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GR Silver Mining Intersects 44.5 m at 518 g/t AgEq Including 6.5 m at 2,101 g/t AgEq in the Footwall and Hanging Wall of the Main Mineralized Zone at the Plomosas Mine Area

GR Silver Mining Ltd. (“GR Silver Mining” or the “Company”) (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – is pleased to announce additional results from 38 infill drill holes in the resource update program underway at the Company’s Plomosas Mine Area, Plomosas Project in Sinaloa, Mexico. These drill holes were targeted to replace historical holes used in the 2021 NI 43-101 mineral resource estimate, where unsampled intervals were assigned zero values, or to test new high-grade Ag-Au mineralized zones, identified by the Company in both the footwall and hanging wall of the main mineralized zone (Figure 1). GR Silver Mining’s infill drilling program is continuing in the Plomosas Mine Area, and to date has added 105 holes (7,330 m) of new drilling inside the historic Plomosas Mine since completion of the Company’s 2021 NI 43-101 mineral resource estimation.

Highlights of the infill drilling at the Plomosas Mine Area
  • PLI22-38: 24.9 m at 471 g/t AgEq[1]  – 301 g/t Ag, 0.4 g/t Au, 1.6% Pb, and 2.1% Zn
    • including 6.0 m at 1,052 g/t AgEq – 856 g/t Ag, 0.7 g/t Au, 1.3% Pb and 2.3% Zn
  • PLI22-23: 44.5 m at 518 g/t AgEq – 268 g/t Ag, 1.0 g/t Au, 2.4% Pb, 1.7% Zn, 0.2%
    • Cuincluding 7.0 m at 684 g/t AgEq – 626 g/t Ag, 0.03 g/t Au, 1.0% Pb, 0.6% Zn, 0.1% Cu
    • including 6.5 m at 2,101 g/t AgEq – 1,028 g/t Ag, 5.11 g/t Au, 8.3% Pb, 7.0% Zn, 0.8% Cu
    • including 2.4 m at 3,431 g/t AgEq – 2,667 g/t Ag, 1.27 g/t Au, 12.2% Pb, 6.9% Zn, 0.3% Cu
  • PLI22-24: 12.4 m at 365 g/t AgEq – 135 g/t Ag, 0.4 g/t Au, 4.0% Pb, 1.7% Zn, 0.2% Cu
  • PLI22-25: 12.5 m at 1,146 g/t AgEq – 629 g/t Ag, 0.6 g/t Au, 9.2% Pb, 4.0% Zn, 0.4% Cu
    • including 1.5 m at 1,917 g/t AgEq – 1,791 g/t Ag, 0.2 g/t Au, 1.3% Pb, 1.4% Zn, 0.1% Cu
  • PLI22-27:  8.5 m at 371 g/t AgEq – 109 g/t Ag, 0.9 g/t Au, 3.5% Pb, 1.7% Zn, 0.1% Cu
  • PLI22-28:  24.3 m at 217 g/t AgEq – 41 g/t Ag, 0.7 g/t Au, 2.1% Pb, 1.1% Zn
  • PLI22-30:  0.8 m at 2,365 g/t AgEq – 2,251 g/t Ag, 0.1 g/t Au, 1.0% Pb, 0.1% Zn, 0.6% Cu
  • PLIP22-30:  5.1 m at 716 g/t AgEq – 116 g/t Ag, 5.9 g/t Au, 0.2% Pb, 0.2% Zn, 0.4% Cu
    • including 0.6 m at 4,078 g/t AgEq – 219 g/t Ag, 40.2 g/t Au, 0.4% Pb, 0.1% Zn, 1.0% Cu
  • PLIP22-42:  5.7 m at 995 g/t AgEq – 44 g/t Ag, 1.2 g/t Au, 12.7% Pb, 11.4% Zn, 0.4% Cu

The Plomosas Mine Area, which includes a historical mine with 7.4 km of underground development and related infrastructure, is providing positive drill results and new discoveries in many un-mined zones that will be incorporated into the Company’s upcoming resource estimate. The updated NI 43-101 resource estimate will integrate the Company’s two resource stage areas currently being drilled (San Marcial and Plomosas Mine Area) as well as additional drilling scheduled for La Colorada and the San Juan Area. GR Silver Mining will be the first company ever to integrate all exploration concessions at the resource stage into a single combined technical report, representing a major milestone in the Rosario Mining District.

______________________________

1

See Table 1 for AgEq definition

GR Silver Mining Chairman and CEO, Eric Zaunscherb comments “As designed, surgical infill drilling at Plomosas continues to demonstrate attractive polymetallic grades in the main hydrothermal breccia, where nil grades had previously been assigned for unsampled areas in the August 2021 resource block model. It is also very pleasing to see the potential addition of volume from the newly discovered footwall and hanging wall precious metal mineralization. Both may be impactful in the upcoming mineral resource estimate update anticipated in the first quarter of 2023.”

Plomosas Mine Area – Update Geological Modelling – Drilling Results to Date

The 2022 infill drilling program, combined with detailed mapping and underground sampling, has now traced in detail the Ag-Au Pb-Zn hydrothermal breccia (partially mined by Grupo Mexico until 2001), as well as new mineralization associated with cross cutting faults. This new mineralization can be located on either the hanging wall or footwall of the main mineralized polymetallic hydrothermal breccia (“Plomosas Breccia”) in the vicinity of major fault intersections, outlining wide zones with attractive Ag and Au grades close to existing underground development and or close to the surface (Figures 2 and 3).

Historical mine production to 2001 was concentrated along the Plomosas Breccia, where lead and zinc values were the main target of historic underground bulk mining operations. The information collected by the Company during the past 12 months has indicated that not only are there remnant zones with well-preserved precious and base metal-rich hydrothermal breccias, but also well defined, wide Ag-Au only stockwork zones on the hanging wall and footwall of the Plomosas Breccia.

The Company will continue the Plomosas drilling until December 2022, when all data will be integrated into an updated geological model for the Plomosas Mine Area. The updated mineral resource estimate is scheduled to be completed in the first quarter of 2023.

TABLE 1 Plomosas Mine Area – Infill Drilling Results Highlights

Drill Hole

From

(m)

To

(m)

Apparent 

width 

(m)

True

Width

(m)

Ag g/t

Au g/t

Pb %

Zn %

Cu %

AgEq

 g/t

PLI22-20

16.8

22.5

5.8

5.0

399

0.05

1.0

1.8

0.1

504

including

16.8

19.2

2.4

2.1

901

0.08

2.1

3.9

0.1

1,228

39.1

41.8

2.7

2.7

113

0.14

3.5

5.6

0.1

449

PLI22-21

34.4

41.9

7.5

6.5

62

0.12

0.6

0.6

0.1

119

87.6

95.6

8.0

6.8

17

0.24

0.6

1.5

0.1

114

PLI22-22

1.2

17.8

16.6

12.1

101

0.4

2.0

1.4

0.2

237

including

4.5

7.9

3.4

2.6

391

1.0

8.1

4.2

0.5

935

PLI22-23

8.5

53.0

44.5

36.5

268

1.0

2.4

1.7

0.2

518

including

9.5

16.5

7.0

4.9

626

0.03

1.0

0.6

0.1

684

and

17.0

23.5

6.5

5.9

1,028

5.11

8.3

7.0

0.9

2,101

including

17.0

19.4

2.4

2.2

2,667

1.27

12.2

6.9

0.3

3,431

PLI22-24

34.8

35.0

0.2

0.2

1,159

0.53

1.4

1.0

0.6

1,354

40.0

52.4

12.4

7.1

135

0.39

4.0

1.7

0.2

365

including

40.0

44.0

4.0

2.0

292

0.13

3.1

1.3

0.1

453

PLI22-25

0.0

12.1

12.1

11.4

629

0.56

9.2

4.0

0.4

1,146

including

6.5

12.1

5.6

5.3

584

0.25

3.9

1.3

0.2

787

including

9.5

11.0

1.5

1.4

1,791

0.23

1.3

1.4

0.1

1,917

PLI22-26

29.6

50.2

20.7

16.5

6

0.09

1.0

1.6

na

108

including

45.0

50.2

5.2

4.1

14

0.19

3.1

4.7

0.1

308

PLI22-27

0.0

8.5

8.5

7.2

109

0.91

3.5

1.7

0.1

371

including

0.9

3.4

2.5

2.1

212

2.74

10.9

4.1

0.22

961

PLI22-28

5.4

29.7

24.3

22.0

41

0.69

2.11

1.1

0.1

217

including

13.0

20.3

7.3

6.3

53

0.87

4.5

2.1

na

347

40.2

49.9

9.7

8.4

91

0.06

1.3

0.5

na

140

72.2

73.5

1.5

1.3

375

0.09

0.34

0.67

na

419

83.0

85.5

2.5

1.6

77

0.59

0.5

0.6

na

173

PLI22-29

0.2

20.3

20.1

18.2

78

0.18

0.9

1.1

na

167

including

14.7

19.6

4.9

4.3

124

0.67

3.1

3.8

na

427

PLI22-30

21.5

23.5

2.0

1.0

344

0.04

0.2

0.3

0.1

370

32.0

32.8

0.8

0.5

2,251

0.12

1.1

0.1

0.6

2,365

36.3

36.5

0.2

0.1

1,697

0.21

0.2

0.2

0.6

1,792

44.1

49.5

5.4

3.0

134

0.05

0.6

2.7

0.1

273

including

47.7

49.5

1.8

0.9

328

0.08

1.1

5.0

0.2

576

52.9

57.3

4.4

2.2

55

0.01

1.1

2.5

na

187

68.0

73.0

5.0

3.2

48

0.14

0.7

1.8

na

150

PLI22-31A

30.0

48.6

18.6

13.6

10

0.46

0.4

0.7

0.1

101

PLI22-33

No significant intervals

PLI22-34

59.0

61.7

2.7

1.1

7

0.6

1.5

1.4

0.1

162

PLI22-35

No significant intervals

PLI22-36

4.1

5.6

1.5

1.0

77

0.18

3.8

1.5

na

263

30.8

33.6

2.8

0.7

86

0.39

0.7

1.1

na

187

PLI22-37A

No significant intervals

PLI22-38

66.7

91.5

24.8

15.9

301

0.41

1.6

2.1

na

471

including

71.2

77.2

6.0

3.9

856

0.70

1.3

2.3

na

1,052

PLIP22-27

0.3

6.6

6.3

5.2

42

0.03

0.1

0.2

na

53

PLIP22-29

0.0

22.0

22.0

16.9

55

1.01

3.1

4.8

0.2

440

including

0.0

3.2

3.2

3.0

284

5.15

2.0

9.7

0.5

1,251

and

6.1

14.5

8.4

5.4

20

0.40

4.5

5.8

0.1

420

including

13.8

14.2

0.4

0.3

60

0.55

10.9

15.9

0.6

1,099

PLIP22-30

0.0

14.1

14.1

10.8

69

2.67

0.1

0.2

0.2

353

including

0.0

1.6

1.6

1.2

227

5.39

0.3

0.6

0.4

809

and

4.7

5.3

0.6

0.5

219

40.18

0.3

na

1.0

4,074

PLIP22-31

No significant intervals

PLIP22-32

11.9

14.0

2.1

1.3

9

0.16

2.1

3.0

0.1

213

including

13.2

13.8

0.6

0.4

11

0.34

3.7

5.5

0.2

385

PLIP22-33

No significant intervals

PLIP22-34

No significant intervals

PLIP22-35

0.0

18.5

18.5

15.2

20

1.08

0.5

1.5

0.3

221

including

0.9

1.8

0.9

0.7

28

3.83

0.8

3.1

1.3

670

and

14.2

15.0

0.8

0.6

46

6.09

2.7

8.4

0.8

1,105

PLIP22-36

0.0

1.3

1.3

0.5

17

0.41

2.8

3.4

0.1

273

PLIP22-37

No significant intervals

PLIP22-38

4.0

9.0

5.0

3.8

20

0.3

0.8

0.8

na

103

PLIP22-40

3.7

12.2

8.5

7.7

118

0.06

0.4

0.9

na

170

including

3.7

8.2

4.5

4.2

214

0.05

0.4

0.9

na

265

PLIP22-41

5.7

8.0

2.3

1.3

51

0.05

4.1

10.5

0.4

622

PLIP22-42

1.1

8.6

7.5

6.5

40

0.95

10.5

9.8

0.4

852

PLIP22-43

2.4

9.7

7.3

6.3

34

0.11

1.6

1.1

na

135

PLIP22-45

0.7

5.4

4.7

3.7

21

0.38

1.2

1.6

0.1

160

PLIP22-46

3.6

11.6

8.0

5.7

85

0.18

0.7

1.7

0.1

197

including

9.0

11.1

2.1

1.1

166

0.41

1.8

3.3

0.2

401

PLIP22-48

4.7

20.0

15.3

11.7

30

0.11

0.2

0.3

0.1

65

PLIP22-49

5.3

12.7

7.4

6.7

22

0.10

0.6

0.2

0.1

66

PLIP22-50

1.0

4.5

3.5

2.2

227

0.19

0.7

1.1

0.1

315

including

3.5

4.0

0.5

0.4

1,426

1.27

3.77

4.67

0.27

1,861

Numbers may be rounded. Results are uncut and undiluted. True width not estimated as the Company does not have sufficient data from the new mineralized zones to determine the true widths of the drill hole intervals with any confidence.  “na” = no significant result. 

* AgEq calculations using US$20.00/oz Ag, US$1,600/oz Au, US$0.90/lb Pb, US$1.10/lb Zn and US$3.00/lb Cu, with metallurgical recoveries of Ag – 74%, Au – 86%, Pb – 69%, Zn – 75% and Cu – 80%. AgEq = ((Ag grade x Ag Price x Ag recovery) + (Au grade x Au price x Au recovery) + (Pb grade x Pb price x Pb recovery) + (Zn grade x Zn price x Zn recovery) + (Cu grade x Cu price x Cu recovery))/(Ag price x Ag recovery) . ** PLI-22 37 interrupted and restarted as PLI 22-37A

TABLE 2 Plomosas Mine Area Infill Drill Program 2022 – Details

 

Drill Hole

 

East (m)

North (m)

RL (m)

Dip (˚)

Azimuth

(˚)

Depth (m)

Type Drill Hole

PLI22-20

451339

2551706

875

-18

105

113.0

Underground

PLI22-21

451342

2551781

873

-58

360

117.5

Underground

PLI22-22

451379

2551893

879

-17

130

85.5

Underground

PLI22-23

451365

2551911

878

-15

90

116.0

Underground

PLI22-24

451359

2551878

902

-40

145

111.65

Underground

PLI22-25

451447

2551900

906

50

300

30.5

Underground

PLI22-26

451426

2551859

901

-52

90

67.5

Underground

PLI22-27

451423

2551858

905

50

270

47.0

Underground

PLI22-28

451069

2551750

727

-45

60

100.9

Underground

PLI22-29

451432

2551770

904

-62

90

69.5

Underground

PLI22-30

451368

2551744

906

-58

315

78.0

Underground

PLI22-1A

451444

2551854

902

-7

88

6.5

Underground

PLI22-33

451309

2551905

814

-60

120

61.5

Underground

PLI22-34

451111

2551732

731

22

90

80.0

Underground

PLI22-35

451305

2551778

821

-50

60

78.5

Underground

PLI22-36

451305

2551652

802

2

90

98.4

Underground

PLI22-7A

451378

2551577

802

-48

270

78.5

Underground

PLI22-38

451111

2551732

731

16

80

105.0

Underground

PLIP22-27

451215

2551655

769

0

270

10.0

Underground

PLIP22-29

451033

2551888

680

-68

130

22.0

Underground

PLIP22-30

451012

2551897

679

-45

330

14.1

Underground

PLIP22-31

451217

2551627

771

-5

235

11.8

Underground

PLIP22-32

451217

2551843

767

-38

80

16.0

Underground

PLIP22-33

451004

2551897

689

0

0

14.5

Underground

PLIP22-34

451054

2551913

677

-45

20

17.0

Underground

PLIP22-35

451038

2551898

677

-30

315

19.2

Underground

PLIP22-36

451197

2551887

763

-40

90

4.5

Underground

PLIP22-37

451220

2551784

768

-30

80

15.0

Underground

PLIP22-38

451209

2551807

780

-40

57

9.0

Underground

PLIP22-40

451372

2551734

860

-45

98

12.2

Underground

PLIP22-41

451126

2551923

722

-27

70

19.1

Underground

PLIP22-42

451118

2551885

717

-60

117

20.0

Underground

PLIP22-43

451364

2551748

859

-50

5

11.2

Underground

PLIP22-45

451131

2551847

727

-22

90

21.5

Underground

PLIP22-46

451359

2551708

859

-20

245

18.4

Underground

PLIP22-48

451132

2551764

730

-39

90

20.0

Underground

PLIP22-49

451087

2551746

731

-40

60

21.0

Underground

PLIP22-50

451364

2551690

860

-18

215

15.0

Underground

Note: “PLI” holes drilled from underground; WGS84 Datum

QA/QC Procedures

The Company has implemented QA/QC procedures which include insertion of blank, duplicate and standard samples in all sample lots sent to SGS de México, S.A. de C.V. laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc. at Burnaby, BC. The analytical methods are four acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.

Qualified Person

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Marcio Fonseca, P. Geo., President & COO for GR Silver Mining, who has reviewed and approved its contents.

About GR Silver Mining Ltd.

GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets, located on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of two past producer precious metal underground and open pit mines, within the expanded Plomosas Project, which includes the integrated San Marcial Area and La Trinidad acquisition. In conjunction with a portfolio of early to advanced stage exploration targets, the Company holds 734 km2 of concessions containing several structural corridors totaling over 75 km in strike length.

GR Silver Mining Ltd.
Eric Zaunscherb
Chairman & CEO

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE GR Silver Mining Ltd.

For further information: Brenda Dayton, VP Corporate Communications, Telephone: +1.604.417.7952, Email: bdayton@grsilvermining.com

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Tocvan Commences the Drilling Season at the El Picacho Gold/Silver Project in Sonora Mexico

Announcing the start of the operating season is usually a somewhat ho-hum press release. However, Tocvan Ventures (TOC:CSE) is beginning to drill the 24 km2 area that makes up the El Picacho Project in Sonora Mexico. While the company will continue to work on its Pilar project, the real excitement this season will come from Picacho.

“There has been no drilling at Picacho for ten years,” said Tocvan CEO Brodie Sutherland in a telephone interview. “Pilar remains our flagship, but Picacho is real blue sky.”

Tocvan will not be drilling blind. Its first drill targets are at San Ramon where samples grading as high as 22 gpt gold and 22 gpt silver have been collected. As well, there are artisanal workings with high-grade gold and silver mineralization at each of the drill target zones.

In the press release announcing the season’s kick off Sutherland stated, “At Picacho, we will be working with an experienced drill contractor with extensive experience drilling the San Francisco Mine from exploration to mine development.” The San Francisco gold mine is 18 kilometers away from Picacho and has a measured and indicated resource of over 1.4 million ounces of gold. Tocvan’s drill contractor has told the company that the geology at Picacho looks very similar to San Francisco.

El Picacho has the potential to have a large resource. Essentially seams of high grade material surrounded by a halo of lower grade, but still economic, rock. With drilling commencing very shortly, Sutherland is hoping to have a stream of results beginning in mid-December. “The blend of high and low grade beginning right at surface is very prospective,” said Sutherland.

Work will continue at Pilar with the very real prospect of near-term production. It is a smaller project than Picacho which will allow it to be put into production using fairly limited resources. Tocvan has always been very careful with its treasury and production at Pilar, even on a small scale, will allow Tocvan to continue to develop both projects without significant share dilution.

Watch for regular Tocvan news releases right through 2022 and well into the New Year.

TOC.CSE, Tocvan Ventures, gold, silver, Mexico

Figure 1. Overview of El Picacho Project

Figure 2. 3D Surface View of western-half of the El Picacho Project.

Figure 3. Planview map of San Ramon Prospect at the El Picacho Project, Tocvan’s next priority target

Photo 1. Reviewing the latest trench results from Pilar Project.

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Eloro Resources Intersects Multiple Intersections including 108.16 g Ag eq/t (11.63 g Ag/t, 1.53% Zn and 0.36% Pb) over 111.26m in High-Grade Feeder Zone in Santa Barbara Target Area at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from two (2) additional diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. One drill hole, DSB-36, collared 400m southeast of the Santa Barbara adit, tested the extension of the core of the high-grade feeder zone at Santa Barbara while hole DSB-34, tested the potential southwest limits of the high-grade feeder zone as shown in Figure 1.

To-date, the Company has completed 79,258m in 118 drill holes to-date at Iska Iska, including four holes in progress, as shown in Figure 1. Table 1 lists significant assay results for the drill holes reported. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s July 21, 2022 press release. Table 2 summarizes drill holes completed with assays pending and holes in progress.

Tom Larsen, CEO of Eloro, said: “Results from hole DSB-36 continue to confirm that the high-grade feeder zone extends much further south-southeast across the valley of the Iska Iska caldera as interpreted from our geophysical surveys. This new hole has extended the strike length a further 400m to the south-southeast where it remains open along strike. We are continuing to aggressively drill this important target which has the potential to outline a significant open pittable resource.”

Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “We are continuing to carry out our 100m-spaced sectional drilling across the Iska Iska caldera valley. As shown in Figure 2, we have four holes in progress with four additional holes planned that collectively total 6,000m to complete our first-pass definition drill program. We expect that this drilling will be completed by the mid- to latter part of November. Currently, assays are outstanding for approximately 14,213m of drill core as shown in Table 2. Turnaround from our assay laboratories has however improved in recent weeks so we expect most of this backlog to be cleared up by the end of November. We are working closely with Micon International to build a robust model for the mineral resource estimation. GeologicAI is also completing development of comprehensive mineral maps calibrated by our new mineralogical data which will greatly aid the modelling process.”

Santa Barbara High Grade Feeder Zone Extension Definition Drilling

Hole DSB-36 was drilled to test the potential south-southeastern extension of the Santa Barbara High Grade Feeder Zone shown in Figure 1. This hole was collared approximately 400m south-southeast of the underground drill bay in the Santa Barbara adit and was drilled at an azimuth of 225° with a dip of -60°. This hole intersected many significant intersections including:

  • 108.16 g Ag eq/t (11.63 g Ag/t, 1.53% Zn and 0.36% Pb) over 111.26m from 326.22 to 437.48m with higher-grade portions of:
    • 180.29 g Ag eq/t (24.27 g Ag/t, 2.49% Zn and 0.73% Pb) over 24.13m.
    • 197.54 g Ag eq/t (17.04 g Ag/t, 2.96% Zn and 0.58% Pb) over 11.82m.
    • 211.34 g Ag eq/t (30.50 g Ag/t, 2.87% Zn and 0.76% Pb) over 6.02m.
  • 101.31 g Ag eq/t (28.14 g Ag/t, 0.19% Zn, 0.55% Pb and 0.26% Cu) over 77.82m from 3.70m to 81.52m.
  • 101.47 g Ag eq/t (23.88 g Ag/t, 1.08% Zn and 0.56% Pb) over 55.54m from 207.34 to 262.88m.
  • 205.75 g Ag eq/t (20.69 g Ag/t, 0.15 g Au/t, 0.68% Zn and 0.75% Pb) over 22.75m from 619.88m to 642.63m.
  • 136.82 g Ag eq/t (3.33 g Ag/t, 0.09 gAu/t, 1.72% Zn, 0.31% Pb and 0.07% Sn) over 78.39m from 776.87m to 855.26m including:
    • 478.26 g Ag eq/t (12.60 g Ag/t, 0.27 gAu/t, 5.61% Zn, 0.91% Pb and 0.28% Sn over 10.53m from 805.52m to 816.05m.
  • 203.26 g Ag eq/t (1.73 g Ag/t, 0.75% Zn and 0.42% Sn) over 12.22m from 897.58m to 909.80m.
  • The last sample in this 935.4m long hole returned 549.91g Ag eq/t (46.00 g Ag/t, 3.33% Zn, 2.27% Pb and 0.68% Sn) over 1.51m from 933.89m to 935.40m.
  • 52% of this hole contained reportable intersections which collectively averaged 112.48 g Ag eq/t

Hole DSB-34 was drilled at an azimuth of 225° with a dip of -60° and was collared approximately 200m due south of the Santa Barbara adit to test the potential southwest limit of the high-grade feeder zone (Figure 1). This hole intersected several wide lower grade intersections in the upper part of the hole which are notable for their silver content in the absence of appreciable base metals. In the lower part of the hole, base metals are again present including tin and copper. Significant results are as follows:

  • 51.52 g Ag eq/t (21.00 g Ag/t and 0.07% Sn) over 37.14m from 14.40m to 51.54m.
  • 52.95 g Ag eq/t (19.14 g Ag/t and 0.2% Zn) over 55.41m from 242.84 to 298.25m including a higher-grade section grading:
    • 109.29 g Ag eq/t (61.42 g Ag/t, 0.18% Zn and 0.11% Cu) over 5.98m from 258.37m to 264.35m
  • 65.49 g Ag eq/t (9.93 g Ag/t, 0.53% Zn and 0.14% Pb) over 24.17m from 372.95 to 397.12m including a higher-grade section grading:
    • 153.09 g Ag eq/t (20.27 g Ag/t, 1.53% Zn, 0.34% Pb and 0.11% Sn) over 4.58m from 392.54m to 397.12m
  • 197.66 g Ag eq/t (71.64 g Ag/t, 0.25 g Au/t, 0.09% Zn, 0.11% Pb, 0.14% Cu and 0.20% Sn) over 13.35m from 506.87 to 520.22m.

Figure 1 – Geological Plan Map showing Drilling in Santa Barbara Area with Holes referred to in this release highlighted.
https://www.globenewswire.com/NewsRoom/AttachmentNg/b0a8faf8-2143-4455-b357-21e0a30ca404

Figure 2 – Plan map showing Completed and Planned Drill Holes to test the South-southeastern Extension of the High-Grade Feeder Zone at Santa Barbara. The surface projection of the High Conductivity Zone (from 200m below surface) and the 3D Magnetic Susceptibility Anomaly (from 500m below surface) are also shown for reference. For further discussion on our geophysical surveys, please refer to our press release of September 20, 2022.
https://www.globenewswire.com/NewsRoom/AttachmentNg/f051fbfe-3deb-485f-b3fd-148637469b95

Table 1: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition High Grade Feeder Zone Extension as at October 18, 2022.

SANTA BARBARA RESOURCE DEFINITION – HIGH GRADE FEEDER ZONE EXTENSION
SURFACE DIAMOND DRILLING
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-363.7081.5277.8228.140.010.190.550.260.040.0020.001101.31
99.92118.1718.252.940.011.060.120.010.010.0010.00465.25
133.32175.9142.594.290.020.920.180.010.010.0010.00361.35
207.34262.8855.5423.880.011.080.560.010.010.0010.004101.47
270.40290.0519.654.800.020.680.160.010.010.0080.00350.91
303.58305.151.579.000.011.570.320.010.010.0010.006101.25
309.69311.161.479.000.011.810.350.010.010.0010.007114.86
314.20315.681.483.000.021.480.150.010.010.0010.00687.80
326.22437.48111.2611.630.011.530.360.010.020.0010.006108.16
Incl.341.27365.4024.1324.270.012.490.730.010.020.0010.010180.29
Incl.385.05396.8711.8217.040.022.960.580.010.030.0010.014197.54
Incl.414.88420.906.0230.500.012.870.760.010.030.0020.015211.34
469.38476.907.5234.260.011.881.030.010.020.0010.010169.51
520.60528.107.507.410.481.300.360.040.020.0020.004138.34
555.16559.674.517.980.071.230.390.010.020.0010.00597.30
619.88642.6322.7520.690.150.680.750.020.280.0230.003205.75
666.62675.769.147.290.200.810.440.030.020.0010.00390.78
707.48708.971.495.000.152.700.300.030.020.0010.010173.01
721.14725.694.553.980.091.680.130.010.020.0010.007108.37
736.45737.961.518.000.413.790.300.010.010.0080.014250.18
766.36767.791.431.000.010.870.100.010.000.0010.00350.04
776.87855.2678.393.330.091.720.310.010.070.0160.007136.82
Incl.805.52816.0510.5312.600.275.610.960.010.280.1060.024478.26
876.41877.901.4917.000.010.430.430.010.010.0010.00155.23
897.58909.8012.221.730.010.780.010.000.420.0010.002203.26
933.89935.401.5146.000.043.332.270.010.680.0010.015549.91
DSB-3414.4051.5437.1421.000.030.000.030.000.070.0020.00151.52
71.0472.561.524.800.010.010.090.070.130.0010.00168.23
75.5196.6021.095.670.020.510.280.030.040.0010.00359.09
114.80116.231.4331.900.010.323.010.000.070.0010.001172.01
180.90182.371.471.800.010.070.020.020.120.0010.00157.17
242.84298.2555.4119.140.020.200.020.060.030.0080.00152.95
Incl.258.37264.355.9861.420.030.180.020.110.050.0140.001109.29
307.32312.405.082.140.010.710.070.010.020.0020.00250.50
372.95397.1224.179.930.020.530.140.010.050.0040.00265.49
Incl.392.54397.124.5820.270.021.530.340.010.110.0020.006153.09
425.90427.401.508.400.050.260.050.030.050.0010.00150.35
462.06465.143.0824.200.060.170.030.000.050.0100.00161.39
469.67472.602.9323.150.040.030.060.020.040.0030.00149.32
506.87520.2213.3571.640.250.090.110.140.200.0180.001197.66
652.67658.425.752.870.110.690.010.020.020.0040.00159.71
661.42662.881.464.200.010.120.170.020.110.0010.00158.73
680.63682.171.544.700.210.080.060.010.020.5750.001160.73
718.13736.5318.400.300.011.100.010.010.010.0010.00159.67
825.57837.6512.085.580.060.010.010.130.070.0770.00170.86


Note: 
True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling and geological modelling.

Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.

Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows: (Prices updated as of July 21, 2022, to more accurately reflect current metal prices):

ElementPrice $US (per kg)Ratio to Ag
Ag$607.001.0000
Sn$23.550.0589
Zn$2.980.0046
Pb$1.920.0032
Au$54,932.8079.7221
Cu$7.000.0134
Bi$12.760.0177
Cd$5.500.0076

In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.

The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Metallurgical tests are in progress by Blue Coast Ltd. to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.

Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from October 18, 2022 press release.

SUMMARY DIAMOND DRILLING ISKA ISKA
Hole No.TypeCollar
Easting
Collar
Northing
ElevAzimuthAngleHole
Length (m)
Surface Drilling Santa Barbara Resource Definition South-Southeast Extension
DSB-35S205,0157,656,1804,359225°-60°1,061.4
DSB-37S205,5907,655,8964,087225°-60°917.4
DSB-38S205,8207,655,9794,035225°-60°851.5
DSB-39S205,6817,655,8434,063225°-60°857.4
DSB-40S205,5427,655,6964,091225°-60°1,052.4
DSB-41S205,6517,656,2564,126225°-60°842.4
DSB-42S205,5777,656,3164,156225°-65°845.4
DSB-43S205,1537,656,0414,304225°-55°833.1
DSB-44S205,6117,655,6254,076225°-60°964.1
Subtotal8,225.1
DSB-45S205,2637,656,4264,240225°-60°In progress
DSB-46S205,6827,655,5544,061225°-60°In progress
DSB-47S205,3707,656,1084,227225°-60°In progress
DSB-48S205,7527,655,4834,054225°-60°In progress
Surface Drilling Santa Barbara Resource Definition Northeast Extension
DHK-26S205,7037,656,4554,177225°-65°929.4
DHK-27S205,5287,656,2264,154270°-45°860.0
DHK-28S205,5997,656,4774,152225°-65°968.0
DHK-29S205,4877,656,4884,158225°-70°827.6
DHK-30S205,4957,656,6534,110225°-60°815.4
Subtotal4,400.4
Santa Barbara Underground Metallurgical Hole
METSBUG-03UG205,2817,656,0764,168270°-35°707.8
Subtotal707.8
Mina 2 Target Area – Surface Drill Program Testing Magnetic Inverse Model
DM2-01S2,059,43076,542,15936,63630°-60°860.3
Subtotal860.3
TOTAL14,193.6

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 20, 2020 is 79,473.6m in 118 drill holes (32 underground drill holes and 86 surface drill holes) including 4 holes in progress.

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience, including extensive work in South America, manages the overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon are regularly consulted on technical aspects of the project.

Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time continues to improve, as laboratories return to more normal staffing levels.

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined an extensive target zone. In its September 20, 2022 press release, the Company reported that new downhole geophysical data has significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further 250m along strike to the south-southeast from existing drilling. The 3D inverse magnetic model which correlates very strongly with the conductive zone suggests that the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along strike for a total potential strike length of at least 2 km. As reported, the definition drill program has been modified to sectionally drill this potential extension with the intention of defining a major open pittable deposit in the valley of the caldera. As a result, the estimated completion date for the maiden National Instrument 43-101 mineral resource has been pushed back to the end of Q1 2023.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release

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Eloro Resources Amends Payment Schedule for Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce that, by mutual agreement with Empresa Minera Villegas S.R.L. (“Minera Villegas”), the title holder of the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia (“Iska Iska”), the payment schedule in connection with the US$10 million payment required for Eloro to earn a 99% interest in Iska Iska has been amended.

Pursuant to the private option agreement to acquire Iska Iska (see Eloro’s press release dated January 9, 2020), Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L. (“Minera Tupiza”) has made advance payments of US$3.4 million to date towards the US$10 million option payment. As per mutual agreement the schedule for the remaining option payments has been amended whereby Eloro, through Minera Tupiza, has agreed to pay Minera Villegas US$1 million on or before October 31, 2022, with the remaining US$5.6 million due on or before July 6, 2024.

Tom Larsen, CEO of Eloro, commented: “As a result of our continuing exploration success which has extended the potential high-grade zone at Iska Iska to as much as 2km along strike (see Eloro’s press release dated September 20, 2022) and the deferral of our inaugural Mineral Resource Estimate to Q1 2023, to allow time for further exploration drilling, both parties felt it prudent to extend the contract date an extra six months.  This extension also provides additional time to receive drilling assay results which have been delayed over the past two years due to Covid-related circumstances.”

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined a target zone 1400m along strike, 500m wide and that extends to a depth of 600m. This zone is open along strike to the northwest and southeast as well as to the southwest. The Company’s nearer term objective is to outline a maiden NI 43-101 compliant mineral resource within this large target area. As outlined in this press release as a result of continuing discoveries from recent drilling that have substantially extended the high-grade feeder zone at Santa Barbara, the Company has pushed back the inaugural mineral resource to the end of Q1 2023.

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience, including extensive work in South America, manages the overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon are regularly consulted on technical aspects of the project.

Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time continues to improve, as laboratories return to more normal staffing levels.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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Eloro Resources Intersects 150.47 g Ag eq/t (9.45 g Ag/t, 1.53% Zn, 0.88% Pb and 0.07% Sn) over 441.21m in High-Grade Feeder Zone in Santa Barbara Target Area at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

  • This intersection in hole DSB-30 includes a higher-grade portion grading 209.30 g Ag eq/t (10.06 g Ag/t, 2.76% Zn, 0.98% Pb and 0.07% Sn) over 102.30m. This hole has the longest continuously mineralized intersection obtained in drilling thus far.
  • Hole DSB-32, drilled on-section to the southeast with hole DSB-30 intersected 185.94 g Ag eq/t (44.55 g Ag/t, 0.57% Pb, 0.14% Cu and 0.25% Sn) over 135.15m including a higher-grade section of 277.34 g Ag eq/t (78.12 g Ag/t, 0.09 g Au/t, 1.01% Pb, 0.27% Cu and 0.33% Sn) over 66.04m.
  • Hole DSB-29 returned 108.31 g Ag eq/t (14.31 g Ag/t, 0.81% Zn and 0.40% Pb) over 110.40m and hole DSB-28 returned 98.98 g Ag eq/t (4.41 g Ag/t, 1.16% Zn and 0.49% Pb) over 96.51m; all holes testing the high-grade feeder zone.
  • Final underground hole DSBU-11 from the Santa Barbara adit intersected 96.24 g Ag eq/t (14.93 g Ag/t, 0.44% Zn and 0.68% Pb) over 128.33m and 85.85 g Ag eq/t (15.76 g Ag/t, 0.55% Zn, 0.13% Pb and 0.08%Sn) over 174.76m. Hole DSBU-09 intersected 136.48 g Ag eq/t (7.20 g Ag/t, 0.14 g Au/t, 2.47% Zn and 0.63% Pb) over 72.33m and 138.75 g Ag eq/t (13.05 g Ag/t, 0.11 g Au/t, 1.66% Zn and 0.42% Pb) over 72.20m.
  • New downhole geophysical data have significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further 250m along strike to the south-southeast from existing drilling.
  • The 3D inverse magnetic model which correlates very strongly with the conductive zone suggests that the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along strike for a total potential strike length of at least 2 km. Drilling in the Porco area intersected significant values over short intervals on the edge of this conductive zone.
  • The definition drill program has now been modified to sectionally drill this potential extension with the intention of defining a major open pittable deposit in the valley of the caldera. As a result, the estimated completion date for the maiden National Instrument 43-101 mineral resource has been pushed back to the end of Q1 2023.

TORONTO, Sept. 20, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from twenty-one (21) diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Five (5) surface holes (DSB-28 to DSB-30, DSB-32 and DHK-25) tested the high-grade feeder zone in Santa Barbara which was also tested by two (2) underground holes (DSBU-09 and DSBU-011). Six (6) holes (DSB-16 to DSB-19, DSB-23 and DSB-27) tested the northwest extension of Santa Barbara. Eight (8) holes (DPC-04 to DPC-08 and DPC-10 to DPC-12) are reported for the Porco area. Five surface drills are focused on completing drilling in the Santa Barbara Resource Definition Drilling Area and its extension to the south-southeast. This press release also outlines a major update on the geophysical surveys which have greatly expanded the higher-grade feeder area target zone to the south-southeast.

Overall, the Company has completed 74,782m in 113 drill holes to-date at Iska Iska, including five holes in progress, as shown in Figure 1. Tables 1 to 3 list significant assay results for the drill holes reported. Prices used for calculating Ag equivalent grades are as outlined in the July 18, 2022 press release. Table 4 summarizes drill holes with assays pending. Highlights for each major target area are as follows:

Santa Barbara High Grade Feeder Zone Definition Drilling.

Drilling continues to expand the extent of the high-grade feeder zone at Santa Barbara, especially to the south-southeast. New borehole geophysical data have significantly expanded the strike length of this important high-grade zone. The highly conductive zones correlate very well with previously released high grade drill intersections, as described below. The conductivity data from boreholes have extended the high-grade feeder zone a further 250m along strike to the south-southeast. The 3D inverse magnetic model which correlates very strongly with the conductive zone suggests that the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along strike. The definition drill program has now been modified to sectionally drill this highly prospective extension, with the intention of defining a major open pittable mineral resource in the valley of the caldera.

Tom Larsen, CEO of Eloro said: “The results presented in this press release, combined with the enhanced geological and geophysical interpretation, show the continuing expansion of the already extensive Iska Iska high-grade mineralized system, which has a potential strike length of at least 2km. The new data demonstrate excellent potential to outline a major open pittable deposit in the valley of the Iska Iska caldera. As a result, the estimated completion date for the maiden NI 43-101 mineral resource has been pushed back to the end of Q1 2023 to provide additional time to drill-test this important target. We thank both ALS and AHK laboratories for greatly reducing our backlog of samples over the last several months, enabling us to report the results from a large number of holes in this release.”

Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “We are continuing our definition diamond drill program with five surface rigs focusing on the south-southeastern extension of the high-grade feeder zone. As each drill hole is completed, we survey the hole using a pole-dipole IP array down the hole as well as cross hole measurements using current in surrounding holes. Our borehole IP team from McKeown Exploration Services, which is supervised by our Chief Geophysicist Dr. Chris Hale, P.Geo., works closely with our drill contractor Leduc Drilling to allow holes to a 1000m depth to be surveyed efficiently. This has greatly enhanced our geophysical program and has led to the tremendous geophysical model disclosed in this press release. We continue to get numerous and extensive mineralized intersections in all our holes as outlined below. In addition, we now know that the DPC series of holes in the Porco area are mainly just on the edge of the massive conductive zone and magnetic susceptibility high that goes through the Porco area at a deeper level.”

Significant results from five (5) additional surface drill holes and two underground holes testing the high-grade feeder zone at Santa Barbara are as follows:

  • Hole DSB-30, drilled to the SW at -60° across the centre of the current high grade feeder zone, intersected 150.47 g Ag eq/t (9.45 g Ag/t, 1.53% Zn and 0.88% Pb) over 441.21m from 28.70m to 469.91m, including a higher-grade portion grading 209.30 g Ag eq/t (10.06 g Ag/t, 2.76% Zn and 0.98% Pb) over 102.30m from 80.05m to 182.35mThis is the longest continuous mineralized intersection obtained in drilling at Iska Iska thus far.
    • Overall, 67% of this 909.85m long hole contains reportable intersections which collectively average 133.49 g Ag eq/t
  • Hole DSB-32, drilled on-section at -60° to the southeast of hole DSB-30 intersected 185.94 g Ag eq/t (44.55 g Ag/t, 0.57% Pb, 0.14% Cu and 0.25% Sn) over 135.15m from 0.00 to 135.15m, including a higher-grade section of 277.34 g Ag eq/t (78.12 g Ag/t, 0.09 g Au/t, 1.01% Pb, 0.27% Cu and 0.33% Sn) over 66.04m from 45.13m to 111.17m.
  • Hole DSB-29, collared at surface to test the southeast extension of the high-grade feeder system, was drilled to the SW at -60° and intersected multiple intersections including:
    • 108.31 g Ag/t (14.31 g Ag/t, 0.08 g Au/t, 0.81% Zn, 0.40% Pb and 0.08% Sn) over 110.40m from 320.94 to 431.34m, including a higher-grade portion of 174.81 g Ag/t (18.66 g Ag/t, 0.17 g Au/t, 1.43% Zn and 0.88% Pb) over 36.06m from 334.66m to 370.72m
  • Hole DSB-28, located approximately 100m northwest of DSB-29, collared at surface to test the high-grade feeder system, was drilled to the SW at -60° and intersected multiple intersections including:
    • 98.98 g Ag/t (4.41 g Ag/t, 1.16% Zn and 0.49% Pb) over 96.51m from 39.49 to 136.00m, including a higher-grade portion of 220.47 g Ag/t (2.99 g Ag/t, 2.68% Zn, 1.13% Pb and 0.11% Sn) over 16.52m from 74.20m to 90.72m,
    • 94.39 g Ag eq/t (5.49 g Ag/t, 1.36% Zn and 0.31% Pb) over 90.18m from 163.17m to 253.35m, and
    • 83.44 g Ag eq/t (31.12 g Ag/t, 0.10 g Au/t, 0.27% Zn and 0.23%Pb) over 86.32m from 455.52m to 541.84m including higher-grade portions of 278.75 g Ag eq/t (56.42 g Ag/t, 0.23 g Au/t, 0.83% Zn, 2.38% Pb and 0.22 Sn) over 6.06m from 458.57 to 464.63m and 197.15 g Ag eq/t (136.45 g Ag/t, 0.22 g Au/t, 0.39% Zn, 0.11% Pb and 0.04 Sn) over 10.59m from 520.85 to 531.44m.
    • Overall, 55% of the overall length of this 831.80m long hole yielded reportable intersections, which collectively average 83.69 g Ag eq/t.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7a99bfe9-a783-49ac-90c4-a23bef1e5a75

Major Extension of Santa Barbara High Grade Feeder Zone.

As noted above, new borehole geophysical data have significantly expanded the strike length of the important high-grade feeder zone at Santa Barbara. The highly conductive zones correlate very well with previously released high grade drill intersections. Figure 2 is a NW-SE longitudinal section showing the geophysical results in the Santa Barbara high grade feeder zone. Based on current data, this feeder zone has a potential overall strike length of at least 2km. Figure 3 is a view looking south across the Iska Iska caldera valley and Figure 4 shows the conductivity model in the same view as Figure 3.

Eloro’s Chief Geophysicist, Dr. Chris Hale, P.Geo. commented: “The geophysical measurements of the most recent boreholes have contributed to a clear picture extending the mineralization south-southeastwards from the mineralization reported in Eloro’s July 18, 2022 press release. Where we have borehole IP and conductivity data a conductive core of mineralization extends to the south-southeast for 250m. This conductive core is contained within a broad volume of elevated chargeability that reflects disseminated mineralization. The geophysical correlation is open at depth and to the east where it is only limited by the distribution of drill holes for the borehole IP measurements. A strong correlation of mineralization with both conductivity and magnetic susceptibility extends toward the south-southeast and likely continues for a further kilometer or more at depth where the magnetic susceptibility model indicates an extension but where we do not yet have any conductivity data other than for DPC-08 and DPC-09. Conductivity data for DPC-09 show that this south-directed hole is tangential to a strong off-hole conductivity just to the west. This conductivity anomaly merges with the magnetic susceptibility model showing that the Santa Barbara high grade feeder zone extends deep beneath the known Porco mineralization.“

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/083a6d95-30ed-40d8-bf8d-300a6b3be0a0
https://www.globenewswire.com/NewsRoom/AttachmentNg/d4061dd1-8d77-47b9-9a22-b310d8f54ec0
https://www.globenewswire.com/NewsRoom/AttachmentNg/4ff03a7d-b591-4e32-9ec0-49d4dba57c74

Reinterpretation and Significance of Drilling in the Porco Area.

Results for eight (8) diamond drill holes that tested the magnetic susceptibility anomaly in the Porco area are summarized in Table 2. Locations of these holes are shown on Figure 1. Holes DPC-04, DPC-05 and DPC-06 were drilled from the Porco radial drill platform. Hole DPC-07 was drilled at an azimuth of 235° at -60° across the gap area between the Porco and Central Breccia pipes. Holes DPC-08 (Az 235°, -65°), DPC-10 (Az 225°, -70°) and DPC-11-12 (both Az 235°, -70°) were drilled from the access road to the Porco radial platform. Results from DPC-09 (Az 180°, -75°) were previously released on June 14, 2022. Highlights are as follows:

  • Hole DPC-10 returned 38 reportable intersections including 268.41 g Ag eq/t (30.31 g Ag/t, 2.22% Zn, 1.19% Pb and 0.16% Sn) over 17.88m from 253.77 to 271.65m and 185.50 g Ag eq/t (4.18 g Ag/t, 1.15% Zn, 0.92% Pb and 0.17% Sn) over 5.98m from 193.65 to 199.63m.
  • Hole DPC-11 returned 29 reportable intersections including 126.42 g Ag eq/t (5.09 g Ag/t, 1.77% Zn and 0.13% Pb) over 16.46m from 392.40 to 408.86m, 171.01 g Ag eq/t (16.34 g Ag/t, 0.16 g Au/t, 2.14% Zn and 0.81% Pb) over 8.93m from 241.07 to 250.00m and 595.23 g Ag eq/t (50.32 g Ag/t, 0.48 g Au/t, 8.67% Zn and 1.09% Pb) over 2.99m from 364.47 to 367.46m.
  • Hole DPC-12 returned 26 reportable intersections including 239.74 g Ag eq/t (58.26 g Ag/t, 2.49% Zn and 1.58% Pb) over 2.96m from 410.66 to 413.62m, 132.46 g Ag eq/t (25.58 g Ag/t, 1.57% Zn and 0.30% Pb) over 3.03m from 761.22 to 764.25m and 72.26 g Ag eq/t (13.73 g Ag/t, 0.87% Zn and 0.06% Pb) over 14.85m from 884.40 to 899.25m.
  • Hole DPC-08 returned 14 reportable intersections including:
    • 281.64 g Ag eq/t (15.34 g Ag/t, 0.44 g Au/t, 3.51% Zn, 0.77% Pb and 0.17% Cu) over 2.87m from 77.43m to 80.30m,
    • 140.31 g Ag eq/t (9.07 g Ag/t, 2.14% Zn and 0.61% Pb) over 3.03m from 149.20m to 152.23m,
    • 134.34 g Ag eq/t (6.40 g Ag/t, 2.27% Zn and 0.33% Pb) over 4.56m from 237.84m to 242.40m, and
    • 125.58 g Ag eq/t (5.55 g Ag/t, 0.29 g Au/t, 1.15% Zn and 0.13% Pb) over 9.02m from 443.40m to 452.42m.
  • Hole DPC-07 returned 13 reportable intersections including 286.53 g Ag eq/t (59.08 g Ag/t, 0.37 g Au/t, 1.80% Zn, 0.14% Pb 0.19% Cu and 0.20% Sn) over 3.00m from 587.12 to 590.12m and 158.27 g Ag eq/t (10.41 g Ag/t, 2.51% Zn and 0.09% Pb) over 4.51m from 681.95 to 686.46m.
  • Hole DPC-06 in the radial drill platform returned 11 reportable intersections including:
    • 122.34 g Ag eq/t (4.66 g Ag/t, 2.16% Zn and 0.16% Pb) over 16.43m from 156.01m to 172.44m,
    • 134.13 g Ag eq/t (9.37 g Ag/t, 2.11% Zn and 0.31% Pb) over 7.46m from 215.92 to 223.38,
    • 277.57 g Ag eq/t (50.31 g Ag/t, 3.44% Zn and 1.41% Pb) over 6.03m from 133.55 to 139.58m, and
    • 447.07 g Ag eq/t (4.10 g Ag/t, 0.91% Zn and 3.37% Pb) over 4.41m from 248.95 to 253.36m.

All the Porco holes reported in this release are on the margins of the conductive/magnetic anomalies, hence the presence of widespread higher-grade mineralization on the edge of these anomalies is very encouraging. Further drilling will be carried out to test the core of the geophysical anomalies in these areas.

Surface Diamond Drilling, Northwest Extension, Santa Barbara.

Results for six (6) diamond drill holes that tested the potential northwest extension of the Santa Barbara zone are summarized in Table 1. Locations of these holes are shown on Figure 1. Holes from southeast to northwest are DSB-23, DSB-18 and DSB-19 on the same section, DSB-17, DSB-27 and the northwesternmost hole DSB-16, which collectively cover a strike length of approximately 600m. Highlights are as follows:

  • Hole DSB-23 returned 27 reportable intersections including:
    • 186.67 g Ag eq/t (152.91 g Ag/t, 0.13% Pb and 0.19% Cu) over 6.35m from 264.27m to 270.62m,
    • 122.44 g Ag eq/t (22.28 g Ag/t, 0.22 g Au/t, 0.31% Zn, 0.12% Cu and 0.10% Sn) over 33.11m from 598.13m to 631.24m,
    • 195.93 g Ag eq/t (38.19 g Ag/t, 0.40 g Au/t, 0.12% Zn, 0.22% Cu and 0.19% Sn) over 11.69m from 613.50m to 625.19m, and
    • 97.91 g Ag eq/t (13.29 g Ag/t, 0.16 g Au/t, 0.12% Cu and 0.10% Sn) over 21.16m from 655.17m to 676.33m including a higher-grade section of 153.20 g Ag eq/t (22.87 g Ag/t, 0.32 g Au/t, 0.17% Cu and 0.15% Sn) over 7.66m from 668.67m to 676.33m.
  • Hole DSB-18 returned 32 reportable intersections including 144.53 g Ag eq/t (36.49 g Ag/t, 0.88% Zn, 0.98% Pb and 0.13% Cu) over 17.96m from 243.40 to 261.36m and 71.49 g Ag/t (3.49 g Ag/t, 0.22 g Au/t and 0.09% Sn) over 33.88m from 401.8m to 435.68m.
  • Hole DSB-19 returned 12 reportable intersections including 202.55 g Ag eq/t (10.56 g Ag/t, 0.47% Zn, 0.57% Pb and 0.25% Sn) over 16.52m from 247.28m to 263.80m and 128.74 g Ag eq/t (4.33 g Ag/t, 1.32% Zn and 0.58% Pb) over 13.38m from 217.37m to 230.75m.
  • Hole DSB-17 returned 40 reportable intersections including:
    • 76.59 g Ag eq/t (15.61 g Ag/t, 0.16% Cu and 0.09% Sn) over 85.31m from 80.00m to 165.31m,
    • 479.42 g Ag eq/t (5.19 g Ag/t, 0.11% Cu and 1.18% Sn) over 11.82m from 330.66m to 342.48, 85.69 g Ag eq/t (4.73 g Ag/t and 0.68 g Au/t) over 12.11m from 457.44m to 269.55m, and
    • 127.35 g Ag eq/t (30.61 g Ag/t, 0.23 g Au/t, 0.14% Cu and 0.13% Sn) over 18.14m from 624.82m to 642.96m including a higher-grade section of 410.38 g Ag eq/t (106.47 g Ag/t, 0.51 g Au/t, 0.52% Cu and 0.47% Sn) over 3.01m from 639.95m to 642.96m.
  • Hole DSB-27 returned 7 reportable intersections including 380.33 g Ag eq/t (9.00 g Ag/t, 0.86% Zn, 0.54% Pb and 0.80% Sn) over 1.54m from 130.56m to 132.10m, 143.69 g Ag eq/t (12.00 g Ag/t, 0.30 g Au/t, 1.04% Zn and 0.11% Sn) over 1.50m from 515.37 to 516.87m and 179.30 g Ag eq/t (55.00 g Ag/t, 0.14 g Au/t, 0.22% Cu and 0.20% Sn) over 1.48m from 675.93 to 677.41m.
  • Hole DSB-16, the northernmost hole returned 20 reportable intersections including 123.03 g Ag eq/t (15.26 g Ag/t, 0.82% Zn and 0.23% Cu) over 3.01m from 188.42m to 191.43m, 113.45 g Ag eq/t (15.13 g Ag/t, 0.52% Zn, 0.12% Cu and 0.11% Sn) over 6.03m from 462.67m to 468.70m, and 96.41 g Ag eq/t (20.64 g Ag/t, 0.15% Cu and 0.13% Sn) over 4.60m from 639.80m to 644.40m.

Table 1: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition Target Area as at September 20, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
SURFACE DIAMOND DRILLING
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-3010.6222.7612.1414.470.040.010.160.010.050.0090.00147.22
28.70469.91441.219.450.071.530.880.020.070.0040.009150.47
Incl.80.05182.35102.3010.060.022.760.980.030.070.0020.015209.30
Incl.220.10275.7555.6511.870.091.791.690.030.080.0060.018200.61
Incl.308.72344.7236.006.510.102.311.730.040.150.0110.011249.57
477.45489.7312.2830.780.150.140.360.030.210.0070.001149.09
494.28501.777.497.360.011.090.140.010.100.0010.005105.73
516.82554.6037.7843.860.070.040.020.020.100.0080.00195.16
569.68581.7812.1011.080.020.140.020.010.140.0010.00176.82
598.42613.4515.0326.060.040.390.070.010.160.0030.001113.36
622.55651.1328.588.270.010.520.120.010.090.0010.00276.40
658.77670.6611.895.290.020.350.050.010.070.0010.00253.39
682.70691.658.9517.650.020.420.050.000.060.0140.00270.40
703.64709.706.0619.000.080.060.010.070.310.0210.001160.63
723.23726.283.057.070.460.030.010.030.060.0050.00177.99
733.87735.381.5135.000.040.060.010.360.390.1090.001255.55
780.80785.264.463.640.400.050.010.020.040.0050.00162.60
794.38797.383.001.000.010.030.010.000.160.0010.00165.53
803.34804.861.521.000.060.010.010.030.220.0030.00196.30
894.77896.271.5010.000.090.020.010.060.060.0350.00157.35
905.27909.854.582.640.010.830.140.010.030.0010.00360.64

Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling and geological modelling.

Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.

Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows: (Prices updated as of July 21, 2022, to more accurately reflect current metal prices):

ElementPrice $US (per kg)Ratio to Ag
Ag$607.001.0000
Sn$23.550.0589
Zn$2.980.0046
Pb$1.920.0032
Au$54,932.8079.7221
Cu$7.000.0134
Bi$12.760.0177
Cd$5.500.0076

In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.

The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Metallurgical tests are in progress by Blue Coast Ltd. to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.

Table 1 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq**
g/tg/t%%%%%%g/t
DSB-320.00135.15135.1544.550.070.090.570.140.250.00330.002185.94
Incl.45.13111.1766.0478.120.090.011.010.270.330.00400.003277.34
181.48186.064.586.930.050.640.040.020.020.00370.00156.48
196.53201.054.521.790.260.010.020.030.040.05290.00157.35
205.58207.021.443.400.030.230.040.020.080.01600.00154.18
226.48227.951.475.000.020.351.000.020.050.00500.00177.16
245.08255.6310.558.060.030.510.030.030.040.00400.00156.97
266.12275.108.984.350.060.240.050.060.060.00960.00156.42
281.15284.092.941.300.010.530.120.020.050.00300.00256.04
314.11324.6010.4916.120.030.160.000.040.050.00640.00151.51
328.89331.882.9916.380.070.300.000.050.050.01530.00165.91
334.88337.893.0116.530.020.290.000.050.040.01150.00157.87
357.07358.531.4635.900.040.030.040.050.060.01200.00171.92
369.06370.551.4973.200.040.030.020.040.010.00600.00188.21
390.05403.5413.515.520.050.040.030.040.150.01290.00177.95
408.08409.541.464.000.020.050.050.060.080.00900.00150.70
444.37445.901.537.200.100.130.020.950.210.20100.001257.04
472.97474.421.454.000.010.010.010.000.310.00100.001124.51
483.52485.051.533.400.100.150.010.010.080.00100.00151.50
486.58488.121.541.600.010.090.010.000.140.00100.00161.19
552.02553.521.5013.900.010.010.000.110.100.01600.00170.77
556.52559.512.996.310.010.070.010.120.110.01450.00170.47
609.66611.171.517.800.060.230.120.000.060.00100.00151.43
656.13657.631.504.600.400.010.010.020.020.00500.00152.58
683.40684.901.5011.200.010.440.350.110.090.00100.00191.85
702.91704.381.472.100.850.010.010.010.010.01500.00188.37
897.93908.5010.573.880.050.000.000.300.010.15220.00178.45
911.45916.004.552.580.020.000.000.250.010.09890.00157.20
920.64922.161.521.600.050.000.000.360.000.01800.00152.14
923.68925.221.542.500.030.520.000.250.000.00300.00161.10

 

Table 1 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-290.0014.1014.1023.680.060.000.260.010.100.0070.00178.83
93.1897.624.444.640.031.350.180.010.000.0010.00883.20
109.60118.709.104.480.011.010.370.000.000.0010.00368.14
121.76123.261.506.000.011.200.370.000.000.0010.00278.70
127.81129.321.516.000.021.080.210.000.000.0020.00168.76
144.33147.312.982.980.031.030.140.040.000.0010.00266.13
153.25191.0037.754.530.041.130.170.010.000.0020.00372.73
Incl.169.88174.444.5614.670.212.570.450.080.000.0110.009187.84
197.07209.1412.073.110.021.170.210.000.000.0010.00371.50
225.70244.0018.3020.050.112.181.000.050.040.0070.008191.20
Incl.225.70234.909.2037.880.183.351.780.100.070.0130.013315.40
253.00278.6825.685.280.011.170.430.020.050.0010.00498.28
310.32311.801.488.000.031.210.360.010.060.0010.005105.55
320.94431.34110.4014.310.080.810.400.010.080.0020.004108.31
Incl.334.66370.7236.0618.660.171.430.880.010.100.0030.007174.81
445.63504.4958.8613.320.220.440.040.010.060.0020.00180.18
521.10525.704.605.670.010.630.020.010.070.0010.00167.17
561.15562.601.455.000.040.910.020.010.020.0010.00262.48
586.31587.781.4712.000.060.830.030.010.010.0390.00170.39
596.84599.822.9822.360.120.340.040.010.020.0510.00172.72
611.86613.401.545.000.010.980.460.010.020.0010.00376.63
634.60645.3010.707.130.030.240.140.010.120.0030.00173.89
666.32679.9513.6311.900.060.490.080.010.110.0920.002106.53
707.22714.777.558.590.011.000.130.010.030.0040.00477.61
749.54751.031.4910.000.011.490.090.010.050.0010.008109.33
757.06758.581.522.000.011.290.160.020.010.0020.00579.93
785.57787.071.5015.000.022.020.510.010.340.0010.013265.39
799.10800.601.501.000.650.360.020.010.020.0680.001101.97
809.56814.024.462.460.980.390.080.010.010.0340.001125.91
823.11836.5813.474.410.190.380.040.030.030.0200.00259.64
847.11875.8728.769.820.220.160.090.070.030.0190.00163.48
880.40881.881.481.000.100.020.000.020.170.0020.00179.70
954.12982.4028.286.230.080.360.210.030.090.0040.00178.38
993.01995.962.952.020.130.220.210.020.060.0330.00164.88
1011.101021.5710.4752.140.040.110.200.040.090.0110.001111.05
1086.261087.791.5316.000.050.030.050.050.060.0030.00152.50
1102.831104.341.5115.000.060.320.020.080.050.0070.00164.79
1125.411127.001.5942.000.070.010.020.020.010.0130.00156.70

Table 1 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-280.0024.1024.1013.970.020.010.180.010.050.0030.00144.83
39.49136.0096.514.410.021.160.490.030.040.0020.00898.98
Incl.74.2090.7216.522.990.022.681.130.030.110.0060.018220.47
142.02146.664.640.660.010.860.150.010.010.0010.00754.06
163.17253.3590.185.490.051.360.310.010.010.0030.00494.39
262.40263.911.512.000.010.820.850.020.020.0010.00380.45
269.92272.973.053.540.020.850.320.020.010.0010.00261.67
275.96277.481.527.000.012.290.690.010.010.0010.006147.23
283.45287.974.522.010.021.150.330.010.000.0010.00272.93
307.50339.3231.826.500.121.110.290.010.020.0020.00489.74
357.49388.9131.422.050.170.830.130.010.020.0010.00272.64
Incl.371.07376.875.802.010.831.030.230.000.070.0050.001163.61
401.03408.527.492.000.040.940.270.010.030.0010.00171.60
413.12419.176.052.510.080.690.290.000.030.0010.00164.41
423.84428.514.672.340.010.810.230.010.020.0010.00259.83
440.42443.402.985.000.010.940.240.000.030.0010.00172.29
455.52541.8486.3231.120.100.270.230.010.050.0020.00183.44
Incl.458.57464.636.0656.420.230.832.380.010.220.0020.002278.75
Incl.520.85531.4410.59136.450.220.390.110.030.040.0030.001197.15
564.39578.0013.6160.400.010.090.010.010.030.0010.00179.07
581.04582.591.552.000.010.100.010.000.140.0010.00163.44
587.07588.581.5110.000.011.320.010.010.050.0010.00698.38
620.44638.5818.1411.660.030.700.020.010.070.0070.00378.79
650.68653.753.073.980.010.980.010.010.040.0010.00470.00
700.45707.987.534.220.010.630.110.010.030.0010.00150.83
715.42719.924.507.300.010.490.230.010.040.0010.00155.63
824.14831.807.662.010.160.190.030.010.060.0150.00152.98

Table 1 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DHK-256.6541.1434.4934.300.031.140.860.040.010.0060.006129.99
Incl.23.0530.717.6648.350.022.041.400.020.010.0010.010200.48
68.3769.881.5145.000.053.781.010.040.020.0110.014282.41
80.4081.901.502.000.011.180.130.010.010.0010.00969.07
119.40120.921.525.000.010.910.120.020.010.0010.00359.80
134.48136.001.5210.000.011.510.290.010.010.0010.004100.81
151.05152.551.509.000.171.950.330.020.020.0010.005141.98
182.80185.803.000.755.190.670.120.020.010.0250.002519.34
203.86212.899.031.080.010.850.060.010.000.0010.00147.79
217.40218.921.522.000.010.890.700.010.000.0010.00370.82
221.90223.401.503.000.011.000.330.010.010.0010.00367.05
226.48227.981.508.000.012.510.490.020.010.0010.012152.28
238.54240.041.5015.000.042.110.470.020.020.0010.006147.62
244.53246.041.516.000.080.870.390.010.010.0010.00475.05
250.61252.101.497.000.051.240.620.010.020.0010.007100.96
268.57270.081.515.000.010.950.060.010.000.0010.00456.21
286.63289.582.956.490.011.470.250.010.010.0010.00491.91
321.12349.6428.5215.790.011.770.430.010.010.0010.005123.25
Incl.321.12334.6413.5223.120.012.940.630.010.020.0010.009197.65
366.29388.9522.6623.370.011.450.810.010.020.0010.005129.94
Incl.366.29373.857.5642.530.023.351.720.020.050.0010.012286.76
397.98400.993.014.510.011.220.190.010.010.0010.00376.94
410.06420.4710.415.790.021.620.340.010.020.0010.006108.03
446.08458.1812.104.460.011.260.280.010.020.0010.00583.28
474.67476.211.548.000.033.200.610.010.040.0010.012203.02
486.75489.763.010.750.011.250.190.000.010.0010.00471.96
503.40507.904.500.670.012.000.430.000.010.0010.004119.35
515.40516.901.502.000.010.960.280.000.010.0010.00362.70
524.50528.984.480.670.010.890.210.010.010.0010.00355.64
542.50554.6112.110.560.010.890.150.010.010.0010.00254.57
565.27571.396.121.500.011.000.240.010.010.0010.00366.45
581.94583.421.480.500.011.640.430.000.000.0010.00697.28
595.30616.1420.842.630.031.350.240.000.010.0060.00285.88
620.65623.602.952.000.010.740.150.010.030.0010.00156.38
628.15629.661.514.000.610.650.030.000.010.0150.00298.42
638.67646.107.4319.970.190.310.030.010.020.0280.00169.20
659.65662.592.940.750.270.500.060.030.000.0010.00156.39
671.69677.716.0210.620.011.540.350.030.050.0010.006119.89
691.24701.6910.4511.550.011.060.280.000.020.0010.00283.43
704.61706.111.5019.000.020.360.320.000.060.0010.00171.05
721.09751.1830.099.740.120.450.280.020.030.0020.00165.12
767.70769.301.600.500.630.030.010.010.000.0010.00161.99
889.43890.921.4923.000.110.010.010.120.120.0100.00195.68
949.83951.341.5110.000.091.190.060.020.020.0460.00199.34
1011.681013.201.526.000.041.290.100.110.070.1350.003143.17
1019.271020.791.521.000.060.000.000.050.010.2980.00176.61
1042.131043.631.5039.000.060.010.000.080.020.1690.00196.80
1058.871060.401.534.000.020.010.010.180.010.2140.00177.41
1080.001081.561.563.000.050.020.010.220.010.1390.00166.89
1102.781107.334.554.010.030.010.000.280.010.0960.00164.69
1119.261120.751.492.000.010.060.020.160.030.0770.00153.03
1132.781135.963.187.250.020.351.050.240.050.0250.001112.55
1152.471154.001.533.000.540.050.010.150.010.0290.00181.42


Table 2: Significant Results, Underground Diamond Drilling, Santa Barbara Resource
Definition Target Area as at September 20, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND DIAMOND DRILLING
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSBU-110.00128.33128.3314.930.050.440.680.070.060.0020.00496.24
134.45135.961.510.500.011.380.190.020.010.0010.00382.16
143.51184.4240.912.380.040.820.400.020.040.0020.00375.55
193.46207.124.653.670.031.350.610.020.040.0010.007109.60
217.80225.417.617.570.211.560.300.020.040.0010.005132.41
232.86252.5019.644.420.700.680.080.020.040.0050.002121.87
260.03263.163.1313.470.070.280.340.010.030.0010.00255.46
270.60290.1819.5817.010.241.110.510.020.140.0020.005167.84
297.72314.1016.383.110.760.270.060.010.050.0080.001106.61
322.94340.6617.7218.400.360.920.400.010.080.0120.005145.61
351.22352.821.6011.000.020.870.430.010.030.0020.00481.85
366.26381.5915.3322.400.010.280.100.020.110.0010.00186.41
389.18403.9814.8019.850.420.210.010.010.020.0060.00177.40
419.08420.591.5116.000.220.330.010.020.020.0020.00162.68
426.65428.151.5022.000.020.330.010.030.030.0010.00156.23
431.18432.681.5024.000.100.360.010.010.020.0010.00161.39
449.27624.03174.7615.760.050.550.130.010.080.0010.00285.35
629.80631.141.343.000.020.540.040.010.070.0010.00161.91
637.03654.1317.108.950.040.710.200.010.040.0020.00270.71
660.17661.701.533.000.011.000.090.000.060.0010.00479.57
675.26750.2574.998.000.201.680.230.010.040.0190.006138.03
761.31762.741.431.000.011.030.090.010.020.0010.00263.70
766.20769.203.001.500.030.950.080.020.020.0010.00362.80
780.70785.644.942.600.010.850.090.020.020.0010.00156.90
DSBU-090.0048.3448.3446.930.190.230.560.130.080.0070.004140.75
Incl.22.7839.3116.53112.290.440.010.730.260.070.0080.001235.56
72.3575.332.981.500.021.020.140.020.020.0020.00368.12
79.8496.5616.720.820.011.150.530.020.020.0010.00485.58
110.16140.3730.213.910.010.190.430.020.030.0010.00142.83
165.37212.0046.6311.300.031.860.850.010.040.0040.010152.47
225.55297.9072.357.200.141.850.430.020.020.0100.006136.48
Incl.270.71291.8121.1015.930.202.470.630.040.030.0080.011192.92
310.13313.102.971.240.020.930.080.010.000.0010.00253.78
334.10335.791.692.000.021.150.080.010.010.0010.00366.52
338.99346.127.131.790.010.900.160.010.010.0010.00355.31
364.14373.098.954.550.041.370.160.010.010.0010.00583.52
427.07428.651.585.000.041.200.150.010.000.0010.00474.79
431.53438.957.429.630.010.960.230.010.010.0010.00367.83
448.03449.341.3126.000.043.880.600.020.010.0050.016246.68
464.33478.0013.677.960.010.650.230.010.000.0010.00251.62
493.03494.611.586.000.420.260.150.020.010.0450.00174.91
499.13503.954.821.700.010.800.130.010.000.0010.00148.29
506.63508.141.514.000.011.600.170.020.010.0010.00794.04
514.01530.5116.505.730.010.860.160.010.010.0010.00256.75
558.80567.949.1410.030.010.600.230.000.000.0010.00249.89
576.91585.898.9810.590.010.560.320.010.010.0010.00252.42
596.58617.2220.646.310.010.780.190.010.000.0010.00254.11
633.77656.5422.778.200.010.600.290.010.010.0010.00152.02
685.02757.2272.2013.050.111.660.420.020.050.0020.006138.75
Incl.691.02700.008.9848.010.122.791.650.020.130.0030.011303.26
Incl.715.11722.647.5318.150.535.400.360.030.060.0070.021374.34
763.23787.5924.365.180.100.850.180.010.030.0010.00275.93
808.88831.4622.585.190.031.050.320.010.030.0010.00483.82
837.74840.712.979.880.011.490.500.010.030.0010.007113.61
890.16891.661.506.000.041.450.850.020.050.0010.005131.11

 See Note Table 1.

Table 2: Significant Results, Surface Diamond Drilling, Porco Target Area as at September 20, 2022.

PORCO AREA DIAMOND DRILLING
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DPC-1265.1566.631.4817.000.021.040.610.030.010.0050.00495.88
156.73162.535.801.890.010.980.150.000.000.0030.00257.71
235.87237.391.524.900.011.120.250.010.010.0030.00172.63
328.41329.901.491.900.021.220.170.000.000.0010.00570.85
352.35359.837.489.180.031.060.190.060.000.0010.00477.82
410.66413.622.9658.260.012.491.580.020.010.0010.014239.74
437.65439.101.459.800.011.380.240.000.010.0010.00691.92
458.64460.101.4611.800.011.280.700.010.010.0010.003103.96
565.44566.921.485.200.040.780.050.010.010.0030.00454.09
571.54573.051.516.200.021.350.110.010.000.0010.00780.21
607.54613.435.894.560.130.590.020.010.010.0070.00353.99
673.90678.464.5649.010.050.120.040.050.010.1060.00194.79
684.59685.991.4040.400.060.030.040.050.010.0930.00176.14
719.05720.581.5334.500.190.980.050.210.060.0350.004154.13
744.51747.613.1029.820.080.100.040.180.060.1530.001120.04
761.22764.253.0325.580.021.570.300.090.010.0200.007132.46
770.28771.741.4623.800.021.480.100.070.010.0460.009122.41
777.82779.401.5884.100.141.260.450.580.010.0950.006262.25
807.76809.221.469.200.011.480.260.040.010.0040.005102.03
825.65828.703.054.100.010.950.110.010.010.0020.00563.39
851.28852.761.4816.800.191.210.410.050.040.2740.005184.43
863.29864.791.509.200.090.860.490.020.010.1360.004109.73
884.40899.2514.8513.730.020.870.060.040.020.0030.00572.26
917.40918.901.5013.200.040.830.530.020.010.0060.00581.37
923.45924.951.5011.100.010.720.210.010.010.0010.00460.60
927.90929.401.5013.300.010.400.250.030.030.0040.00156.69

See Note Table 1.

Table 2 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DPC-110.0011.5311.532.690.010.010.030.000.130.0010.00155.46
94.1595.691.541.100.010.900.030.010.010.0010.00351.49
178.70180.181.4824.400.231.720.960.010.010.0060.007165.73
185.52187.001.483.200.010.480.780.000.010.0010.00155.82
211.12212.631.510.300.011.330.010.000.010.0010.00169.18
241.07250.008.9316.340.162.140.810.020.020.0030.012171.01
271.20277.256.053.410.141.110.170.010.010.0020.00580.85
331.21332.741.533.100.011.520.100.010.010.0010.00585.40
364.47367.462.9950.320.488.671.090.050.050.0530.041595.23
377.92380.862.940.510.030.400.030.000.110.0010.00168.27
385.32386.741.420.300.010.300.010.000.110.0010.00159.84
392.40408.8616.465.090.051.770.130.010.060.0010.005126.42
421.33425.814.485.180.061.230.030.020.010.0010.00380.48
434.95436.411.463.500.320.710.060.020.010.0090.00178.37
451.12452.681.5615.800.021.620.340.010.050.0010.005127.02
543.99545.521.53199.301.291.410.810.090.420.0310.008592.96
560.58562.101.521.500.010.060.310.010.230.0010.001104.77
572.60577.154.551.700.011.360.010.020.010.0010.00177.26
599.78601.281.50124.900.160.060.050.090.160.0100.001218.11
617.88619.351.473.600.150.590.010.010.020.0010.00254.34
627.01628.461.451.900.011.010.100.010.020.0010.00162.98
694.34695.861.5259.500.011.352.580.020.030.0010.003222.07
715.29749.7034.4113.980.040.320.270.020.070.0020.00271.00
757.21758.711.5013.900.040.120.040.040.060.0090.00155.53
796.24797.741.50105.400.020.020.640.030.270.0020.001235.91
856.01857.491.480.300.010.010.000.010.150.0010.00160.21
881.55883.081.532.600.170.010.000.050.040.0820.00156.74
958.15965.777.623.450.100.030.020.120.030.0110.00144.16
1029.231032.222.9912.400.240.330.140.070.070.0470.00298.43

Table 2 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DPC-100.0034.7534.752.630.010.010.020.000.090.0010.00160.92
139.93144.454.521.000.010.990.070.010.030.0010.00465.79
157.90163.835.932.760.021.010.420.010.030.0020.00481.48
193.65199.635.984.180.011.150.920.000.170.0010.004185.50
229.75231.231.483.000.010.850.400.000.130.0010.004134.22
235.75238.672.922.510.010.540.200.010.040.0010.00260.28
253.77271.6517.8830.310.042.221.190.010.160.0090.009268.41
276.25277.731.481.000.010.360.080.010.060.0010.00155.16
286.77323.1436.373.230.010.690.070.010.020.0020.00253.75
332.35333.881.5310.000.061.130.200.020.030.0050.00391.96
377.08378.551.4714.000.011.250.560.010.010.0270.005103.70
389.02390.321.3011.000.120.960.100.020.050.0040.00197.08
404.81406.271.461.000.260.370.070.010.010.0040.00148.42
410.40413.403.004.500.020.660.130.010.030.0010.00357.50
422.40425.423.022.990.120.180.040.020.030.0010.00140.02
431.40437.406.0013.030.330.030.100.010.050.0050.00177.23
456.90461.384.483.990.030.280.050.010.120.0010.00192.25
482.42488.405.982.050.100.790.010.020.020.0030.00160.42
495.90497.421.521.000.040.020.010.010.110.0010.00171.17
512.50516.954.451.410.030.230.020.020.100.0030.00175.59
532.05533.551.5014.000.150.020.040.040.060.0040.00168.36
541.05542.581.533.000.330.090.050.050.030.0110.00162.34
547.10556.088.983.360.610.160.050.020.020.0200.00177.12
560.54562.031.4914.000.220.010.030.020.040.0010.00156.98
574.02578.464.4412.400.020.120.180.010.060.0010.00163.06
588.76590.341.586.900.060.040.010.060.050.0010.00150.09
594.83596.341.5119.600.370.020.300.020.060.0070.00199.89
624.90629.404.504.940.060.990.030.030.030.0120.00282.89
692.43699.907.474.260.021.010.110.020.060.0010.00595.34
734.47737.422.954.560.060.080.010.060.050.0150.00153.99
797.45802.094.640.700.520.010.010.070.020.0260.00166.94
838.17839.651.4821.700.040.460.050.020.030.0110.00272.50
851.70853.201.509.200.010.010.010.070.060.0010.00151.74
856.15859.203.0529.030.060.160.060.150.100.0160.001125.80
899.85901.351.501.500.230.110.020.070.020.0390.00152.62
940.44943.453.011.201.290.160.000.050.020.0190.001133.49
958.53964.536.001.980.050.010.000.130.050.0590.00160.31
1050.381053.383.001.850.070.090.000.130.030.0230.00149.72

Table 2 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DPC-0877.4380.302.8715.340.443.510.770.170.000.0360.010281.64
149.20152.233.039.070.032.140.610.010.000.0010.009140.31
161.28162.751.474.000.011.060.310.020.010.0010.00773.31
201.83203.301.473.000.020.990.140.030.010.0020.00667.16
218.31222.824.514.940.150.980.130.010.010.0040.00676.18
237.84242.404.566.400.012.270.330.020.000.0010.011134.34
284.32285.821.5012.000.031.970.250.040.000.0100.014127.83
386.23387.701.478.000.011.950.280.010.010.0010.010117.45
443.40452.429.025.550.291.150.130.050.060.0070.006125.58
508.00509.541.543.000.010.830.150.000.010.0010.00353.06
592.05593.501.457.000.032.020.030.020.010.0010.009116.41
638.60641.582.983.550.010.800.070.010.030.0010.00360.17
730.02731.451.432.000.011.020.050.000.000.0010.00356.24
737.36738.881.5215.000.022.500.050.050.010.0010.016150.28
DPC-0733.6236.803.1828.060.010.010.150.160.010.0010.00154.20
187.39188.901.510.300.011.030.020.010.010.0010.00157.35
262.79264.301.5111.000.020.750.420.050.060.0010.00191.48
288.39289.921.535.000.061.690.460.010.160.0010.008172.11
427.32430.383.0638.470.010.010.010.010.020.0010.00150.19
468.06469.541.4837.000.140.750.020.080.080.0750.003142.91
587.12590.123.0059.080.371.800.140.190.200.0060.001286.53
632.30635.303.0013.510.020.040.040.060.060.0060.00150.17
645.77648.783.016.260.290.040.020.030.030.0010.00148.54
681.95686.464.5110.410.032.510.090.020.040.0040.001158.27
712.03733.0120.988.600.040.100.020.040.040.0300.00146.15
Incl.725.61728.522.9120.800.170.080.020.090.090.1480.001115.07
768.86771.903.049.730.050.010.050.040.050.0760.00154.96
DPC-0669.2975.195.9006.440.0061.2250.3010.0080.0040.0020.00576.99
133.55139.586.03050.310.0093.4431.4110.0200.0150.0150.015269.26
145.58147.101.52041.000.0107.1801.4200.0180.0250.0010.034435.41
156.01172.4416.4304.660.0082.1570.1550.0040.0120.0010.008117.33
187.39188.871.4802.000.0900.9880.0210.0180.0120.0010.00364.86
215.92223.387.4609.370.0222.1110.3150.0200.0110.0080.009129.04
244.32245.831.5104.000.0100.9680.1360.0090.0170.0010.00565.17
248.95253.364.4104.100.0080.9113.3680.0070.2270.9600.005459.30
465.24466.701.46012.000.0400.7360.2720.0110.0060.0150.00365.46
490.70492.231.5301.000.0801.4100.0110.0110.0030.0250.00179.57
645.02646.521.500128.000.0100.7260.1590.0130.0910.0010.002222.75
DPC-0542.6747.134.461.660.011.610.160.000.000.0010.01388.83
114.51118.984.470.660.010.790.010.000.000.0010.00141.53
160.89162.391.500.500.440.080.010.010.000.0010.00146.50
242.84244.411.571.000.150.520.080.010.000.0010.00144.69
260.94262.391.450.500.030.810.150.000.000.0010.00149.30
297.00298.441.441.000.010.780.140.000.000.0010.00245.48
DPC-0435.0436.531.495.000.050.030.880.010.020.0030.00547.67
290.34293.332.993.980.011.050.120.010.010.0060.00064.61


Table 3: Significant Results, Surface Diamond Drilling, Northwest Extension, Santa Barbara Target Area as at September 20, 2022.

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-2742.3743.911.540.500.010.000.020.420.010.0010.00153.54
130.56132.101.549.000.010.860.540.020.800.0010.003380.33
515.37516.871.5012.000.301.040.030.060.110.0160.001143.69
539.40546.977.575.790.050.260.000.100.120.0140.00184.24
623.47624.961.490.500.010.960.000.010.010.0010.00152.57
675.93677.411.4855.000.140.010.010.220.200.0300.001179.30
749.47752.462.9912.990.040.010.000.150.120.0050.00181.74
DSB-23245.09246.571.4837.000.030.010.240.010.020.0020.00156.34
255.34258.302.965.490.010.010.080.350.010.0010.00152.39
264.27270.626.35152.910.020.030.130.190.010.0010.003186.67
275.04280.975.9310.100.030.530.110.020.020.0040.02254.55
324.71339.7715.064.910.020.530.180.050.050.0060.00464.29
351.65353.081.4312.000.060.060.050.030.060.0060.00150.41
357.57368.1010.535.760.040.110.010.020.090.0010.00155.11
392.14405.7013.564.850.060.010.010.020.100.0140.00156.31
417.81422.204.399.030.110.070.030.090.200.0050.001113.63
429.70432.723.024.970.100.010.010.070.100.0010.00161.80
435.76444.879.113.990.140.050.020.100.090.0130.00169.35
561.83563.381.551.000.050.940.280.010.000.0010.02564.60
566.48576.9210.447.570.160.070.060.010.080.0060.00661.82
598.13631.2433.1122.280.220.310.070.120.100.0430.004122.44
613.50625.1911.6938.190.400.120.070.220.190.0570.005195.93
655.17676.3321.1613.290.160.070.040.120.100.0580.01297.91
Incl.668.67676.337.6622.870.320.070.050.170.150.0900.007153.20
680.75683.732.986.500.430.050.020.070.070.0330.00188.79
701.79703.301.5112.000.010.010.000.150.140.0040.00186.28
713.87718.274.409.750.520.130.050.030.010.0340.00179.80
728.73730.221.496.000.080.040.020.050.040.3680.001115.26
733.22734.721.506.000.020.020.020.130.070.0450.00159.43
758.94760.421.487.000.010.020.010.130.110.0470.00176.91
766.35767.871.5227.000.040.030.010.190.160.0100.001120.01
779.96781.461.508.000.020.290.010.150.110.0410.00193.03
833.43834.941.514.000.050.040.010.270.080.2080.001117.51
837.95839.511.5611.000.220.060.030.310.110.2060.001157.70
850.05851.571.523.004.050.020.010.080.030.4600.001487.81

See Note Table 1.

Table 3 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-19115.80151.6035.804.480.030.650.270.010.010.0010.03757.93
173.96188.8614.901.860.050.660.240.010.010.0020.01351.00
217.37230.7513.384.330.051.320.580.010.060.0130.011128.74
247.28263.8016.5210.560.010.470.570.010.250.0010.002202.55
275.80287.8212.025.640.010.340.140.000.050.0010.00155.97
343.37346.342.9712.950.180.630.190.010.010.0060.03174.71
445.42446.901.489.000.280.040.030.010.180.0040.001142.14
458.90464.845.941.380.010.020.010.010.090.0010.00156.01
469.36470.851.494.000.150.090.020.080.090.0020.00182.56
608.15609.641.4913.000.080.060.020.440.020.0990.001114.15
665.20666.701.506.000.040.240.000.250.010.1450.00187.05
680.17681.671.506.000.050.250.000.570.010.1400.001125.89
DSB-1865.0574.018.963.190.030.010.050.350.010.0010.00551.97
81.52103.9722.4525.100.020.020.080.210.020.0010.00561.32
132.54135.402.863.620.021.260.230.010.020.0010.04185.13
154.87156.391.5212.000.010.010.010.010.100.0010.00552.77
180.40183.382.986.490.040.050.060.020.120.0040.00465.46
201.40202.901.505.000.020.720.100.020.030.0010.00557.99
207.37208.871.5015.000.101.310.380.080.090.0090.010147.71
214.89216.391.5027.000.010.010.020.020.040.0010.00548.68
231.40232.861.4620.000.010.180.480.010.030.0010.00556.76
243.40261.3617.9636.490.030.880.980.130.040.0020.008144.53
268.91274.926.0114.310.040.190.170.020.090.0070.00473.14
279.39280.851.4621.000.020.060.540.060.050.0010.00569.82
288.36291.403.0422.940.030.080.350.030.050.0050.00564.33
349.52351.051.5314.000.020.030.120.080.140.0140.00588.02
357.13363.025.8918.670.040.020.100.070.130.0130.00587.58
366.00369.073.074.560.010.010.020.010.110.0040.00551.94
384.18385.661.485.000.010.020.010.060.120.0010.00558.95
401.80435.6833.883.490.220.010.020.070.090.0120.00571.49
453.25454.481.236.000.070.030.010.040.080.0070.00552.09
510.45513.823.378.940.270.520.020.070.050.0110.01088.90
563.27581.2417.9715.460.070.040.010.090.070.0210.00568.21
605.26612.787.526.980.190.100.010.100.080.0580.00582.91
618.77620.231.4610.000.480.080.010.020.010.0360.00572.28
626.27627.751.488.000.100.020.010.070.060.0130.00553.27
651.74662.2210.481.560.020.200.010.110.060.0510.00559.81
713.27714.741.471.000.190.020.050.050.010.1130.00554.22
764.28765.781.501.000.550.030.010.040.000.0610.00571.42
779.36780.851.494.000.140.020.010.150.100.0090.00576.02
795.89797.361.471.000.230.010.010.080.030.0240.00550.29
851.48855.914.434.960.040.010.000.340.020.0820.00573.07
863.50869.475.974.750.020.110.040.300.020.0250.00559.54
881.48884.442.964.520.060.040.010.300.040.0410.00569.95

Table 3 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-1723.2026.052.8512.490.040.010.081.480.000.0010.005191.80
68.2069.701.505.000.080.041.110.010.000.0040.00552.73
75.6677.101.449.000.010.021.480.040.000.0120.00566.26
80.00165.3185.3115.610.060.010.100.160.090.0020.00576.59
177.17178.641.4733.000.080.010.210.010.030.0010.00558.07
185.76187.261.5027.000.020.010.020.010.050.0020.00551.31
196.18201.905.7220.090.120.050.150.040.050.0030.00562.28
206.42207.911.4911.000.010.010.030.170.060.0010.00556.50
228.69229.921.231.000.010.010.080.410.010.0010.00555.34
245.00264.2519.2525.400.010.010.080.260.020.0010.00567.37
276.48277.991.511.000.020.010.020.010.120.0010.00552.26
289.85292.792.9443.100.030.010.030.010.030.0010.00559.64
303.08305.952.871.510.010.010.150.000.120.0040.00556.35
314.72316.201.481.000.010.010.030.020.210.0010.00585.85
330.66342.4811.825.190.030.010.030.111.180.0010.005479.42
400.49401.991.5044.000.100.020.080.360.330.0380.005235.71
404.99406.481.4910.000.080.010.030.060.050.0380.00553.83
421.48422.981.5011.000.040.010.020.140.120.0010.00578.33
427.47430.533.063.990.010.010.010.010.120.0010.00552.69
457.44469.5512.114.730.680.010.000.060.030.0070.00585.69
537.11538.591.4825.000.020.020.010.280.250.0300.005163.38
549.10550.601.505.000.040.010.010.080.070.0240.00551.93
561.14562.631.4921.000.080.010.010.170.160.0220.005115.81
579.13580.621.496.000.110.010.010.090.080.0070.00561.27
589.74592.743.008.530.060.030.010.130.110.0490.00584.08
603.13609.156.026.020.110.050.010.110.090.0070.00567.35
616.82618.801.9810.000.190.080.020.040.030.0710.00564.16
624.82642.9618.1430.610.230.020.010.140.130.0370.005127.35
Incl.639.95642.963.01106.470.510.030.010.520.470.0560.005410.38
648.98653.344.3610.900.060.040.010.160.150.0780.005113.03
670.36671.891.5312.000.190.020.030.100.090.0930.00597.58
675.12676.641.525.000.090.360.020.150.080.0180.00582.47
679.60684.174.576.300.150.080.010.110.070.0170.00568.44
689.20690.631.431.000.550.010.010.040.030.0090.00569.79
707.14710.183.043.990.080.020.010.130.060.0310.00559.01
731.16734.203.041.510.030.120.030.200.010.2280.00586.82
741.70743.291.591.000.020.060.070.050.000.2590.00569.60
774.78776.952.171.000.030.310.020.200.010.0380.00554.56
783.28786.403.121.000.011.860.010.010.010.0060.00599.41
809.90812.822.921.000.010.010.010.140.010.1570.00554.12
818.59826.167.571.840.160.010.010.220.000.1340.00572.98

Table 3 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-160.003.753.7556.000.020.010.010.010.000.0010.00560.83
128.55134.525.976.520.030.540.140.040.050.0010.00563.66
152.50156.984.485.300.010.720.040.010.020.0010.00550.56
179.45180.981.531.000.010.090.010.030.140.0010.00565.47
188.42191.433.0115.260.070.820.050.230.080.0020.005123.03
201.94203.441.508.000.011.170.020.020.030.0010.00580.81
218.47231.9613.498.950.020.740.080.010.030.0010.00663.04
251.38252.931.557.000.010.860.020.010.010.0030.00557.65
290.40291.921.5210.000.020.030.010.090.090.0060.00559.68
293.44294.941.5017.000.190.070.030.020.030.0080.00553.88
339.95341.431.489.000.060.060.040.100.100.0150.00574.13
366.90374.317.416.810.060.390.040.020.030.0090.00547.90
462.67468.706.0315.130.060.520.010.120.110.0560.005113.45
476.26477.751.493.000.820.110.010.060.040.0490.005114.02
501.73506.144.415.040.120.120.020.050.050.0640.00560.71
584.20585.751.5515.000.230.100.020.100.130.0010.005103.21
603.17604.731.5611.000.030.020.010.080.080.0040.00557.35
639.80644.404.6020.640.040.010.010.150.130.0060.00596.41
718.08721.083.0010.490.010.010.010.190.040.0060.00552.70
746.10747.601.501.000.290.350.010.030.010.0040.00552.21

 Table 4: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from September 20, 2022 press release.

SUMMARY DIAMOND DRILLING ISKA ISKA
Hole No.TypeCollar
Easting
Collar
Northing
ElevAzimuthAngleHole Length
(m)
Surface Drilling Santa Barbara Resource Definition South-Southeast Extension
DSB-31S205652.47656108.44088.0225°-60°1055.6
DSB-33S205259.47655997.84262.7225°-60°869.4
DSB-34S205088.47656105.54339.1225°-60°851.4
DSB-35S205274.07655896.14224.5225°-60°1061.4
DSB-36S205016.07656179.14360.0225°-60°935.4
DSB-37S205729.97656034.64054.8225°-60°917.4
DSB-38S205588.07655893.04087.0225°-60°851.5
DSB-39S205823.17655981.94035.0225°-60°857.4
DSB-40S205684.37655839.54062.3225°-60°1052.4
DSB-41S205540.37655695.54092.7225°-60°842.4
DSB-42S205653.07656253.04125.0225°-60°845.4
DSB-43S205277.07656316.04156.3225°-65°833.1
Subtotal10,972.8
DSB-44S205157.07656038.04301.0225°-55°In progress
Santa Barbara Geotechnical Drill Holes
DHK-26S205700.37656454.44180.0225°-65°In progress
DHK-27S205529.47656222.54153.1270°-45°In progress
DHK-28S205597.37656479.64151.4225°-65°In progress
DHK-29S205485.77656489.54158.0225°-70°In progress
Santa Barbara Underground Metallurgical Hole
METSBUG-03UG205284.57656080.04167.1270°-35°707.8
Subtotal707.8
Mina 2 Target Area – Surface Drill Program Testing Magnetic Inverse Model
DM2-01S20594476542113674.030°-60°860.3
Subtotal860.3
TOTAL12,540.9

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 20, 2020 is 74,782m in 113 drill holes (32 underground drill holes and 82 surface drill holes) including 5 holes in progress.

Qualified Person

Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience, including extensive work in South America, manages the overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P.Geo., FAusIMM of Micon are regularly consulted on technical aspects of the project.

Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time continues to improve, as laboratories return to more normal staffing levels.

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53 g Ag/t, 0.078 g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined a target zone 1400m along strike, 500m wide and that extends to a depth of 600m. This zone is open along strike to the northwest and southeast as well as to the southwest. The Company’s nearer term objective is to outline a maiden NI 43-101 compliant mineral resource within this large target area. As outlined in this press release as a result of continuing discoveries from recent drilling that have substantially extended the high-grade feeder zone at Santa Barbara, the Company has pushed back the inaugural mineral resource to the end of Q1 2023.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150m to 4,400m above sea level.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Figure 1Figure 2Figure 3Figure 4
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Tocvan Announces Attendance at Discoveries Conference and Filing of Warrant Extension

Calgary, Alberta – TheNewswire – September 16, 2022 – Tocvan Ventures Corp. (the “Company”) (CSE:TOC); (OTC:TCVNF); (FSE:TV3) is pleased to announce it will be presenting at the Discoveries Mining Conference in Hermosillo, Sonora, Mexico on October 5th. This is the 8th addition of the conference that showcases Mining and Exploration companies of Mexico. The conference is held October 4th to 6th. Tocvan will have a booth for the duration of the event (Booth #173) and President & CEO, Brodie Sutherland will be presenting on the Company’s two gold-silver assets in Sonora. For more information on the conference visit: 2022 | Discoveries Mining Conference (discoveriesconference.com)

The Company also announces it has filed to extend the expiration date of 1,244,668 common share purchase warrants (the “Warrants”) by six months.

The Warrants are exercisable into common shares of the Company at a price of $0.75 per common share. The Warrants were issued pursuant to a non-brokered private placement of 1,244,668 units at a price of $0.60 on March 30, 2021. The Warrants were set to expire September 30, 2022 and will have an amended expiry date of March 31, 2023. All other terms and conditions of the Warrants, including the exercise price, remain the same.

 

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan has approximately 36 million shares outstanding and is earning 100% into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.

 

Cautionary Statement Regarding Forward Looking Statements

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.

There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

 

For more information, please contact:

TOCVAN VENTURES CORP.

Brodie A. Sutherland, CEO

820-1130 West Pender St.

Vancouver, BC V6E 4A4

Telephone: 1 888 772 2452

Email: ir@tocvan.ca

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GR Silver Mining Announces Infill Drilling Results at Plomosas Mine Area – 5.7 m at 514 g/t Ag, including 1.0 m at 1,634 g/t Ag

Organization Profile

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Tocvan Extends Discovery Trend 125m, Discovers Mineralization 375m from Main Zone in Reconnaissance Drilling at Pilar

Tocvan Ventures Corp. (the “Company”) (CSE:TOC); (OTC:TCVNF); (FSE:TV3), is pleased to announce the latest drill results from its Pilar Au-Ag Project in Sonora, Mexico. Seven drill holes were completed, totalling 1,382-meters. Results for the final four drill holes are highlighted in this release. All four drill holes were drilled in new areas and intersected alteration and structures known to host gold-silver mineralization at Pilar. Hole JES-22-72, 125-meters southeast of drill hole JES-22-63 (13.7m of 0.6 g/t Au and 13 g/t Ag and 9.2m of 0.6 g/t Au) returned 22.9-meters of 0.3 g/t Au and 19 g/t Ag, including 7.6-meters of 0.8 g/t Au and 51 g/t Ag (Figure 1) Three drill holes intersected low-grade gold and silver values indicating close proximity to significant mineralization. Hole JES-22-70 returned 12.2-meters of 0.3 g/t Au, including 3.1-meters of 0.8 g/t Au and 3.1-meters of 0.5 g/t Au. Hole JES-22-69 intersected 1.5-meters of 0.7 g/t Au at the end of hole, leaving it open at depth for targeting. The Company is extremely encouraged by these reconaissaince results and planning is underway for the next stage of drilling at Pilar.


Click Image To View Full Size

 

Figure 1. Plan Map highlighting the results from the latest stage of drilling at Pilar.

Drill Highlights

JES-22-72

  • 22.9m of 0.3 g/t Au and 19 g/t Ag (0.5 g/t AuEq), from 27.5m
    • Incl., 10.7m of 0.6 g/t Au and 40 g/t Ag (1.0 g/t AuEq)
    • Incl., 7.6m of 0.8 g/t Au and 51 g/t Ag (1.3 g/t AuEq)
    • Incl., 3.1m of 1.6 g/t Au and 109 g/t Ag (2.8 g/t AuEq)

*Note: AuEq calculated based on metal price assumptions of $1,700/oz gold and $18.00/oz silver

JES-22-70

  • 12.2m of 0.3 g/t Au, from surface
    • Incl., 3.1m of 0.8 g/t Au and 5 g/t Ag
    • And 3.1m of 0.5 g/t Au

JES-22-69

  • 1.5m of 0.7 g/t Au at end of hole, open at depth

“With each progressive stage of reconnaissance drilling along previously untested trends we are uncovering excellent indications that mineralization continues to the southeast and in parallel trends to our Main Zone”, commented CEO, Brodie Sutherland. “All seven drill holes intersected alteration, quartz-veining and fault structures know to host significant mineralization at Pilar. All three trends tested during this stage of drilling have shown indications of continued mineralization and warrant follow-up drilling as we believe a much larger system is yet to be defined at Pilar.”

Discussion of Results

As part of the ongoing Phase III drill program, a total of seven reverse circulation (“RC”) drill holes have been completed, totalling 1,382-meters. Drilling focused on the 4-T Expansion and Extension targets and a new trend discovered during the last stage of drilling (Figure 1 and Table 1).

 

JES-22-69

This drill hole was targeting the 4-T Extension, where surface sampling of artisanal workings returned 6.6 g/t Au and 433 g/t Ag. Four quartz-sericite veins with pyrite were intersected at 10.7 to 30.5-meters, 82.4 to 86.9-meters, 157.1 to 158.6-meters and 173.9 to 176.9-meters. Low-grade gold mineralization was intersected from surface to 16.8-meters depth. A 1.5-meter interval of 0.7 g/t Au was recorded at the end of the hole with coincident elevated arsenic values (>1500 ppm) which suggest mineralization is open at depth. Follow-up targeting up and down-dip of this drill hole is warranted to test continuation of mineralization.

JES-22-70

This drill hole was targeting the 4-T Trend, 80-meters southeast of where a recent surface trench (T-21-2) returned 19.5-meters of 0.6 g/t Au. Three quartz-sericite veins with pyrite were intersected at 58.0 to 63.0-meters, 132.7 to 143.8-meters, and 163.2 to 164.7-meters. From surface, JES-22-70 returned 12.2-meters of 0.3 g/t Au including, 3.1-meters of 0.8 g/t Au and 3.1-meters of 0.5 g/t Au. Low-grade gold and zinc were recorded further down hole from 77.8-meters (3.1-meters of 0.4 g/t Au and 1.82% Zn). The 4-T Trend remains larger untested down-dip at depth, the indications of mineralization and structure recorded warrant further follow-up of the trend for broad, higher-grade intervals.

JES-22-71

This drill hole was targeting the Discovery Trend, 115-meters southeast of JES-22-72 (see below). Quartz-sericite veins with pyrite were intersected from surface to 36.0-meters, 90.0 to 95.0-meters, 108.7 to 112.9-meters and 154.0 to 158.6-meters. Low-grade silver and zinc were recoded from surface to 6.1-meters (6 g/t Ag and 0.1% Zn).  Although no significant mineralization was recorded the structure and alteration intersected indicate potential for significant mineralization continues along this trend.

 

JES-22-72

This drill hole was targeting the newly identified Discovery Trend, 125-meters southeast of drill hole JES-22-63 which returned, 54.9-meters of 0.3 g/t Au and 5 g/t Ag including, 13.7-meters of 0.6 g/t Au and 13 g/t Ag and 9.2-meters of 0.6 g/t Au). Drill hole JES-22-72 returned 22.9-meters of 0.3 g/t Au and 19 g/t Ag or 0.5 g/t AuEq including, 7.6-meters of 0.8 g/t Au and 51 g/t Ag or 1.3 g/t AuEq. Zinc values are elevated across the upper half of the drill hole with high concentrations (1.97% Zn over 7.6-meters) associated with high Au-Ag values.  Quartz-sericite veins with pyrite were intersected at 9.2 to 15.0-meters, 91.5 to 100.7-meters and 120.5 to 129.7-meters. The highest-grade mineralization is hosted with in a silicified andesite with quartz veinlets and moderate iron-oxide alteration. Both JES-22-63 and JES-22-72 remain untested down-dip, mineralization and structure seen in JES-22-71 indicates the system has room to expand further to the southeast. The discovery trend remains open to the northwest.

Table 1. Summary of Results from latest Stage of Drilling at Pilar.

Hole IDFrom (m)To (m)Width (m)*Au (g/t)Ag (g/t)
JES-22-6630.5047.2816.780.1117.6
including30.5036.606.100.2547.4
including35.0836.601.530.55185.0
JES-22-670.00138.78138.780.100.3
including0.0030.5030.500.410.3
including0.001.531.537.610.8
JES-22-68No Significant Values
JES-22-690.0016.7816.780.151.1
including0.007.637.630.191.0
and82.3586.934.580.126.8
and128.10134.206.100.135.8
including128.10129.631.530.3317.2
and187.58189.101.530.702.2
JES-22-700.0018.3018.300.241.4
including0.0012.2012.200.341.8
including0.003.053.050.784.5
and9.1512.203.050.491.8
and77.7885.407.630.180.9
including77.7880.833.050.391.9
and109.80111.331.530.290.3
JES-22-710.006.106.100.076.2
JES-22-720.0050.3350.330.149.6
including0.0038.1338.130.1712.3
or25.9350.3324.400.2718.1
including27.4538.1310.680.5940.4
including30.5038.137.630.7851.0
including35.0838.133.051.64109.0
including36.6038.131.532.39165.0
and106.75128.1021.350.130.9
including106.75109.803.050.490.3
and152.50154.031.530.3816.5

 

Table 2. Collar Data for Latest stage of Drilling at Pilar.

Hole_IDEastingNorthingElevation (m)DepthAzimuthDip
JES-22-666178733144802409180.0230-50
JES-22-676179763144759420213.5230-55
JES-22-686181043144528460213.5225-55
JES-22-696180443144610448189.1225-55
JES-22-706178333144623437201.3230-55
JES-22-716178403144377445207.4230-55
JES-22-726177833144472447176.9230-50

 

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rocks. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-T. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 22,000 m of drilling has been completed to date. Significant results are highlighted below:

  • 2022 Phase III Diamond Drilling Highlights include (all lengths are drilled thicknesses):
    • 116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23 g/t Ag
    • 108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5 g/t Ag
    • 63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9 g/t Au and 18 g/t Ag
  • 2021 Phase II RC Drilling Highlights include (all lengths are drilled thicknesses):
    • 39.7m @ 1.0 g/t Au, including 1.5m @ 14.6 g/t Au
    • 47.7m @ 0.7 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag
    • 29m @ 0.7 g/t Au
    • 35.1m @ 0.7 g/t Au
  • 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses
    • 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;
    • 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12 g/t Ag ;
    • 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
  • 15,000 of Historic Core RC drilling. Highlights include:
    • 61.0m @ 0.8 g/t Au
    • 16.5m @ 53.5 g/t Au and 53 g/t Ag
    • 13.0m @ 9.6 g/t Au
    • 9.0m @ 10.2 g/t Au and 46 g/t Ag

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan has approximately 36 million shares outstanding and is earning 100% into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.

Brodie A. Sutherland, P.Geo., CEO for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

Quality Assurance / Quality Control

RC chips and core samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.

Cautionary Statement Regarding Forward Looking Statements

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

 

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.

 

There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

 

For more information, please contact:

TOCVAN VENTURES CORP.

Brodie A. Sutherland, CEO

820-1130 West Pender St.

Vancouver, BC V6E 4A4

Telephone: 1 888 772 2452

Email: ir@tocvan.ca

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GCM Mining Declares September 15, 2022 Monthly Dividend

 GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that its Board of Directors has declared the next monthly dividend of CA$0.015 per common share will be paid on September 15, 2022 to shareholders of record as of the close of business on August 31, 2022.

About GCM Mining Corp.

GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is the leading high-grade underground gold and silver producer with several mines in operation at its Segovia Operations. Segovia produced 206,389 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining has equity interests in Aris Gold Corporation (~44%; TSX: ARIS; Colombia – Marmato, Soto Norte; Canada – Juby), Denarius Metals Corp. (~32%; TSX-V: DSLV; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (~26%; TSX-V: WA: Nunavut – Meadowbank).

Additional information on GCM Mining can be found on its website at www.gcm-mining.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to the payment of dividends and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GCM Mining to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 31, 2022 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and GCM Mining disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@gcm-mining.com

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GCM Mining Announces Second Quarter and First Half 2022 Results

GCM Mining Corp. (TSX: GCM; OTCQX: TPRFF) announced today the release of its unaudited interim condensed consolidated financial statements (“Financial Statements”) and accompanying management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2022. All financial figures contained herein are expressed in U.S. dollars (“USD”) unless otherwise noted. Non-GAAP financial performance measures in this press release are identified with “NG”. For a detailed description of each of the non-GAAP measures used in this press release and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the Company’s MD&A.

Second Quarter and First Half 2022 Highlights

  • GCM announced on July 25, 2022 that it will merge with Aris Gold Corporation (“Aris”) through a plan of arrangement to create a leading Americas gold producer (the “Aris Merger”). Under the terms of the Aris Merger, all the outstanding Aris shares not held by GCM will be exchanged at a ratio of 0.5 of a common share of GCM for each common share of Aris. Based on respective share values as of the date of execution of the Arrangement Agreement, on closing, GCM shareholders and Aris shareholders (taking into consideration the 44.3% of Aris currently held by GCM) are expected to own, on a diluted in-the-money basis, approximately 74% and 26% of the combined group, respectively. The no premium transaction will create the top-of-the-class company among junior producers and the largest gold company in Colombia, with diversification in Guyana and Canada. The Aris Merger also brings together teams with unmatched experience in Colombia and extensive project development and mine building expertise. The Aris Merger is subject to GCM and Aris shareholder approval, receipt of all required governmental and regulatory approvals including Toronto Stock Exchange (“TSX”) and Colombian anti-trust approvals, and other customary conditions. The shareholder meetings have been set for September 19, 2022 and closing is expected a short time thereafter.
  • Subsequent to the announcement of the proposed Aris Merger, Fitch Ratings and S&P Global Ratings have both affirmed B+ ratings for the Company’s Senior Notes due 2026. Fitch Ratings maintained its outlook at Stable while S&P Global Ratings revised its outlook to Positive from Stable. The ratings reflect the view that GCM will have an immediately increased productive asset base with the addition of the Marmato Project, which is currently in production and undergoing an expansion, which will accelerate deleveraging and result in larger scale and cash flow generation without requiring additional funding or compromising its liquidity. With both the Toroparu Project and the expansion of the Marmato Project funded and the combined group generating Free Cash Flow from its producing assets, the combined group following the proposed Aris Merger is expected to maintain a low leverage profile.
  • GCM’s gold production from its Segovia Operations totaled 53,198 ounces in the second quarter of 2022, up 2% over the second quarter last year. For the first half of 2022, gold production was 103,149 ounces compared with 103,684 ounces in the first half last year. In July 2022, Segovia produced 17,951 ounces of gold bringing Segovia’s trailing 12 months’ total gold production as of the end of July 2022 to 210,975 ounces, up 2% over 2021. With completion of the expansion of the Company’s processing plant at Segovia to 2,000 tpd in August 2022, GCM is on track to meet its annual production guidance for 2022 of between 210,000 and 225,000 ounces of gold.
  • The new polymetallic recovery plant constructed in 2021 at Segovia has been in steady operation through the first half of 2022 and is expected to commence sales of stockpiled zinc and lead concentrates under an offtake contract with an international customer commencing in the third quarter of 2022.
  • Consolidated revenue amounted to $101.4 million in the second quarter of 2022, up 5% over the second quarter last year on the strength of the production increase and a 3% increase in realized gold prices, bringing revenue for the first half of 2022 to $202.7 million, up from $198.3 million in the first half of 2021 (which included $5.1 million from Aris prior to the loss of control of Aris on February 4, 2021).
  • At the Segovia Operations, total cash costs NG averaged $877 per ounce in the second quarter of 2022, reflecting an increase in the proportion of its quarterly gold production sourced from higher-cost, high-grade small-scale miners, the implementation of annual labor rate increases, an increase in local electricity rates and a temporary shift toward a higher cost electricity source while a transformer at the lower cost electricity source was repaired, and an increase in various activity-based costs such as maintenance programs associated with older underground mine equipment, the semi-annual replacement of the mill liners in June, the delivery of mechanized equipment into the Carla mine and additional headcount required to support these activities. The Company expects that its total cash costs per ounce will decrease in the third quarter of 2022 with electricity sourcing back to normal, the maintenance activities noted above having been completed and the impact of the plant capacity expansion that will reduce fixed costs on a per ounce basis. This brings Segovia’s total cash cost for the first half of 2022 to $847 per ounce compared with $796 per ounce in the first half last year. Including Marmato, consolidated total cash costs in the first half last year was $816 per ounce.
  • All-in sustaining costs (“AISC”) NG per ounce sold for the Segovia Operations increased to $1,228 in the second quarter of 2022, largely reflecting the increase in total cash costs per ounce. This brings Segovia’s AISC to $1,207 per ounce in the first half of 2022 compared with $1,110 per ounce in the first half last year. Segovia’s AISC for the first half of 2022 reflects the increase in total cash costs per ounce and the $4.0 million of fees, equivalent to about $37 per ounce sold, included in G&A expenses in the first half of 2022 related to the Company’s ongoing arbitration proceedings with the International Centre for Settlement of Investment Disputes (“ICSID”) in respect of its claim against the Republic of Colombia (the “FTA Claim”). Including Marmato, consolidated AISC in the first half last year was $1,133 per ounce.
  • GCM maintained its commitment to its exploration drilling campaigns in the first half of 2022, completing a total of approximately 38,000 meters of drilling through its in-mine/near-mine and mine geology programs at its producing mines and another approximately 15,000 meters through its brownfield drilling program at Cristales, Marmajito, Manzanillo and Vera. GCM’s press release dated June 27, 2022 reported the continuation of significant high-grade intercepts at its producing Sandra K and El Silencio mines and success in its brownfield drilling campaign on the La Guarida-Cristales Vein System including 48.45 g/t Au and 34.2 g/t Ag over 0.47 meters.
  • Adjusted EBITDA NG amounted to $45.9 million for the second quarter of 2022 compared with $48.0 million in the second quarter last year. For the first half of 2022, adjusted EBITDA amounted to $91.1 million compared with $94.3 million in the first half last year. This brings the trailing 12 months’ total adjusted EBITDA at the end of June 2022 to $168.4 million compared with $171.6 million in 2021.
  • Net cash provided by operating activities in the second quarter of 2022 increased to $31.5 million from $12.8 million in the second quarter last year, benefitting from the receipt of pending VAT refunds from 2021 and lower income tax payments this year. For the first half of 2022, net cash provided by operating activities was $55.7 million compared with $26.4 million in the first half last year (which was net of $10.1 million used by Aris prior to the loss of control in early 2021). This brings the trailing 12 months’ net cash provided by operating activities at the end of June 2022 to $109.9 million, up from $80.6 million in 2021.
  • Free Cash Flow NG in the second quarter of 2022 was $20.5 million compared with negative $2.8 million in the second quarter last year, benefitting from the improvement in operating cash flow. Similarly, for the first half of 2022, Free Cash Flow improved to $31.2 million compared with negative $0.3 million in the first half last year. This brings the trailing 12 months’ Free Cash Flow at the end of June 2022 to $57.7 million, up from $26.2 million in 2021.
  • The Company’s balance sheet remained strong with a cash position of $265.5 million at June 30, 2022. GCM used a portion of its cash position in the second quarter of 2022 to fund the acquisition of the $35.0 million Aris Convertible Debenture due October 12, 2023. The Company also has $138.0 million of funding available for construction of its Toroparu Project in Guyana through a precious metals stream facility with Wheaton Precious Metals (Caymans) Ltd. (“Wheaton”). Other than scheduled interest payments, the Company has no maturities of its long-term debt in the next 12 months.
  • GCM has been making considerable progress at the Toroparu Project in Guyana in the first half of 2022 focused on pre-construction activities, preparation of the PFS, finalization of the mining license and selection and engagement of key contractors to be involved in the construction and eventual operation of the project. The Company incurred a total of $31.0 million of non-sustaining capital expenditures NG in the first half of 2022 at the Toroparu Project. In light of the proposed Aris Merger, it is now expected that the PFS will not be finalized until after the closing of the transaction. The updated application for the mining license was submitted in early 2022 and the Company is continuing to support the approval process for the mining license which it expects to finalize by the fourth quarter of 2022.
  • The Company returned a total of $10.1 million to shareholders in the first half of 2022 with payment of its monthly dividends totaling $7.0 million and the repurchase of approximately 0.8 million shares for cancellation under its Normal Course Issuer Bid (“NCIB”) at a cost of $3.1 million.
  • Income from operations in the second quarter of 2022 was $37.8 million, down from $39.6 million in the second quarter last year largely due to the impact of the increase in Segovia’s total cash cost NG per ounce sold on cost of sales, offset partially by a reduction in share-based compensation. For the first half of 2022, the increased level of legal costs associated with the FTA Claim, most of which impacted the first quarter of 2022, and the increased total cash costs per ounce sold in the second quarter of 2022 contributed to a decrease in income from operations to $73.5 million compared with $78.7 million in the first half last year.
  • The Company reported net income of $39.0 million ($0.40 per share) in the second quarter of 2022 compared with $29.8 million ($0.41 per share) in the second quarter last year. The gain on financial instruments recorded in the second quarter of 2022 more than compensated for the decrease in income from operations, higher finance costs and income taxes, and an increase in the loss from equity accounting in associates, all compared with the second quarter last year. For the first half of 2022, the Company reported net income of $44.2 million ($0.45 per share) compared with $148.1 million ($2.31 per share) in the first half last year, reflecting the decrease in income from operations, higher finance costs and income taxes, and an increase in the loss from equity accounting in associates compared with the first half last year. Net earnings in the first half of 2021 also included the benefit of a $56.9 million gain on loss of control of Aris and an $8.9 million gain on sale of the Zancudo Project, offset partially by $9.8 million of transaction costs incurred by Aris in connection with the loss of control in early 2021.
  • The Company reported adjusted net income NG for the second quarter and first half of 2022 of $14.2 million ($0.15 per share) and $29.0 million ($0.30 per share), respectively, compared with $23.6 million ($0.33 per share) and $45.5 million ($0.69 per share), respectively, in the second quarter and first half last year. The decrease in adjusted net income in the second quarter and first half of 2022 compared with the corresponding periods last year largely reflects the decrease in income from operations as noted above together with increase in finance costs and an increase in income tax expense due to the tax rate increase in Colombia effective in 2022.
  • GCM published its second annual sustainability report in June 2022. The report reflects a focused effort on measuring and disclosing the Company’s Environmental, Social and Governance priorities and performance and highlights GCM’s initiatives and progress in line with international reporting standards.

Selected Financial Information

Second QuarterFirst Half
2022202120222021

Operating data

Gold produced (ounces) (1)53,19852,198103,149103,684
Gold sold (ounces)53,88452,838107,529108,155
Average realized gold price ($/oz sold) (2)$1,859$1,797$1,859$1,805
Total cash costs ($/oz sold) (2)877767847816
AISC ($/oz sold) (2)1,2281,1011,2071,133
Financial data ($000’s, except per share amounts)
Revenue$101,371$96,353$202,693$198,272
Adjusted EBITDA (2)45,86347,99591,08194,318
Net income38,96529,79944,203148,104
Per share – basic0.400.410.452.31
Per share – diluted0.150.280.241.47
Adjusted net income (2)14,22423,55629,00545,504
Per share – basic (2)0.150.330.300.69
Per share – diluted (2)0.130.280.270.58
Net cash provided by operating activities31,52512,78655,73426,403
Free cash flow (2)20,483(2,834)31,171(337)

June 30,
2022
December 31,
2021
Balance sheet ($000’s):
Cash and cash equivalents$265,501$323,565
Gold Bullion (3)2,6884,479
Senior Notes due 2026 – principal amount outstanding (4)300,000300,000
Convertible Debentures due 2024 – principal amount outstanding (5)CA18,000CA18,000

(1) First half 2021 includes production from the Marmato Project up to February 4, 2021, the date of loss of control of Aris.
(2) Refer to “Non-IFRS Measures” in the Company’s MD&A.
(3) The Company is maintaining a portion of its liquidity in gold bullion. As at June 30, 2022, the Company had 1,500 ounces in its gold bullion account (December 31, 2021 – 2,500 ounces).
(4) The Senior Notes were issued in August 2021 and are recorded in the Financial Statements at amortized cost. At June 30, 2022, the carrying amount of the Senior Notes outstanding, including accrued interest of $8.1 million, was $296.9 million (December 31, 2021 – $294.8 million, including $8.1 million of accrued interest).
(5) The Convertible Debentures are recorded in the Financial Statements at fair value. At June 30, 2022, the carrying amount of the Convertible Debentures outstanding was $14.0 million (December 31, 2021 – $19.5 million).

Second Quarter and First Half 2022 Results Webcast

As a reminder, GCM Mining will host a conference call and webcast on Friday, August 12, 2022 at 9:00 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

Live Event link:https://edge.media-server.com/mmc/p/yswncieo
Canada/ International Toll:1 (647) 484-8332 PIN: 19483475#
Canada Toll Free:1 (866) 455-3403 PIN: 19483475#
United States Toll:1 (404) 400-0571 PIN: 19483475#
United States Toll Free:1 (866) 374-5140 PIN: 19483475#
Colombia Toll:+57 601 485-0348 PIN: 19483475#
Colombia Toll Free:+57 800 519-0788 PIN: 19483475#
Conference ID:EV00136622

Participants should note that for the Q&A portion of the webcast, questions must be submitted through the live event webcast portal noted above.

A replay of the webcast will be available at www.gcm-mining.com from Friday, August 12, 2022 until Friday, September 9, 2022.

About GCM Mining Corp.

GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is the leading high-grade underground gold and silver producer with several mines in operation at its Segovia Operations. Segovia produced 206,389 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining has equity interests in Aris Gold Corporation (~44%; TSX: ARIS; Colombia – Marmato, Soto Norte; Canada – Juby), Denarius Metals Corp. (~32%; TSX-V: DSLV; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (~26%; TSX-V: WA: Nunavut – Meadowbank).

Additional information on GCM Mining can be found on its website at www.gcm-mining.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to the proposed Aris Merger, production guidance, the Toroparu Project construction, mining license and technical studies, and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GCM Mining to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 31, 2022 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and GCM Mining disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@gcm-mining.com

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