{"success":true,"data":{"pressRelease":{"id":"173684","rtpr_id":"nACSkrB05a-20261020","ticker":"AXO","exchange":"","all_tickers":["AXO"],"title":"Axo Metals Drilling Intercepts 48.0 Metres of 1.18 g/t Au From Surface at Recently Discovered Luz del Cobre Target; Additional Results Include 3.94 g/t Au Over 15.0 Metres","author":"ACCESSWIRE","published_at":"2026-10-20T11:00:01.642Z","article_body":"HALIFAX, NS / ACCESS Newswire (https://www.accessnewswire.com/) / October 20,\n2026 / Axo Metals Corp. (TSXV:AXO) (\"Axo\", \"Axo Metals\" or the \"Company\") is\npleased to announce the latest drilling results from its San Antonio project\nin Sonora, Mexico. The drilling contained in this release focused on the\nrecently discovered Luz del Cobre target, as the Company continues to find\nstrong mineralization well outside the latest San Antonio resource.\n\n\"Drilling at San Antonio continues to deliver excellent results as we follow\nup on the previously announced discovery hole, 26-048\" says Jonathan Egilo,\nPresident & CEO. \"We are particularly excited about the Luz del Cobre target\ndue to its proximity to our existing and permitted infrastructure, in addition\nto the fact that strong oxide gold mineralization is being seen either\ndirectly from surface, or at relatively shallow depths. With two of our three\ndiamond drill rigs remaining focused on resource expansion drilling, we are\nexcited to continue showcasing that the scale of San Antonio is growing.\"\n\nSan Antonio Drill Results\nAxo Metals is reporting the results from 33 drillholes, and approximately\n3,700 metres of drilling. Today's results include drilling from the recently\nannounced Luz del Cobre discovery, following up on the highlight hole\nSOSAP-26-048 which, as previously announced, returned 46.5 metres grading\n1.43g/t Au of oxide mineralization directly from surface. The Luz del Cobre\ntarget is approximately 750 metres east of the Sapuchi pit-constrained\nresource. In addition to drilling at the Luz del Cobre target, today's\ndrilling release contains results in the gap zone between the Luz del Cobre\ntarget and the Sapuchi resource, as well as further testing around the\nperipherals of the Sapuchi deposit.\n\nNew results in the Luz del Cobre area continue to be encouraging, including\nHole SOSAP-26-069 which returned 48.0 metres of 1.18g/t Au of oxide material\ndirectly from surface. Initial drilling in the Luz del Cobre-Sapuchi gap has\nconfirmed at least 450 metres of mineralized strike length. While the Company\ncontinues to view the Sapuchi deposit as an excellent starter pit option due\nto the elevated oxide grades and favourable topography, management notes that\nLuz del Cobre is only ~1.8km away from the existing plant infrastructure and,\ndue to the area being a past producing open pit, is already connected to the\nSan Antonio infrastructure via haul roads. Thus, the Company is evaluating Luz\ndel Cobre as another compelling option to be mined early in the San Antonio\nmine life.\n\nHighlights from today's results include:\n* Hole SOSAP-26-069 which reported the first 48.0 metres drilled directly from\nsurface grading 1.18g/t Au. The hole was collared in the Luz del Cobre zone,\n~750m east of the Sapuchi resource pit.\n* Hole SOSAP-26-083 which assayed 3.94g/t Au over 15.0 metres from only 12\nmetres down the hole at Luz del Cobre.\n* Hole SOSAP-26-053 which was collared along the outer edge of Sapuchi, saw\nmultiple zones including 22.0 metres of 1.62g/t Au, 11.0 metres of 1.72g/t Au\nand 17.0 metres of 0.94g/t Au.\n* Hole SOSAP-26-077 which assayed 0.88g/t Au over 25.8 metres from surface at\nLuz del Cobre.\n* Hole SOSAP-26-080 was collared within the Luz del Cobre-Sapuchi gap zone and\nreturned multiple intercepts from 25.5 metres down the hole to 168 metres.\nSelect separate intervals included 11.0 metres of 1.29g/t Au, 39.6 metres of\n0.32g/t Au and 9.0 metres of 0.73g/t Au.\n* Hole SOSAP-26-073 which returned two intercepts of 0.81g/t Au over 17.9\nmetres from only 29 metres down the hole and 0.90g/t Au over 19.9 metres from\n55 metres down the hole at the outer edge of the Sapuchi resource.\nFIGURE 1: NEW DRILLHOLE LOCATIONS ACROSS THE SAPUCHI DEPOSIT AND LUZ DEL COBRE\nTARGET\n(https://app.accessnewswire.com/imagelibrary/e136e390-8df6-43da-8081-21689a455b8d/axo1.png)\nFigure 2 below shows a cross section that covers approximately 450 metres\nbetween the recently discovered Luz del Cobre zone and the existing Sapuchi\nresource. Hole SOSAP-26-069 from today's release lies at the base of the\nformer Luz del Cobre historical pit, while hole SOSAP-26-080 returned multiple\nlong intervals of above cut-off mineralization. All drilling in the area is\nconsidered resource expansion.\n\nThe Luz del Cobre historical pit was operated from 2011 to 2018 and solely\nfocused on the mining of copper oxide, with 2.8Mt of copper oxide ore mined in\nthat time period. The drilling around Luz del Cobre that is returning strong\ngrades of oxide gold mineralization are not returning material grades of\ncopper, which the Company views as a positive from a metallurgical standpoint.\n\nFIGURE 2: SECTION VIEW ACROSS LUZ DEL COBRE HIGHLIGHTED BY HOLES SOSAP-26-069\nAND SOSAP-26-080\n(https://app.accessnewswire.com/imagelibrary/26a03bb8-d05e-4bf7-8a4f-dbb51a19b91f/axo2.png)\nDrill Plans and RC Waste Dump Drilling Program\nThere are currently three diamond drill rigs turning at San Antonio. Two are\nfocused on resource expansion drilling around Luz del Cobre and within the Luz\ndel Cobre-Sapuchi gap zone. The third drill rig is positioned at Sapuchi,\ninfilling inferred resource blocks and testing areas to convert waste to ore\nwithin the resource pit shell.\n\nThe Company is also exploring the gold potential contained within the waste\ndumps that were built from historical Luz del Cobre operations. From late 2021\nto mid-2023, Osisko Gold Group (formerly known as Osisko Development), San\nAntonio's operator prior to Axo's acquisition, mined and processed 1.14Mt of\nwaste dump material grading 0.58g/t Au, recovering 74% via heap leaching, and\nselling 13,591 gold ounces. Axo has recently completed a ~1,900 metre\nreverse-circulation (RC) drill program through these waste dump, which has\nbeen drilled off to approximately 25 x 25 metre spacings. The Company believes\nthe waste dumps could provide a compelling option for additional resource\ngrowth at San Antonio, with any discovered ounces providing an option to\npotentially expedite production at San Antonio through the processing of waste\ndumps - at potentially low operating costs and low capital intensity. The\nwaste dumps are situated ~1.8km away from the carbon-in-column plant, and\nconnected via haul roads. The Company expects to receive and disclose these RC\ndrilling results prior to year-end.\n\nFIGURE 3: PLAN VIEW SHOWING THE LOCATION OF WASTE DUMPS RELATIVE TO SAN\nANTONIO EXISTING INFRASTRUCTURE\n(https://app.accessnewswire.com/imagelibrary/ec511012-c5e9-40ac-96aa-570d116d32c2/1238788/axo3.png)\nLa Huerta Update\nThe Company is announcing that it has elected to terminate the option\nagreement for the La Gallina concession at its La Huerta copper project in\nJalisco, Mexico. Axo Metals continues to retain full ownership of the Juanes\nconcession, which is the concession that holds the overwhelming majority of\nmetres drilled at La Huerta, and all material drilling previously announced\nand disclosed by the Company. For more details about the La Gallina option\nagreement, please see our most recent financial statements and MD&A located on\nSEDAR+.\n\nTable 1: San Antonio Assay Results\n\n                                                                              \n Hole ID       Area (1)  Comment (2)          From   To     Length  Au Grade  \n                                              m      m      m       g/t       \n SOSAP-26-051  LDC       Oxide                7.3    14.5   7.3     0.11      \n SOSAP-26-052  LDC       Oxide                0.0    22.5   22.5    0.55      \n SOSAP-26-053  Sapuchi   Sulphide             87.0   91.8   4.8     0.43      \n and                     Sulphide             103.5  114.5  11.0    1.72      \n and                     Sulphide             129.7  146.7  17.0    0.94      \n incl.                   Sulphide             137.6  140.7  3.1     1.54      \n and                     Sulphide             153.1  175.1  22.0    1.62      \n incl.                   Sulphide             164.7  175.1  10.4    2.94      \n SOSAP-26-054  LDC       Oxide                46.5   54.0   7.5     0.28      \n and                     Transition           64.9   69.0   4.1     0.18      \n SOSAP-26-055  LDC       Oxide                0.0    16.6   16.6    0.38      \n incl.                   Oxide                10.6   14.7   4.2     0.91      \n SOSAP-26-056  Sapuchi   Sulphide             75.4   95.4   20.0    0.34      \n and                     Sulphide             105.0  111.0  6.0     0.44      \n and                     Sulphide             125.2  149.0  23.9    1.17      \n and                     Sulphide             161.8  166.5  4.8     1.99      \n and                     Sulphide             186.0  204.0  18.0    0.30      \n SOSAP-26-057  LDC       Transition           7.8    35.2   27.4    0.18      \n SOSAP-26-058  LDC       Oxide                0.0    9.0    9.0     1.58      \n and                     Sulphide             51.0   60.0   9.0     0.31      \n SOSAP-26-059  LDC       Transition/Sulphide  0.0    23.8   23.8    0.31      \n SOSAP-26-060  Sapuchi   Oxide                3.1    12.0   8.9     0.12      \n SOSAP-26-061  LDC       Transition           0.0    29.3   29.3    0.54      \n incl.                   Transition           21.5   25.8   4.4     2.33      \n SOSAP-26-062  Sapuchi   Oxide                15.0   31.9   16.9    0.92      \n incl.                   Oxide                15.0   18.0   3.0     4.36      \n and                     Oxide                39.7   58.5   18.8    0.97      \n incl.                   Oxide                47.5   49.4   1.9     4.81      \n SOSAP-26-063  LDC       NSV                                                  \n SOSAP-26-064  LDC       Oxide                0.0    17.0   17.0    0.19      \n SOSAP-26-065  LDC       NSV                                                  \n SOSAP-26-066  LDC       Oxide                0.0    21.0   21.0    0.34      \n and                     Transition           36.0   42.0   6.0     0.67      \n SOSAP-26-067  LDC       Transition           0.0    13.0   13.0    0.11      \n and                     Transition           22.1   41.0   18.9    0.26      \n and                     Transition           45.0   60.0   15.0    0.20      \n SOSAP-26-068  Sapuchi   NSV                                                  \n SOSAP-26-069  LDC       Oxide/Transition     0.0    48.0   48.0    1.18      \n incl.                   Oxide/Transition     3.0    26.0   23.0    1.59      \n SOSAP-26-070  LDC       Oxide                0.0    21.0   21.0    0.14      \n and                     Sulphide             27.0   37.5   10.5    0.39      \n SOSAP-26-071  LDC       NSV                                                  \n SOSAP-26-072  LDC       Oxide/Transition     0.0    34.5   34.5    0.51      \n incl.                                        2.0    12.0   10.0    0.84      \n SOSAP-26-073  Sapuchi   Oxide                29.2   47.1   17.9    0.81      \n incl.                   Oxide                32.6   37.8   5.3     2.22      \n and                     Transition/Sulphide  55.1   75.0   19.9    0.90      \n incl.                   Transition           57.5   66.0   8.5     1.58      \n SOSAP-26-074  LDC       NSV                                                  \n SOSAP-26-075  LDC       Oxide                2.9    23.5   20.7    0.26      \n SOSAP-26-076  LDC       NSV                                                  \n SOSAP-26-077  LDC       Oxide/Transition     0.0    25.8   25.8    0.88      \n incl.                   Oxide                3.0    13.3   10.3    1.75      \n SOSAP-26-078  LDC       NSV                                                  \n SOSAP-26-079  LDC       NSV                                                  \n SOSAP-26-080  LDC       Oxide                25.5   33.0   7.5     0.29      \n and                     Oxide                43.3   82.9   39.6    0.32      \n incl.                   Oxide                63.0   72.0   9.0     0.73      \n and                     Oxide/Transition     87.0   120.0  33.0    0.40      \n and                     Sulphide             157.0  168.0  11.0    1.29      \n SOSAP-26-081  LDC       Sulphide             0.0    13.5   13.5    0.83      \n and                     Sulphide             19.7   24.4   4.7     0.32      \n SOSAP-26-082  LDC       NSV                                                  \n SOSAP-26-083  LDC       Sulphide             12.0   27.0   15.0    3.94      \n\n(1)LDC = Luz del Cobre\n(2)NSV=No significant values\n\nTable 2: San Antonio Drillhole Coordinates\n\n                                                                  \n Hole ID       Easting  Northing  Elevation  Depth  Azimuth  Dip  \n                                  m          m                    \n SOSAP-26-051  633044   3168055   521        110    0        -90  \n SOSAP-26-052  633019   3168055   521        100    0        -90  \n SOSAP-26-053  632075   3168014   665        201    0        -90  \n SOSAP-26-054  633044   3168130   521        91     0        -90  \n SOSAP-26-055  632994   3168105   526        99     0        -90  \n SOSAP-26-056  632077   3168046   648        210    0        -90  \n SOSAP-26-057  633069   3168105   521        84     0        -90  \n SOSAP-26-058  633069   3168080   521        108    0        -90  \n SOSAP-26-059  632994   3168080   526        93     0        -90  \n SOSAP-26-060  631771   3167736   638        180    0        -90  \n SOSAP-26-061  632994   3168055   526        81     0        -90  \n SOSAP-26-062  631772   3167700   619        190    0        -90  \n SOSAP-26-063  633069   3168130   524        80     0        -90  \n SOSAP-26-064  632994   3168030   526        83     0        -90  \n SOSAP-26-065  633069   3168055   525        146    0        -90  \n SOSAP-26-066  632994   3168005   525        90     0        -90  \n SOSAP-26-067  633045   3168154   521        81     0        -90  \n SOSAP-26-068  632171   3167735   571        219    0        -90  \n SOSAP-26-069  633019   3168155   532        77     0        -90  \n SOSAP-26-070  632994   3168130   531        76.5   0        -90  \n SOSAP-26-071  633019   3168180   539        105.5  0        -90  \n SOSAP-26-072  632994   3168155   535        88.5   0        -90  \n SOSAP-26-073  631793   3167677   598        182    0        -90  \n SOSAP-26-074  632969   3168155   538        84     0        -90  \n SOSAP-26-075  633019   3168205   544        85.5   0        -90  \n SOSAP-26-076  632969   3168179   536        87     0        -90  \n SOSAP-26-077  632994   3168180   537        81     0        -90  \n SOSAP-26-078  632969   3168205   529        67.5   0        -90  \n SOSAP-26-079  633100   3168080   541        90     0        -90  \n SOSAP-26-080  632643   3167970   693        186    83       -45  \n SOSAP-26-081  632969   3168081   535        75     0        -90  \n SOSAP-26-082  633019   3168030   521        84     0        -90  \n SOSAP-26-083  632970   3168104   538        94     0        -90  \n\nAbout Axo Metals\nAxo Metals Corp. is a Canadian mineral exploration company engaged in the\nexploration and development of mineral properties in Mexico. The Company holds\ntwo projects. The San Antonio project is located in the state of Sonora, and\nis in advanced development. Total resources at San Antonio stand at 576koz Au\nand 1.37moz Ag grading 1.20 g/t Au and 2.9g/t Ag in the Indicated category,\nwith 544koz Au and 1.76moz Ag grading 1.02 g/t Au and 3.3g/t Ag in the\nInferred category across all deposit types (oxide, transition and sulphide).\nAxo's second project is the La Huerta property, a new copper discovery in\nJalisco, Mexico. Initial exploration has yielded high-grade copper both at\nsurface through sampling programs, and at depth through initial drilling.\n\nAdditional information can be found at the Company's website:\nwww.axometals.com.\n\nProcedure, Quality Assurance / Quality Control and Data Verification\n\nThe diamond drill core (HQ size) is geologically logged, photographed and\nmarked for sampling. When the sample lengths are determined, the full drill\ncore is sawn with a diamond blade drill core saw with one half of the drill\ncore being bagged and tagged for assay. The remaining half portion is returned\nto the drill core trays for storage and/or for metallurgical test work.\n\nThe sealed and tagged drill core sample bags are transported to the ALS Chemex\nfacilities in Querétaro and Zacatecas, Mexico. ALS Chemex crushes the samples\nand prepares 200-300 gram pulp samples with ninety percent passing Tyler 150\nmesh (106 μm). Copper and multi-element analysis is completed using total\ndigestion (Code ME-ICP61 Total Digestion ICP). Over limits greater than 10,000\ngrams per tonne copper are assayed using Cu-OG62.\n\nQuality assurance and quality control (\"QA/QC\") procedures monitor the\nchain-of-custody of the samples and include the systematic insertion and\nmonitoring of appropriate reference materials (certified reference materials,\nblanks and duplicates) into the sample strings. The results of the assaying of\nthe QA/QC material included in each batch are tracked to ensure the integrity\nof the assay data. All results stated in this announcement have passed Axo's\nQA/QC protocols.\n\nGrab and trench exploration samples are geologically logged, photographed and\nmarked for sampling and processing in the Company's on-site laboratory. The\nsealed and tagged sample bags are transported to the San Antonio On Site\nLaboratory, in San Antonio de La Huerta, Sonora. Initially, the sample\nundergoes primary size reduction using a jaw crusher to a nominal particle\nsize of 1/2 inch. The crushed material is subsequently homogenized and split\nusing a riffle splitter.Once completely dry, the sample is pulverized with\nninety percent passing 200 mesh.The prepared pulp is subsequently processed by\n30g fire assay. The resulting doré bead is then dissolved by acid digestion\nusing aqua regia. The resulting solution is diluted to the appropriate volume\nand analyzed by atomic absorption spectrometry (AAS) to determine the gold\nconcentration in the sample. Quality assurance and quality control (\"QA/QC\")\nprocedures monitor the chain-of-custody of the samples and include the\nsystematic insertion and monitoring of appropriate reference materials\n(certified reference materials, blanks and duplicates) into the sample\nstrings. Results are preliminary and have not yet been verified by an\nindependent, certified commercial laboratory.\n\nQualified Person\nCharles Spath, P. Geo., is the Qualified Person for Axo Metals Corp., as\ndefined under National Instrument 43-101, and is non-independent. Mr. Spath\nhas reviewed and approved the scientific and technical information in this\npress release.\n\nFor inquiries, please contact:\nJonathan Egilo, President and CEO\nVia email: IR@axometals.com\n\nForward-Looking information:\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\n\nThis news release includes certain \"forward-looking statements\". All\nstatements other than statements of historical fact included in this release,\nincluding, without limitation, statements regarding the Company's exploration\nand drilling plans at the San Antonio and La Huerta projects and receipt of\nall necessary regulatory approvals, are forward-looking statements that\ninvolve various risks and uncertainties. Forward-looking statements are\nfrequently characterized by words such as \"will\", \"propose\", \"may\", \"is\nexpected to\", \"subject to\", \"anticipates\", \"estimates\", \"intends\", \"plans\",\n\"projection\", \"could\", \"vision\", \"goals\", \"objective\", \"focus\" and \"outlook\"\nand other similar words. Forward-looking information in this news release is\nbased on the opinions and assumptions of management considered reasonable as\nof the date hereof, including, but not limited to, general business and\neconomic conditions will not change in a materially adverse manner; the\npotential of gold and copper mineralization at the Company's properties; the\nresults (if any) of further exploration work to define and expand mineral\nresources; the ability of exploration work (including drilling) to accurately\npredict mineralization; and the ability to generate additional drill targets.\nAlthough the Company believes the expectations expressed in such\nforward-looking statements are based on reasonable assumptions, there can be\nno assurance that such statements will prove to be accurate and actual results\nand future events could differ materially from those anticipated in such\nstatements. Important factors that could cause actual results to differ\nmaterially from the Company's expectations include environmental risks,\nlimitations on insurance coverage, risks and uncertainties related to\nexploration, development, operations, commodity prices and global financial\nvolatility including as a result of tariffs, risks and uncertainties of\noperating in a foreign jurisdiction as well as additional risks described from\ntime to time in the filings made by the Company with securities regulators.\nThe Company disclaims any intention or obligation to update or revise any\nforward-looking information, other than as required by applicable securities\nlaws.\n\nCautionary statement: by their nature, surface or chip samples are selective\nsamples and may not represent true underlying mineralization.\n\nSOURCE: Axo Metals Corp.\nView the original press release\n(https://www.accessnewswire.com/newsroom/en/metals-and-mining/axo-metals-drilling-intercepts-48.0-metres-of-1.18-g%2ft-au-from-surface-at-recen-1238788)\non ACCESS Newswire\n\n\nCopyright 2026 ACCESS Newswire. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nACSkrB05a-20261020","title":"Axo Metals Drilling Intercepts 48.0 Metres of 1.18 g/t Au From Surface at Recently Discovered Luz del Cobre Target; Additional Results Include 3.94 g/t Au Over 15.0 Metres","author":"ACCESSWIRE","ticker":"AXO","created":"2026-10-20T11:00:01.642Z","tickers":["AXO"],"exchange":"","article_body":"HALIFAX, NS / ACCESS Newswire (https://www.accessnewswire.com/) / October 20,\n2026 / Axo Metals Corp. (TSXV:AXO) (\"Axo\", \"Axo Metals\" or the \"Company\") is\npleased to announce the latest drilling results from its San Antonio project\nin Sonora, Mexico. The drilling contained in this release focused on the\nrecently discovered Luz del Cobre target, as the Company continues to find\nstrong mineralization well outside the latest San Antonio resource.\n\n\"Drilling at San Antonio continues to deliver excellent results as we follow\nup on the previously announced discovery hole, 26-048\" says Jonathan Egilo,\nPresident & CEO. \"We are particularly excited about the Luz del Cobre target\ndue to its proximity to our existing and permitted infrastructure, in addition\nto the fact that strong oxide gold mineralization is being seen either\ndirectly from surface, or at relatively shallow depths. With two of our three\ndiamond drill rigs remaining focused on resource expansion drilling, we are\nexcited to continue showcasing that the scale of San Antonio is growing.\"\n\nSan Antonio Drill Results\nAxo Metals is reporting the results from 33 drillholes, and approximately\n3,700 metres of drilling. Today's results include drilling from the recently\nannounced Luz del Cobre discovery, following up on the highlight hole\nSOSAP-26-048 which, as previously announced, returned 46.5 metres grading\n1.43g/t Au of oxide mineralization directly from surface. The Luz del Cobre\ntarget is approximately 750 metres east of the Sapuchi pit-constrained\nresource. In addition to drilling at the Luz del Cobre target, today's\ndrilling release contains results in the gap zone between the Luz del Cobre\ntarget and the Sapuchi resource, as well as further testing around the\nperipherals of the Sapuchi deposit.\n\nNew results in the Luz del Cobre area continue to be encouraging, including\nHole SOSAP-26-069 which returned 48.0 metres of 1.18g/t Au of oxide material\ndirectly from surface. Initial drilling in the Luz del Cobre-Sapuchi gap has\nconfirmed at least 450 metres of mineralized strike length. While the Company\ncontinues to view the Sapuchi deposit as an excellent starter pit option due\nto the elevated oxide grades and favourable topography, management notes that\nLuz del Cobre is only ~1.8km away from the existing plant infrastructure and,\ndue to the area being a past producing open pit, is already connected to the\nSan Antonio infrastructure via haul roads. Thus, the Company is evaluating Luz\ndel Cobre as another compelling option to be mined early in the San Antonio\nmine life.\n\nHighlights from today's results include:\n* Hole SOSAP-26-069 which reported the first 48.0 metres drilled directly from\nsurface grading 1.18g/t Au. The hole was collared in the Luz del Cobre zone,\n~750m east of the Sapuchi resource pit.\n* Hole SOSAP-26-083 which assayed 3.94g/t Au over 15.0 metres from only 12\nmetres down the hole at Luz del Cobre.\n* Hole SOSAP-26-053 which was collared along the outer edge of Sapuchi, saw\nmultiple zones including 22.0 metres of 1.62g/t Au, 11.0 metres of 1.72g/t Au\nand 17.0 metres of 0.94g/t Au.\n* Hole SOSAP-26-077 which assayed 0.88g/t Au over 25.8 metres from surface at\nLuz del Cobre.\n* Hole SOSAP-26-080 was collared within the Luz del Cobre-Sapuchi gap zone and\nreturned multiple intercepts from 25.5 metres down the hole to 168 metres.\nSelect separate intervals included 11.0 metres of 1.29g/t Au, 39.6 metres of\n0.32g/t Au and 9.0 metres of 0.73g/t Au.\n* Hole SOSAP-26-073 which returned two intercepts of 0.81g/t Au over 17.9\nmetres from only 29 metres down the hole and 0.90g/t Au over 19.9 metres from\n55 metres down the hole at the outer edge of the Sapuchi resource.\nFIGURE 1: NEW DRILLHOLE LOCATIONS ACROSS THE SAPUCHI DEPOSIT AND LUZ DEL COBRE\nTARGET\n(https://app.accessnewswire.com/imagelibrary/e136e390-8df6-43da-8081-21689a455b8d/axo1.png)\nFigure 2 below shows a cross section that covers approximately 450 metres\nbetween the recently discovered Luz del Cobre zone and the existing Sapuchi\nresource. Hole SOSAP-26-069 from today's release lies at the base of the\nformer Luz del Cobre historical pit, while hole SOSAP-26-080 returned multiple\nlong intervals of above cut-off mineralization. All drilling in the area is\nconsidered resource expansion.\n\nThe Luz del Cobre historical pit was operated from 2011 to 2018 and solely\nfocused on the mining of copper oxide, with 2.8Mt of copper oxide ore mined in\nthat time period. The drilling around Luz del Cobre that is returning strong\ngrades of oxide gold mineralization are not returning material grades of\ncopper, which the Company views as a positive from a metallurgical standpoint.\n\nFIGURE 2: SECTION VIEW ACROSS LUZ DEL COBRE HIGHLIGHTED BY HOLES SOSAP-26-069\nAND SOSAP-26-080\n(https://app.accessnewswire.com/imagelibrary/26a03bb8-d05e-4bf7-8a4f-dbb51a19b91f/axo2.png)\nDrill Plans and RC Waste Dump Drilling Program\nThere are currently three diamond drill rigs turning at San Antonio. Two are\nfocused on resource expansion drilling around Luz del Cobre and within the Luz\ndel Cobre-Sapuchi gap zone. The third drill rig is positioned at Sapuchi,\ninfilling inferred resource blocks and testing areas to convert waste to ore\nwithin the resource pit shell.\n\nThe Company is also exploring the gold potential contained within the waste\ndumps that were built from historical Luz del Cobre operations. From late 2021\nto mid-2023, Osisko Gold Group (formerly known as Osisko Development), San\nAntonio's operator prior to Axo's acquisition, mined and processed 1.14Mt of\nwaste dump material grading 0.58g/t Au, recovering 74% via heap leaching, and\nselling 13,591 gold ounces. Axo has recently completed a ~1,900 metre\nreverse-circulation (RC) drill program through these waste dump, which has\nbeen drilled off to approximately 25 x 25 metre spacings. The Company believes\nthe waste dumps could provide a compelling option for additional resource\ngrowth at San Antonio, with any discovered ounces providing an option to\npotentially expedite production at San Antonio through the processing of waste\ndumps - at potentially low operating costs and low capital intensity. The\nwaste dumps are situated ~1.8km away from the carbon-in-column plant, and\nconnected via haul roads. The Company expects to receive and disclose these RC\ndrilling results prior to year-end.\n\nFIGURE 3: PLAN VIEW SHOWING THE LOCATION OF WASTE DUMPS RELATIVE TO SAN\nANTONIO EXISTING INFRASTRUCTURE\n(https://app.accessnewswire.com/imagelibrary/ec511012-c5e9-40ac-96aa-570d116d32c2/1238788/axo3.png)\nLa Huerta Update\nThe Company is announcing that it has elected to terminate the option\nagreement for the La Gallina concession at its La Huerta copper project in\nJalisco, Mexico. Axo Metals continues to retain full ownership of the Juanes\nconcession, which is the concession that holds the overwhelming majority of\nmetres drilled at La Huerta, and all material drilling previously announced\nand disclosed by the Company. For more details about the La Gallina option\nagreement, please see our most recent financial statements and MD&A located on\nSEDAR+.\n\nTable 1: San Antonio Assay Results\n\n                                                                              \n Hole ID       Area (1)  Comment (2)          From   To     Length  Au Grade  \n                                              m      m      m       g/t       \n SOSAP-26-051  LDC       Oxide                7.3    14.5   7.3     0.11      \n SOSAP-26-052  LDC       Oxide                0.0    22.5   22.5    0.55      \n SOSAP-26-053  Sapuchi   Sulphide             87.0   91.8   4.8     0.43      \n and                     Sulphide             103.5  114.5  11.0    1.72      \n and                     Sulphide             129.7  146.7  17.0    0.94      \n incl.                   Sulphide             137.6  140.7  3.1     1.54      \n and                     Sulphide             153.1  175.1  22.0    1.62      \n incl.                   Sulphide             164.7  175.1  10.4    2.94      \n SOSAP-26-054  LDC       Oxide                46.5   54.0   7.5     0.28      \n and                     Transition           64.9   69.0   4.1     0.18      \n SOSAP-26-055  LDC       Oxide                0.0    16.6   16.6    0.38      \n incl.                   Oxide                10.6   14.7   4.2     0.91      \n SOSAP-26-056  Sapuchi   Sulphide             75.4   95.4   20.0    0.34      \n and                     Sulphide             105.0  111.0  6.0     0.44      \n and                     Sulphide             125.2  149.0  23.9    1.17      \n and                     Sulphide             161.8  166.5  4.8     1.99      \n and                     Sulphide             186.0  204.0  18.0    0.30      \n SOSAP-26-057  LDC       Transition           7.8    35.2   27.4    0.18      \n SOSAP-26-058  LDC       Oxide                0.0    9.0    9.0     1.58      \n and                     Sulphide             51.0   60.0   9.0     0.31      \n SOSAP-26-059  LDC       Transition/Sulphide  0.0    23.8   23.8    0.31      \n SOSAP-26-060  Sapuchi   Oxide                3.1    12.0   8.9     0.12      \n SOSAP-26-061  LDC       Transition           0.0    29.3   29.3    0.54      \n incl.                   Transition           21.5   25.8   4.4     2.33      \n SOSAP-26-062  Sapuchi   Oxide                15.0   31.9   16.9    0.92      \n incl.                   Oxide                15.0   18.0   3.0     4.36      \n and                     Oxide                39.7   58.5   18.8    0.97      \n incl.                   Oxide                47.5   49.4   1.9     4.81      \n SOSAP-26-063  LDC       NSV                                                  \n SOSAP-26-064  LDC       Oxide                0.0    17.0   17.0    0.19      \n SOSAP-26-065  LDC       NSV                                                  \n SOSAP-26-066  LDC       Oxide                0.0    21.0   21.0    0.34      \n and                     Transition           36.0   42.0   6.0     0.67      \n SOSAP-26-067  LDC       Transition           0.0    13.0   13.0    0.11      \n and                     Transition           22.1   41.0   18.9    0.26      \n and                     Transition           45.0   60.0   15.0    0.20      \n SOSAP-26-068  Sapuchi   NSV                                                  \n SOSAP-26-069  LDC       Oxide/Transition     0.0    48.0   48.0    1.18      \n incl.                   Oxide/Transition     3.0    26.0   23.0    1.59      \n SOSAP-26-070  LDC       Oxide                0.0    21.0   21.0    0.14      \n and                     Sulphide             27.0   37.5   10.5    0.39      \n SOSAP-26-071  LDC       NSV                                                  \n SOSAP-26-072  LDC       Oxide/Transition     0.0    34.5   34.5    0.51      \n incl.                                        2.0    12.0   10.0    0.84      \n SOSAP-26-073  Sapuchi   Oxide                29.2   47.1   17.9    0.81      \n incl.                   Oxide                32.6   37.8   5.3     2.22      \n and                     Transition/Sulphide  55.1   75.0   19.9    0.90      \n incl.                   Transition           57.5   66.0   8.5     1.58      \n SOSAP-26-074  LDC       NSV                                                  \n SOSAP-26-075  LDC       Oxide                2.9    23.5   20.7    0.26      \n SOSAP-26-076  LDC       NSV                                                  \n SOSAP-26-077  LDC       Oxide/Transition     0.0    25.8   25.8    0.88      \n incl.                   Oxide                3.0    13.3   10.3    1.75      \n SOSAP-26-078  LDC       NSV                                                  \n SOSAP-26-079  LDC       NSV                                                  \n SOSAP-26-080  LDC       Oxide                25.5   33.0   7.5     0.29      \n and                     Oxide                43.3   82.9   39.6    0.32      \n incl.                   Oxide                63.0   72.0   9.0     0.73      \n and                     Oxide/Transition     87.0   120.0  33.0    0.40      \n and                     Sulphide             157.0  168.0  11.0    1.29      \n SOSAP-26-081  LDC       Sulphide             0.0    13.5   13.5    0.83      \n and                     Sulphide             19.7   24.4   4.7     0.32      \n SOSAP-26-082  LDC       NSV                                                  \n SOSAP-26-083  LDC       Sulphide             12.0   27.0   15.0    3.94      \n\n(1)LDC = Luz del Cobre\n(2)NSV=No significant values\n\nTable 2: San Antonio Drillhole Coordinates\n\n                                                                  \n Hole ID       Easting  Northing  Elevation  Depth  Azimuth  Dip  \n                                  m          m                    \n SOSAP-26-051  633044   3168055   521        110    0        -90  \n SOSAP-26-052  633019   3168055   521        100    0        -90  \n SOSAP-26-053  632075   3168014   665        201    0        -90  \n SOSAP-26-054  633044   3168130   521        91     0        -90  \n SOSAP-26-055  632994   3168105   526        99     0        -90  \n SOSAP-26-056  632077   3168046   648        210    0        -90  \n SOSAP-26-057  633069   3168105   521        84     0        -90  \n SOSAP-26-058  633069   3168080   521        108    0        -90  \n SOSAP-26-059  632994   3168080   526        93     0        -90  \n SOSAP-26-060  631771   3167736   638        180    0        -90  \n SOSAP-26-061  632994   3168055   526        81     0        -90  \n SOSAP-26-062  631772   3167700   619        190    0        -90  \n SOSAP-26-063  633069   3168130   524        80     0        -90  \n SOSAP-26-064  632994   3168030   526        83     0        -90  \n SOSAP-26-065  633069   3168055   525        146    0        -90  \n SOSAP-26-066  632994   3168005   525        90     0        -90  \n SOSAP-26-067  633045   3168154   521        81     0        -90  \n SOSAP-26-068  632171   3167735   571        219    0        -90  \n SOSAP-26-069  633019   3168155   532        77     0        -90  \n SOSAP-26-070  632994   3168130   531        76.5   0        -90  \n SOSAP-26-071  633019   3168180   539        105.5  0        -90  \n SOSAP-26-072  632994   3168155   535        88.5   0        -90  \n SOSAP-26-073  631793   3167677   598        182    0        -90  \n SOSAP-26-074  632969   3168155   538        84     0        -90  \n SOSAP-26-075  633019   3168205   544        85.5   0        -90  \n SOSAP-26-076  632969   3168179   536        87     0        -90  \n SOSAP-26-077  632994   3168180   537        81     0        -90  \n SOSAP-26-078  632969   3168205   529        67.5   0        -90  \n SOSAP-26-079  633100   3168080   541        90     0        -90  \n SOSAP-26-080  632643   3167970   693        186    83       -45  \n SOSAP-26-081  632969   3168081   535        75     0        -90  \n SOSAP-26-082  633019   3168030   521        84     0        -90  \n SOSAP-26-083  632970   3168104   538        94     0        -90  \n\nAbout Axo Metals\nAxo Metals Corp. is a Canadian mineral exploration company engaged in the\nexploration and development of mineral properties in Mexico. The Company holds\ntwo projects. The San Antonio project is located in the state of Sonora, and\nis in advanced development. Total resources at San Antonio stand at 576koz Au\nand 1.37moz Ag grading 1.20 g/t Au and 2.9g/t Ag in the Indicated category,\nwith 544koz Au and 1.76moz Ag grading 1.02 g/t Au and 3.3g/t Ag in the\nInferred category across all deposit types (oxide, transition and sulphide).\nAxo's second project is the La Huerta property, a new copper discovery in\nJalisco, Mexico. Initial exploration has yielded high-grade copper both at\nsurface through sampling programs, and at depth through initial drilling.\n\nAdditional information can be found at the Company's website:\nwww.axometals.com.\n\nProcedure, Quality Assurance / Quality Control and Data Verification\n\nThe diamond drill core (HQ size) is geologically logged, photographed and\nmarked for sampling. When the sample lengths are determined, the full drill\ncore is sawn with a diamond blade drill core saw with one half of the drill\ncore being bagged and tagged for assay. The remaining half portion is returned\nto the drill core trays for storage and/or for metallurgical test work.\n\nThe sealed and tagged drill core sample bags are transported to the ALS Chemex\nfacilities in Querétaro and Zacatecas, Mexico. ALS Chemex crushes the samples\nand prepares 200-300 gram pulp samples with ninety percent passing Tyler 150\nmesh (106 μm). Copper and multi-element analysis is completed using total\ndigestion (Code ME-ICP61 Total Digestion ICP). Over limits greater than 10,000\ngrams per tonne copper are assayed using Cu-OG62.\n\nQuality assurance and quality control (\"QA/QC\") procedures monitor the\nchain-of-custody of the samples and include the systematic insertion and\nmonitoring of appropriate reference materials (certified reference materials,\nblanks and duplicates) into the sample strings. The results of the assaying of\nthe QA/QC material included in each batch are tracked to ensure the integrity\nof the assay data. All results stated in this announcement have passed Axo's\nQA/QC protocols.\n\nGrab and trench exploration samples are geologically logged, photographed and\nmarked for sampling and processing in the Company's on-site laboratory. The\nsealed and tagged sample bags are transported to the San Antonio On Site\nLaboratory, in San Antonio de La Huerta, Sonora. Initially, the sample\nundergoes primary size reduction using a jaw crusher to a nominal particle\nsize of 1/2 inch. The crushed material is subsequently homogenized and split\nusing a riffle splitter.Once completely dry, the sample is pulverized with\nninety percent passing 200 mesh.The prepared pulp is subsequently processed by\n30g fire assay. The resulting doré bead is then dissolved by acid digestion\nusing aqua regia. The resulting solution is diluted to the appropriate volume\nand analyzed by atomic absorption spectrometry (AAS) to determine the gold\nconcentration in the sample. Quality assurance and quality control (\"QA/QC\")\nprocedures monitor the chain-of-custody of the samples and include the\nsystematic insertion and monitoring of appropriate reference materials\n(certified reference materials, blanks and duplicates) into the sample\nstrings. Results are preliminary and have not yet been verified by an\nindependent, certified commercial laboratory.\n\nQualified Person\nCharles Spath, P. Geo., is the Qualified Person for Axo Metals Corp., as\ndefined under National Instrument 43-101, and is non-independent. Mr. Spath\nhas reviewed and approved the scientific and technical information in this\npress release.\n\nFor inquiries, please contact:\nJonathan Egilo, President and CEO\nVia email: IR@axometals.com\n\nForward-Looking information:\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\n\nThis news release includes certain \"forward-looking statements\". All\nstatements other than statements of historical fact included in this release,\nincluding, without limitation, statements regarding the Company's exploration\nand drilling plans at the San Antonio and La Huerta projects and receipt of\nall necessary regulatory approvals, are forward-looking statements that\ninvolve various risks and uncertainties. Forward-looking statements are\nfrequently characterized by words such as \"will\", \"propose\", \"may\", \"is\nexpected to\", \"subject to\", \"anticipates\", \"estimates\", \"intends\", \"plans\",\n\"projection\", \"could\", \"vision\", \"goals\", \"objective\", \"focus\" and \"outlook\"\nand other similar words. Forward-looking information in this news release is\nbased on the opinions and assumptions of management considered reasonable as\nof the date hereof, including, but not limited to, general business and\neconomic conditions will not change in a materially adverse manner; the\npotential of gold and copper mineralization at the Company's properties; the\nresults (if any) of further exploration work to define and expand mineral\nresources; the ability of exploration work (including drilling) to accurately\npredict mineralization; and the ability to generate additional drill targets.\nAlthough the Company believes the expectations expressed in such\nforward-looking statements are based on reasonable assumptions, there can be\nno assurance that such statements will prove to be accurate and actual results\nand future events could differ materially from those anticipated in such\nstatements. Important factors that could cause actual results to differ\nmaterially from the Company's expectations include environmental risks,\nlimitations on insurance coverage, risks and uncertainties related to\nexploration, development, operations, commodity prices and global financial\nvolatility including as a result of tariffs, risks and uncertainties of\noperating in a foreign jurisdiction as well as additional risks described from\ntime to time in the filings made by the Company with securities regulators.\nThe Company disclaims any intention or obligation to update or revise any\nforward-looking information, other than as required by applicable securities\nlaws.\n\nCautionary statement: by their nature, surface or chip samples are selective\nsamples and may not represent true underlying mineralization.\n\nSOURCE: Axo Metals Corp.\nView the original press release\n(https://www.accessnewswire.com/newsroom/en/metals-and-mining/axo-metals-drilling-intercepts-48.0-metres-of-1.18-g%2ft-au-from-surface-at-recen-1238788)\non ACCESS Newswire\n\n\nCopyright 2026 ACCESS Newswire. All Rights Reserved."},"type":"article","timestamp":"2026-10-20T11:00:01.996947722Z","server_sent_at_ms":1792494001996},"received_at":"2026-10-20T11:00:02.048Z","source_url":"https://www.accessnewswire.com/newsroom/en/metals-and-mining/axo-metals-drilling-intercepts-48.0-metres-of-1.18-g%2ft-au-from-surface-at-recen-1238788"},"analysis":{"id":"161772","press_release_id":"173684","analysis_json":{"industry":{"label":"Metals & Mining","sector":"Materials"},"redFlags":["drill intercepts are exploration results, not yet reflected in a resource update","La Gallina concession option terminated at La Huerta project","on-site grab/trench lab results noted as preliminary and not independently verified"],"eventType":"operations_update","narrative":"Axo Metals reported 33 drillholes (~3,700 metres) from the San Antonio project in Sonora, Mexico, headlined by 48.0 metres of 1.18 g/t Au of oxide mineralization directly from surface at the newly discovered Luz del Cobre target.\n\nAdditional intercepts include 3.94 g/t Au over 15.0 metres (SOSAP-26-083), and gap-zone drilling has confirmed at least 450 metres of mineralized strike length between Luz del Cobre and the Sapuchi resource. Luz del Cobre sits only ~1.8km from existing plant infrastructure with haul roads already in place.\n\nThe company also terminated the La Gallina option at its La Huerta copper project while retaining full ownership of the core Juanes concession, and expects waste-dump RC drill results before year-end.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"New Luz del Cobre discovery is growing fast near existing permitted infrastructure -- resource expansion catalyst with waste-dump RC results due by year-end."},"keyFigures":{"customDimensions":{"metres_drilled":"approximately 3,700 metres","highlight_interval":"48.0m at 1.18 g/t Au from surface (SOSAP-26-069)","drillholes_reported":33,"high_grade_interval":"15.0m at 3.94 g/t Au (SOSAP-26-083)","waste_dump_material":"1.14Mt grading 0.58 g/t Au processed 2021-2023, 74% heap-leach recovery, 13,591 oz sold","san_antonio_resources":"576koz Au / 1.37moz Ag Indicated; 544koz Au / 1.76moz Ag Inferred","mineralized_strike_length":"at least 450 metres (Luz del Cobre-Sapuchi gap)"}},"quotedText":"We are particularly excited about the Luz del Cobre target due to its proximity to our existing and permitted infrastructure, in addition to the fact that strong oxide gold mineralization is being seen either directly from surface, or at relatively shallow depths.","namedEntities":{"people":[{"name":"Jonathan Egilo","role":"President & CEO"},{"name":"Charles Spath","role":"Qualified Person (P. Geo.)"}],"products":["San Antonio project","Luz del Cobre target","Sapuchi deposit","La Huerta copper project"],"companies":[{"name":"Axo Metals Corp.","ticker":"AXO","relationship":"filer"},{"name":"Osisko Gold Group (formerly Osisko Development)","relationship":"prior operator"}],"dollarAmounts":[]},"materialImpact":{"score":3,"reasoning":"Strong exploration results from a newly discovered target (Luz del Cobre) extending the San Antonio project, including 48.0m at 1.18 g/t Au from surface and 3.94 g/t Au over 15.0m. Meaningful resource-expansion progress for a junior explorer, but not yet a resource update or economic study."},"tickerRelevance":{"others":[],"primary":"AXO"},"globalImportance":25,"audienceRelevance":20,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-cap TSXV explorer","eventGravity":"positive drill results at new discovery, no resource change yet","commodityExposure":"gold","resourceExpansionPotential":true}},"event_type":"operations_update","event_type_secondary":null,"sentiment":"bullish","material_impact_score":3,"narrative":"Axo Metals reported 33 drillholes (~3,700 metres) from the San Antonio project in Sonora, Mexico, headlined by 48.0 metres of 1.18 g/t Au of oxide mineralization directly from surface at the newly discovered Luz del Cobre target.\n\nAdditional intercepts include 3.94 g/t Au over 15.0 metres (SOSAP-26-083), and gap-zone drilling has confirmed at least 450 metres of mineralized strike length between Luz del Cobre and the Sapuchi resource. Luz del Cobre sits only ~1.8km from existing plant infrastructure with haul roads already in place.\n\nThe company also terminated the La Gallina option at its La Huerta copper project while retaining full ownership of the core Juanes concession, and expects waste-dump RC drill results before year-end.","key_figures":{"customDimensions":{"metres_drilled":"approximately 3,700 metres","highlight_interval":"48.0m at 1.18 g/t Au from surface (SOSAP-26-069)","drillholes_reported":33,"high_grade_interval":"15.0m at 3.94 g/t Au (SOSAP-26-083)","waste_dump_material":"1.14Mt grading 0.58 g/t Au processed 2021-2023, 74% heap-leach recovery, 13,591 oz sold","san_antonio_resources":"576koz Au / 1.37moz Ag Indicated; 544koz Au / 1.76moz Ag Inferred","mineralized_strike_length":"at least 450 metres (Luz del Cobre-Sapuchi gap)"}},"named_entities":{"people":[{"name":"Jonathan Egilo","role":"President & CEO"},{"name":"Charles Spath","role":"Qualified Person (P. Geo.)"}],"products":["San Antonio project","Luz del Cobre target","Sapuchi deposit","La Huerta copper project"],"companies":[{"name":"Axo Metals Corp.","ticker":"AXO","relationship":"filer"},{"name":"Osisko Gold Group (formerly Osisko Development)","relationship":"prior operator"}],"dollarAmounts":[]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-20T11:00:22.047Z","global_importance":25,"audience_relevance":20,"importance_components":{"tickerTier":"small-cap TSXV explorer","eventGravity":"positive drill results at new discovery, no resource change yet","commodityExposure":"gold","resourceExpansionPotential":true}},"durationMs":8296,"modelName":"glm-5.3-flashx"}}