President
Tel: (604) 318-1448
www.canarygold.ca
Cautionary Statement RegardingForward-Looking Information
This news releasecontains forward-looking statements within the meaning of applicablesecurities laws that are not historical facts. Forward-lookingstatements are often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects”, “believes”, and similar expressions or the negativeof these words or other comparable terminology. All statements, otherthan statements of historical fact, included in this release,including, without limitation, statements regarding theCompany’splanned exploration programs and drill programs and potentialsignificance of results, are forward-looking statements that involverisks and uncertainties. There can be no assurance that suchstatements will prove to be accurate and actual results and futureevents could differ materially from those anticipated in suchstatements. Important factors that could cause actual results todiffer materially from the Company’s expectations include but are not limitedto the risks detailed in the Company’s Prospectus and in the continuousdisclosure filings made by the Company with securities regulationsfrom time to time. The reader is cautioned that assumptions used inthe preparation of any forward-looking information may prove to beincorrect. Events or circumstances may cause actual results to differmaterially from those predicted, as a result of numerous known andunknown risks, uncertainties, and other factors, many of which arebeyond the control of the Company. The reader is cautioned not toplace undue reliance on any forward-looking information. Suchinformation, although considered reasonable by management at the timeof preparation, may prove to be incorrect and actual results maydiffer materially from those anticipated. Forward-looking statementscontained in this news release are expressly qualified by thiscautionary statement. The forward-looking statements contained in thisnews release are made as of the date of this news release and theCompany will update or revise publicly any of the includedforward-looking statements only as expressly required by applicablelaw.
No securitiesexchange or commission has reviewed or accepts responsibility for theadequacy or accuracy of this release.
Disclaimer
This news releasedoes not constitute an offer to sell or a solicitation of an offer tobuy nor shall there be any sale of any securities in any jurisdictionin which such offer, solicitation, or sale would be unlawful. Thesecurities of the Company have not been and will not be registeredunder the United States Securities Act of 1933, as amended (the“1933 Act”),or any state securities laws and may not be offered or sold in the“United States” or to “U.S. persons” (as such terms are definedin Regulation S under the 1933 Act) unless registered under the 1933Act and applicable state securities laws, or an exemption from suchregistration requirements is available.
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