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UPDATE FOR THE WEEK OF AUGUST 15, 2022

Drill hole N025 and N026 are now complete, with N024 continuing (see view of N024 looking southward from a location close to N009, below).  

Drills are moving to start holes N027 and N028, which continues our focus on the North Zone resource definition program.

The Hydracore 5000 drill belonging to the Company is still being serviced ahead of redeployment.

We continue preparations for further expansion of the drill fleet, and are busy with the final preparations for access to South Zone where we intend to situate the new drill rigs as they arrive.

Storms over the last week have been challenging and we are looking forward to an expected easing of rains in th coming weeks.

The site infrastructure team is presently stretched, but maintaining access to the project, which is helped by the increased the utilization of the boats on the Fuerte River.

Having the field teams based in the Camps has also eased support of the infrastructure following the storms.

 

362 samples (including duplicates and standards) were shipped from Ranchito to the assay lab during the week.

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During the week, Goehring & Rozencwajg Associates published another superbly researched and argued reports on the commodities market titled “WHY RESOURCES DURING A RECESSION” that may be downloaded directly from the Goehring & Rozencwajg web site.

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These historical resource estimate models are based upon historical resource estimates prepared by John Thornton in 2011. While, in the opinion of Dane A. Bridge, author of the revised NI 43-101 standard technical report, Geology, Mineralization and Exploration of the Santo Tomas Cu-(Mo-Au-Ag) Porphyry Deposit, Sinaloa, Mexico dated April 21, 2020 (the “Report”), reliable estimation practices were used, in order to upgrade or verify the historical estimations, resampling and assay of historical drill samples, twinning of historical drill holes, and a new program of regularly spaced drilling is required. No qualified person has undertaken sufficient work to classify the current mineral resources or mineral reserves upon which these models are based and the Company is not treating the estimates as current estimates of the mineral resources. The Company gives no assurance that either these models or the historical resource estimates upon which they are based are accurate, and does not undertake any obligation to update the models or to release publicly any update or revisions of the resource estimates except as required by applicable securities law. The reader is cautioned not to rely upon these models or the historical resource estimates upon which they are based.

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