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Update for the week ending September 26, 2022

With the expanded drill fleet we were able to drill 1,553m during the week: the most core we have produced in a week since the exploration drill program began last year.

Drill Holes N033 and N35 were completed (though Hole N032 has as yet not been collared owing to mechanical drill issues and some on-site drill changes). Holes N034, N036, N037, S002 and S003 were advanced through the week.

Some 820 samples (including duplicates and standards) were shipped from Ranchito to the assay lab during the week: these samples included material from holes N035 and S002, and the last samples from N029 and N033.

As part of the gearing up of our PEA work program, Tucson-based principals from AUSENCO conducted a site visit during the week. They were able to cover the site in a comprehensive manner by road, and to traverse the Huites reservoir and visit Brasiles by boat to provide a good overview of the project, including prospective infrastructure sites.

 

Views northward from the south-wall ‘La Pareida’ area site overlooking South Zone and over to the Brasiles bowl with our AUSENCO guests.

A brief stop at the drill site for hole S003. This site is operated by Major Drilling.

Preparing for the boat ride to return to Ranchito via Buena Vista Camp.

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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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