CSE: ERKA
OTCQB: UREKF
FSE: S580
CSE: ERKA
FSE: S580
The KM98 Project is located approximately 60 km north of Havre-Saint-Pierre, Québec, within the Havre-Saint-Pierre Anorthosite Complex. The Project hosts multiple titanium-iron-vanadium exploration targets associated with oxide mineralization identified through historical exploration, airborne geophysics and surface sampling.
Eureka holds an option to acquire an interest in the KM98 Project pursuant to the terms previously disclosed by the Company.
Drill-Ready Exploration Targets: KM98 hosts massive and semi-massive oxide mineralization at surface together with large geophysical targets. Existing permits are in place for diamond drilling at the Hook and Roadside targets.
Two Advanced Exploration Targets: The KM98 Project includes two priority exploration targets; the Roadside, and Hook targets. Hook is the principal drill target, with surface mineralization and large geophysical targets, while Roadside has been advanced through metallurgical work and recent stripping and channel sampling.
Mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization on the Company’s property.
Qualified Person. The scientific and technical information contained has been reviewed and approved by Ryan Versloot, P.Geo., a technical advisor to the Company and a Qualified Person as defined under National Instrument 43-101. The Company has not independently verified all historical exploration data generated by previous operators.
Highlights:
Prospecting at Hook in 2024 identified titanium-bearing massive and semi-massive oxide mineralization at the North and South areas. At North, a grab sample of massive oxide containing greater than 65% visually estimated mineralization returned 28.50% TiO₂, 66.31% Fe₂O₃ and 2,085 ppm vanadium.
Airborne geophysical data and subsequent 3D magnetic inversion modelling indicate substantially larger targets beneath and between the known surface occurrences. In particular, the Center area contains a sizeable magnetic target extending from near surface to depth. Center has no surface assay results or bedrock observations and has never been drill tested.
The initial drilling will test beneath known surface mineralization as well as the Center target to begin determining how the mineralization observed at surface relates to the larger geophysical footprint at depth.
Hook Target Initial Drill Program
The current drill plan consists of eight proposed holes from four approved drill sites across the South, Center and North areas. Individual holes are planned to maximum depths of approximately 200 m.
Initial drilling is planned in areas where titanium-bearing massive and semi-massive oxide mineralization has been identified at surface before progressing to the untested Center target. The program is designed to test whether the large geophysical targets correspond to massive oxide bodies at depth and, where mineralization is encountered, begin defining their thickness, orientation and composition.
Drill targeting is being refined using the Project’s magnetic and electromagnetic geophysical datasets. Magnetic susceptibility and conductivity measurements are also planned on drill core to correlate the geology encountered in drilling with the airborne geophysical responses and assist in refining future drill targets.
Final hole depths, orientations, sequencing and total metres completed may be adjusted based on geological observations, drilling performance and the available operating window.
Highlights:
Mechanical stripping completed in September 2026 at the Roadside Target.
Work exposed a zone of massive oxide mineralization, with a western extension also excavated to investigate the surrounding geology.
Geological examination and systematic channel sampling were completed across the exposed oxide-rich zone.
39 samples were collected, including a seven-metre sampling interval.
Samples have been submitted for laboratory analysis.
The Roadside Target is located along a prominent magnetic trend with direct access from the Romaine IV government service road. Historical exploration identified massive and semi-massive oxide mineralization at surface within the Roadside area.
In 2025, ten large surface samples, each weighing approximately 10 to 15 kg, were collected from outcrop and subcrop along approximately 240 m of the Roadside area. These samples were subsequently used in bench-scale metallurgical testing conducted by IOS.
Roadside Target 2026 Exploration Program
In September 2026, Eureka completed mechanical stripping, geological examination and systematic channel sampling at the Roadside Target. The program exposed a zone of massive oxide mineralization, with additional excavation completed to investigate a western extension.
A total of 39 samples were collected, including a seven-metre channel sampling interval. Samples have been submitted for laboratory analysis.
Historical Metallurgical Test Work
Historical bench-scale metallurgical testing by Go Metals on Roadside material produced separate magnetite and ilmenite concentrates using magnetic and gravity separation. The historical test work reported an iron concentrate grading up to 68.5% Fe with associated vanadium values and an ilmenite concentrate grading up to 48.4% TiO₂.
