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Rackla Metals Inc.

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Rackla Metals is a Canadian exploration company focused on advancing the Lentung Tungsten project located in the Tombstone Belt, Northwest Territories.

Investor website: https://racklametals.com/

About

Rackla Metals is a Canadian exploration company focused on advancing the Lentung Tungsten project located in the Tombstone Belt, Northwest Territories. This area is known for its mid-Cretaceous intrusions that host significant gold and tungsten deposits. The company's flagship project, the historic Lentung tungsten resource, was previously explored by Union Carbide Exploration Company between 1977 and 1982, which included over 25,000 meters of diamond drilling that identified a mineable open-pit high-grade tungsten resource. Rackla's 2026 program aims to validate and expand this historical resource by lowering the cut-off grade to 0.1%, with the goal of achieving a current NI 43-101 compliant resource while promoting responsible development and economic opportunities in Canada's North.

Verified company data

Cash position
$7.5M
Shares outstanding
158.2M
Fully diluted shares
173.7M
Mineral resource
The tungsten mineralization at Lentung is hosted in altered limestone along the margin of the Lened Pluton. Historic resource estimates calculated by Union Carbide rank Lentung among the highest-grade tungsten skarn deposits globally, with grades of 1.27% WO3 (not NI 43-101 compliant). Mineralization consists of the tungsten mineral scheelite and is analogous to mineralization at the former producing Cantung mine. Minor concentrations of copper and gold are associated with the tungsten at Lentung.
Projects
["## Lentung Tungsten Deposit\n\n| |\n| --- |\n| **Target Type:** Tungsten Skarn |\n| **Location:** Tombstone Belt, Northwest Territories |\n| **Historical Drilling**: 26,900 m / 178 holes (Union Carbide 1977-1982) |\n| **Occurrences:** 15 tungsten zones / 15 km strike |\n| **Historical Grade:** ~1.14% WO3 avg. mill grade (pre NI 43-101 compliance; subject to 2026 verification) |\n| **Ownership:** 100% Rackla Metals – 1% NSR |\n| **2026 Program:** 10,000 m drill program underway |\n\nThe Lentung tungsten prospect (previously called Lened) was discovered in 1960 by prospectors exploring north of the Cantung tungsten deposit. The region saw sporadic exploration activities over the next 15 years, during which a second tungsten skarn occurrence, the Rhodes Tungsten occurrence, was discovered 4.5 km to the east by Amax Minerals Exploration.\n\nIn 1976, Union Carbide Exploration Corporation purchased the Lened property and, over the next 6 years, explored the site intensively, advancing the project to pre-feasibility. Their work included conducting a variety of geochemical and geophysical surveys, detailed geological mapping, metallurgical, economic, and environmental studies. A total of 26,900 m of exploration drilling in 178 holes was completed on the property between 1977 and 1982. This work led to the discovery of another 15 zones with tungsten mineralization over a 10 km strike length.\n\nIn 1982, due to the declining tungsten price, Union Carbide decided to pause advancing the project to production, deciding to wait for markets to improve. In 1984, broader Union Carbide corporate setbacks led to a shift in company focus, followed by the eventual acquisition of the company by Dow Chemical Corporation. Under new management and direction, the Lened property claims were allowed to lapse.\n\nIn 1996, the Lened property was re-staked by Yukon prospector Ron Berdahl, who undertook only minor exploration focused on the gold potential and a beryl gemstone occurrence. Limited work led to the lapsing of the claims in 2014.\n\nThe geological setting of the Lentung area consists of ancient deep water sedimentary rocks of the Selwyn Basin (shale, siltstone and limestone) that have been intruded by younger granitic rocks during the Cretaceous period. The Cretaceous intrusions belong to the Tungsten Suite: a series of intrusions that occur along the eastern margin of the Selwyn Basin that are the causative intrusions for the Cantung, Mactung and Lentung tungsten mineralization.\n\nThe core from the 1977-1982 drill programs is still located on site and Rackla has begun the process of cataloguing, re-boxing, and eventual re-logging and re-sampling of the core. Union Carbide’s historic data set, paired with the core on-site gives Rackla a unique opportunity to accelerate the evaluation of the property with valuable geological information. This information will eventually be incorporated into an NI43-101 technical report in the near future.\n\nOver the winter and spring of 2025/26 Rackla has been scanning, digitizing and compiling a large dataset of Union Carbide files from 1977 to 1982. This dataset contains a wealth of information and includes original drill logs, geochemical analyses and internal company studies. The majority of drilling has been conducted in the Central Zone, which includes the Emma, Western Skarn and Stephen’s Ridge zones."]
Leadership
Simon Ridgway (CEO and Director, Successful prospector and mining financier with experience in mineral exploration. Founder of Fortuna Silver Mines and Radius Gold.), Scott Casselman (VP Exploration, Former Head of Minerals Geology at the Yukon Geological Survey with extensive experience in mineral exploration across various countries.), Kevin Bales (CFO, 15 years of financial reporting experience in mining and IT industries, previously CFO for several public junior exploration companies.), Sally Whittall (Corporate Secretary, Over 20 years of experience in corporate compliance and securities regulations, has worked with Simon since 1994.)

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