Galaxy Ventures Inc.: TruSilver Deepens 1960s Holes to 712 Metres, Logs Sulphides Next to Past-Producing Walton Silver Mine

VANCOUVER, BC / ACCESS Newswire / August 18, 2026 / Galaxy Ventures Inc. (TSXV:GXY.P) ("Galaxy" or the "Company"), a capital pool company listed on the TSX Venture Exchange (the "TSX-V"), is pleased to announce that TruSilver Metals Corp. ("TruSilver") has deepened two historic drill holes at the Sturgis-Walton Silver Project in Nova Scotia to 464 and 712 metres, and has logged barite, siderite alteration and disseminated sulphides in core recovered below the depths previously drilled. The Company also provides an update on its proposed Qualifying Transaction with TruSilver (the "QT"), which TruSilver shareholders approved on August 4, 2026.

Highlights

• Barite, Siderite Alteration and Disseminated Sulphides Logged Below Historic Drill Depths: Initial geological logging identified abundant barite, strongly sideritized carbonate and associated sulphide veinlets within the prospective geological horizon below the depths the historic holes reached. In drill hole S70-1Ext, very fine-grained disseminated sulphides were logged repeatedly through core recovered between approximately 543 metres and 593 metres. The encountered barite-siderite alteration and sulphides are considered significant in the Walton district. The Walton Mine was first developed as a barite operation, mining the heavy white mineral used to weight drilling fluid in oil and gas wells, before drilling found lead-zinc-copper-silver massive sulphide mineralization beneath the barite, wrapped in a broad halo of iron-rich carbonate. TruSilver has now logged those same three features, the barite, the iron-carbonate alteration and sulphides scattered through the rock, below the depths previously tested on the Project.

• 45 Core Samples Submitted for Assay: TruSilver has selected and submitted 45 core samples from the extended portions of drill holes S68-5Ext and S70-1Ext to Activation Laboratories Ltd. in Ancaster, Ontario, an independent laboratory accredited to ISO/IEC 17025:2017. Assay results are pending and will be released once received and reviewed.

• Two Historic Drill Holes Extended to 464 and 712 Metres: Drill holes S68-5 and S70-1, at TruSilver's 100%-owned Sturgis-Walton Silver Project in Nova Scotia, have been extended from 335 metres and 371 metres to 464 metres and 712 metres, respectively. The original holes stopped short of their intended depths because of the drilling conditions of the day. Extending them opens the deeper rock to borehole geophysical surveys and sharpens gravity and electromagnetic targets ahead of drilling the first new surface hole.

• Downhole Geophysics Commencing Next Week: Abitibi Geophysics is scheduled to mobilize to the Project this week to begin downhole Gravilog borehole electromagnetic surveys in the extended drill holes. The survey measures conductivity down the length of each hole, and is intended to identify and refine targets at depth and assist TruSilver in locating the potential source of the Walton-style mineralizing system.

• Qualifying Transaction Progressing: TruSilver shareholders approved the QT at a special meeting of shareholders held on August 4, 2026. Galaxy is responding to comments received from the TSX-V regarding its QT application, and TruSilver and Galaxy are working to satisfy the remaining conditions required to complete the QT. The trading symbol "TAG" has been reserved for the proposed Resulting Issuer, subject to applicable approvals.

Michael Gross, Chief Executive Officer of TruSilver, commented:

"We deepened these holes to get geophysical tools down them, and we came away with more than that. For the first time, we can look at the geology below where the historic drills stopped. What we're seeing is barite, strong siderite alteration and disseminated sulphides running through the rock. That's the association that sat above Walton's silver. Put that together with the gravity, magnetic and audio-magnetotelluric (AMT) anomalies we already have from surface, and it keeps pointing at a deeper source. The assays and downhole geophysical results will tell us where to put the first new hole."

Drill-Hole Deepening Program Completed

TruSilver selected two historic exploration drill holes, S68-5 and S70-1, where the original casings remained accessible and open to their previously drilled depths of 335 metres and 371 metres, respectively. The historic holes did not reach their intended target depths due to difficult drilling conditions at the time. Re-entering them gave TruSilver an efficient way to reach deeper geological and downhole geophysical data within the structurally complex subsurface environment, and the first opportunity to examine the geology below the original limits of these holes.

The deepening program has now been completed. S68-5Ext was extended to 464 metres, and S70-1Ext was extended to 712 metres. PVC liners were installed in both holes to facilitate the planned downhole geophysical surveys.

Alteration and Sulphides Logged Below Historic Drill Depths

Additional drill core was recovered from the extended portions of the two holes. Visual examination identified intervals containing abundant barite, strongly sideritized carbonate and associated sulphide veinlets within the prospective geological horizon below the historic hole depths. Logging of S70-1Ext also identified very fine-grained disseminated sulphides occurring repeatedly through newly recovered core between approximately 543 metres and 593 metres.

The observed association of barite, siderite and sulphides within the prospective carbonate horizon is considered geologically significant in the historic Walton Mine area. The scale and persistence of the alteration and sulphide assemblage provide evidence of a hydrothermal system extending substantially below the depths previously tested by historic drilling.

The Walton Mine began as an open-pit barite operation. In 1955, massive lead-zinc-copper-silver sulphide and sulphosalt mineralization was discovered beneath the barite deposit within a faulted, sideritized breccia-zone envelope.

Historical records describe the Walton Mine as a high-grade, silver-rich polymetallic deposit, with reported production grades ranging from 350 to 933 grams per tonne silver, together with significant copper, lead and zinc. Historical drill intercepts reportedly returned grades of up to 5,754 grams per tonne silver, or approximately 185 ounces per tonne silver.

This historical association provides geological context for the newly observed barite, siderite and sulphide assemblage. However, the historical results relating to the adjacent Walton Mine have not been independently verified and are not necessarily indicative of mineralization at TruSilver's Project. The visual observations are preliminary, do not establish the presence or grade of mineralization, and will be evaluated through laboratory analysis and downhole geophysics.

TruSilver has completed its initial geological logging and has submitted 45 representative core samples to an independent laboratory for analysis. Assay results are pending and will be released once received and reviewed.

Historical information is derived from G.A. O'Reilly, "Walton's Link to the White House," Nova Scotia Department of Natural Resources, From the Mineral Inventory Files, vol. 24, no. 3 (2007), p. 5; R.T. Boyd and B. Cole, Walton Project: The Dresser Barite-Base Metal Deposit as an Exploration Model, Gulf Minerals Canada Limited, Nova Scotia Assessment Report ME 1979-012 (1979); J.W. Patterson, Walton Mine: Underground Drill Hole & Assay Data, Nova Scotia Department of Mines & Energy, Open File Report ME 1988-045 (1988); and J.W. Patterson, Exploration Potential for Argentiferous Base Metals at the Walton Deposit, Open File Report 88-21 (1988). These historical results have not been verified by a Qualified Person and should not be relied upon without further confirmation.

Downhole Geophysics and Target Refinement

TruSilver has engaged Abitibi Geophysics, which is scheduled to mobilize to the Sturgis-Walton Silver Project next week to commence downhole Gravilog gravity and borehole electromagnetic surveys in the newly extended drill holes.

The Gravilog survey will measure variations in rock density surrounding the drill holes, while the borehole electromagnetic survey will test for conductive responses potentially associated with sulphide mineralization. Denser, more conductive rock at depth would help locate and define the bodies the surveys are designed to find.

A refined ground AMT survey by Advanced Geophysical Operations and Services, covering the broader anomalous area, is scheduled to follow the Abitibi Geophysics program. The new results will be integrated with TruSilver's existing geological, gravity, magnetic, AMT/MT, drilling and three-dimensional modelling datasets.

This work is intended to map subsurface structures and contacts at depth, and to refine the location and orientation of the highest-priority targets for the upcoming drilling program.

Next Steps

TruSilver expects to receive the laboratory results from the 45 submitted core samples and to complete the downhole geophysical surveys in the coming weeks. It will then integrate and interpret the new assay and geophysical data, rank the resulting targets, and use that work to guide its fully permitted fall drilling program at the Sturgis-Walton Silver Project.

Qualifying Transaction Update

TruSilver shareholders approved the QT at a special meeting of shareholders held on August 4, 2026.

The QT application and supporting documents have been submitted and are progressing through the applicable review process. Galaxy is responding to comments received from the TSX-V, and the parties are working to satisfy the remaining conditions required to complete the QT.

The trading symbol "TAG" has been reserved for the proposed Resulting Issuer. The symbol reservation does not constitute approval of the QT or the listing and remains subject to final regulatory, TSX-V and transaction approvals.

About TruSilver

TruSilver Metals Corp. owns 100% of the Sturgis-Walton Silver Project in Hants County, Nova Scotia, free of royalties. The 1,120-hectare Project comprises 70 claims across three exploration licences and is located approximately 70 km northwest of Halifax and 4 km west of the village of Walton. The past-producing Walton Mine, adjacent to the Project, operated from 1941 to 1978. Exploration work completed on the Project to date includes geological mapping, surface geochemical sampling, airborne magnetic, AMT/MT and ground gravity surveys, 3-D inversion modelling, and diamond drill holes. Historic records indicate that 38 holes were completed in the Sturgis area in the late 1960s, with 22 being deeper than 200m and ten greater than 300m. Key lithological interval information for the holes has been found and digitized, showing 2 DDHs with mineralized intervals. A recent 557m DDH was completed in 2023 that intersected 2 mineralized zones carrying Ag & Cu. TruSilver currently holds a Crown Land exploration permit authorizing drilling at three locations, which is valid until 2028. The Company plans to complete a Phase 1 work program on the Project, including at least two new drill holes, followed by a larger Phase 2 drill program, with approximately 3,500 metres planned. TruSilver has not independently verified the historical drilling results, and they should not be relied upon.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Jim Michaelis, P.Geo., a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Michaelis is a director and vice president of exploration of TruSilver and is not independent of TruSilver Metals Corp.

For further information, please see the Company's profile and documents available under the Company's name on SEDAR+ at www.sedarplus.ca.

ON BEHALF OF THE BOARD

"Andrew Thomson"

Andrew Thomson
President, CEO and Director
Telephone: (604) 417-2999
Email: athomson.galaxy@outlook.com

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains statements which constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"), including statements regarding the plans, intentions, beliefs, and current expectations of Galaxy and TruSilver with respect to future business activities and operating performance. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding: (a) expectations regarding the QT including, but not limited to, the necessary shareholder and regulatory approvals and the timing associated with obtaining such approvals; the proposed change in name of the Company; the anticipated size and composition of the Company's board of directors following the QT; the terms of the Concurrent Financing, including the size and timing associated with completing such financing; the business plans and expectations of TruSilver; trading in Galaxy Shares and when such trading will resume, if at all; the issuance of and timing associated with issuing a further comprehensive news release or news releases; and expectations for other economic, business, and/or competitive factors.

Such forward-looking statements are based on a number of assumptions of management, including, without limitation, that the parties will be able to obtain the requisite regulatory, board, shareholder and third party approvals and satisfy the other conditions to the consummation of the QT on the proposed terms and schedule; that the parties will have completed satisfactory due diligence within the expected timeframe; that the parties will be able to complete the Concurrent Financing on the terms and conditions and within the timeframe expected; that the Definitive Agreement will not be terminated prior to the closing the QT; that the QT will be completed in accordance with the terms and conditions of the Definitive Agreement and within the timeframe expected; that no unanticipated events will occur that will delay or prevent the completion of the QT.

Additionally, these forward-looking statements may be affected by risks and uncertainties in the business of Galaxy and TruSilver and general market conditions. Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect Galaxy and TruSilver's respective management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Galaxy and TruSilver believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on them, as unknown or unpredictable factors could have material adverse effects on the Company's future results, performance, or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: the ability to consummate the QT; the ability to obtain requisite regulatory, board, shareholder and third party approvals and the satisfaction of other conditions to the consummation of the QT on the proposed terms and schedule; the potential impact of the announcement or consummation of the QT on relationships, including with regulatory bodies, employees, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation and the costs associated with compliance; unanticipated costs; the risks and uncertainties associated with foreign markets; and the diversion of management time on the QT. These forward-looking statements may be affected by risks and uncertainties in the businesses of Galaxy and TruSilver, as well as general market conditions.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. Although Galaxy and TruSilver have attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated, or intended, and such changes could be material. Galaxy and TruSilver do not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.

SOURCE: Galaxy Ventures Inc.