Existing foreign resource estimation totals 1.28Moz gold averaging 14.5g/t gold and 98g/t silver with excellent exploration upside

Highlights:

  • Most recent Canadian NI 43-101 compliant mineral resource of:
  • Measured & Indicated – 955,000 tonnes @ 13.8g/t gold and 93g/t silver for 423,000oz contained gold and 2.86Moz contained silver (1); and
  • Inferred – 1,775,000 tonnes @ 15g/t gold and 101g/t silver for 856,000 oz contained gold and 5.76Moz contained silver(1)
  • Historical diamond drill dataset of 47 diamond hole totaling 13,383m drilled with further scope for rapid resource growth identified in surface geochemistry;
  • Project is located on-trend between Lundin Gold’s 13.9Moz Fruta del Norte deposit 40km to the north and contiguous landholding with Luminex Resources’ 5.2Moz Au Condor Project resource area to the south;
  • Future exploration for the upgrading of resources and extensions to the known veins at depth and along strike required across numerous high-grade targets identified but not explored.

Asset Overview

The Jerusalem Gold Project is a single concession named the Jerusalén concession (code 353) located in south eastern Ecuador, 400km south east of the capital city of Quito close to the border with Peru in the province on Zamora-Chinchipe. The concession covers 225 hectares in a readily assessable region of southern Ecuador within 70km of the nearest regional airport located near the city of Loja. The Jerusalem gold project is located on the margins of the Zamora batholith, a middle to late Jurassic age intrusion up to 100km wide and exposed for 200km extent in the prolific Zamora copper-gold metallogenic belt, which hosts several epithermal gold deposits including the Condor project and the 13.9Moz Fruta del Norte mine, and multiple copper to gold enriched copper porphyry systems including Mirador and Santa Barbara projects.

Interpreted Regional Geology of southern Ecuador with major project locations

1The Mineral Resource Estimate for the Jerusalem Gold Project is not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the foreign estimate as mineral resources in accordance with the JORC Code. The Company confirms that the supporting information provided in the ASX announcement dated 21 September 2020 in reference to ASX listing rule 5.12 continues to apply and has not materially changed.