Update for the week ending OCTOBER 16, 2022

The week was characterized by almost no drill rig moves or stoppages. We’re pleased to report that we drilled our one-week record of 2,320m with good progress at holes N032, N039 and N040 in North Zone and holes S005 and S006 in South Zone.

 Holes N038 and S004 were complete at week’s end.

Figure 1

Recent drill images – working day & night (left) and the beautiful setting of a North Zone drill setup

Some 1,124 samples (including duplicates and standards) were shipped from Ranchito to the assay lab during the week: these samples included material from holes N032, N034, N036, N037, N038 and S004.

Sample coarse reject material is now being returned to the site by ALS, and we will have started preparation of a weatherproof rejects storage facility on the site (location preparation in image below).

Figure 2

Our metallurgical samples have started into the metallurgical test-work program that forms part of the PEA.

Figure 3

South Zone drilling at S004 and S006

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These historical resource estimate models are based upon historical resource estimates prepared by John Thornton in 2011. While, in the opinion of Dane A. Bridge, author of the revised NI 43-101 standard technical report, Geology, Mineralization and Exploration of the Santo Tomas Cu-(Mo-Au-Ag) Porphyry Deposit, Sinaloa, Mexico dated April 21, 2020 (the “Report”), reliable estimation practices were used, in order to upgrade or verify the historical estimations, resampling and assay of historical drill samples, twinning of historical drill holes, and a new program of regularly spaced drilling is required. No qualified person has undertaken sufficient work to classify the current mineral resources or mineral reserves upon which these models are based and the Company is not treating the estimates as current estimates of the mineral resources. The Company gives no assurance that either these models or the historical resource estimates upon which they are based are accurate, and does not undertake any obligation to update the models or to release publicly any update or revisions of the resource estimates except as required by applicable securities law. The reader is cautioned not to rely upon these models or the historical resource estimates upon which they are based.

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