LCL RESOURCES LIMITED — Capital/Financing Update 2019

Nov 24, 2019

ASX Announcement, 25 November 2019

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First Hole at Chuscal Intersects Impressive 350-Metre Gold Interval from Surface

Potential for a Significant Gold Discovery at Chuscal Re-Affirmed

Metminco Limited ( ASX: MNC ), soon to be renamed Los Cerros Limited , is pleased to advise that it has intersected an impressive 350m wide zone of gold mineralisation, from surface, in the first diamond hole ever drilled into the Chuscal Gold Target, located in the Mid-Cauca Porphyry Belt of Colombia, and part of the Company’s Quinchia Gold Project (refer Figure 1).

The Mid-Cauca Porphyry Belt hosts several multi-million ounce porphyry and epithermal ore bodies, some with characteristics similar to those we are observing in early results now being received from the maiden drilling program into the large Chuscal Gold Target, as detailed within this release.

Highlights:

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• First hole of maiden Chuscal drilling program (CHDDH001) ended at 452m depth, delivering significant gold mineralisation.

• CHDDH001 passed through an extensive 350-metre-wide mineralised zone from surface carrying an average uncut[1] grade of 0.57 g/t gold over this extensive interval.

• A number of intervals with higher grade[2] gold and silver were intersected within the broader 350m zone, including:

• 6m @ 2.52 g/t Au and 10.25 g/t Ag from 0m to 6m, including 2m @ 5.56 g/t Au and 29 g/t Ag from surface

• 22m @ 1.22 g/t Au and 0.50 g/t Ag from 10m to 32m

• 54m @ 0.81 g/t Au and 0.63 g/t Ag from 56m to 110m

• 2m @ 3.09 g/t Au and 0.77 g/t Ag from 222m to 224m

• 2m @ 6.44 g/t Au and 87.40 g/t Ag from 324m to 326m

• 8m @ 2.82 g/t Au and 29.96 g/t Ag from 342m to 350m

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• The first hole provides critical information for understanding the broader mineralising system and supports the exploration model of a high temperature porphyry-related gold event being locally overprinted by lower temperature epithermal (ISS) vein gold.

• The second hole (CHDDH002) completed at 412.4m cut across the Guyacanes diorite and encountered considerable brecciation before ending in monzonite, all of which contained local ISS veining to varying degrees. Porphyry style potassic alteration was noted around 260m. Assays are awaited.

• Drilling of the 3rd hole (CHDDH003) is now in progress and expected to be completed by end of November, with assays due in mid-December.

1 Includes values below 0.1 g/t intervals which occur in isolated intervals of up to 10m length. Maximum value was 6.44 g/t over 2m.

2 Using a 0.5 g/t Au lower cut-off and maximum 4m internal dilution for gold. All widths quoted are intercept widths, not true widths, as there is insufficient information at this stage of exploration to know the geometries within the system.

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Results have now been received from the first diamond hole ever drilled at Chuscal, confirming Chuscal to be a porphyry related system. Most significantly, the first hole (CHDDH001) has reported a 350m wide intersection, from surface, grading 0.57 g/t gold. The highest gold interval is 6.44 g/t over 2m, while isolated silver intervals of up to 30 g/t over 8m were also present (Table 1 and Annex).

Metminco’s Managing Director, Jason Stirbinskis commented:

“This is a remarkably strong result on our first hole given the extent of the mineralisation encountered from surface, and it has proven very illuminating, greatly improving our understanding of the geology.

After outstanding drill success last year at the nearby Tesorito porphyry discovery, including a best result of 253.1m @ 1.01 g/t Au from surface , including a higher grade zone of 64m @ 1.67 g/t Au[4] , and now hitting this wide interval at Chuscal, we believe we are in enviable porphyry territory.

It remains early days into our drilling at Chuscal, but this first intersection has certainly provided very strong encouragement about what Chuscal could be when you consider the sheer scale of the gold anomaly at surface, the impressive widths of mineralisation encountered and its location in the heart of the Mid-Cauca belt, which is already host to several multi-million ounce porphyry and epithermal deposits.

When compared to other global porphyry systems and recent discoveries, this early result reaffirms our view that our Quinchia Project and Chuscal in particular, have great potential”.

Figure 1: Location of the Chuscal target, relative to regional major gold discoveries[3]

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3Sources from Company Annual Reports, information Sources from Company Annual Reports, has not been independently verified. MI: Measured & Indicated resource, PP: Proven & Probable reserve.

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About Chuscal and the Chuscal Drill Program

The Chuscal Prospect, now being drilled by Metminco, was prioritised for drilling as a result of its expansive 900m by 530m surface gold anomaly (rock-soil and rock chip geochemistry) averaging 1.76 g/t Au (uncut) (see ASX release of 6 December 2018[4] ), channel sampling of epithermal veins exposed in the Guayacanes artisanal workings which averaged 8g/t Au including a continuous along strike zone of 83m @ 7.3g/t Au[4] , and favourable geology - suggesting potential for Chuscal to be a very significant deposit for the company.

The Chuscal Prospect is located within the Quinchia Gold Project, which is a mineral district hosting a cluster of porphyry stocks, breccias, and epithermal vein occurrences. Specifically, the Chuscal target is situated in close proximity to existing Metminco discoveries:

• 2kms from Metminco’s 100% owned Miraflores deposit where a Mineral Resource of 877,000 ounces at 2.82g/t Au[5] and an Ore Reserve 457,000 Au ounces at 3.29 g/t Au[5] has been defined, and a DFS completed in October 2017; and

• 1km from the Tesorito Prospect, where Metminco has previously reported significant wide gold intersection from surface, with a best result of 384m @ 1.01g/t Au from surface to end-of-hole, including 32.5m @ 1.34 g/t Au from 48.8m ; and 156.6m @ 1.28 g/t Au from 88.3m (TSDH-02, see ASX release of 30 August 2018[4] ).

Together, Miraflores, Chuscal and Tesorito may form the cornerstone assets to a multi-mine district, with a central processing facility.

At Chuscal, the near surface, high-grade epithermal vein population overprinting the porphyry mineralisation is of particular interest given the potential to create wide mineralised zones with internal, higher grade zones.

Metminco is earning a 51% interest in the Chuscal Gold Prospect from Anglo Gold Ashanti Colombia SA (“ AngloGold ”), and otherwise has a 100% interest in the balance of the Quinchia Gold Project. Full details of the joint venture agreement were announced on 6 December 2018.

Technical Discussion of Results

The maiden hole (CHDDH001) of the first drill campaign ever conducted at Chuscal was designed to test the NE flank of the Guyacanes diorite which hosts artisanal underground workings; and to test a magnetic low geophysical anomaly flanking this to the north.

The hole reported significant gold values to 350m of the 452m deep hole with mineralisation occurring in monzonite, diorite and breccias (hydrothermal, crackle and magmatic breccias). There is a close correlation of the brecciation zone with a northwest trending magnetic low in the ground magnetic data, suggestive of magnetite destruction associated with a significant phyllic alteration hydrothermal event in this zone.

4 Tesorito drilling assays first announced 30 August 2018. Chuscal soil and underground channel sample assays first announced by the Company on 6 December 2018 and 21 January 2019 respectively. The Company confirms that it is not aware of any new information that affects the information contained in these presentations.

5 Feasibility Study first publicly released 18 October 2017 and updated 30 October 2017. The sensitivity table was first publicly released 28 May 2018. No material change has occurred after that date that may affect the JORC Code (2012 Edition) Ore Reserve estimation and Metminco confirms that all material assumptions and technical parameters applicable to the Reserve continue to apply. Source: Ausenco 2017.

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Consistent with our exploration model and expectations, the drill core has also confirmed two types of gold mineralisation:

• a higher temperature, broad disseminated Au event (associated with elevated (not mineralisation) Cu, Mo, Re values) suggesting a proximal porphyry source; as well as

• more localised, late stage Au, Ag epithermal mineralisation (associated with elevated Te, Sb, W, Zn, Pb), associated with thin epithermal veins overprinting many of the rock units. These quartzsulphide veinlets and veins have sericite-illite and clay minerals as vein selvages and halos. Quartz is drusy and filled with calcite. Sulphides are fine grained pyrite, minute galena and brown sphalerite. Where galena appears, the Ag content is enhanced.

The results from CHDDH001 and the geological logging of the second hole (assays pending) have materially increased the Company’s understanding of the regional system and unit relationships. Most importantly, the vein gold mineralisation event appears to be possibly related to structures that are part of a “horsetail” fault splay within the Chuscal project.

This late stage “horsetail” event cuts across all units including the diorite, monzonite and related breccias. This observation has raised the importance of the regional “horsetail” fault structure as the primary conduit and therefore a priority drilling target.

Table 1: Significant[6][7] intersections in CHDDH001 at Chuscal.

Interval	Interval	Interval	Interval	Intersection	Intersection	Intersection
From(m)	To(m)	Au(g*m)	Ag (g*m)	Au(g/t)	Ag (g/t)	Interval(m)
0.0	6.0	15.14	61.48	2.52	10.25	6.0
10.0	32.0	26.92	10.93	1.22	0.50	22.0
56.0	110.0	43.68	34.12	0.81	0.63	54.0
222.0	224.0	6.18	1.54	3.09	0.77	2.0
324.0	326.0	12.88	174.80	6.44	87.40	2.0
342.0	350.0	22.54	239.70	2.82	29.96	8.0

The interval from 324m to 350m in CHDDH001, which includes the intervals of 2m @ 6.44g/t Au and 87.40g/t Ag from 324m to 326m depth and 8m @ 2.82g/t Au and 29.96g/t Ag from 342m to 350m depth, are both logged as a magmatic breccia. Geochemistry suggests that this interval is dominantly of monzonitic composition but with the mineralised zones having a strong overprinting of both the porphyry and epithermal signatures. This, together with the presence of two dioritic breccias cutting and altering the magmatic monzonitic breccia, suggests this to be a potentially significant dilational zone experiencing repeated pulses of mineralisation, which is a favourable situation for the accumulation of gold associated with the multiple events.

Understanding this zone will be important for planning future drilling in order to test the structural zone along strike and/or discover similar repetitions. Similarly, high gold grades reported from the Guayacanes workings, not tested in CHDDH001, are also potentially related to a dilational “horsetail” structure.

6 Assuming 0.5g/t cut-off and maximum internal dilution of 4m. Intervals are drill intercept measurements as there is insufficient information at this time to define subsurface geometries

7 g*m refers to Au or Ag grade (g/t) times the length of the interval (m). It is a parameter used in early exploration to provide a weighting for the relevance of the intersection ie. gold content.

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Metminco’s Managing Director explained;

“As this is the first drilling campaign at Chuscal, our understanding is evolving dramatically with every few meters drilled. What we can say so far, is that we are confident we are seeing overprinting gold events that have the potential to introduce, remobilise and enrich the gold grades and, under the right conditions, could generate significant high grade zones within a much larger lower grade region, such as those discussed above.

The extensive gold event with a higher temperature porphyry signature is providing a large lower grade gold backdrop and, based on alteration signatures observed (potassic alteration), suggest there may be a porphyry source close by.

We also see vein gold cutting though most rock units. These ISS veins are more localised and preliminary interpretations suggest may be associated with a dilatational “horsetail” fault structure that is inferred in the area.

The deeper half of hole CHDDH002, which tested the Guayacanes veins (assays pending) and CHDDH003 will no doubt tell us much more about the role of the structures and source of the gold in the project”.

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Figure 2: Preliminary interpretation of results has raised the importance of the inferred regional “horsetail” fault system (red dashed lines) as a conduit for gold mineralisation.

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Figure 3: Cross section interpretation in the plane of CHDDH001. The vein sets are interpreted to be part of the regional “horsetail” fault structure as seen in figure one. The drill hole also intercepted a 2.6m wide stope at 43.7m, believed to be the mined-out Montana vein .

CHDDH002 was recently completed for a total depth of 412.4m (Figure 4). The primary objective of the drill hole is to test the eastern end of the large surface geochemical anomaly and pass underneath the historic Guayacanes workings to investigate the core of the diorite zone as mapped on surface. After passing through the diorite, the hole intersected an extension of the breccia zones mapped in CHDDH001. The second half of CHDDH002 is of most interest as it passes under old workings and should intercept several of the horsetail structures mentioned above (see Figures 2 & 4). This will be discussed once all results are received.

Mr Stirbinskis added; “We only have visual quick logs for most of CHDDH002. However, we note that we entered a zone of considerable potassic alteration characterised by magnetite and secondary biotite alteration around 260m down hole. Both of these alteration minerals are indicative of higher temperatures associated with porphyry style mineralisation. We were also very encouraged to intercept a number of zones of increased veining between 120m – 240m, 290m – 300m, 320m – 340m and again at 360m - 390m, which coincides with where the structural model predicted them to occur. We expect assay results for the hole to be available within 2 to 3 weeks.”

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Figure 4: Preliminary geologic cross-section and interpreted setting, along CHDDH002 based on a preliminary quick log of the drill hole.

Drill Program continuing

The rig has now begun drilling CHDDH003 (Figure 2). This hole lies some 500m north-northwest of CHDDH002 and will test the Corporacion diorite on the NW end of the gold soil anomaly and is orientated to intercept several of the inferred “horsetail” structures. The 350m hole is expected to take the remainder of November with results due mid-December.

Metminco’s Managing Director explained;

“We are early days into demonstrating the real exploration potential that we believe exists within our Quinchia Portfolio, and eagerly await the next instalment of assay results from our Chuscal drilling. The Company will provide timely updates to the market as and when new information comes to hand.”

For further enquiries contact:

Jason Stirbinskis Managing Director Metminco Limited

jstirbinskis@metminco.com.au

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ANNEX 1: Gold and silver assay results CHDDH001 Lat:75.41.26.761 Long:5.16.16.325 Az: 60 Inc:60

SAMPLE	FROM	TO	Quick Log	Au	Ag		SAMPLE	FROM	TO	Quick Log	Au	Ag
	m	m	Lithology	**g/t **	**g/t **			m	m	Lithology	**g/t **	**g/t **
D-29251	0	2	Soil	5.56	29.00		D-29315	122	124	Monz	0.12	0.193
D-29252	2	4	Soil	1.00	0.752		D-29316	124	126	Monz	0.38	0.545
D-29253	4	6	Monz	1.01	0.99		D-29317	126	128	Monz	0.16	0.287
D-29254	6	8	Monz	0.34	0.429		D-29318	128	130	Monz	0.2	0.325
D-29255	8	10	Monz	0.22	0.288		D-29319	130	132	Monz	0.14	0.311
D-29256	10	12	Monz	0.62	0.373		D-29320	132	134	Monz	0.16	0.344
D-29257	12	14	Dio	0.47	0.387		D-29321	134	136	Aplite	0.43	0.503
D-29258	14	16	Monz	0.52	0.368		D-29322	136	138	Monz	0.52	0.551
D-29259	16	18	Monz	0.87	0.462		D-29323	138	140	Monz	0.35	0.523
D-29260	18	20	Monz	1.07	0.512		D-29325	140	142	Monz	0.19	0.374
D-29261	20	22	Monz	1.02	0.781		D-29326	142	144	Monz	0.19	0.32
D-29262	22	24	Monz	0.84	0.694		D-29327	144	146	Monz	0.18	0.358
D-29263	24	26	24.8 contact	1.52	0.611		D-29328	146	148	Monz	0.14	0.298
D-29264	26	28	Dio	0.61	0.37		D-29330	148	150	148-149 Bx	0.09	0.263
D-29265	28	30	Dio	5.06	0.345		D-29331	150	152	Monz	0.09	0.222
D-29266	30	32	Monz	0.86	0.563		D-29332	152	154	Monz	0.25	0.397
D-29267	32	34	Monz	0.25	0.298		D-29333	154	156	Monz	0.18	0.429
D-29268	34	36	Monz	0.42	0.432		D-29334	156	158	Monz	0.22	0.436
D-29269	36	38	Magm Bx	0.26	0.418		D-29335	158	160	Monz	0.3	0.398
D-29270	38	40	Monz	0.42	0.658		D-29336	160	162	Monz	0.11	0.474
D-29271	40	42	Monz	0.37	0.413		D-29337	162	164	Monz	0.26	0.359
D-29272	42	43.7	Monz	0.32	0.901		D-29338	164	166	Monz	0.17	0.312
**Stope **	43.7	46.3	**Stope **				D-29339	166	168	Monz	0.24	0.394
D-29273	46.3	48	Monz	0.36	2.79		D-29340	168	170	Monz	0.11	0.323
D-29275	48	50	Monz	0.33	0.361		D-29341	170	172	Monz	0.16	0.318
D-29276	50	52	Monz	0.22	0.384		D-29342	172	174	Monz	0.25	0.363
D-29277	52	54	Monz	0.29	0.343		D-29343	174	176	Monz	0.33	0.441
D-29278	54	56	55.09 contact	0.41	0.484		D-29344	176	178	Monz	0.35	0.639
D-29280	56	58	Aplite	0.78	0.768		D-29345	178	180	Monz	0.24	0.482
D-29281	58	60	Aplite	1.03	0.66		D-29346	180	182	Monz	0.19	0.678
D-29282	60	62	Aplite	0.78	0.55		D-29347	182	184	Monz	0.16	0.374
D-29283	62	64	63.3 Contact	0.45	0.441		D-29348	184	186	Monz	0.09	0.288
D-29284	64	66	Monz	0.82	0.762		D-29350	186	188	Monz	0.11	0.278
D-29285	66	68	Monz	0.74	0.686		D-29351	188	190	Monz	0.05	0.309
D-29286	68	70	Monz	1.52	0.955		D-29352	190	192	191 contact	0.09	0.236
D-29287	70	72	Monz	0.7	0.694		D-29353	192	194	Magm Bx	0.14	0.27
D-29288	72	74	Monz	1.08	0.861		D-29355	194	196	Dior	0.06	0.144
D-29289	74	76	Monz	1.23	0.741		D-29356	196	198	Dior	0.04	0.126
D-29290	76	78	Monz	0.73	0.961		D-29357	198	200	Dior	0.09	0.139
D-29291	78	80	Monz	0.28	0.44		D-29358	200	202	200-201 vein	0.11	0.233
D-29292	80	82	1m magm Bx	0.91	0.681		D-29359	202	204	Dior	0.2	0.232
D-29293	82	84	Monz	0.81	0.717		D-29360	204	206	Dior	0.12	0.125
D-29294	84	86	Monz	0.63	0.516		D-29361	206	208	Magm Bx	0.19	0.271
D-29295	86	88	Monz	0.52	0.54		D-29362	208	210	Magm Bx	0.34	0.238
D-29296	88	90	Monz	0.66	0.704		D-29363	210	212	Magm Bx	0.52	0.281
D-29297	90	92	Aplite	0.37	0.472		D-29364	212	214	Hyd Bx	0.28	0.116
D-29298	92	94	Monz	0.46	0.644		D-29365	214	216	Hyd Bx	0.23	0.255
D-29300	94	96	95 contact	0.64	0.613		D-29366	216	218	Hyd Bx	0.27	0.216
D-29301	96	98	Magm Bx	1.16	0.799		D-29367	218	220	Hyd Bx	0.22	0.155
D-29302	98	100	Monz	0.96	0.513		D-29368	220	222	Hyd Bx	0.16	0.197
D-29303	100	102	Monz	0.28	0.367		D-29369	222	224	Hyd Bx	3.09	0.769
D-29305	102	104	Monz	0.35	0.454		D-29370	224	226	Hyd Bx	0.27	0.341
D-29306	104	106	Monz	0.54	0.505		D-29371	226	228	Hyd Bx	0.23	0.34
D-29307	106	108	Monz	2.79	0.562		D-29372	228	230	Hyd Bx	0.36	0.364
D-29308	108	110	Monz	0.62	0.452		D-29373	230	232	Hyd Bx	0.59	0.406
D-29309	110	112	Monz	0.29	0.396		D-29375	232	234	Hyd Bx	0.43	0.211
D-29310	112	114	113 contact	0.17	0.35		D-29376	234	236	Hyd Bx	0.71	0.259
D-29311	114	116	Magm Bx	0.2	0.237		D-29377	236	238	Hyd Bx	0.14	0.224
D-29312	116	118	Monz	0.17	0.303		D-29378	238	240	Hyd Bx	0.35	0.277
D-29313	118	120	Monz	0.15	0.302		D-29380	240	242	Hyd Bx	0.3	0.258
D-29314	120	122	Monz	0.16	0.299		D-29381	242	244	Hyd Bx	0.19	0.198

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SAMPLE	FROM	TO	Quick Log	Au	Ag		SAMPLE	FROM	TO	Quick Log	Au	Ag
	m	m	Lithology	**g/t **	**g/t **			m	m	Lithology	**g/t **	**g/t **
D-29382	244	246	Hyd Bx	0.16	0.22		D-29447	366	368	Magm Bx	0.06	0.12
D-29383	246	248	Hyd Bx	0.28	0.411		D-29448	368	370	Magm Bx	0.31	0.465
D-29384	248	250	Hyd Bx	0.23	0.376		D-29450	370	372	Magm Bx	0.03	0.116
D-29385	250	252	Hyd Bx	0.18	0.323		D-29451	372	374	Magm Bx	0.02	0.119
D-29386	252	254	Hyd Bx	0.18	0.355		D-29452	374	376	Magm Bx	0.09	0.147
D-29387	254	256	Hyd Bx	0.12	0.3		D-29453	376	378	Magm Bx	0.11	0.174
D-29388	256	258	Hyd Bx	0.15	0.261		D-29455	378	380	Magm Bx	0.21	0.214
D-29389	258	260	Hyd Bx	0.15	0.222		D-29456	380	382	Magm Bx	0.07	0.181
D-29390	260	262	Hyd Bx	0.15	0.219		D-29457	382	384	Magm Bx	0.09	0.134
D-29391	262	264	Hyd Bx	0.21	0.268		D-29458	384	386	Magm Bx	0.68	0.242
D-29392	264	266	Hyd Bx	0.29	0.336		D-29459	386	388	Magm Bx	0.47	0.197
D-29393	266	268	Hyd Bx	0.23	0.302		D-29460	388	390	Magm Bx	0.35	0.244
D-29394	268	270	Hyd Bx	0.45	0.408		D-29461	390	392	Magm Bx	0.1	0.186
D-29395	270	272	270.8 contact	0.47	0.299		D-29462	392	394	Magm Bx	0.9	0.808
D-29396	272	274	Crkl Monz	0.35	0.303		D-29463	394	396	Magm Bx	0.08	0.189
D-29397	274	276	Crkl Monz	0.45	0.404		D-29464	396	398	Magm Bx	0.09	0.203
D-29398	276	278	Crkl Monz	0.28	0.264		D-29465	398	400	Magm Bx	0.09	0.293
D-29400	278	280	Crkl Monz	0.27	0.223		D-29466	400	402	Magm Bx	0.08	0.29
D-29401	280	282	Crkl Monz	1.26	0.248		D-29467	402	404	Magm Bx	0.04	0.197
D-29402	282	284	Crkl Monz	0.31	0.231		D-29468	404	406	Magm Bx	0.1	0.56
D-29403	284	286	Crkl Monz	0.69	0.217		D-29469	406	408	Magm Bx	0.02	0.221
D-29405	286	288	Crkl Monz	0.35	0.274		D-29470	408	410	Magm Bx	0.04	0.214
D-29406	288	290	Crkl Monz	0.4	0.226		D-29471	410	412	Monz	0.03	0.168
D-29407	290	292	291-293 vein	0.15	0.233		D-29472	412	414	Monz	0.07	0.195
D-29408	292	294	291-293 vein	0.77	2.46		D-29473	414	416	Monz	0.15	0.316
D-29409	294	296	Crkl Monz	0.07	0.214		D-29475	416	418	Monz	0.23	0.354
D-29410	296	298	297-299 Dior	0.5	0.248		D-29476	418	420	Monz	0.07	0.199
D-29411	298	300	297-299 Dior	0.11	0.19		D-29477	420	422	Magm Bx	0.06	0.192
D-29412	300	302	Crkl Monz	0.31	0.354		D-29478	422	424	Magm Bx	0.19	0.319
D-29413	302	304	Crkl Monz	0.24	0.311		D-29480	424	426	Magm Bx	0.19	0.482
D-29414	304	306	Crkl Monz	1.84	0.681		D-29481	426	428	Monz	0.07	0.227
D-29415	306	308	Crkl Monz	0.54	0.379		D-29482	428	430	Monz	0.07	0.19
D-29416	308	310	Magm Bx	0.43	0.414		D-29483	430	432	Monz	0.1	0.474
D-29417	310	312	Magm Bx	0.33	0.266		D-29484	432	434	Monz	0.08	0.209
D-29418	312	314	Magm Bx	0.08	0.215		D-29485	434	436	Monz	0.09	0.199
D-29419	314	316	Magm Bx	0.09	0.181		D-29486	436	438	Monz	0.14	0.311
D-29420	316	318	Magm Bx	0.07	0.187		D-29487	438	440	Monz	0.08	0.256
D-29421	318	320	Magm Bx	0.03	0.088		D-29488	440	442	**441-442 And Porph **	0.02	0.149
D-29422	320	322	Magm Bx	0.07	0.246		D-29489	442	444	Monz	0.07	0.203
D-29423	322	324	Magm Bx	0.14	0.689		D-29490	444	446	Monz	0.05	0.18
D-29425	324	326	Magm Bx	6.44	87.4		D-29491	446	448	Monz	0.08	0.251
D-29426	326	328	Magm Bx	0.27	0.856		D-29492	448	450	Monz	0.19	0.449
D-29427	328	330	Magm Bx	0.27	1.29		D-29493	450	452	Monz	0.36	0.614
D-29428	330	332	Magm Bx	0.12	0.253	Note: missing sample numbers are QA/QC samples inserted by Metminco to provide quality control information. Hyd Bx- Hydrothermal Breccia Crkl Monz- Crackle Monzonite Magma Bx- Magmatic Breccia And Porph- Andesite Porphyry
D-29430	332	334	Magm Bx	0.17	0.249
D-29431	334	336	Magm Bx	0.17	0.223
D-29432	336	338	Magm Bx	0.28	0.326
D-29433	338	340	Magm Bx	0.6	0.753
D-29434	340	342	Magm Bx	0.35	1.30
D-29435	342	344	Magm Bx	3.51	43.3
D-29436	344	346	Magm Bx	3.42	20.9
D-29437	346	348	Magm Bx	1.47	12.95
D-29438	348	350	Magm Bx	2.87	42.7
D-29439	350	352	Magm Bx	0.19	0.469
D-29440	352	354	Magm Bx	0.08	0.287
D-29441	354	356	Magm Bx	0.12	0.3
D-29442	356	358	Magm Bx	0.15	0.305
D-29443	358	360	Magm Bx	0.26	0.207
D-29444	360	362	Magm Bx	0.07	0.234
D-29445	362	364	Magm Bx	0.08	0.181
D-29446	364	366	Magm Bx	0.03	0.143

==> picture [134 x 39] intentionally omitted <==

JORC STATEMENTS - COMPETENT PERSONS STATEMENTS

The technical information related to Metminco’s assets contained in this report that relates to Exploration Results (excluding those pertaining to Mineral Resources and Reserves) is based on information compiled by Mr Nicholas Winer, who is a Member of the Australasian Institute of Mining and Metallurgy and who is a Consulting Geologist employed by Metminco on a part-time basis. Mr Winer has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Winer consents to the inclusion in the release of the matters based on the information he has compiled in the form and context in which it appears.

The Company is not aware of any new information or data that materially affects the information included in this release.

FORWARD LOOKING STATEMENTS This document contains forward looking statements concerning Metminco. Forwardlooking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on Metminco’s beliefs, opinions and estimates of Metminco as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forwardlooking 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 anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or undertaking, express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur.

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random	•Diamond drilling is carried out to produce HQ3 core.
techniques	chips, or specific specialised industry standard	•Following verification of the integrity of sealed core boxes and the core within
	measurement tools appropriate to the minerals under	them at the Metminco core shed in Quinchia, the core is ‘quick logged’ by a
	investigation, such as down hole gamma sondes, or	Project Geologist and marked for sampling. Following the marking of the cutting
	handheld XRF instruments, etc). These examples should	line and allocation of sample numbers, allowing for insertion of QA/QC samples,
	not be taken as limiting the broad meaning of sampling.	the core is cut by employees in the company’s facility within the core-shed.
	• Include reference to measures taken to ensure sample	•Nominally core is cut in half and sampled on 2m intervals, however the interval
	representivity and the appropriate calibration of any	may be reduced by the Project Geologist based on the visual ‘quick log’.
	measurement tools or systems used.	•Samples are bagged in numbered calico sacks and these placed in heavy duty
	• Aspects of the determination of mineralisation that are	plastic bags with the sample tag. Groups of 5 samples are bagged in a hessian
	Material to the Public Report.	sack, labelled and sealed, for transport.
	• In cases where ‘industry standard’ work has been done this	•Sample preparation is carried out by ALS Laboratory in Medellin where the
	would be relatively simple (eg ‘reverse circulation drilling	whole sample is crushed to -2mm and then 1kg split for pulverising to -
	was used to obtain 1 m samples from which 3 kg was	75micron.
	pulverised to produce a 30 g charge for fire assay’). In other	•Splits are then generated for fire assay (Au-AA26) and analyses for an
	cases more explanation may be required, such as where	additional 48 elements using multi-acid (four acid) digest with ICP finish (ME-
	there is coarse gold that has inherent sampling problems.	MS61) at ALS’s laboratory in Lima, Peru.
	Unusual commodities or mineralisation types (eg submarine
	nodules) may warrant disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer,	•The maiden drilling program at Chuscal is a diamond drilling program collecting
techniques	rotary air blast, auger, Bangka, sonic, etc) and details (eg	HQ3 diameter core along the length of the hole. In the case of operational
	core diameter, triple or standard tube, depth of diamond	necessity, this will be reduced to NQ core. Triple tubes are used to collect the
	tails, face-sampling bit or other type, whether core is	core and, where ground conditions permit, core orientation is conducted on a
	oriented and if so, by what method, etc).	regular basis.
Drill sample	• Method of recording and assessing core and chip sample	•The drillers are required to meet a minimum recover rate of +90%.
recovery	recoveries and results assessed.	•On site, the drill crew are responsible for labelling (wood spacer block) the
	• Measures taken to maximise sample recovery and ensure	beginning and end depth of each drill run plus actual and expected recovery in
	representative nature of the samples.	meters. This and other field processes are audited on a daily basis.
	• Whether a relationship exists between sample recovery and	•On receipt of the core boxes in the core shed facility at the Quinchia camp, the
	grade and whether sample bias may have occurred due to	coreisvisuallyverifiedfor inconsistenciesin labelling, degree of fracturing

11

Criteria	JORC Code explanation	Commentary	Commentary
	preferential loss/gain of fine/coarse material.		(core breakage versus natural), lithology progression, core orientation marks
			etc. If the core meets the required conditions a term of acceptance is signed.
		•	The Core is then cleaned, core pieces are orientated and joined, lengths and
			labelling are verified, and geotechnical observations made. The core box is
			then photographed.
		•	Orientated sections of core are aligned, and a geologic log prepared.
		•	Following logging, sample intervals are determined and marked up and the
			cutting line transferred to the core.
		•	Core quality is, in general high and far exceeding minimum recovery
			conditions.
Logging	• Whether core and chip samples have been geologically and	•	Logging is carried out visually by the Project Geologists focusing on lithology,
	geotechnically logged to a level of detail to support		structure, alteration and mineralization characteristics. Initially a ‘quick log’ is
	appropriate Mineral Resource estimation, mining studies		carried out to guide sampling and this is then followed by detailed logging. The
	and metallurgical studies.		level of logging is appropriate for exploration and initial resource estimation
	• Whether logging is qualitative or quantitative in nature. Core		evaluation.
	(or costean, channel, etc) photography.	•	All core is photographed following the initial verification on receipt of the core
	• The total length and percentage of the relevant intersections		boxes and then again after the ‘quick log’, cutting and sampling. Ie half core.
	logged.	•	All core is logged and sampled, nominally on 1m and 2m intervals respectively
			but in areas of interest more dense logging and sampling may be undertaken.
		•	On receipt of the multi-element geochemical data this is interpreted for
			consistency with the geologic logging.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all	•	After logging and definition of sample intervals by the geologist, the marked
techniques	core taken.		core is cut in half using a diamond saw in a specially designed facility on site. All
and sample	• If non-core, whether riffled, tube sampled, rotary split, etc		core is cut and sampled. The standard sample interval is 2m but may be varied
preparation	and whether sampled wet or dry.		by the geologist to reflect lithology, alteration or mineralization variations.
	• For all sample types, the nature, quality and	•	As appropriate, all half or quarter core generated for a specific sample interval is
	appropriateness of the sample preparation technique.		collected and bagged. The other half of the core remains in the core box as a
	• Quality control procedures adopted for all sub-sampling		physical archive.
	stages to maximise representivity of samples.	•	The large size (4-8kg) of individual samples and continuous sampling of the drill
	• Measures taken to ensure that the sampling is		hole, provides representative samples for exploration activities.
	representative of the in situ material collected, including for	•	Through the use of QA/QC sample procedure in this phase of drilling, any
	instance results for field duplicate/second-half sampling.		special sample preparation requirements eg due to unexpectedly coarse gold,
	• Whether sample sizes are appropriate to the grain size of		will be identified and addressed prior to the resource drilling phase.
	_the material being sampled. _
Quality of	• The nature, quality and appropriateness of the assaying and	•	All samples are prepared at the ALS Medellin facility using industry accepted
assay data	laboratory procedures used and whether the technique is		preparation procedures. Pulps for assay and analysis are sent to their facility in
and	considered partial or total.		LimaPeru.

12

Criteria	JORC Code explanation	Commentary	Commentary
laboratory	• For geophysical tools, spectrometers, handheld XRF	•	Gold assays are obtained using a lead collection fire assay technique (Au-
tests	instruments, etc, the parameters used in determining the		AA26) and analyses for an additional 48 elements using multi-acid (four acid)
	analysis including instrument make and model, reading		digest with ICP finish (ME-MS61) at ALS’s laboratory in Lima, Peru.
	times, calibrations factors applied and their derivation, etc.	•	Fire assay for gold is considered a “total” assay technique.
	• Nature of quality control procedures adopted (eg standards,	•	An acid (4 acid) digest is considered a total digestion technique. However, for
	blanks, duplicates, external laboratory checks) and whether		some resistant minerals, not considered of economic value at this time, the
	acceptable levels of accuracy (ie lack of bias) and precision		digestion may be partial e.g. Zr, Ti etc.
	have been established.	•	No field non-assay analysis instruments were used in the analyses reported.
		•	Metminco uses certified reference material, blank samples and field duplicates
			inserted into the sample sequence to verify both preparation and analytical
			quality.
		•	Results from the Metminco QAQC samples are reviewed by Metminco for
			indications of any significant analytical bias or preparation errors in analyses
			reported by the Laboratory.
		•	The Laboratory also carries out internal laboratory QAQC checks which are
			also reported and reviewed as part of the Metminco QAQC analysis. The
			geochemical data is only accepted where the analyses are performed within
			acceptable industry standard limits.
Verification of	• The verification of significant intersections by either	•	All digital data received is verified and validated by the Company’s Competent
sampling and	independent or alternative company personnel.		Person before loading into the assay database.
assaying	• The use of twinned holes.	•	Over limit gold or base metal samples are re-analysed using appropriate,
	• Documentation of primary data, data entry procedures, data		alternative analytical techniques. (Au-Grav22 50g and OG46).
	verification, data storage (physical and electronic) protocols.	•	Reported results are compiled by the Company’s geologists and verified by the
	• Discuss any adjustment to assay data.		Company’s database administrator and exploration manager.
		•	No adjustments to assay data were made.
Location of	• Accuracy and quality of surveys used to locate drill holes	•	The drill hole is located using a handheld GPS and Lider DTM. This has an
data points	(collar and down-hole surveys), trenches, mine workings		approximate accuracy of 3-5m which is considered sufficient at this stage of
	and other locations used in Mineral Resource estimation.		exploration.
	• Specification of the grid system used.	•	On completion of the drilling program, the collars of all holes will be surveyed
	• Quality and adequacy of topographic control.		using high precision survey equipment.
		•	Downhole deviations of the drill hole are evaluated on a regular basis and
			recorded in a drill hole survey file to allow plotting in 3D.
		•	The grid system is WGS84 UTM Z18N.
Data spacing	• Data spacing for reporting of Exploration Results.	•	The interpretation of surface mapping and sampling relies on correlating
and	• Whether the data spacing and distribution is sufficient to		isolated points of information that are influenced by factors such as weathering,
distribution	establish the degree of geological and grade continuity		accessibility and sample representativity. This impacts on the reliability of
	appropriate for the Mineral Resource and Ore Reserve		interpretations which are stronglyinfluenced bythe experience of thegeologic

13

Criteria	JORC Code explanation	Commentary	Commentary
	estimation procedure(s) and classifications applied.		team. Structures, lithologic and alteration boundaries based on surficial
	• Whether sample compositing has been applied.		information are interpretations based on the available data and will be refined as
			more data becomes available during the exploration program.
		•	It is only with drilling, that provides information in the third dimension, that the
			geologic model can be refined.
Orientation of	• Whether the orientation of sampling achieves unbiased	•	This is the first drilling program at Chuscal. To date the extent and reliability of
data in	sampling of possible structures and the extent to which this		geologic information is dependent largely on surface observations, which tend
relation to	is known, considering the deposit type.		to be localised and affected by weathering.
geological	• If the relationship between the drilling orientation and the	•	To date, two sets of veining have been identified being around 135° with steep
structure	orientation of key mineralised structures is considered to		dip to the SW and 090° with steep to moderate dip to the S.
	have introduced a sampling bias, this should be assessed	•	All drillholes are planned to best test the lithologies and structures as known,
	and reported if material.		taking into account that steep topography limits alternatives for locating holes.
		•	CHDH-001 is perpendicular to the first vein set and oblique to the second.
			CHDH-002 is oblique to the first and perpendicular to the second.
Sample	• The measures taken to ensure sample security.	•	All core boxes are nailed closed and sealed at the drill platform.
security		•	On receipt at the Quinchia core shed the core boxes are examined for integrity.
			If there are no signs of damage or violation of the boxes, they are opened and
			the core is evaluated for consistency and integrity. Only then is receipt of the
			core formally signed off.
		•	The core shed and all core boxes, samples and pulps are secured in a closed
			Company facility at Quinchia secured by armed guard on a 24/7 basis.
		•	Each batch of samples are transferred in a locked vehicle and driven 165 km to
			ALS laboratories for sample preparation in Medellin. The transfer is
			accompanied by a company employee.
Audits or	• The results of any audits or reviews of sampling techniques	•	n/a at this stage
reviews	and data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership	•The Farm-in and JV agreement with AngloGold Ashanti Colombia SA (AGAC)
tenement and	including agreements or material issues with third parties	includes three granted Exploration Titles with AGAC as current beneficial
land tenure	such as joint ventures, partnerships, overriding royalties,	owner.
status	native title interests, historical sites, wilderness or national	•The Exploration Titles were validly issued as Concession Agreements pursuant

14

Criteria	JORC Code explanation	Commentary
	park and environmental settings.	to the Mining Code.
	• The security of the tenure held at the time of reporting along	•The Concession Agreement grants its holders the exclusive right to explore for
	with any known impediments to obtaining a licence to	and exploit all mineral substances on the parcel of land covered by such
	operate in the area.	concession agreement.
		•There are no outstanding encumbrances or charges registered against the
		Exploration Title at the National Registry.
Exploration	• Acknowledgment and appraisal of exploration by other	•The first prospecting work that refers to the Chuscal prospect was recorded in
done by other	parties.	1986 by the author Michael GA Hill who reported an average of 4ppm to 5ppm
parties		gold in the sector "Loma El Guerrero", which today is known as Chuscal Alto.
		There was no detailed geological description or geological map produced. The
		effects of hydrothermal brecciation in dioritic intrusive rocks was noted.
		•In 1995, a Canadian TVX listed company, Minera de Colombia S.A., conducted
		a study in the Quinchia district, focusing on the prospects known at the time
		(Miraflores, La Cumbre, Chuscal and a locality that today is Tesorito). For the
		Chuscal area, three locations with gold mineralization being worked by artisanal
		miners were described, which comprise quartz+limonite veins within pyritic
		argillic alteration zones.
		•AGAC commissioned a brief reconnaissance survey in 2004 from which their
		geologist reported the types of alteration and mineralization were similar to
		AGAC’s model of “Gold-Rich Porphyry Deposits”.
		•AGAC conducted another prospect assessment in March 2005 from which it
		was reported that artisanal miners were working auriferous quartz-pyrite
		stockwork veins, some within porphyritic andesites, that had intruded into the
		Ira Monzonite. The mineralized veins had a strong structural control trending
		NW-SE.
		•AGAC commissioned various reconnaissance exploration campaigns from
		2005 to 2006 principally focusing on the assessment of the geology exposed in
		the shallow underground openings being developed by artisanal miners.
		•In 2012, Seafield undertook a grid-based C-horizon soil geochemical survey
		and conducted underground rock-chip channel sampling over the Chuscal area
		and within the Guayacanes artisanal workings respectively.
		•In 2013, AGAC commissioned a systematic saprolite and rock-chip sampling
		and mapping program from which it was concluded that the mineralization at
		Chuscal had both porphyry (Au-Cu-Mo) and epithermal (AS-Sb) affinities, with
		phyllic alteration overprinting earlier potassic alteration of porphyritic rocks that
		had intruded an older Monzonite.
		•In 2015, AGAC conducted additional mapping, saprolite and rock-chip sampling
		detailing the area previouslymapped and sampled.

15

Criteria	JORC Code explanation	Commentary
		•In 2019, on completion of the JV Agreement with AGAC, Metminco compiled all
		available historical data with the AGAC database and carried out a detailed re-
		interpretation of the integrated geochemistry and geophysical data generating
		an exploration model used to propose the current drilling program.
Geology	• Deposit type, geological setting and style of mineralisation.	•The Chuscal gold zone is associated with two diorite stocks probably of
		Miocene age, that have intruded into the large, Cretaceous-age Irra Monzonite.
		At Chuscal the formation and emplacement of the stocks generated a
		significant gold rich hydrothermal event, that together produced a NW
		orientated, 900m by 500m zone (+100ppb Au in soils) within which anomalous
		rock samples have been collected by AGAC (refer Figure 2 in MNC ASX
		release dated 6 December 2018). The rock chip sampling defined a Central
		Zone of 600m by 240m (183 samples) where the average grade of samples is
		2.66g/t Au (uncut) or 1.94g/t Au (cut2). This is incorporated within a broader
		area (Main Zone) of 900m by 530m (289 samples) where the average grade of
		samples is 1.79g/t Au (uncut) or 1.33g/t Au (cut2).
		• Note2: The cut samples were capped at 20g/t Au which affected 6
		samples including one assaying 54 g/t Au. In neither case was a lower cut
		applied. For the Central & Main zones respectively, the average includes
		53 and 115 samples at <0.2g/t.
		•The underground artisanal workings occur within the Central Zone, at a depth
		of approximately 70m below the ridge, indicating the continuation of
		mineralisation at shallow depths. The multi-element rock-chip underground
		channel sample results indicate two dominant styles of mineralization. A
		probable early-stage stockwork-disseminated porphyry-style mineralization and
		a late stage high grade vein style (possible epithermal overprint). The porphyry-
		style returned average grades of 1.5 g/t Au and the epithermal-style veins
		average 8 g/t Au (cut3).
		• Note3: The cut underground rock-chip channel samples were capped at
		20 g/t Au.
		•The soil and rock chip anomalies remain open to the north.
Drill hole	• A summary of all information material to the understanding	•This declaration covers the start of the maiden drill program at Chuscal.
Information	of the exploration results including a tabulation of the following information for all Material drill holes:	Hole Easting Northing RL (m) Azimuth Dip EOH
	o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea	CHDDH001 423456 582685 1310 060º -60º 452m
	level in metres) of the drill hole collar	CHDDH002 423564 582609 1260 345º -60º 412m
	o dip and azimuth of the hole
	o down hole length and interception depth

16

Criteria	JORC Code explanation	Commentary
	o hole length.	CHDDH003 423425 583071	1226 216º	-50º 400m est.
	• If the exclusion of this information is justified on the basis
	that the information is not Material and this exclusion does
	not detract from the understanding of the report, the
	Competent Person should clearly explain why this is the
	_case. _
Data	• In reporting Exploration Results, weighting averaging	•The summary metrics for the underground rock-chip channel sample results
aggregation	techniques, maximum and/or minimum grade truncations (eg	have been averaged and reported as	cut values. These have been previously
methods	cutting of high grades) and cut-off grades are usually	reported to ASX.
	Material and should be stated.	•No metal equivalent values have been stated.
	• Where aggregate intercepts incorporate short lengths of high
	grade results and longer lengths of low grade results, the
	procedure used for such aggregation should be stated and
	some typical examples of such aggregations should be
	shown in detail.
	• The assumptions used for any reporting of metal equivalent
	_values should be clearly stated. _
Relationship	• These relationships are particularly important in the reporting	•The results reported in this announcement are considered to be of an early
between	of Exploration Results.	stage in the exploration of the project.
mineralisation	• If the geometry of the mineralisation with respect to the drill	•Mineralisation geometry is not accurately known as the exact number,
widths and	hole angle is known, its nature should be reported.	orientation and extent of mineralised structures are not yet determined.
intercept lengths	• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg
	_‘down hole length, true width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations	•Geological map showing the location of CHDH-001, 002 & 003 and key
	of intercepts should be included for any significant discovery	exploration results over the Chuscal Prospect are shown		in Figure 2 within the
	being reported These should include, but not be limited to a	main body of this announcement.
	plan view of drill hole collar locations and appropriate
	_sectional views. _
Balanced	• Where comprehensive reporting of all Exploration Results is	•n/a
reporting	not practicable, representative reporting of both low and high
	grades and/or widths should be practiced to avoid
	_misleading reporting of Exploration Results. _
Other	• Other exploration data, if meaningful and material, should be	•Figure 1 of the press release of 30thOctober 2019, presents an image of the
substantive	reported including (but not limited to): geological	analytical signal from the ground magnetic survey recently completed. The
exploration	observations; geophysical survey results; geochemical	image reflects the susceptibility variations mentioned in this press release at the
data	survey results; bulk samples – size and method of treatment;	RL level of 1,150m (approximately 170m beneath the drill hole collar). No other
	metallurgical test results; bulk density, groundwater,	exploration data that is considered meaningful and material has been omitted
	geotechnical and rock characteristics; potential deleterious

17

Criteria	JORC Code explanation	Commentary
	or contaminating substances.	from this report.
Further work	• The nature and scale of planned further work (eg tests for	•The preliminary drill program consists of approximately 2,400m in 6 to 8 holes
	lateral extensions or depth extensions or large-scale step-	to evaluate the geology, alteration and mineralization styles along the Chuscal
	out drilling).	trend. As a maiden drill program, the project information obtained during the
	• Diagrams clearly highlighting the areas of possible	drilling will be used to refine the Exploration Model providing a more resilient
	extensions, including the main geological interpretations and	base for decision making.
	future drilling areas, provided this information is not	•The objective of the program is to provide a guide to the mineralization potential
	commercially sensitive.	of the system, both in terms of potential grade and volume, to guide resource
		targeted drilling in a second phase drilling program.

18