UPDATE FOR THE WEEK OF September 5, 2022

Owing to the onslaught of tropical storms last week we stood down all drill rigs from night shift August 31st, recommencing drilling at the start of Day shift on September 3rd: Despite the challenge, we drilled approximately 900m during the period.

Drill hole S001 continued at South Zone through the week, and drill pad preparations for collaring a second hole (S002) are advanced: we will collar that hole with the newly delivered 6th rig ( from drill contractor Major Drilling).

At North Zone Holes N029, N030 and N031 made progress. Oroco’s Hydracore 5000 Max rig was relocated from Brasiles and will be established at the site for Hole N032 in the week ahead.

During the coming week we are hoping to have 6 rigs operating south of the river in time for our next blog post – weather permitting!

As we plan for maximizing production at North and South Zones in the post-monsoon fall period, we are hoping for confirmation of predicted respite from severe tropical storm conditions ahead. In the interim the team forges ahead with repairing and shoring up our site access facilities.

Some 370 samples (including duplicates and standards) were shipped from Ranchito to the assay lab during the week: these samples included material from holes N027, N028 and S001 (left image above), as compared with 672 samples (including duplicates and standards) from holes N024, N026, N027 and N028 (right image above) for the prior week.







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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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