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Lundin Gold Inc.

Regulatory Filings Dec 4, 2024

10185_rns_2024-12-04_fad7e361-4883-4619-96b2-d12a52292c9a.pdf

Regulatory Filings

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Lundin Gold Reports Significant Expansion at Bonza Sur

New drilling results highlight the potential of the gold deposit

VANCOUVER, BC, December 3, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to announce additional drilling results from its ongoing 2024 near-mine exploration program at Bonza Sur, in close proximity to its 100%-owned Fruta del Norte ("FDN") gold mine in southeastern Ecuador. Recent results confirm the significant size of the Bonza Sur mineral deposit. Drilling has extended the deposit's length by 800 metres to approximately 2.6 kilometres and widened it to 150 metres. Importantly, Bonza Sur remains open for further discovery in all directions and at depth.

Highlights from the ongoing drill program at Bonza Sur are outlined below (not true widths). Detailed results are provided at the end of this release (see Appendix 1).

Bonza Sur Exploration Drilling Highlights (not true widths):

  • Drill hole AMN -2024-156 intersected 2.35 grams per tonne ("g/t") of gold ("Au") over 100.30 m from 333.2 m, including:
  • 3.30 g/t Au over 53.20 m from 353.8m
  • Drill hole BLP-2024-189 intersected 1.54 g/t Au over 123.50 m from 72.90 m, including:
  • 3.08 g/t Au over 48.0 m from 81.3m, with:
    • 10.06 g/t Au over 7.60 m
  • Drill hole BLP-2024-162 intersected 1.43 g/t Au over 115.60 m from 47.40 m including:
  • 2.43 g/t Au over 58.10 m from 92.90m, with:
    • 4.58 /t Au over 20.50m
  • Drill hole BLP-2024-173 intersected 1.22 g/t Au over 133.20 m from 31.90 m including:
  • 2.54 g/t Au over 49.80 m from 113.40m, with:
    • 17.29 g/t Au over 2.9m

Ron Hochstein, President and CEO, commented, "The significant and rapid advance of Bonza Sur from an early-stage exploration target to a mineral deposit is an exciting time for Lundin Gold. Our drilling program continues to highlight the meaningful potential of this new discovery. Recent results have defined a much larger mineralized system close to surface that extends over 2.6 kilometres and remains open for further expansion. The Company plans to release an initial mineral resource at Bonza Sur mid-year 2025 and drilling is ongoing."

NEAR-MINE PROGRAM

The ongoing near-mine exploration program continues to unlock the significant potential of Lundin Gold's world-class land package. 2024 marks the largest drilling program ever undertaken on the concessions that host the FDN mine. To date, approximately 56,110 metres of drilling have been completed, with a target of at least 65,000 metres in 2024, primarily focused on the Bonza Sur deposit.

Over recent months, the program has focused on efforts to define and expand Bonza Sur and a total of 43 drill holes across 17,315 metres have been completed. Assay results for these holes are provided in Tables 1 and 2 of this release. Drilling is ongoing, and results for some holes are still pending.

Bonza Sur

Initially discovered through drilling a geochemical soil anomaly one kilometre south of the FDN mine, Bonza Sur continues to evolve as a substantial mineral deposit. The resource envelope now extends over 2.6 kilometres along strike, is 150 metres wide, and reaches at least 500 metres deep (see Figures 1, 2, and 3). Since its 2023 discovery, over 90 drill holes have been completed, and results consistently point to further growth potential.

Bonza Sur is interpreted as a shallow, disseminated gold-silver epithermal system situated east of the East Fault, a critical structural control at FDN. Gold mineralization is characterized by a broad hydrothermal halo with a higher-grade core associated with quartz-chalcedonymanganoan-carbonate veins and veinlets, enveloped by a lower-grade gold zone with silica-illite and sulfides.

The recent drilling program, detailed in Tables 1 and 2, has expanded Bonza Sur in all directions. In the south, drilling has extended mineralization by 800 metres to 2.6 kilometres, with potential for further growth. Drill hole AMN-2024-156 (2.35 g/t Au over 100.30m from 333.2m) is a prime example of these strong results. In the central area, drilling has expanded Bonza Sur laterally by 150 metres to the east. In the north, drill holes have intersected a high-grade gold zone near the surface, surrounded by a wider disseminated gold halo, confirming the mineral envelope in this sector.

All drilling data is being integrated into a new geological model for Bonza Sur, and a metallurgical study is underway. An initial mineral resource estimate is expected by mid-2025. Currently, four drill rigs are active at Bonza Sur, focused on expanding the deposit both along strike and at depth.

Figure 1: Bonza Sur mineral deposit location map

Figure 2: Bonza Sur plan view and selected results

Figure 3: Bonza Sur longitudinal section showing selected results

Qualified Persons

The technical information contained in this News Release has been reviewed and approved by Andre Oliveira, P. Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Samples consist of half HQ and NQ-size diamond core that are split by diamond saw on site, prepared at the ALS laboratory in Quito, and analysed by 50g fire assay and multi-element (ICP-AES/ICP-MS) at the ALS Laboratory in Lima, Peru. The quality assurance-quality control (QA-QC) program of Lundin Gold includes the insertion of certified standards of known gold content, blank and duplicate samples. The remaining half core is retained for verification and reference purposes. For further information on the assay, QA-QC and data verification procedures, please see Lundin Gold's Annual Information Form dated March 26, 2024, filed under the Company's profile at www.sedarplus.ca.

Additional Information

The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on December 3, 2024, at 4:00 p.m. Pacific Time through the contact persons set out below.

Caution Regarding Forward-Looking Information and Statements

Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws.

This press release contains forward-looking information in a number of places, such as in statements relating to the Company's exploration plans, activities and results, including the plans to release a resource estimate on Bonza Sur. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 26, 2004, which is available at www.lundingold.com or www.sedarplus.ca.

Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: instability in Ecuador; community relations; forecasts relating to production and costs; mining operations; security; non-compliance with laws and regulations and compliance costs; tax changes in Ecuador; waste disposal and tailings; government or regulatory approvals; environmental compliance; gold price; infrastructure; dependence on a single mine; exploration and development; control of Lundin Gold; availability of workforce and labour relations; dividends; information systems and cyber security; Mineral Reserve and Mineral Resource estimates; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity; endangered species and critical habitats; global economic conditions; shortages of critical resources; competition for new projects; key talent recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; climate change; illegal mining; conflicts of interest; ability to maintain obligations or comply with debt; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations.

APPENDIX 1

Table 1: Drillhole assay results from the near-mine drilling program at Bonza Sur reported for thickness versus grade intervals above 14 (m x g/t Au >14). Drill hole intercepts are reported in drill core lengths

Hole ID From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Target Zone
BLP-2024-140 207.1 231.9 24.8 0.92 2.95
Including 230.1 230.9 0.8 9.08 4.81 Surface
BLP-2024-140 332.2 470 137.8 0.83 1.47
Including 333 413.9 80.9 1.11 1.55 BLP
with 399.7 413.9 14.2 4.46 1.95
with 401.7 404.8 3.1 9.38 2.42
Including 459 462 3 3.20 2.45
BLP-2024-141 18 191.1 173.1 0.57 6.91
Including 133.1 155.4 22.3 1.43 25.37 BLP Surface
with 134.8 138.8 4 2.77 11.10
BLP-2024-143 No Significant Results BLP Surface
BLP-2024-143-
D1
No Significant Results BLP Surface
BLP-2024-143-
D2
227.4 231.8 4.4 4.17 1.72 BLP Surface
Including 227.4 228.9 1.5 11.93 3.23
BLP-2024-143-
D2A
No Significant Results BLP Surface
BLP-2024-143-
D3
494.2 515.5 21.3 0.93 20.34 BLP Surface
Including 506.5 511.5 5 2.56 64.66
BLP-2024-146 0.2 41.35 41.15 0.69 1.28
Including 0.2 10.7 10.5 2.27 1.82
with 0.2 3.2 3 4.15 5.25 BLP Surface
BLP-2024-146 360.85 361.75 0.9 6.53 326.76
Including 361.35 361.75 0.4 13.70 25.20
HOR-2024-147 55.75 141.9 86.15 0.83 8.43
Including 61.4 78.2 16.8 2.02 12.47
with 70 71 1 25.30 34.30 BLP Surface
Including 138.2 141.9 3.7 3.27 26.80
HOR-2024-147 229.9 257.8 27.9 0.53 19.64
BLP-2024-149 143.5 147.7 4.2 1.09 2.74
Including 143.5 144.4 0.9 4.65 4.12 BLP Surface
BLP-2024-151 512.85 540.2 27.35 0.57 7.34
Including 523.6 525 1.4 7.93 99.70 BLP Surface
AMN-2024-156 333.2 433.5 100.3 2.35 13.15 BLP Surface
Including 353.8 407 53.2 3.30 8.97
with 359.75 364.05 4.3 5.26 11.43
with 367.6 376.6 9 4.17 7.87
with 389.65 403.05 13.4 3.77 11.31
Including 426.2 430 3.8 4.67 56.66
BLP-2024-157 116.4 140.05 23.65 0.53 11.76
Including 124.5 127.8 3.3 1.50 41.70 BLP Surface
Including 135.25 137.4 2.15 1.56 36.33
BLP-2024-161 No Significant Results BLP Surface
BLP-2024-161-
D1
401.35 516.75 115.4 0.6 17.6
Including 404.75 410.35 5.6 1.41 7.77
with 408.6 409.35 0.75 9.94 39.2 BLP Surface
Including 478.6 516.75 38.15 1.26 44.1
with 485.4 488.8 3.4 6.02 72.26
with 486.4 487.65 1.25 15.22 182.23
BLP-2024-161-
D2
175.2 208 32.8 1.17 3.40
Including 181.45 185.15 3.7 4.65 10.72 BLP Surface
BLP-2024-161-
D2
434.7 472.7 38 0.54 27.90
Including 440 442.7 2.7 4.25 17.41
with 440 440.65 0.65 14.4 57.1
BLP-2024-161-
D3
174.7 213.3 38.6 0.58 2.50
BLP-2024-161-
D3
324.6 326.6 2 1.68 3.04
BLP-2024-161-
D3
471.1 474.6 3.5 1.26 4.87 BLP Surface
BLP-2024-161-
D3
521.1 557.4 36.3 0.50 26.73
Including 523.1 524.1 1 9.61 21.00
BLP-2024-161-
D4
BLP-2024-161-
284.8 297.6 12.8 0.55 5.41
D4 353.7 368.9 15.2 0.57 2.26
Including 365.05 365.5 0.45 12.60 37.00
BLP-2024-161-
D4
500.65 600.1 99.45 1.07 6.80 BLP Surface
Including 500.65 539.9 39.25 2.54 7.04
with 502.15 504.5 2.35 4.29 7.97
with 530.8 537.9 7.1 12.26 22.63
BLP-2024-161-
D5
Pending Results BLP Surface
BLP-2024-162 47.4 163 115.6 1.43 13.53
Including 92.9 151 58.1 2.43 21.28
with 105.05 125.55 20.5 4.58 38.53 BLP Surface
BLP-2024-162 258.2 271 12.8 1.05 1.51
Including 259.2 264.9 5.7 2.14 1.27
BLP-2024-166 102.5 173.7 71.2 0.92 7.37 BLP Surface
Including 123.6 125.7 2.1 4.14 22.56
AMN-2024-168 167.9 238.85 70.95 0.66 2.61
Including 167.9 180.2 12.3 2.88 6.89 BLP Surface
with 175.9 179 3.1 6.37 11.58
BLP-2024-169 275.4 335.6 60.2 0.48 14.24
Including 297.7 301.1 3.4 1.55 129.90 BLP Surface
BLP-2024-173 31.9 165.1 133.2 1.22 17.95 BLP Surface
Including 113.4 163.2 49.8 2.54 31.53
with 132 134.9 2.9 17.29 258.63
BLP-2024-177 265.8 323.45 57.65 0.59 2.45
Including 298.6 301.5 2.9 4.87 2.23 BLP Surface
with 298.6 299.6 1 10.85 1.27
BLP-2024-179 8.35 9.9 1.55 4.16 13.27
BLP-2024-179 16.5 33 16.5 0.50 11.81
BLP-2024-179 137.7 192 54.3 0.44 14.48 BLP Surface
BLP-2024-179 214 236.6 22.6 0.45 2.85
BLP-2024-182 43.7 187.3 143.6 1.06 5.60
Including 76.1 131.1 55 2.33 8.27 BLP Surface
with 81.4 96.1 14.7 5.14 13.22
BLP-2024-189 72.9 196.4 123.5 1.54 10.70
Including 81.3 129.3 48 3.08 10.68 BLP Surface
with 97.4 105 7.6 10.06 27.19
BLP-2024-186 BLP Surface
BLP-2024-187 Pending Results
Pending Results
Surface
AMN-2024-190 BLP Surface
AMN-2024-193 BLP Surface
BLP-2024-194 BLP Surface
BLP-2024-195 BLP Surface
BLP-2024-197 Pending Results BLP Surface
BLP-2024-198 Pending Results BLP Surface
BLP-2024-201 Pending Results BLP Surface
AMN-2024-202 Pending Results BLP Surface
AMN-2024-203 Pending Results BLP Surface
BLP-2024-205 Pending Results BLP Surface
BLP-2024-208 Pending Results Surface
BLP-2024-209 Pending Results Surface
BLP-2024-217 Pending Results Surface
BLP-2024-218 Pending Results Surface
AMN-2024-224 BLP Surface
BLP-2024-225 Pending Results
Pending Results
Surface
BLP-2024-226 BLP Surface

Table 2: Bonza Sur Collar Drill Holes

Hole ID Target Easting Northing Elevation Azimuth Dip EOH (m) Drilling Type Year
BLP-2024-140 Bonza Sur 778616 9580904 1508 88 -67 500.75 Surface 2024
BLP-2024-141 Bonza Sur 778688 9580440 1578 89 -70 323.20 Surface 2024
BLP-2024-143 Bonza Sur 778816 9581523 1449 269 -45 198.70 Surface 2024
BLP-2024-143-
D1
Bonza Sur 778816 9581523 1449 269 -45 361.30 Surface 2024
BLP-2024-143-
D2
Bonza Sur 778816 9581523 1449 269 -45 107.25 Surface 2024
BLP-2024-143-
D2A
Bonza Sur 778816 9581523 1449 269 -45 295.90 Surface 2024
BLP-2024-143-
D3
Bonza Sur 778816 9581523 1449 269 -45 560.55 Surface 2024
BLP-2024-146 Bonza Sur 778687 9580443 1579 298 -56 520.25 Surface 2024
HOR-2024-147 Bonza Sur 778723 9580099 1609 264 -45 424.65 Surface 2024
BLP-2024-149 Bonza Sur 778692 9580980 1517 99 -44 256.70 Surface 2024
BLP-2024-151 Bonza Sur 778705 9581803 1489 268 -49 624.20 Surface 2024
AMN-2024-156 Bonza Sur 778747 9579870 1657 72 -44 500.00 Surface 2024
BLP-2024-157 Bonza Sur 778685 9580242 1601 299 -54 507.20 Surface 2024
BLP-2024-161 Bonza Sur 778866 9580888 1525 256 -46 148.50 Surface 2024
BLP-2024-161-
D1
Bonza Sur 778866 9580888 1525 256 -46 387.80 Surface 2024
BLP-2024-161-
D2
Bonza Sur 778866 9580888 1525 256 -46 420.80 Surface 2024
BLP-2024-161-
D3
Bonza Sur 778866 9580888 1525 256 -46 460.15 Surface 2024
BLP-2024-161-
D4
Bonza Sur 778866 9580888 1525 256 -46 379.20 Surface 2024
BLP-2024-161-
D5
Bonza Sur 778866 9580888 1525 256 -46 556.00 Surface 2024
BLP-2024-162 Bonza Sur 778468 9581652 1454 289 -44 275.80 Surface 2024
BLP-2024-166 Bonza Sur 778342 9581540 1461 93 -61 321.10 Surface 2024
AMN-2024-168 Bonza Sur 778744 9579869 1657 269 -45 440.35 Surface 2024
BLP-2024-169 Bonza Sur 778673 9581293 1498 262 -44 492.65 Surface 2024
BLP-2024-173 Bonza Sur 778468 9581653 1454 269 -61 300.60 Surface 2024
BLP-2024-177 Bonza Sur 778638 9581037 1526 103 -71 589.70 Surface 2024
BLP-2024-179 Bonza Sur 778616 9580902 1509 128 -69 512.15 Surface 2024
BLP-2024-182 Bonza Sur 778343 9581541 1461 68 -38 400.05 Surface 2024
BLP-2024-186 Bonza Sur 778654 9581180 1521 90 -42 250.40 Surface 2024
BLP-2024-187 Bonza Sur 778675 9580698 1540 89 -74 300.15 Surface 2024
BLP-2024-189 Bonza Sur 778342 9581541 1461 69 -54 350.05 Surface 2024
AMN-2024-190 Bonza Sur 778748 9579869 1657 74 -33 507.05 Surface 2024
AMN-2024-193 Bonza Sur 778826 9580014 1634 84 -34 515.15 Surface 2024
BLP-2024-194 Bonza Sur 778654 9581180 1521 91 -59 403.00 Surface 2024
BLP-2024-195 Bonza Sur 779593 9580744 1650 294 -50 430.25 Surface 2024
BLP-2024-197 Bonza Sur 778723 9580636 1569 119 -50 367.65 Surface 2024
BLP-2024-198 Bonza Sur 778654 9581180 1521 90 -79 351.50 Surface 2024
BLP-2024-201 Bonza Sur 779048 9581111 1548 89 -40 350.05 Surface 2024
AMN-2024-202 Bonza Sur 778748 9579869 1657 74 -49 500.00 Surface 2024
AMN-2024-203 Bonza Sur 778825 9580014 1634 84 -45 440.15 Surface 2024
BLP-2024-205 Bonza Sur 778534 9581207 1473 89 -70 347.35 Surface 2024
BLP-2024-208 Bonza Sur 779595 9580744 1651 254 -50 441.05 Surface 2024
BLP-2024-209 Bonza Sur 779001 9581334 1486 270 -60 181.60 Surface 2024
BLP-2024-217 Bonza Sur 779047 9581111 1548 89 -60 479.10 Surface 2024
BLP-2024-218 Bonza Sur 778457 9581058 1458 83 -39 360.20 Surface 2024
AMN-2024-224 Bonza Sur 779018 9579691 1733 90 -44 430.00 Surface 2024
BLP-2024-225 Bonza Sur 778674 9580698 1541 89 -39 350.05 Surface 2024
BLP-2024-226 Bonza Sur 778984 9579462 1720 304 -45 478.90 Surface 2024

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For more information, please contact

Ron F. Hochstein President and CEO

Tel (Ecuador): +593 2-299-6400 Tel (Canada): +1-604-806-3589 [email protected]

Brendan Creaney Vice President, Corporate Development and Investor Relations Tel: +1 604-376-4595 [email protected]

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the highest-grade operating gold mines in the world.

The Company's board and management team have extensive expertise in mine operations and are dedicated to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. The Company believes that the value created through the development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.

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