Grants Pass, Oregon – September 23, 2026 -- Blue Moon has agreed to acquire 100% of the Turner copper-gold-zinc-silver-cobalt project in Oregon, targeting a combined processing hub with its Blue Moon Mine that would feed a new 1,800 tonnes-per-day mill at the Springer complex in Nevada.
The definitive agreement was executed on September 22, 2026, with completion expected in November 2026, subject to TSX-V approval. The transaction covers approximately 634 acres of private land and 15 unpatented lode mining claims, including three patented claims totaling 60 acres, all subject to an existing 1.5% net smelter return royalty and no other encumbrances. No off-takes or streams have been sold on the project, and no finders' fees are being paid on the arms-length deal.
Historical resource estimate points to multi-metal potential at Turner
A May 17, 2010 NI 43-101 preliminary economic assessment estimated 2.447 million tons of Indicated material grading 1.25% copper, 2.79 g/t gold, 2.65% zinc, 9.64 g/t silver and 0.05% cobalt, plus 2.084 million tons of Inferred material grading 0.99% copper, 2.73 g/t gold, 2.78% zinc, 19.91 g/t silver and 0.04% cobalt. That modeling was built on 84 drill holes totaling 19,542 feet completed between 1957 and 1989. Blue Moon's non-Independent Qualified Person has not verified the historical estimate, so the company is not treating it as current.
Company plans aggressive drilling and a PEA targeting 2027
CEO Christian Kargl-Simard said Turner met the company's criteria for scale, timeline and logistics relative to the Springer hub, citing synergy with the Blue Moon Mine via nearby rail infrastructure. The deposit has seen limited exploration, with potential for a VMS camp and unquantified cobalt upside, according to the company. Blue Moon plans to drive an exploration adit into the deposit with surface and underground drilling to support metallurgical testwork.
The company is evaluating whether Turner and Blue Moon Mine material can be comingled or processed through a similar flotation circuit to produce copper and zinc concentrates with precious metals credits. Metallurgical and engineering studies to verify comingling feasibility, alongside rail transportation studies, are targeted for completion by the end of 2027 to support a PEA covering both projects. No processing of Turner material is assumed to occur in Oregon.
Permitting for exploration drilling to take 12 to 18 months
Blue Moon will initiate permitting for exploration drilling and underground development at Turner, a process expected to take 12 to 18 months, following a methodology the company previously applied at its Blue Moon Mine in California. The 2010 PEA showed the sulphide mineralization amenable to conventional flotation, yielding copper, zinc and gold concentrates; no metallurgical work has yet been done on cobalt despite extensive assay data in the drill hole database.
Company issues equity awards alongside the acquisition
Blue Moon granted 50,000 incentive stock options to a consultant at an exercise price of C$8.10, vesting over three years and exercisable for five years. It also awarded 993,146 restricted share units to officers and employees vesting over two years, and 268,586 deferred share units to independent directors vesting 12 months from grant or upon departure.