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Mobilizing following the Holidays & New Year

As we start the Blog series for 2023, we would like to wish our shareholders and supporters, contractors, suppliers and staff ‘Feliz año nuevo’!

Since site ‘production’ activities will be reduced as the Phase One drill program concludes, we will likely focus the blog on milestone events rather than on drilling production, as the drilling fleet has been reduced to two machines that will be used to complete a small number of horizontal holes at North Zone and a few final holes at South Zone.

The Santo Tomás Technical Team is re-assembling, with most having flown into Los Mochis today from their homes across Mexico (and two from Peru). Linda and Ian (Graham) returned ‘home’ to Choix last evening, driving up from Estrella del Mar just south of Mazatlán yesterday (see Linda’s ‘homecoming’ pictures following). The team will assemble at Ranchito tomorrow, and the field camp will receive the two drill crews on Wednesday to continue with drilling at Holes N044 and S020 which were placed on ‘standby’ for the holiday break.

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Welcome ‘home’… sunset over the truck last night…

Before we focus on blogging on milestones and comments regarding PEA progress, etc., we thought it might be good to just reflect on what has been accomplished since we got ‘on the ground’ in mid-2020 to re-open access, permit all our activities, run the 3D DCIP survey and launch the drilling program and – not least – recondition the Buena Vista camp and construct the Brasiles (28 person) and Santo Tomas (52 person) camps.

When we placed the drills on standby at S020 and N044 on December 17th, the drilling undertaken by Oroco – the first since 1994 – has totaled a few meters short of 46,000m. We hope you agree that this extensive program, which significantly exceeds the previous historical campaigns in scope, sets us up well to advance the PEA this year!
 

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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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