Toronto – – September 13, 2026 -- Denarius Metals Corp. (Cboe CA: DMET; OTCQX: DNRSF) has secured a preferential option from the Regional Government of Castilla and Leon to acquire up to 28 new mining grids covering approximately 800 hectares adjacent to its Toral Project in Spain, a move that would expand its total land position in the Leon Mining District to roughly 3,700 hectares. The company separately disclosed a maiden NI 43-101 Mineral Resource Estimate for the 100%-owned Toral Project, prepared by Resource Development Associates with an effective date of July 24, 2026.
New land grant extends Toral trend seven kilometers northwest
The Toral West Claims stretch the known mineralized structure toward the historic Antonina mine, a zinc-lead-copper-mercury operation near Toral de los Vados that ran from 1935 to 1983. Executive Chairman Serafino Iacono said drilling data show ore grades at Antonina comparable to those at Toral, and that reopening the mine could provide earlier access to down-dip mineralization and eventually an alternative route to deeper Toral resources. Denarius plans to fold Antonina and the western Toral extension into its 2027 exploration program once investigation permits over the new grids are formalized.
Historical Antonina-Nieves data point to open mineralization
Industrial-scale mining at Antonina between 1968 and 1983 developed roughly 700 meters of strike across five to seven underground levels reaching depths of about 300 meters. An archive of approximately 35 historical exploration drill holes indicates the system remains open to the west and at depth, with grades the company says resemble those at Toral, supporting plans for modern systematic exploration across the newly claimed ground.
Maiden resource classifies entire Toral inventory as Inferred
The 2026 MRE, based on a validated database of 127 diamond and reverse-circulation holes totaling 66,783 meters, reports all Mineral Resources as Inferred, with no Measured or Indicated categories declared. The estimate rests on 698 assay intervals across five modeled veins, composited to 417 primary estimation composites, and applies an NSR cut-off of US$61 per tonne — roughly 3.05% zinc-equivalent — based on underground mining with XRT ore-sorting and dual-circuit flotation. Qualified Person Scott E. Wilson of RDA used anisotropic inverse-distance-cubed interpolation after rejecting ordinary kriging and multiple-indicator kriging methods due to conditional bias risks under the deposit's high-nugget, narrow-vein geometry.
New estimate diverges sharply from Europa's 2022 JORC resource
Denarius acquired 100% of Toral from Europa Metals Ltd. in November 2024, following Europa's November 2022 JORC-compliant estimate of 7.0 million tonnes Indicated and 13 million tonnes Inferred at a 4% zinc-equivalent cut-off. The company stated the 2026 MRE is a new estimate rather than a restatement, citing differences in classification methodology, grade-interpolation technique, cut-off assumptions and density assignment, and cautioned the two estimates are not directly comparable. The mineralized structure remains open along strike to the southeast and at depth, according to the report.