Regina, Saskatchewan--(Newsfile Corp. - October 16, 2026) - GEM OIL INC is pleased to highlight the exploration potential of its 100%-owned Butch Gold Prospect, located approximately 6.5 kilometres east of Stony Rapids in northern Saskatchewan.

Figure 1 - Butch Claim Area Geology & TMI map

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The 985-hectare property consists of four claims (MC00024295, MC00024296, MC00024297, MC00024298) and hosts the historic Butch Showing (SMDI #1632), where previous exploration identified significant gold, platinum, palladium and uranium mineralization within sheared, fractured and hematite-altered amphibolite.

Historical surface sampling returned the following gold assays:

• 48.49 g/t gold (sample OM409), accompanied by 2.96 g/t platinum, 4.0 g/t palladium and 0.755% U₃O₈.
• 2.06 g/t gold (sample AM087), approximately 103 metres south of OM409.
• 0.31 g/t gold (sample OM408), approximately 2.2 metres from OM409, accompanied by 1.165% U₃O₈.

48.49 g/t gold = 1.559 troy ounces of gold per ton of rock.

These results are from historical selective rock samples in the uranium space and do not establish width or continuity of mineralization.

GEM completed a 213.87 line-kilometre helicopter-borne triaxial magnetic gradiometer survey, with flight lines spaced 50 metres apart, covering the entire property.

The resulting geophysical data delineated northeast-trending geological structures, shear zones, lithological contacts and magnetic lows in the vicinity of the Butch Showing. These features provide a geological framework for further exploration.

The Butch Gold Prospect is situated within the Precambrian Tantato Domain near the northern margin of the Athabasca Basin. GEM considers the combination of high-grade historical gold assays, multiple gold-bearing sample locations and detailed airborne geophysical coverage to warrant further exploration.

About GEM OIL INC.

Founded in 1956, GEM OIL INC. is a privately held Canadian oil and gas company with a longstanding involvement in mineral exploration in Saskatchewan.

Technical disclosure: The historical assay results are from selective surface samples and may not be representative of the property as a whole. The historical results require further verification, and no mineral resource has been established.

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Source: Gem Oil Inc.