Tiernan Continues to Advance Volcan Pre-Feasibility Study and Initiates Environmental Baseline Program TMX Newsfile Wed, October 14, 2026 at 6:30 AM EDT 15 min read TNGD.V -3.07% GC=F -0.31% RLTWF +2.20% Vancouver, British Columbia--(Newsfile Corp. - October 14, 2026) - Tiernan Gold Corp. (TSXV : TNGD) ("Tiernan" or the "Company") provides an update on the Volcan Gold Project ("Volcan" or the "Project"), located in the Maricunga Gold Belt, Atacama Region, Chile.
Improving geological understanding: The Company's 2026 re-logging program of 15,077m of core confirmed that Volcan's gold mineralization is primarily controlled by silica veining, alteration and structural controls, representing a real technical advance. Tiernan is now advancing on extending that understanding across the full deposit through additional re-logging and structural interpretation.
Enhancing metallurgical assumptions through a Bulk Leach Extractable Gold ("BLEG") campaign: 4,486-sample BLEG campaign aiming to build a spatially informed recovery model across the deposit connecting the geological interpretation to recovery inputs for the PFS. Paired with the relogging program the Company is building toward an updated Mineral Resources Estimate ("MRE") which the Company expects to publish alongside the Pre-Feasibility Study ("PFS") in the first half of 2027.
High Pressure Grinding Rolls ("HPGR") the preferred tertiary crushing basis, with encouraging early kinetics: Initial SGS Canada Inc. ("SGS") coarse-ore bottle-roll results from HPGR-crushed material confirms rapid gold dissolution and improved recovery across five tested composites. Phase 2 is now focused on confirming cyanide consumption, cyanide-soluble copper, copper management parameters and process-design support for carbon-in-column ("CIC") and Sulphidization, Acidification, Recycling and Thickening ("SART").
Permits required to begin environmental baseline mobilization in hand: Baseline field-work scopes spanning air quality and meteorology, water and hydrogeology, water quality, flora and fauna, archaeology, and the social and human environment have been defined and agreed, and field-work contracts covering those scopes have been awarded to Chilean qualified environmental contractors. Gestión Ambiental Consultores ("GAC") is managing the integrated baseline program and a comprehensive schedule for field campaigns to cover spring and summer seasons is in place.
Water rights are owned: The current Volcan base case considers that the Project will be permitted on continental groundwater from the Company's own wells. While existing water rights remain the engineering and permitting base case, third-party desalination and hybrid water supply options are being assessed in parallel.
Field Investigations: Technical field campaigns are being scheduled to complement and validate historical geotechnical, geochemical, hydrogeological, hydrological and seismic assumptions. These field activities are being scheduled over the Chilean spring and summer seasons (Q4 2026 through Q2 2027).
Funded to do the work: Cash of US$36.2 million as at June 30, 2026.
PFS publication targeted for the first half of 2027, EIA submission targeted for the second half of 2027: Supported by a four-season environmental baseline now in progress with three monitoring stations installed at site and spring campaign ready to initiate during October, subject to seasonal safe access to the Volcan site and surrounding areas.
"Our understanding of Volcan continues to sharpen," said Fausto Di Trapani, President and CEO. "Initial re-logging confirmed that Volcan's gold is primarily controlled by veining, alteration and key structural controls and pairing that with geometallurgical domaining through our BLEG program will give us a far more complete picture of this deposit. This work is progressing in parallel with the PFS and it's going to give us a sharper model to bring forward with the PFS itself. Between the structural work, the metallurgical program, and the progress across engineering, water and permitting, Volcan is advancing on every front."
Geological Model and Resource Update
Tiernan is advancing its next-stage geological and resource model work around the structural and alteration controls on gold mineralization at Volcan. The Company's initial re-logging program covered approximately 15,000 metres of historical core and confirmed the importance of veining, alteration and structural controls to how gold is distributed at Volcan. That represented a genuine step forward in understanding the mineralization at Volcan and it is the foundation for the work now underway to apply it fully.
Building a resource model that fully reflects those controls means extending the same rigor across the entire deposit rather than a portion of it. The Company is therefore committing to a deposit-wide program: full drill core re-logging, structural and alteration interpretation, geometallurgical domaining through the BLEG campaign, and model validation. Tiernan expects to publish the updated MRE alongside the PFS, reflecting this work. The Company is not disclosing a revised resource estimate at this time.
Metallurgical recovery is a material value driver for Volcan. It will influence the cut-off grades, pit shell and mine plan that can ultimately be supported by the resource. Phase II of the Company's metallurgical program currently underway at SGS, is designed to validate current recovery inputs that reflect the geological variability identified through the Company's re-logging and domain work to date.
The program combines full characterisation, HPGR-crushed coarse ore bottle-roll testing, conventional-crush benchmark testing and locked-cycle CIC / SART testwork. Historical comparative testwork identified HPGR as the preferred tertiary crushing basis, and the PFS is advancing on that basis with the current HPGR-crushed bottle-roll series in progress at SGS. Initial results from five tested composites confirms tertiary crushing with HPGR provides more rapid gold dissolution versus conventionally crushed material. This is an early indication supporting the selected HPGR approach.
Testwork on a limited number of composites cannot, by itself, show how metallurgical response varies across the deposit. To provide spatial context, the Company has initiated a BLEG campaign covering 4,486 existing core intervals over 8,972 metres. The campaign is intended to generate a large, spatially distributed dataset that can be assessed alongside the Company's geological work to date. Integrated with the SGS Phase II results and the comprehensive historical column leach testing performed, it will help develop a geologically informed recovery model for the PFS and subsequent feasibility work.
This geological link is important because the historical metallurgical database predates the Company's current geological domain interpretation. It combines grade-binned composite testwork with earlier geological-unit and zone-based interpretations. The Phase I disclosed range of 42.3% to 92.8% cyanide-soluble gold shows that response varies materially across the tested sample set. The current program is intended to replace a legacy project-wide recovery assumption with inputs that can be assessed by geometallurgical domain rather than averaged across the project.
Mining Trade Off Studies and PFS Engineering
Ausenco Chile Ltda. ("Ausenco") continues as lead PFS consultant, integrating the multi-disciplinary study team and delivering an updated NI 43-101 Technical Report. Deswik is engaged for key trade-off studies and open-pit mine design and schedule optimization.
Overall project definition is progressing steadily as key PFS-level engineering trade-off studies are being finalized including pipeline, power line and site access routing, site layout, and process design. Collectively, this work defines the interfaces between the mine, infrastructure and processing facilities, while identifying the area of influence for baseline studies.
Ausenco has completed an analysis of historical geotechnical, geochemical, hydrogeological, hydrological and seismic assumptions. Based on an updated area of influence for mine, heap-leach and waste-dump areas, data needs in foundation-soil characterization, seismic site classification, waste-rock geotechnical properties and geomembrane-interface parameters have been identified. Field campaigns are intended to address these identified data needs for subsequent engineering to support permitting and PFS engineering requirements. Field execution, planned to start Q4 2026, remains subject to seasonal weather and safe site-access conditions.
The Company expects Volcan to be permitted on continental groundwater drawn from the Company's own wells. The Company's Chilean subsidiary holds extraction rights authorized by Chile's Dirección General de Aguas ("DGA") on two developed wells located approximately 21 kilometres northeast of the Dorado deposits.
Authorised extraction is approximately 3.9 million cubic metres per year per well, a total of 7.8 million cubic metres per year, a permitted maximum of 170 litres per second. As previously disclosed, this is more water than the Project's mining operations require as disclosed in the Preliminary Economic Assessment ("PEA")1 which demonstrated an average pumping rate of 105 litres per second. The wells are cased, secured and annual maintenance payments on the rights are current.
Holding the rights is not the same as carrying the permit. The regulatory test in an EIA is aquifer sustainability and non-affectation of third-party rights, demonstrated through a defensible hydrogeological model. An initial characterization consolidating available data has been completed and issued for use. It identifies limited current monitoring coverage and data gaps, and a field hydrogeology and hydrology program is planned to close them. That evidence work is the remaining task, and it is scoped for the upcoming baseline season.
Regional desalination remains a long-term alternative the Company continues to monitor, including under Chile's desalination legislation which was recently enacted.
Environmental Baseline and Permitting
Tiernan is preparing an Environmental Impact Assessment (EIA) for submission to Chile's Environmental Assessment System ("SEIA"), targeted for H2 2027. The timing and outcome of the SEIA process depend on the competent authority and applicable requirements.
Field-work scopes covering air quality and meteorology, water and hydrogeology, water quality, flora and fauna, archaeology, and the social and human environment are agreed, with contracts awarded to Chilean environmental contractors under GAC. Air-quality and meteorological monitoring stations installed at site in February 2026 have operated continuously since, and the balance of the program mobilizes as weather and site access permit. Coordinating with the mine, infrastructure and process studies lets environmental findings inform site layout, pipeline routing and waste-dump alternatives while those decisions remain open.
Stakeholder mapping and Indigenous consultation planning are advanced in parallel, identifying relevant communities and areas of likely interest, and aligning an engagement sequence with the baseline and permitting pathway. This preliminary work does not represent completion of formal Indigenous consultation, which will proceed under applicable Chilean requirements as the project advances. Together the baseline and engagement work informs design, reduces the risk of late changes to the EIA, and strengthens the evidentiary basis for permitting.
Financial Position and Capital Discipline
The Company held cash of US$36.2 million at June 30, 2026. Outstanding warrants provide additional potential capital, although no assurance can be given that any warrants will be exercised.
Capital is directed at one project. Tiernan carries no standalone exploration budget; drilling is undertaken only where it also serves a required project workstream such as geotechnical, hydrogeological or metallurgical sampling and to enhance project definition. The Company is not pursuing acquisitions at this stage.
The Company's executive team is in place. James Connolly was appointed Executive Vice President of Projects in May 2026. Mario Marchese was appointed Country Manager, Chile, effective June 1, 2026, and is the Company's senior in-country leader. Pascal Lambert-Paradis was appointed Chief Financial Officer effective August 1, 2026. Together with the President and CEO, this executive committee coordinates project development and the work from specialist consultants across the MRE, PFS and environmental workstreams.
Upcoming Milestones and Decision Gates
Structural/alteration controls confirmed by 2026 re-logging (~30% of core); deposit-wide program starting during October 2026
Complete deposit-wide re-logging, structural interpretation, targeted drilling and model validation
MRE update targeted alongside PFS publication (H1 2027)
Screening-level trade-offs; PFS engineering packages in review
Mine-plan trade-offs with updated economic assumptions
Phase 2 testwork running at SGS; early HPGR kinetics encouraging
Complete Phase 2 testwork and validate design assumptions for CIC and SART
Starting during October 2026 approximately 4,500 core intervals / 8,972 m
Complete BLEG campaign and integrate domain-aware recovery model
Engineering advancing with major trade-off studies at or nearing completion
Completion of PFS and publication of Technical Report
Continental groundwater from Company-owned wells is the base case; initial hydrogeological characterization issued for use
Field hydrogeology program to close monitoring and data gaps to start Q4 2026
Four-season program underway; three weather stations installed
Ongoing, early community engagement commenced September 2026, baseline field campaigns starting during October including community participation.
The scientific and technical data contained in this news release was prepared and reviewed by M. Antonio Celis C., P.Geo under Engineers & Geoscientists of British Columbia (EGBC), an independent qualified person to Tiernan Gold Corp., who is responsible for ensuring that the information provided in this news release is accurate and who acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
On behalf of Tiernan Gold Corp.Fausto Di Trapani, CEO and Director
For further information visit tiernangold.com or contact:Email: info@tiernangold.comToll-free phone: +1 (888) 926-2591
Tiernan Gold Corp. is focused on the disciplined de-risking of the Volcan Gold Project strategically located in the Atacama Region of Chile, on the Maricunga gold belt, a jurisdiction that has a long-established history of mining with a number of operating mines, new mines under construction and major projects being developed.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (together, "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical facts, are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "expects", "is expected", "continues", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "potential", "intends", "targets", "aims", "seeks", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to various known and unknown risks, future events, conditions, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from any future results, predictions, projections, forecasts, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the timing, scope, design and results metallurgical testwork, engineering studies, MRE, recovery modelling, process design, PFS workstreams and permitting processes in connection with advancement of the Project and the completion and publication of the PFS; the anticipated update of the MRE; the scope, timing and results of the Phase 2 metallurgical testwork; the expected mobilization of field campaigns and timing related thereto; the timing and preparation of permitting and submissions to the SEIA and related permitting matters; that required permits, authorizations and approvals will be obtained on a timely basis and on acceptable terms; stakeholder engagement and consultation and the use of the Company's cash on hand.
Forward-looking statements are based on several material expectations and assumptions made by the Company's management, including but not limited to: the potential of the Project and the Company's plans regarding the anticipated exploration and advancement of the Project; the ability of exploration and technical activities (including drilling) to accurately predict mineralization, metallurgical response and potential process design parameters; that results from the composites and samples tested to date are reasonably representative of the deposit; estimates of reserves and resources; anticipated costs, future mining and production rates , capital and operating costs and other economics associated with the Project; expectations concerning future metals prices and the demand, stability and market outlook for metals, exchange rates, interest rates, tax laws and applicable royalty rates (if any); capital efficiencies; the legislative and regulatory environment of Chile; expectations regarding the availability of debt financing and the Company's ability to access capital on satisfactory terms; that the Company's cash will be sufficient to fund its planned activities; the Company's current and future financial condition; anticipated timing, sufficiency and results of capital expenditures; the potential for future metals production; and any other statements other than statements of historical facts.
Forward-looking statements are based on a number of assumptions and subject to a number of risks and uncertainties, many of which are beyond the Company's control. Such risks and uncertainties include, but are not limited to, the risk that Phase 1 diagnostic leach results may not be representative of results obtained from Phase 2 testwork or commercial-scale processing and should not be interpreted as projected heap leach or process recoveries, the risk that the PFS, the updated Mineral Resource estimate, the metallurgical program, the BLEG campaign, field investigations or the EIA are delayed or not completed on the anticipated timelines or at all, the timing and outcome of the SEIA process, Indigenous consultation and community relations; changes in laws and regulations in Chile and the factors discussed under the heading "Risk Factors" in the Company's filing statement dated December 8, 2025 filed under its issuer profile on SEDAR+ at www.sedarplus.ca.
There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except and as to the extent required by applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
1 As reported in the amended and restated technical report titled "Volcan Project - NI 43-101 Technical Report and Preliminary Economic Assessment - Tierra Amarilla, Atacama Region, Chile" under Tiernan Gold Corp. formerly Railtown Capital Corp.'s SEDAR+ profile.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/318842
