Update for the week ending OCTOBER 30, 2022

The week was characterized by five (5) hole completions (N039, N041, GT-001, S006 & S007) and quite a number of drill moves, so production is lower than last week: nevertheless some 1,532m were drilled and drill core was recovered from nine hole locations: N039, N040, N041, N042, GT-001, S006, S007, S008 & S009. GT001 is a short geotechnical hole drilled on the west side of North Zone.

At North Zone we are nearing the completion of this phase of drilling, and we anticipate staged drill demobilization from the site over the next few weeks: the South Zone drills will continue with the South Zone program through November / early December. This maintains on-schedule drilling progress against the plans for PEA requirements prior to the Christmas break shutdown.

Frank (aka Francisco) explaining a structural feature in core observed at drill hole S008. Frank is a senior geologist and was managing the day shift oversight of the three active drills on South Zone during last week.

Some 1,185 samples (including duplicates and standards) were shipped from Ranchito to the assay lab during the week: these samples included material from holes N032, N039, N040, S005 and S006.

Viewing core at S009 (left) and Ubaldo & D. Ubaldo at S010 (right).

Work on metallurgical samples continues: last week we announced some early drop test data has been received, and over the last week the engineering team has commenced some SAG-mill sizing considerations.

3-D composite image of Ranchito generated by Alejandro, our site surveyor and resident drone pilot. The large building in the mid-ground is our core storage facility.



Subscribe for Updates

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.

Please signify your understanding:

I Agree