Trench grades and sampling limits
Tocvan (CSE:TOC, OTCQB:TCVNF) collected seven samples weighing a combined 38.3 kg from Trench 19. They averaged 4.6 g/t gold and reached a maximum of 24.4 g/t. The other Main Zone trench, Trench 20, yielded nine samples totaling 39.0 kg, with gold averaging 1.4 g/t and reaching 5.5 g/t. Silver in Trench 20 averaged 17 g/t, with a maximum of 46 g/t.
Both Main Zone trenches lie near the pilot facility, within established high-priority oxide targets. Farther east, Trench 3 tested a new area between the Main Zone and El Mezquite trends in Gran Pilar's South Block. Its seven samples, totaling 68.2 kg, averaged 0.8 g/t gold and 100 g/t silver. The highest values were 1.0 g/t gold and 234 g/t silver. The trench IDs reflect advance planning rather than a sequential numbering system.
The company cautioned that these averages and maximums describe the samples, not necessarily the average grade of the stockpiled material. The true widths of the mineralization remain unknown.
CEO Christopher Gordon said the results were consistent with Tocvan's grade expectations for the pilot mine. He cited the high-grade Main Zone samples and silver values from the newly tested zone as evidence of Gran Pilar's near-surface potential, while reiterating the company's goal of a pilot operation in 2026.
Stockpiles and pilot development
Material hauled from the three trenches totals 5,945 tonnes: 1,428 tonnes from Trench 19, 3,454 tonnes from Trench 20 and 1,063 tonnes from Trench 3. Separately, the sampling program comprised 23 samples with a combined mass of 145.5 kg. Tocvan said the stockpiles are helping it characterize feed for the planned 50,000-tonne pilot facility.
Trenching, sampling and haulage are continuing, with more trench results pending. Site preparation also remains underway, including construction of the heap-leach pad.
The company's phased development plan targets a first gold-silver doré pour in the fourth quarter of 2026 and gold recovery of about 70%. It calls for a 1.76-hectare engineered heap-leach pad, with ore placed in lifts 4 to 6 meters high. Processing would use dilute sodium cyanide over a 60- to 90-day leach cycle and a five-column activated-carbon adsorption circuit.
Tocvan obtained a 10-year permit for the pilot mine in August 2025 and signed a six-year Community Agreement in May 2026. The company says the agreement supports long-term operating stability and gives it flexibility to expand the pilot operation.
Column tests support processing plans
The pilot preparations follow an independent closed-circuit column leach program whose final results Tocvan reported on September 25, 2026. The tests used a Gran Pilar bulk composite with head grades of approximately 2.19 to 2.21 g/t gold and 14.9 to 15.4 g/t silver.
At a P80 3/8-inch crush, the tests achieved gold extraction of 81.6% to 82.3% and silver extraction of 54.8% to 58.0%. Results at a P80 3/4-inch crush were 75.4% to 76.4% for gold and 49.1% to 52.4% for silver. Finer crushing improved gold extraction by about 6 percentage points, and agglomeration was not required.
Resource work and longer-term plans
Tocvan owns more than 22 square kilometers at Gran Pilar. A 2023 land acquisition provided room for mine infrastructure, including the planned pilot production facility. The company also owns the Picacho Gold-Silver Project in Sonora's Caborca Trend and has approximately 79.5 million shares outstanding.
The company expects Gran Pilar's maiden mineral resource estimate in 2026. Its initial scope is the approximately 1-square-kilometer Main Zone, which Tocvan says represents less than 3% of the project's land package. Tocvan is also targeting an additional 15,000 to 20,000 meters of drilling through the end of 2026.
Beyond that initial resource work, Tocvan lists conceptual exploration targets for both project blocks. The South Block target is 16.2 million to 48.6 million tonnes grading 0.5 to 1.5 g/t gold; the North Block target is 28.8 million to 57.6 million tonnes at the same grade range. These targets are conceptual, and drilling is insufficient to define a mineral resource.
Management has indicated that a commercial heap-leach operation producing up to 50,000 ounces of gold annually would require approximately US$20 million in capital. The 50,000-tonne pilot is intended to generate operating data to reduce the risks of that potential transition.
