St-Georges Begins Drilling at Thormodsdalur Gold Project in Iceland

St-Georges Eco-Mining Corp. has announced the commencement of a six-hole diamond drilling program at the Thormodsdalur gold project in Iceland. The project, held by Iceland Resources ehf, a wholly owned subsidiary of St-Georges, is being advanced by Aurania Resources Ltd. pursuant to a definitive option agreement.

The drilling program, led by Finland-based Arctic Drilling Company Oy Ltd, is expected to complete approximately 770 meters over the next month. Five of the six holes will re-test historical intercepts using modern drilling, sampling, and quality assurance and control practices. One hole will test a new target associated with high-grade surface rock-chip boulder samples, which have been found to grade up to 102 ppm gold.

Previous exploration efforts have yielded significant results. Between 1911 and 1924, several exploration and mining ventures were undertaken, resulting in the sinking of two shafts and the development of approximately 400 meters of underground workings. Historical records describe a productive vein estimated to be one meter wide and at least one kilometer long, with reported grades ranging from 11 g/t to 315 g/t gold.

In 1997, nine diamond drill holes totalling approximately 1,069 meters were completed, with sampled intervals returning historical grades of up to 46.10 g/t gold. Between 2005 and 2006, Melmi ehf, a private Icelandic exploration company, drilled 32 holes totalling approximately 2,431 meters, reporting results of up to 415.40 g/t gold. Iceland Resources acquired Melmi ehf in 2020 and subsequently completed eleven additional drill holes totalling approximately 1,780 meters, with reported results of up to 113 g/t gold.

Þórdís Björk Sigurbjörnsdóttir, Chief Executive Officer of Iceland Resources, commented: "The commencement of this drilling program represents an important milestone for Thormodsdalur and for Iceland Resources. Our team has worked over many years to consolidate the Project, preserve its extensive historical information, and advance the geological understanding of this remarkable gold system. Aurania’s program now brings additional technical expertise and modern exploration methods to targets supported by more than a century of documented gold occurrences and previous drilling."

The Thormodsdalur project is located approximately 20 kilometers east of Reykjavík, Iceland’s capital. St-Georges, Iceland Resources, and Aurania entered into a definitive option agreement in April 2026 to collaborate on a phased exploration program intended to advance the Project toward an initial modern mineral-resource definition.

The project is part of St-Georges’ broader portfolio, which includes several highly prospective subsidiaries, including EVSX, a battery processing initiative, and St-Georges Metallurgy, which focuses on metallurgical R&D and related intellectual property.