10:57 AM EDT, 06/24/2025 (MT Newswires) -- Miata Metals ( MMETF ) , up 17% on last look from near 52 week lows, on Tuesday said it had begun its planned drill test of the Puma Target. This follows completion of the latest five holes drilled at the Golden Hand Target, for which assays are pending, it added.

A statement noted the Puma Target in the southeast part of Sela Creek is one of the company's highest-priority targets and encompasses a total of approximately 2.7 km of strike length and a width of 400m, as indicated by soil sampling and Miata's predictive vein model. The Puma Target features a high-quality data set that showcases evidence of a potentially rich gold system and is characterized by intense hydrothermal alteration and repeating vein sets, and has never been drilled, stated the company.

The company expects drilling a minimum of 2,000 metres on Puma, with the remainder of the 10,000m program to be allocated based on results and ongoing interpretation.

The company also said that five drill holes are currently pending assays from drilling at Golden Hand Target, including two drill holes that may have intersected key mineralizing structures.

The company added that it is further preparing to launch a stream sediment and soil sampling program to extend the Puma trend.

"We are excited to have started drilling at Puma, a high-priority target from our initial modeling and now confirmed by all the mapping and sampling in the area to date," said Miata Metals' ( MMETF ) Chief Executive Officer, Jacob Verbaas. "We believe Puma's 2.7 kilometre strike length and high-grade surface sampling are testament to the target's discovery potential. With the first hole underway and multiple drill pads already prepared, we intend to unlock Puma's value by the drill bit over the coming weeks. With assays pending from Golden Hand and a robust exploration pipeline, Miata is entering a catalyst-rich period for its shareholders."

The company's shares were last seen up $0.0450 to $0.30 on the Canadian Securities Exchange.

Price: 0.30, Change: +0.05, Percent Change: +17.65