Independent Technical Report on the Maligonga-East Gold Project

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BIRIMA GOLD RESOURCES CONSULTING

S09/Hann Mariste II - Dakar Senegal N.I.N.E.A 007 054 521 - Register No SN DKR 2018 A 27289 Tel +221 77 722 2295, Dakar, Senegal. +226 625 87 3748, Conakry, Guinea Email. [email protected] / [email protected]

INDEPENDENT TECHNICAL REPORT FOR THE MALIGONGA EAST GOLD PROJECT

Kéniéba –Mali West – West Africa

PREPARED FOR

WARABA GOLD LIMITED

Suite 1080, 789 West Pender Street Vancouver, BC, Canada V6C 1H2

BIRIMA GOLD RESOURCES CONSULTING

- Report for NI 43 101

Qualified Person:

Olufemi Ajayi (MAIG)

Effective Date: 18[th] November, 2022

Independent Technical Report on the Maligonga-East Gold Project

QUALIFIED PERSON DECLARATION

I, Olufemi Ajayi, in the capacity of Qualified Person of this NI43-101 Technical Report, do hereby certify that:

To the best of my Knowledge, information and belief, the Report contains all scientific
and technical information required to to be disclosed to make the report not misleading.
The facts presented in this report are correct to the best of my knowledge.
The analyses and conclussions are limited only by the reported forecasts and conditions
I have no present or prospective interest in the subject property or asset.
My compensation, employment or contractual relationship with the Commissioning

Entity is not contingent on any aspect of the Report.

I have no bias with respect to the assets that are the subject of the Report or the parties involved with the assignment.

Yours Faithfully

/S/ Signed and Sealed Olufemi Ajayi

Olufemi Ajayi

MAIG (Membership Number 7790) Consulting Geologist for BGR-Consult BSc. Geology, Federal University of Technology, Minna, Nigeria Tel +2348033668482, +2348086854753 Email. [email protected]

Independent Technical Report on the Maligonga-East Gold Project

Page

1.	SUMMARY	1
1.1.	EXECUTIVE SUMMARY	1
1.2.	CONCLUSIONS	3
1.3.	RECOMMENDATIONS	4
1.3.1.	DRILLING	5
1.3.1.1.	Recommended Phase I Drilling Program	5
a.	RC Drilling Program	5
b.	Air Core drilling	5
1.3.1.2.	Recommended Phase II Drilling Program	6
1.3.2.	RECOMMENDED BUDGET	8
1.4.	TECHNICAL SUMMARY	9
1.4.1.	PROPERTY LOCATION	9
1.4.2.	PROPERTY DESCRIPTION AND LAND TENURE	9
1.4.3.	REGIONAL GEOLOGY	10
1.4.4.	PROPERTY GEOLOGY	11
1.4.5.	STRUCTURES	11
1.4.6.	MINERALIZATION	13
1.4.7.	EXPLORATION HISTORY	14
1.4.7.1.	Exploration Programs Completed by BRGM between 1987 and 1992	14
1.4.7.2.	Exploration Programs Completed by Ressources Robex Inc. between 2005 and 2007	14
1.4.7.3.	Exploration Programs Completed by Cluff Gold Plc. 2012	14
1.4.7.4.	Exploration Programs Completed by Fokolore from 2015 to 2018	15
2.	INTRODUCTION	17
2.1	Preparation	17
2.2	Purpose of the Report	17
2.3	Source of Information and Data	17
3.	RELIANCE UPON OTHER EXPERTS	19
4.	PROPRIETY DESCRIPTION AND LOCATION	20
4.1	Location	20
4.2	Property Description and Ownership, Ownership Obligations. Government Participation, Royalties	and
	Encumbrances	20
4.2.1	Exploration Permit	24
4.3	Environmental Liabilities	26
4.4	Other significant factors and risks	26
5.	ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURES AND
	PHYSIOGRAPHY	27
5.1	Accessibility	27
5.2	Climate	27
5.3	Local Resources	28
5.4	Infrastructure	30
5.5	Physiography	30
6.	HISTORY	33
6.1	Summary of the gold exploration history in the Maligonga-east permit from 1992 to 2022	33
6.2	Exploration Programs Completed by BRGM (1987 - 1992)	35
6.2.1	Soil sampling geochemical survey in 1987	35
6.2.2.	Trenches Completed by BRGM in 1992	37

Independent Technical Report on the Maligonga-East Gold Project

6.3 Exploration Programs Completed by Ressources Robex Inc. (between 2005 and 2006 6.3.1. Exploration programs completed from September 2005 to September 2006 6.3.1.1. Geomorphology / regolith 6.3.1.2. Pits sampling 6.3.2. Exploration programs completed from September 2006 to September 2007 6.3.2.1. Geophysical surveys 6.3.2.2. Drilling 6.3.2.2.1. Conclusion 6.4 Exploration Programs Completed by Cluff Gold Plc in 2012 6.4.1. Follow-up termite mounds geochemical survey 6.4.2. Results of the Follow-up geochemical survey 6.4.3. Geophysical Survey 6.4.3.1. Gradient Array 6.4.3.2. Gradient Resistivity 6.4.3.3. Gradient Chargeability 6.4.3.4. Gradient Interpretation maps 6.4.4. RC Drilling Program 6.5 Exploration Programs Completed by Fokolore from 2016 to 2018 6.5.1. Exploration Programs Completed by Fokolore in 2016 6.5.1.1. Geological and structural mapping of the Mamadouya gold anomaly 6.5.1.2. Auger Drilling Program 6.5.1.3. Gold panning 6.5.1.4. Rock chips sampling 6.5.1.5. Conclusions 6.5.2. Exploration Programs Completed by Fokolore in 2017 6.5.3. Exploration Programs Completed by Fokolore in 2018 6.6. . Historical drillingdescriptions 6.6.1. . Reverse cCirculation (RC) Drilling 6.6.2. Folkolore Auger drilling 6.6.3. Drilling Quality 6.6.4. RC and Auger Drill Hole Logging 6.6.5. Logging Quality 7. GEOLOGICAL SETTING AND MINERALISATION 7.1 REGIONAL GEOLOGICAL AND STRUCTURAL SETTING 7.1.1. Geology of the Birimian of West Africa 7.1.2. Lithostratigraphy of the Kedougou-Kenieba Inlier (KKI) 7.1.2.1. The Mako Volcanic Belt (MVB) 7.1.2.2. The Dialé-Daléma series 7.1.2.3. The Falémé Volcanic Belt 7.1.2.4. The Kofi Series 7.1.3. Structural Setting of the Kedougou-Kenieba Inlier 7.1.4. Metamorphism of the Kedougou-Kenieba Inlier 7.1.5. Regional Surficial Geology of the Kedougou-Kenieba Inlier 7.2 Permit Geological and Structural Setting 7.3 GOLD MINERALISATION 8. DEPOSIT TYPES 9. EXPLORATION 9.1 Exploration Programs Completed by Waraba Gold Limited in 2021 9.1.1. Compilation and interpretation of existing termite mound and soil geochemistry data 9.1.2. Geomorphology / Regolith Mapping 9.1.2.1. High Laterite plateau	6.3 Exploration Programs Completed by Ressources Robex Inc. (between 2005 and 2006 6.3.1. Exploration programs completed from September 2005 to September 2006 6.3.1.1. Geomorphology / regolith 6.3.1.2. Pits sampling 6.3.2. Exploration programs completed from September 2006 to September 2007 6.3.2.1. Geophysical surveys 6.3.2.2. Drilling 6.3.2.2.1. Conclusion 6.4 Exploration Programs Completed by Cluff Gold Plc in 2012 6.4.1. Follow-up termite mounds geochemical survey 6.4.2. Results of the Follow-up geochemical survey 6.4.3. Geophysical Survey 6.4.3.1. Gradient Array 6.4.3.2. Gradient Resistivity 6.4.3.3. Gradient Chargeability 6.4.3.4. Gradient Interpretation maps 6.4.4. RC Drilling Program 6.5 Exploration Programs Completed by Fokolore from 2016 to 2018 6.5.1. Exploration Programs Completed by Fokolore in 2016 6.5.1.1. Geological and structural mapping of the Mamadouya gold anomaly 6.5.1.2. Auger Drilling Program 6.5.1.3. Gold panning 6.5.1.4. Rock chips sampling 6.5.1.5. Conclusions 6.5.2. Exploration Programs Completed by Fokolore in 2017 6.5.3. Exploration Programs Completed by Fokolore in 2018 6.6. . Historical drillingdescriptions 6.6.1. . Reverse cCirculation (RC) Drilling 6.6.2. Folkolore Auger drilling 6.6.3. Drilling Quality 6.6.4. RC and Auger Drill Hole Logging 6.6.5. Logging Quality 7. GEOLOGICAL SETTING AND MINERALISATION 7.1 REGIONAL GEOLOGICAL AND STRUCTURAL SETTING 7.1.1. Geology of the Birimian of West Africa 7.1.2. Lithostratigraphy of the Kedougou-Kenieba Inlier (KKI) 7.1.2.1. The Mako Volcanic Belt (MVB) 7.1.2.2. The Dialé-Daléma series 7.1.2.3. The Falémé Volcanic Belt 7.1.2.4. The Kofi Series 7.1.3. Structural Setting of the Kedougou-Kenieba Inlier 7.1.4. Metamorphism of the Kedougou-Kenieba Inlier 7.1.5. Regional Surficial Geology of the Kedougou-Kenieba Inlier 7.2 Permit Geological and Structural Setting 7.3 GOLD MINERALISATION 8. DEPOSIT TYPES 9. EXPLORATION 9.1 Exploration Programs Completed by Waraba Gold Limited in 2021 9.1.1. Compilation and interpretation of existing termite mound and soil geochemistry data 9.1.2. Geomorphology / Regolith Mapping 9.1.2.1. High Laterite plateau	6.3 Exploration Programs Completed by Ressources Robex Inc. (between 2005 and 2006 6.3.1. Exploration programs completed from September 2005 to September 2006 6.3.1.1. Geomorphology / regolith 6.3.1.2. Pits sampling 6.3.2. Exploration programs completed from September 2006 to September 2007 6.3.2.1. Geophysical surveys 6.3.2.2. Drilling 6.3.2.2.1. Conclusion 6.4 Exploration Programs Completed by Cluff Gold Plc in 2012 6.4.1. Follow-up termite mounds geochemical survey 6.4.2. Results of the Follow-up geochemical survey 6.4.3. Geophysical Survey 6.4.3.1. Gradient Array 6.4.3.2. Gradient Resistivity 6.4.3.3. Gradient Chargeability 6.4.3.4. Gradient Interpretation maps 6.4.4. RC Drilling Program 6.5 Exploration Programs Completed by Fokolore from 2016 to 2018 6.5.1. Exploration Programs Completed by Fokolore in 2016 6.5.1.1. Geological and structural mapping of the Mamadouya gold anomaly 6.5.1.2. Auger Drilling Program 6.5.1.3. Gold panning 6.5.1.4. Rock chips sampling 6.5.1.5. Conclusions 6.5.2. Exploration Programs Completed by Fokolore in 2017 6.5.3. Exploration Programs Completed by Fokolore in 2018 6.6. . Historical drillingdescriptions 6.6.1. . Reverse cCirculation (RC) Drilling 6.6.2. Folkolore Auger drilling 6.6.3. Drilling Quality 6.6.4. RC and Auger Drill Hole Logging 6.6.5. Logging Quality 7. GEOLOGICAL SETTING AND MINERALISATION 7.1 REGIONAL GEOLOGICAL AND STRUCTURAL SETTING 7.1.1. Geology of the Birimian of West Africa 7.1.2. Lithostratigraphy of the Kedougou-Kenieba Inlier (KKI) 7.1.2.1. The Mako Volcanic Belt (MVB) 7.1.2.2. The Dialé-Daléma series 7.1.2.3. The Falémé Volcanic Belt 7.1.2.4. The Kofi Series 7.1.3. Structural Setting of the Kedougou-Kenieba Inlier 7.1.4. Metamorphism of the Kedougou-Kenieba Inlier 7.1.5. Regional Surficial Geology of the Kedougou-Kenieba Inlier 7.2 Permit Geological and Structural Setting 7.3 GOLD MINERALISATION 8. DEPOSIT TYPES 9. EXPLORATION 9.1 Exploration Programs Completed by Waraba Gold Limited in 2021 9.1.1. Compilation and interpretation of existing termite mound and soil geochemistry data 9.1.2. Geomorphology / Regolith Mapping 9.1.2.1. High Laterite plateau	) 38 38 38 40 40 40 42 45 45 45 45 46 48 48 48 48 53 61 61 61 64 66 67 69 69 70 78 78 78 79 79 80 81 81 81 83 83 85 85 85 86 86 86 87 89 91 92 92 92 93 93

Independent Technical Report on the Maligonga-East Gold Project

9.1.2.2. Low Laterite plateau 9.1.2.3. Erosional regime 9.1.2.4. Depositional regime of alluvium and colluvium 9.1.3. Lithogeochemical sampling 9.1.4. Geological and structural mapping 9.1.4.1. Quartz veins in shear 9.1.4.2. Stereographic representation of structures a) Stratification b) Lithological contact c) Schistosity-foliation 9.1.4.3. Fault description a. Reverse faults b. The overlap faults c. Vertical to subvertical faults d. Transforming faults (detachment) e. Fish breach f. Diaclases 9.1.4.4. Interpreted geological and structural sections of the northern part of Mamoudouya 9.1.4.5. Structural interpretation of the gold mineralization 9.1.6. Airborne Geophysical survey completed in 2021 by Waraba Gold Limited 9.1.6.1. Survey Description 9.1.6.2. Survey specifications 9.1.6.3. Magnetic data 9.1.6.4. Radiometric data 9.1.6.5. Altimeter 9.1.6.6. Results of the Survey a. Total field gradient enhanced magnetics b. First vertical derivative magnetics c. Reduced to pole magnetic d. Analytic signal e. Digital terrain model f. Final radiometric data 9.1.6.7. Structural interpretation by Waraba Gold 9.2 Exploration Programs Completed by Waraba Gold Limited in 2022 10. DRILLING 11. SAMPLING PREPARATION ANALYSIS AND SECURITY 11.1. RC Sampling 11.2. Auger Sampling 11.3. Sample Recovery 11.4. Analytical Laboratories 11.5. QA/QC Procedures 11.6. QA/QC Program Quality Control Procedures 11.7. Sample Preparation and Analytical Procedures by SGS 11.8 Cluff sampling quality assurance and quality control (QA/QC) 18.8.1. Cluff RC drilling Quality Assurance and Quality Control 11.8.1.1. Cluff RC drilling Standard Samples a. Cluff Standard Std OXL93 Control Chart b. Cluff Standard Std Si42 Control Chart c. Cluff Standard Std SI54 Control Chart d. Cluff Standard Std OXN92 Control Chart e. Cluff Standard Std SL51 Control Chart


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PREPARATION ANALYSIS AND SECURITY







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Independent Technical Report on the Maligonga-East Gold Project

f.	Cluff Standard Std Oxl78 Control Chart	134
g.	Cluff Standard Std Oxj80 Control Chart	135
h.	Cluff Standard Std Oxj68 Control Chart	135
i.	Cluff Standard Std OxA89 Control Chart	135
11.8.1.2.	Cluff RC drilling Duplicates Sample	136
11.8.1.3.	Cluff RC drilling Blank Samples	136
11.8.2.	Cluff Termite Mounds Sample Quality Assurance and Quality Control (QA/QC)	137
11.8.2.1.	Cluff Soil Standard	137
a.	Cluff Standard Std SI42 Control Chart	137
b.	Cluff Standard Std oxc88 Control Chart	138
11.8.2.2.	Cluff termite mounds Blank Samples	139
11.8.2.3.	Cluff termite mounds Duplicate Samples	139
11.9	Fokolore sampling Quality Assurance and Quality Control (QA/QC)	140
11.9.1.	Fokolore RC sampling Quality Assurance and Quality Control	140
11.9.1.1.	Fokolore RC Sample Standards	140
a.	Fokolore Standard SP 5828 Control Chart	141
b.	Fokolore Standard SP 2335 Control Chart	141
c.	Fokolore Standard SP 0607 Control Chart	142
d.	Fokolore Standard SP 0599 Control Chart	142
11.9.1.2.	Fokolore RC Sample Duplicates	142
11.9.1.3.	Fokolore RC Sample Blanks	143
11.9.2.	Fokolore Auger Sample sampling quality assurance and quality control	144
11.9.2.1.	Fokolore Auger Drill Sample Standards	144
a.	Fokolore Standard STD 2,65 Control Chart	144
b.	Fokolore Standard SP 0,6 Control Chart	145
11.9.2.2.	Fokolore Auger Drill Sample Duplicates	146
12.	DATA VERIFICATION	147
12.1.	Site Visit Activities	148
13.	MINERAL PROCESSING ET METALLURGICAL TESTING	153
14.	MINERAL RESOURCE ESTIMATES	153
15.	MINERAL RESERVE ESTIMATES	153
16.	MIMING METHOD	153
17.	RECOVERY METHOD	153
18.	PROJECT INFRASTRUCTURE	153
19.	MARKET STUDIES ET CONTRACTS	153
20.	ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACTS153
21.	CAPITAL AND OPERATING COST	153
22.	ECONOMIC ANALYSIS	153
23.	ADJACENT PROPRITIES	154
23.1.	Siribaya and Diakha Gold Deposits	155
23.1.1.	Siribaya Gold Deposit	155
23.1.2.	Diakha Gold Deposit	155
24.	OTHER RELEVANT DATA AND INFORMATION	156
25.	INTERPRETATION AND CONCLUSSIONS	158
25.1.	Geological and structural interpretation of the Mamadouya Gold Mineralization	158
25.2.	Regional Overview: Geological and Structural Evolution of the Mamadouya Gold Mineralization173

Independent Technical Report on the Maligonga-East Gold Project

25.2.1. Basin Formation 25.2.2. The first Deformation D1 25.2.3. The second Deformation D2 25.2.4. Mesozoic tectonism and dolerite intrusion 25.2.5. Late faulting 25.2.6. Origin of the mineralizing fluids 25.3. Conclussions 26. RECOMMENDATIONS 26.1. DRILLING 26.1.1. Recommended Phase I Drilling Program 26.1.2. Recommended Phase II RC and Diamond (DD) Drilling Program 26.2. RECOMMENDED BUDGET 27. REFERENCES 28. DATE AND SIGNATURE PAGE 29. CERTIFICATE OF QUALIFIED PERSON 30. APPENDIX Figures	25.2.1. Basin Formation 25.2.2. The first Deformation D1 25.2.3. The second Deformation D2 25.2.4. Mesozoic tectonism and dolerite intrusion 25.2.5. Late faulting 25.2.6. Origin of the mineralizing fluids 25.3. Conclussions 26. RECOMMENDATIONS 26.1. DRILLING 26.1.1. Recommended Phase I Drilling Program 26.1.2. Recommended Phase II RC and Diamond (DD) Drilling Program 26.2. RECOMMENDED BUDGET 27. REFERENCES 28. DATE AND SIGNATURE PAGE 29. CERTIFICATE OF QUALIFIED PERSON 30. APPENDIX Figures	25.2.1. Basin Formation 25.2.2. The first Deformation D1 25.2.3. The second Deformation D2 25.2.4. Mesozoic tectonism and dolerite intrusion 25.2.5. Late faulting 25.2.6. Origin of the mineralizing fluids 25.3. Conclussions 26. RECOMMENDATIONS 26.1. DRILLING 26.1.1. Recommended Phase I Drilling Program 26.1.2. Recommended Phase II RC and Diamond (DD) Drilling Program 26.2. RECOMMENDED BUDGET 27. REFERENCES 28. DATE AND SIGNATURE PAGE 29. CERTIFICATE OF QUALIFIED PERSON 30. APPENDIX Figures	25.2.1. Basin Formation 25.2.2. The first Deformation D1 25.2.3. The second Deformation D2 25.2.4. Mesozoic tectonism and dolerite intrusion 25.2.5. Late faulting 25.2.6. Origin of the mineralizing fluids 25.3. Conclussions 26. RECOMMENDATIONS 26.1. DRILLING 26.1.1. Recommended Phase I Drilling Program 26.1.2. Recommended Phase II RC and Diamond (DD) Drilling Program 26.2. RECOMMENDED BUDGET 27. REFERENCES 28. DATE AND SIGNATURE PAGE 29. CERTIFICATE OF QUALIFIED PERSON 30. APPENDIX Figures	173 173 173 175 175 175 177 179 179




	mineralizing fluids



		Program Diamond (DD) Drilling Program		179
				180 182 183 185 186



			PERSON
				187

Figure 1.1: Recommended Phase I RC drill program in Mamadouya gold Mineralization 6 Figure 1.2: Long section view of the recommended Phase I RC drill program in Mamoudouya gold Mineralization7 Figure 1.3: Recommended Phase II drill program in Kabafing prospect 7 Figure 1.4: Location of the Maligonga-East gold property in southwest Mali, West Africa 9 Figure 1.5: Regional geology map of the KKI showing the location of the Maligonga-East gold project 10 Figure 1.6.: Interpreted Geological and Structural Map of the Mamadouya Gold Mineralization 13 Figure 4.1: Location of the Maligonga-East gold property in southwest Mali, West Africa 20 Figure 4.2: Maligonga East Permit (White outline) in Southwest Mali and exisiting mines and advanced projects21 Figure 4.3: Maligonga-East “Permit de Recherche Minière” (black outline) as displayed in the Mining Cadastral 26 Figure 5.1: Main Access Road from Bamako to the Maligonga-East Gold Project 27 Figure 5.2: Average monthly temperatures and Average yearly precipitation at Kenieba, Mali 28 Figure 5.3: Typical artisanal mining area over the Maligonga East property (Photo taken during September 2021, site visit 29 Figure 5.4: Summary of project physiography 31 Figure 5.5: Typical vegetation within the Malogonga East permit (Photo taken during September 2021, site visit32 Figure 6.1.: Regional soil geochemical sampling within the Maligonga-East permit in 1987 36 Figure 6.2: Regional soil geochemical sampling results within the Maligonga-East permit in 1987 36 Figure 6.3: Location of the trenches completed by BRGM in the Maligonga-East permit in 1992 37 Figure 6.4: Geomorphological and regolith mapping and soil sampling survey of the Wili Wili Permit 39 Figure 6.5.: Geophysical IP resistivity survey on the Mamadouya zone by Robex from 2006 to 2007 41 Figure 6.6: Location map of the RC Drill holes completed by Robex in the Mamadouya zone in 2007 43 Figure 6.7: Cross-section L1 of the RC Drill holes completed by Robex in the Mamadouya zone in 2007 43 Figure 6.8: Cross-section L2 of the RC Drill holes completed by Robex in the Mamadouya zone in 2007 44 Figure 6.9: Geophysical IP resistivity survey on the Mamadouya zone showing trenches and drilling location44 Figure 6.10: Follow-up termite mounds geochemical survey within the Maligonga-East permit in 2012 45 Figure 6.11: Follow-up termite mounds geochemical results within the Maligonga-East permit in 2012 46 Figure 6.12: Sitemap - Aera of investigation. 47 Figure 6.13: Gradient Chargeability Interpretation Map showing geological and structural elements 49 Figure 6.14: Interpreted structures from the Gradient Survey-Apparent resistivity 50 Figure 6.15: Gradient Survey-Apparent resistivity Map showing structural elements 51 Figure 6.16: IP Map showing structural elements 52 Figure 6.17: Location of the RC drill holes completed by Cluff in the Mamadouya zone in 2012 53 Figure 6.18: Geological Cross-section of Cluff RC Drill holes Line 1378 450N 55 Figure 6.19: Geological Cross-section of Cluff RC Drill holes Line 1378 350N 55

Independent Technical Report on the Maligonga-East Gold Project

Figure 6.20: Geological Cross-section of Cluff RC Drill holes Line 1378 250N Figure 6.21: Geological Cross-section of Cluff RC Drill holes Line 1378 150N Figure 6.22: Geological Cross-section of Cluff RC Drill holes Line 1378 050N Figure 6.23: Geological Cross-section of Cluff RC Drill holes Line 1377 950N Figure 6.24: Geological Cross-section of Cluff RC Drill holes Line 1377 850N Figure 6.25: Geological Cross-section of Cluff RC Drill holes Line 1377 750N Figure 6.26: Geological Cross-section of Cluff RC Drill holes Line 1377 650N Figure 6.27: Geological Cross-section of Cluff RC Drill holes Line 1377 550N Figure 6.28: Geological Cross-section of Cluff RC Drill holes Line 1377 450N Figure 6.29: Geological Cross-section of Cluff RC Drill holes Line 1377 350N Figure 6.30: Geological Cross-section of Cluff RC Drill holes Line 1377 250N Figure 6.31: Location Map of the RC Drill Line in the Mamadouya target Figure 6.32: Geological and structural map of the Mamadouya target of the Maligonga-East permit Figure 6.33: Correlation between RC anomaly, conductive, resistive and magnetic zones Figure 6.34: Location Map of the Auger Drill holes completed by Fokolore in the Mamadouya target in 2016 Figure 6.35: Grabs sampling results on the Maligonga-East permit Figure 6.36: Interpretation by Fokolore of the gold mineralization intercepted in RC drill holes Figure 6.37: Location map of the RC Drill holes completed by Fokolore at Mamadouya in 2018 Figure 6.38: Best results in the northern portion of the permit Figure 6.39: Location map and the best results of the Fokolore RC drilling program Figure 6.40: Best results in the southern portion of the permit (Section 1377407N (EW) Figure 6.41: Map showing the location and the best results of the Fokolore RC drilling program Figure 6.42: Map showing the gold contours interpreted from the Fokolore and Cluff RC drilling Figure 6.43: One meter interval dcreened chips for logging. Figure 7.1: Geological Map of the West African Shield showing Maligonga East Permit Figure 7.2: Simplified geological map of West African craton showing settings of main gold deposits Figure 7.3: Geological and structural map of the Kedougou-Kenieba Inliers showing Maligonga East Permit Figure 7.4: Geological map of the Maligonga-East permit showing the main lithological units Figure 7.5: Geological and structural section of the Mamadouya gold mineralization Figure 7.6: Interpreted geological and structural Map of the Mamadouya Gold mineralization Figure 9.1: Overlay of the geochemical values greater than 25 ppb with the structural lineaments Figure 9.2: Regolith map of the Maligonga-East Permit showing the main regolith units Figure 9.3: Interpreted geological and structural map of the Mamadouya Prospect Figure 9.4: Interpreted geology and structural map of the Maligonga-East permit Figure 9.5: Profile of the stereonet of all pole: bedding, contact, foliation and shear at Mamoudouya Figure 9.6: Pink diagram of all the faults in Mamoudouya Figure 9.7: Granodiorite – Metasedimentary contact, brecciatedfault, fish and shear structures Figure 9.8: Geological cross section in target 1 north of Mamoudouya Figure 9.9: Geological cross section in target 1 north of Mamoudouya Figure 9.10 Geological cross section in target 1 north of Mamoudouya Figure 9.11: Interpreted geological and structural map of the Mamadouya Prospect showing the main Figure 9.12. Digital terrain model and horizontal gradient of the digital terrain model of the Maligonga permi Figure 9.13: Helicomag survey grid lines over the Maligonka gold permit Figure 9.14: Gradient enhanced magnetics Figure 9.15: Magnetic derivative first vertical Figure 9.16: Reduced to pole magnetics Figure 9.17: Analytic signal Figure 9.18: Computed Digital Terrain Model Figure 9.19: Radiometric data processed by 4-channel NASVD (total count, K, U Th) Radiometric data Figure 9.20: Inferred structures from Gradient Enhanced magnetics RTPLL Figure 9.21: Inferred structures from Gradient Enhanced magnetics TDR Figure 9.22: Inferred structures from Gradient Enhanced magnetics Analytic Signal Figure 9.23: identified targets for ground IP follow up over geophysics anomalies defined Figure 9.24: Map of surveyed area showing Mamoudouta and Kabafing Figure 9.25: Resistivity Map of Mamoudouya. Figure 9.26: Residual Resisitivity Map of Mamoudouya. Figure 9.27: Chargeability Maps of Mamoudouya.	Figure 6.20: Geological Cross-section of Cluff RC Drill holes Line 1378 250N Figure 6.21: Geological Cross-section of Cluff RC Drill holes Line 1378 150N Figure 6.22: Geological Cross-section of Cluff RC Drill holes Line 1378 050N Figure 6.23: Geological Cross-section of Cluff RC Drill holes Line 1377 950N Figure 6.24: Geological Cross-section of Cluff RC Drill holes Line 1377 850N Figure 6.25: Geological Cross-section of Cluff RC Drill holes Line 1377 750N Figure 6.26: Geological Cross-section of Cluff RC Drill holes Line 1377 650N Figure 6.27: Geological Cross-section of Cluff RC Drill holes Line 1377 550N Figure 6.28: Geological Cross-section of Cluff RC Drill holes Line 1377 450N Figure 6.29: Geological Cross-section of Cluff RC Drill holes Line 1377 350N Figure 6.30: Geological Cross-section of Cluff RC Drill holes Line 1377 250N Figure 6.31: Location Map of the RC Drill Line in the Mamadouya target Figure 6.32: Geological and structural map of the Mamadouya target of the Maligonga-East permit Figure 6.33: Correlation between RC anomaly, conductive, resistive and magnetic zones Figure 6.34: Location Map of the Auger Drill holes completed by Fokolore in the Mamadouya target in 2016 Figure 6.35: Grabs sampling results on the Maligonga-East permit Figure 6.36: Interpretation by Fokolore of the gold mineralization intercepted in RC drill holes Figure 6.37: Location map of the RC Drill holes completed by Fokolore at Mamadouya in 2018 Figure 6.38: Best results in the northern portion of the permit Figure 6.39: Location map and the best results of the Fokolore RC drilling program Figure 6.40: Best results in the southern portion of the permit (Section 1377407N (EW) Figure 6.41: Map showing the location and the best results of the Fokolore RC drilling program Figure 6.42: Map showing the gold contours interpreted from the Fokolore and Cluff RC drilling Figure 6.43: One meter interval dcreened chips for logging. Figure 7.1: Geological Map of the West African Shield showing Maligonga East Permit Figure 7.2: Simplified geological map of West African craton showing settings of main gold deposits Figure 7.3: Geological and structural map of the Kedougou-Kenieba Inliers showing Maligonga East Permit Figure 7.4: Geological map of the Maligonga-East permit showing the main lithological units Figure 7.5: Geological and structural section of the Mamadouya gold mineralization Figure 7.6: Interpreted geological and structural Map of the Mamadouya Gold mineralization Figure 9.1: Overlay of the geochemical values greater than 25 ppb with the structural lineaments Figure 9.2: Regolith map of the Maligonga-East Permit showing the main regolith units Figure 9.3: Interpreted geological and structural map of the Mamadouya Prospect Figure 9.4: Interpreted geology and structural map of the Maligonga-East permit Figure 9.5: Profile of the stereonet of all pole: bedding, contact, foliation and shear at Mamoudouya Figure 9.6: Pink diagram of all the faults in Mamoudouya Figure 9.7: Granodiorite – Metasedimentary contact, brecciatedfault, fish and shear structures Figure 9.8: Geological cross section in target 1 north of Mamoudouya Figure 9.9: Geological cross section in target 1 north of Mamoudouya Figure 9.10 Geological cross section in target 1 north of Mamoudouya Figure 9.11: Interpreted geological and structural map of the Mamadouya Prospect showing the main Figure 9.12. Digital terrain model and horizontal gradient of the digital terrain model of the Maligonga permi Figure 9.13: Helicomag survey grid lines over the Maligonka gold permit Figure 9.14: Gradient enhanced magnetics Figure 9.15: Magnetic derivative first vertical Figure 9.16: Reduced to pole magnetics Figure 9.17: Analytic signal Figure 9.18: Computed Digital Terrain Model Figure 9.19: Radiometric data processed by 4-channel NASVD (total count, K, U Th) Radiometric data Figure 9.20: Inferred structures from Gradient Enhanced magnetics RTPLL Figure 9.21: Inferred structures from Gradient Enhanced magnetics TDR Figure 9.22: Inferred structures from Gradient Enhanced magnetics Analytic Signal Figure 9.23: identified targets for ground IP follow up over geophysics anomalies defined Figure 9.24: Map of surveyed area showing Mamoudouta and Kabafing Figure 9.25: Resistivity Map of Mamoudouya. Figure 9.26: Residual Resisitivity Map of Mamoudouya. Figure 9.27: Chargeability Maps of Mamoudouya.	Figure 6.20: Geological Cross-section of Cluff RC Drill holes Line 1378 250N Figure 6.21: Geological Cross-section of Cluff RC Drill holes Line 1378 150N Figure 6.22: Geological Cross-section of Cluff RC Drill holes Line 1378 050N Figure 6.23: Geological Cross-section of Cluff RC Drill holes Line 1377 950N Figure 6.24: Geological Cross-section of Cluff RC Drill holes Line 1377 850N Figure 6.25: Geological Cross-section of Cluff RC Drill holes Line 1377 750N Figure 6.26: Geological Cross-section of Cluff RC Drill holes Line 1377 650N Figure 6.27: Geological Cross-section of Cluff RC Drill holes Line 1377 550N Figure 6.28: Geological Cross-section of Cluff RC Drill holes Line 1377 450N Figure 6.29: Geological Cross-section of Cluff RC Drill holes Line 1377 350N Figure 6.30: Geological Cross-section of Cluff RC Drill holes Line 1377 250N Figure 6.31: Location Map of the RC Drill Line in the Mamadouya target Figure 6.32: Geological and structural map of the Mamadouya target of the Maligonga-East permit Figure 6.33: Correlation between RC anomaly, conductive, resistive and magnetic zones Figure 6.34: Location Map of the Auger Drill holes completed by Fokolore in the Mamadouya target in 2016 Figure 6.35: Grabs sampling results on the Maligonga-East permit Figure 6.36: Interpretation by Fokolore of the gold mineralization intercepted in RC drill holes Figure 6.37: Location map of the RC Drill holes completed by Fokolore at Mamadouya in 2018 Figure 6.38: Best results in the northern portion of the permit Figure 6.39: Location map and the best results of the Fokolore RC drilling program Figure 6.40: Best results in the southern portion of the permit (Section 1377407N (EW) Figure 6.41: Map showing the location and the best results of the Fokolore RC drilling program Figure 6.42: Map showing the gold contours interpreted from the Fokolore and Cluff RC drilling Figure 6.43: One meter interval dcreened chips for logging. Figure 7.1: Geological Map of the West African Shield showing Maligonga East Permit Figure 7.2: Simplified geological map of West African craton showing settings of main gold deposits Figure 7.3: Geological and structural map of the Kedougou-Kenieba Inliers showing Maligonga East Permit Figure 7.4: Geological map of the Maligonga-East permit showing the main lithological units Figure 7.5: Geological and structural section of the Mamadouya gold mineralization Figure 7.6: Interpreted geological and structural Map of the Mamadouya Gold mineralization Figure 9.1: Overlay of the geochemical values greater than 25 ppb with the structural lineaments Figure 9.2: Regolith map of the Maligonga-East Permit showing the main regolith units Figure 9.3: Interpreted geological and structural map of the Mamadouya Prospect Figure 9.4: Interpreted geology and structural map of the Maligonga-East permit Figure 9.5: Profile of the stereonet of all pole: bedding, contact, foliation and shear at Mamoudouya Figure 9.6: Pink diagram of all the faults in Mamoudouya Figure 9.7: Granodiorite – Metasedimentary contact, brecciatedfault, fish and shear structures Figure 9.8: Geological cross section in target 1 north of Mamoudouya Figure 9.9: Geological cross section in target 1 north of Mamoudouya Figure 9.10 Geological cross section in target 1 north of Mamoudouya Figure 9.11: Interpreted geological and structural map of the Mamadouya Prospect showing the main Figure 9.12. Digital terrain model and horizontal gradient of the digital terrain model of the Maligonga permi Figure 9.13: Helicomag survey grid lines over the Maligonka gold permit Figure 9.14: Gradient enhanced magnetics Figure 9.15: Magnetic derivative first vertical Figure 9.16: Reduced to pole magnetics Figure 9.17: Analytic signal Figure 9.18: Computed Digital Terrain Model Figure 9.19: Radiometric data processed by 4-channel NASVD (total count, K, U Th) Radiometric data Figure 9.20: Inferred structures from Gradient Enhanced magnetics RTPLL Figure 9.21: Inferred structures from Gradient Enhanced magnetics TDR Figure 9.22: Inferred structures from Gradient Enhanced magnetics Analytic Signal Figure 9.23: identified targets for ground IP follow up over geophysics anomalies defined Figure 9.24: Map of surveyed area showing Mamoudouta and Kabafing Figure 9.25: Resistivity Map of Mamoudouya. Figure 9.26: Residual Resisitivity Map of Mamoudouya. Figure 9.27: Chargeability Maps of Mamoudouya.	250N 150N 050N 950N 850N 750N 650N 550N 450N 350N 250N t	250N 150N 050N 950N 850N 750N 650N 550N 450N 350N 250N t	250N 150N 050N 950N 850N 750N 650N 550N 450N 350N 250N t	250N 150N 050N 950N 850N 750N 650N 550N 450N 350N 250N t	250N 150N 050N 950N 850N 750N 650N 550N 450N 350N 250N t			55 56 56 56 56 57 57 57 57 58 58 59 62 63 64 67 70 72 73 74 75 76 77 80 81 82 84 88 89 90 92 94 95 97 98 99 100 101 101 102 103 t104 105 106 107 108 109 110 111 112 112 113 113 114 115 116 117











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Independent Technical Report on the Maligonga-East Gold Project

Figure	9.28: Induced Polarization_Resistivity Map of Mamoudouya.	118
Figure	9.29: Conductivity Map of Mamoudouya.	119
Figure	9.30: Residual Conductivity Map of Mamoudouya.	120
Figure	9.31: Contact Resistance Map of Mamoudouya.	121
Figure	9.32: Lithology_Resisitivity _Induced Polarization Map of Mamoudouya.	122
Figure	9.33: Resistivity Map of Kabafing.	123
Figure	9.34: Residual Resistivity Map of Kabafing.	123
Figure	9.35: Chargeability Map of Kabafing.	124
Figure	9.36: Induced Polarization_Resistivity Map of Kabafing.	124
Figure	9.37: Conductivity Map of Kabafing.	125
Figure	9.38: Residual Conductivity Map of Kabafing.	125
Figure	9.39: Contact Resistance Map of Kabafing.	126
Figure	9.40: Lithology_Induced Polarization_Resistivity Map of Kabafing.	126
Figure	11.1: Standard Std OXL93 Control Chart. Fire Assays Analysis of Cluff RC Drill Samples	131
Figure	11.2: Standard Std Si42 Control Chart. Fire Assays Analysis of Cluff RC Drill Samples	132
Figure	11.3: Standard Std SI54 Control Chart. Fire Assays Analysis of Cluff RC Drill Samples	132
Figure	11.4: Standard Std OXN92 Control Chart. Fire Assays Analysis of Cluff RC Drill Samples	133
Figure	11.5: Standard Std SL51 Control Chart. Fire Assays Analysis of Cluff RC Drill Samples	133
Figure	11.6: Standard Std Oxl78 Control Chart. Fire Assays Analysis of RC Drill Samples	134
Figure	11.7: Standard Std Oxj80 Control Chart. Fire Assays Analysis of RC Drill Samples	134
Figure	11.8: Standard Std Oxj68 Control Chart. Fire Assays Analysis of RC Drill Samples	135
Figure	11.9: Standard Std OxA89 Control Chart. Fire Assays Analysis of RC Drill Samples	135
Figure	11.10: Duplicate Control Chart for Cluff RC Drilling Samples	136
Figure	11.11: Blank Sample Control Chart Fire Assays for Cluff RC Drill Samples	137
Figure	11.12: Standard Std SI42=1760 Control Chart. Fire Assays Analysis of Cluff termite mounds Samples138
Figure	11.13: Standard Std oxc88 Control Chart. Fire Assays Analysis of Cluff soil Samples	138
Figure	11.14: Blank Sample Control Chart. Fire Assays for Cluff termite mounds Samples	139
Figure	11.15: Duplicate Control Chart for Cluff termite mounds Samples	140
Figure	11.16: Standard SP 5828 Control Chart. Fire Assays Analysis of Fokolore RC Samples	141
Figure	11.17: Standard SP 2335 Control Chart. Fire Assays Analysis of Fokolore RC Samples	142
Figure	11.18: Standard SP 0607 Control Chart. Fire Assays Analysis of Fokolore RC Samples	142
Figure	11.19: Standard SP 0599 Control Chart. Fire Assays Analysis of Fokolore RC Samples	143
Figure	11.20: Duplicate Control Chart for Fokolore RC Drilling Samples	143
Figure	11.21: Blank Sample Control Chart. Fire Assays for Fokolore RC Drilling Samples	144
Figure	11.22: Standard SP 2,65 Control Chart. Fire Assays Analysis of Fokolore Auger Samples	145
Figure	11.23: Standard SP 0,6 Control Chart. Fire Assays Analysis of Fokolore Auger Samples	145
Figure	11:24 Duplicate Samples Control Chart for Fokolore Auger Drilling Samples	146
Figure	12.1: Summary of traverses undertaken during site visit in 2021	148
Figure	12.2: Rock exposures observed during site visit in 2021	149
Figure	12.3: Summary map showing historical trenches observed during site visit in 2021	150
Figure	12.4: Historical trench observed during site visit in 2021	151
Figure	12.5: Historical drill collar observed during site visit in 2021	151
Figure	12.6: Artisanal mining pit and tailings observed during site visit in 2021	152
Figure	23.1: Adjacent gold properties to the Maligonga-East Project	154
Figure	23.2: Geological and structural cross-section showing the style of mineralization at Siribaya	155
Figure	23.3: Geological and structural cross-section showing the style of mineralization at Diakha	156
Figure	25.1: Photograph showing the steeply ENE turbidite sequence in the permit	158
Figure	25.2: Photograph showing highly sheared black siltstone in the permit	159
Figure	25.3: Photograph showing stock work of extensional dilation quartz vein in sandstone layer	159
Figure	25.4: Photograph of Mamoudouya shear zone in vertical section	160
Figure	25.5: Structural Interpretation: Overlay of the IP structures with interpreted gold structure	161
Figure	25.6: Structural Interpretation: Overlay of the Gradient Chargeability Interpreted structures	162
Figure	25.7: Interpreted geological and structural Map of the Mamadouya Gold Mineralization	163
Figure	25.8: Interpreted geological and structural map of the Mamadouya gold mineralization	164
Figure	25.9: Geological and structural cross-section Line 1378 950 N showing the gold mineralized structure165
Figure	25.10: Geological and structural cross-section Line 1378 475 N showing the gold mineralized structure166
Figure	25.11: Geological and structural cross-section Line 1378 450 N showing the gold mineralized structure166

Independent Technical Report on the Maligonga-East Gold Project

Figure 25.12: Geological and structural cross-section Line 1378 350 N showing the gold mineralized structure 167	Figure 25.12: Geological and structural cross-section Line 1378 350 N showing the gold mineralized structure 167
Figure 25.13: Geological and structural cross-section Line 1378 250 N showing the gold mineralized structure 167
Figure 25.14: Geological and structural cross-section Line 1378 150 N showing the gold mineralized structure168
Figure 25.15: Geological and structural cross-section Line 1378 050 N showing the gold mineralized structure 168
Figure 25.16: Geological and structural cross-section Line 1377 950 N showing the gold mineralized structure169
Figure 25.17: Geological and structural cross-section Line 1377 850 N showing the gold mineralized structure169
Figure 25.18: Geological and structural cross-section Line 1377 750 N showing the gold mineralized structure 170
Figure 25.19.: Geological and structural cross-section Line 1377 650 N showing the gold mineralized structure 170
Figure 25.20: Geological and structural cross-section Line 1377 550 N showing the gold mineralized structure171
Figure 25.21: Geological and structural cross-section Line 1377 450 N showing the gold mineralized structure171
Figure 25.22: Geological and structural cross-section Line 1377 350 N showing the gold mineralized structure172
Figure 25.23: Geological and structural cross-section Line 1377 250 N showing the gold mineralized structure172
Figure 25.24: Geological and Structural interpretation of the Mamadouya Gold Mineralization	174
Figure 25.25: Overlay of the geological, gold geochemical and structural data	176
Figure 26.1: Recommended phase I RC drill program in Mamoudouya mineralization	180
Figure 26.2: Long section view of recommended phase I RC drill program in Mamoudouya mineralization	181
Figure 26.3: Recommended phase II drill program in Kabafing prospect	181
Tables
Table 1.1: Recommended Exploration Budget for the Maligonga-East permit	8
Table 1.2: Exploration works completed in the Maligonga-East permit from 1987 to 2022	14
Table 4.1: Summary of exploration on the property by Waraba Gold Limited	22
Table 4.2: Corner coordinates for the Maligonga-East gold project	25
Table 6.1: Exploration works completed in The Maligonga-East permit from 1992 to 2018	35
Table 6.2: Location and technical parameters of the trenches completed by BRGM in 1992	37
Table 6.3: Location and technical parameters of the RC Drill Holes completed by Robex in 2007	42
Table 6.4: Best gold intersects from the RC drilling program in the Mamoudouya Zone by Robex in 2007	42
Table 6.5: Technical parameters of the RC Drill Holes completed by Cluff in the Mamadouya zone in 2012	55
Table 6.6: Best gold intercepts from the Cluff RC drilling program in 2012	60
Table 6.7: Best gold intercepts from the Fokolore Auger drilling program in 2016	65
Table 6.8: Grab sample descriptions and analytical results	68
Table 6.9: Grab sample Descriptions and analytical results	68
Table 6.10: Location and technical parameters of the RC Drill holes completed by Fokolore in 2018	71
Table 9.1.: Best gold values from pits litho-geochemical sampling	96
Table 9. 2: Points and structural data measurements within the Mamadouya prospect	98
Table 9.3: Summary of helicomag surveys parameters at Maligonga Gold	104
Table 9.4: Coordinates of the helicomag surveys boundaries	104
Table 11.1. Statistical Parameters for Standards of RC Drill Samples analyzed by Fire Assays	130
Table 11.2: Statistical Parameters for Duplicates of RC Drill Samples analyzed by Fire Assays	136
Table 11.3: Statistical Parameters for termite mounds Samples Standards	137
Table 11.4: Statistical Parameters for Duplicates of Diamond Drill Samples analyzed by Fire Assays	149
Table 11.5: Statistical Parameters for Fokolore RC Drill Sampling Standards Analyzed by Fire Assay	140
Table 11.6: Statistical Parameters for Fokolore RC Duplicate Samples analyzed by Fire Assays	143
Table 11.7: Statistical Parameters for Fokolore Auger Drill Sampling Standards Duplicates analyzed by Fire Assays
144
Table 11.8: Statistical Parameters for Fokolore Auger Drill Sample Duplicates analyzed by Fire Assays	146
Table 24.1. Diakha - Siribaya Project - Mineral Resource Estimates as of December 31, 2018	156
Table 26.1 Recommended 2021 Exploration Budget for the Maligonga-East permit	182

Independent Technical Report on the Maligonga-East Gold Project

SUMMARY

1.1. EXECUTIVE SUMMARY

The Maligonga-East gold project consists of an exploration license for gold and associated minerals covering a surface area of 100 km² in the Kedougou-Kenieba Inlier of Western Mali – West Africa.

The Malian Ministry of Mine granted the Maligonga –East license to Fokolore Mining Sarl on October 11[th] 2019 by decree No 2019-3557/MMP-SG.

On December 20[th] 2020. Fokolore Mining Sarln 1273795 BC Limited and Gonka Mali Sarl entered into an agreement to

Establish Gonka Gold Mali Sarl as a joint venture between 1273795 BC Limited (holding 75% of the issued share capital) and Fokolore (holding 25% of the issued share capital) and
Transfer Fokolore’s interest in the Maligonga East-gold property to Gonka Gold Mining Sarl.

On August 17[th] 2021, the permit was transferred to Gonka Gold Mali Sarl by decree No 20213047/MMEE/MG-SG.

On January 6[th] 2021, Waraba Gold Limited (formerly Zenith Exploration Inc.) entered into a three-cornered amalgamation agreement pursuant to which 1278820 BC Limited (wholly owned by Waraba Gold Limited) and 1273795 BC Limited were amalgamated into a new wholly owned subsidiary of Waraba Gold Limited named 1285074 BC Limited.

On January 24[th] 2022 the permit was renewed by decree No 2022-028/MME-SG-DU for a further two-year period.

Pursuant to the transactions noted above, Gonka Gold Mali Sarl is now a joint venture between Waraba Gold Limited and Fokolore Mining Sarl. Waraba Gold Limited holds 75% of the issued share capital (through a wholly owned subsidiary, 1285074 BC Limited) and Fokolore Mining Sarl holds 25% of the issued share capital.

Fokolore Mining Sarl (Fokolore) is a Malian private limited exploration and development company focused primarily on mining, mine development and exploration in Mali. The company is based in Bamako, Mali. Fokolore is represented by Mr. Amadou Baouro Cisse, General Manager.

Waraba Gold Limited is a Canadian public exploration and development company listed on the CSE and OTC and is based at 789 West Pender Street, Suite 1080, Vancouver, British Colombia, Canada. Waraba trades on the CSE under the symbol “WBGD” and the OTC under the symbol “WARAF”. The company is represented by Carl J. Esprey, Chief Executive Officer and Director.

This Independent Technical Report NI 43 101 summarizes the available technical information on the Maligonga-East gold project. This report concludes that the Maligonga-East property has high potential to host economic gold mineralization and therefore, merits and warrants additional exploration expenditures. An exploration work program is recommended, which comprises of Reverse Circulation (RC) and Air Core drilling programs, to assess the gold potential resources and reserves of the project. These recommended

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work programs will advance the project to a resource estimation and a Preliminary Economic Assessment (PEA) stage. BGR-Consult believes that Waraba can deliver the recommended work programs prior to the expiry of the Maligonga-East license.

Birima Gold Resources Consulting (BGR-Consult) has been mandated by Waraba to prepare an Independent Technical Report on the Maligonga-East gold project consistent with the Canadian Securities Administrators National Instrument 43-101, Companion Policy 43-101CP, and Form 43-101F1 (“NI 43101”). The Qualified Person responsible for the preparation of this report is Mr. Olufemi Ajayi, (MAIG), Consulting Geologist with BGR-Consult, the main author and responsible for the overall preparation of this Independent Technical Report. Mr. Ajayi visited the Maligonga-East gold project from September 26 to October 2, 2021.

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Independent Technical Report on the Maligonga-East Gold Project

1.2. CONCLUSIONS

The Maligonga-East gold project consists of an exploration license covering a surface area of 100 km² in the Kofi Formation of the Daléma Basin, Western Mali – West Africa. Successive exploration works completed by BGRM (1987-1002), Ressources Robex Inc (2007-2008), Cluff Gold Plc (2012) and Fokolore Mining Sarl (2015-2018) were professionally managed and procedures were consistent with generally accepted industry best practices. The exploration data from termite mounds, soils and rock-chip geochemistry sampling, geophysical survey, trenches and drilling are sufficiently reliable to confidently allow interpretation of the gold mineralization in the Maligonga-East property and planning of an extensive drilling program over existing gold deposits and in areas that have not been drill-tested.

Early termite mounds geochemistry survey and trenches from BRGM in 1992, geophysical survey and RC drilling south of the Mamadouya target zone completed by Robex between 2007 and 2008, infill termite mounds geochemistry sampling, geophysical survey and extensive RC drilling by Cluff in the Mamadouya zone in 2012 and geological and structural mapping and interpretations, Auger and RC drilling completed by Fokolore between 2015 and 2018 resulted in the identification of the Mamadouya gold mineralization of the Maligonga-East property and numerous others anomalous zones of gold mineralization targets. Drilling programs completed by Cluff and Fokolore intercepted high grade gold mineralization over the Mamadouya mineralization including [email protected]/t Au, [email protected]/t Au, 6m@16,43/t, 7m@6,06g/t Au, 7m@4,51g/t Au and 13m@2,7g/t Au.

Additional geological and structural interpretations by BRG-Consult in 2020 determined the geological and structural setting of the area and the style of the gold mineralization, established a conceptual geological and structural model for the gold mineralization and identified the Mamadouya brittle-ductile shear zone that has a strong spatial correlation with the gold mineralization. The NNE-striking and steeply ENEdipping reverse-sinistral strike-slip shear zone system controls the gold mineralization of the Mamadouya gold mineralization and is identical to structures that host the nearby Siribaya (Iamgold Corp.), Kabaya (Roscan), Soro and Seko (Oklo Resources) gold deposits.

Geological and structural interpretations by BRG-Consult demonstrated that the Mamadouya gold mineralization is hosted in faulted and sheared contact between sedimentary successions of sandstone and siltstone of the Daléma Basin and suggested that the gold mineralization is structurally controlled and occurs in deformed zones of large and highly hydrothermally altered, NNE-striking, ENE-steeply-dipping, structural corridors that contain a complex network of extensional dilation fracture systems. New highgrade gold mineralization (including [email protected]/t Au and [email protected]/t Au) in RC drilling by Fokolore in 2018 over the Mamadouya mineralization show a possible northern extension of the deposit over 800 meters.

SAGAX AFRIQUE S.A carried out Induced polarization and Resistivity survey in the Mamadouya and Kabafing area of the permit and identified some anomalous zones which correlate with already identified structures and is good indication for mineralization.

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Independent Technical Report on the Maligonga-East Gold Project

The Maligonga-East permit is part to the Paleoproterozoic rocks of the Daléma Basin of the KedougouKenieba Inlier, in the Birimian Super group of West Africa that hosts several multi-million-ounce gold deposits (examples include Tabakoto, Gounkoto, Fekola, Diakha and Siribaya, Kabaya, Sory and Seko gold deposits). Geological and structural relationships demonstrate that the Mamadouya gold mineralization is a Mesothermal shear-zone-controlled, Intrusive related, Orogenic-type gold mineralization, hosted in greenstone folded and faulted sedimentary successions. The deposit structural evolution and the gold mineralization style is identical to the nearby Siribaya (Iamgold Corp.), Kabaya (Roscan), Soro and Seko (Oklo Resources) gold deposits. The Maligonga-East property can therefore, be considered as very prospective terrane to host economic gold deposit, considering that aggressive additional exploration works including extensive drilling programs will continue to further define and delineate additional gold mineralization.

Based on BGR-Consult’s site visit and subsequent review of available historical exploration information, BGR-Consult offers the following general comments and conclusions:

Historical exploration results on the Maligonga-East property indicate the presence of significant, near-surface gold mineralization with potential for economic gold discovery higher than previously expected. The Mamadouya gold mineralization is the highest priority exploration target within the Maligonga-East concession. Additional drilling and geochemical analysis are required to evaluate the resource and the economic potential of the prospect.
The assessment of and conclusions made in this report on the exploration potential of the MaligongaEast property is based on the historical exploration results, particularly the gold results obtained from historical geochemistry sampling and the RC and Auger drilling programs from BGRM, Robex, Cluff and Fokolore.
BGR-Consult concludes that the type of and amount of historical exploration works completed by BGRM, Robex, Cluff and Fokolore and data generated by this work for the Maligonga-East property provides an adequate basis for the review and assessment of exploration potential provided in this technical report, and the recommendations made herein.
Any significant variations of the reported historical results could impact the conclusions and work recommendations made in this report.
The normal risk associated with exploration project exists, so there is no guarantee that the proposed exploration work will identify economically viable gold mineralization on the property.

1.3. RECOMMENDATIONS

The Maligonga-East property is a relatively advanced exploration project and significant detailed works have led to the identification of the Mamadouya gold mineraliation with potential for containing an economic gold mineralization. BGR-Consult considers that the character and extent of the gold mineralization delineated is of sufficient merit to warrant additional exploration expenditures. BGRConsult recommends an exploration work program that - if implemented - will advance the project to a resource and reserve estimations and a pre-feasibility study stage.

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The following recommendations for additional exploration work on the Maligonga-East property are proposed. Phase I Reverse Circulation (RC) and Air Core (AC) drilling programs and Phase II Reverse Circulation (RC) and Air Core (AC) drilling programs are recommended to advance the project and to test new anomalies identified by the Induced Polarization and Resistivity survey in areas that have not been test drilled previously in the Mamoudouya and Kabafing areas respectively. The budget is estimated for each drilling phase and is for the proposed field and administrative costs, logistics and contractors, but do not include any corporate management fees.

1.3.1. DRILLING

1.3.1.1. Recommended Phase I Drilling Program

a. RC Drilling Program

The detailed structural, geological interpretation and modelling on the Mamadouya gold mineralization resulted in a coherent and comprehensive new geological and structural model that gives a better understanding of the structural setting and the style of the gold mineralization. This has formed the basis for to re-orient further drilling programs. The proposed Phase I RC drill program will test and expand the Mamadouya gold mineralization and its immediate northern extension. It will also test the interpreted structural and geological model of the mineralization. The recommended Phase I RC Drilling Program in relation to the modelled ore zone is shown in Figure 1.1 to 1.3.

The objectives are therefore, to:

Test the proposed geological and structural model of the gold mineralization
Test a strike length of 2.3 km over the interpreted mineralized structure
Define and delineate the lateral and down dip dimensions of the gold mineralization within the interpreted structure
Drill 178 holes cutting across 19 cross sectional lines across the mineralized zone, amount to 21,360m of drilling in total
Holes to be drilled with Azimuth = 90[o] , Dip = 90[o] and an average depth of 120 meters.

b. Air Core Drilling Program

The Phase I Air Core drilling program is based on the positive termite mounds geochemistry results. These anomalies appear to be aligned with interpreted structures in the area and have not been test-drilled in previous drilling programs. The objectives of the Air Core drilling Program will be to enable high confident in-situ anomalies and to identify additional target zones of gold mineralization which may warrant further drilling programs.

BGR-Consult recommends 206 Air Core drill holes with an average of 20m depth making a total of 4120m to be drilled at 90[o] dip.

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1.3.1.2. Recommended Phase II RC and AC Drilling Program

The Phase II RC and AC drilling program is a follow up on identified targets that have been picked up by geochem and the recently concluded Induced Polarization and Resistivity surveys over the Kabafing area of the Gonka Gold Permit. It is aimed at testing the newly identified un-tested anomalies, to develop potential zones of gold mineralization, resource expansion and discovery of new deposits beyond the Mamoudouya area.

The RC drilling in phase II would be 27 drill holes across 8 cross sectional lines with an average depth of 120m making a total of 3350m.

152 Air Core drill holes are recommended to test the chargeability and resistivity anomalies from the Induced Polarization and Resisitivity survey across 8 cross sectional lines at an average depth of 20m and 90[o ] dip angle. A total of 3040m depth is targeted at this phase.

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Figure 1.1: Recommended Phase 1 RC drill program in Mamoudouya gold mineralization

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Figure 1.2: Long section view of Recommended Phase I RC drilling Mamodouya gold mineralization

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Figure 1.3: Recommended Phase II drill program in Kabafing prospect

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1.3.2. RECOMMENDED BUDGET

Detailed costs were provided by Waraba and were applied to the various categories in the estimated budget in Table 1.2. BGR-Consult considers these costs to be reasonable and in line with current costs in the region. Costs for the recommended work program are based on an estimated completion time of 12 months.

An approximate 1-year recommended exploration budget of approximately 3M US$ is outlined in the following Table based on a systematic exploration program as recommended above.

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Table 1.1: Recommended Exploration Budget for the Maligonga-East permit

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1.4. TECHNICAL SUMMARY

1.4.1 PROPERTY LOCATION

The Maligonga-East property is located within the Region of Kayes, in the southwest of the Republic of Mali (Figure 1.3). The Region of Kayes shares borders with Senegal to the west and Guinea to the south

The property is located approximately 50 km south of the city of Kéniéba, the southernmost sections of the Region of Kayes. It is approximately 400 km west of Bamako, Mali’s capital city.

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Figure 1.4: Location of the Maligonga-East gold property in southwest Mali, West Africa

1.4.2. PROPERTY DESCRIPTION AND LAND TENURE

The Maligonga-East property consists of an exploration license for gold and associated minerals covering a surface area of 100 km² within the Kéniéba prefecture of the Kayes Region, some 400 km west of Bamako, the capital of Mali (Figures 1.3). The center point of the project area is at approximately 275000mE, 1378000mN (WGS84, UTM Zone 29 N). The Malian State is the owner of all mineral rights in the country, and the mines minister has responsibility for the administration of mining and exploration activities.

On December 1[st] , 2020, Waraba Gold Limited signed a joint-venture earn-in agreement with Fokolore to acquire 75% interest in the Fokolore’s Maligonga-East property. On August 17[th] 2021 the permit was

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transferred to Gonka Gold Mali Sarl by decree No 2021-3047/MMEE/MG-SG. On January 24th 2022 the permit was renewed by decree No 2022-0028/MMEE-SG-DU for a further two-year period.

1.4.3. REGIONAL GEOLOGY

The Maligonga-East gold project is located in southern Mali within the Leo-Man Shield of the West African Craton. At a regional scale, the property is hosted within the Kofi Series of the Kedougou-Kenieba Inlier (KKI). The stratigraphy of the KKI from west to east consists of: 1) bimodal volcanic intruded by numerous plutonic complexes in the Mako Volcanite Belt; 2) detrital sedimentary rocks of the Dialé-Daléma basin, which are intruded by the Saraya batholith; 3) calc-alkaline volcaniclastic rocks of the Faleme Volcanites Belt (FVB) and; 4) siliciclastic sediments of the Kofi Series, unconformably overlain by Neoproterozoic sedimentary rocks to the east (Figure 1.4).

The plate-scale NS-trending Senegal-Mali Shear Zone separates the Kofi Series from the FVB (Figure 1.4). The Kofi Series is made up of detrital sediments dominantly wackes, with end member sandstone (rare) and argillite (common). The igneous rocks that intruded the Kofi Series include dolerite to monzodiorite dykes and small stocks of quartz feldspar porphyry. The age of deposition in the Kofi Series is constrained by detrital zircons and intrusive plutonic rocks by Pb-Pb at 2093 ± 7 Ma (Boher et al., 1992).

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LEGEND
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Figure 1.5: Regional geology map of the KKI showing the location of the Maligonga-East gold project

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1.4.4. PROPERTY GEOLOGY

Interpretation of the drill sections and the integrated geophysical lineaments, the geological and structural modeling of the Mamadouya gold mineralization (Figure 1.5) suggest that the area is composed of three lithological units:

(1) Early Paleoproterozoic greenschist facies turbidite sedimentary sequences belonging to the Kofi Formation and composed of:
alternating layers of sandstone (greywacke) and siltstone that hosts the gold mineralization, locally interbedded with graphitic shales to the west
alternating layers of siltstone and argillite to the east (Figure 1.5)

The turbidite sequence forms the main component of the sedimentary rocks. The rock is generally quite massive and composed of alternating centimetric to metric coarse-grained sandstone (greywacke) and fine-grained siltstone layers but show penetrative foliation and fractures in zone of deformation.

(2) Concordant Eburnean NNE-striking, Steeply ENE-dipping (80-85[0] ) pink granite intrusive dykes intruding the Early Paleoproterozoic sedimentary rocks (Figure 1.5). The intrusive dyke is interpreted as granodiorite of felsic to intermediate in composition. The rock seems to be a pink granodiorite with abundant pink frequent feldspar phenocrysts as well as amphibole pheno’s in a fine-grained ferromagnesian groundmass. The granodiorite has locally a heterogeneous texture reflecting a compositional heterogeneity due to hydrothermal alteration.
(3) Late dolerite dikes form a swarm crosscutting all previous rocks. They are undeformed, strike northnorth-east, are concordant to the main direction of the sedimentary unit and form a prominent high relief in the northern portion of the Maligonga-East permit (Figure 1.5). The dolerite dikes are interpreted to extrude the Basin during the Mesozoic at ca. 200 Ma and are probably related to far field tectonic events during global-scale rifting and breakup of the Pangea supercontinent leading to opening of the Atlantic Ocean.

1.4.5. STRUCTURES

The major structure within the project area is the Senegal-Mali Shear Zone (SMSZ). The SMSZ is a regional-scale reverse-sinistral brittle-ductile shear zone that forms a 1-10 km wide NS trending corridor of varying deformation styles, and separates the Kofi Series from the Faleme Volcanite Belt (FVB). Secondary and higher order splays off the SMSZ host the major Au deposits in the Kofi Series, including Gara, Yalea, Sadiola, Tabakoto Fekola Segala Yatela and Gounkoto. Field relationships suggest that gold mineralization in the region is probably coeval with latter stages of shear zone development. Major gold deposits are spatially associated with generally NE-SW subsidiary structures splaying off the main SMSZ.

The main structure that controls the gold mineralization in the Mamadouya prospect is interpreted as a splay off the SMSZ. It strikes NNE, steeply dips ENE and is concordant with the trend of the lithological bedding. The structure deformed both the intrusive rocks and the sedimentary unit. The gold mineralization is contained into the hanging-wall side of the fault structure and occurs in zone extensional and dilation fracture systems.

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Cross-Section A

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Cross-Section B

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LEGEND
Geology Structure
Main Shear Zone
Sandstone - Siltstone
Late Fault System
Argillite - Siltstone Faulted Lithological Contact
Birimian Granite Gold Mineralization
Dolerite Dyke Gold Mineralized Structure
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Figure 1.6.: Interpreted Geological and Structural Map of the Mamadouya Gold mineralization showing geological units, structural elements and the interpreted gold mineralized structure.

1.4.6. MINERALIZATION

Gold mineralization at Maligonga-East is a mesothermal, shear-zone-controlled, intrusive-related, orogenic -type mineralization, hosted in greenstone folded and faulted sediments, consistent with the majority of Proterozoic terrains, including the Birimian Series of West Africa. This style of mineralization is generally associated with regionally metamorphosed and deformed terrains. As such, the gold mineralization is structurally, rather than lithologically controlled. At Maligonga East, gold is developed along a high-angle NNE-striking, steeply ENE-dipping sinistral-reverse fault (Figure 1.5) and preferentially hosted in the more permeable, coarser-grained greywacke rocks and in a lesser extend in the siltstone and the granodiorite rocks. Gold occurs in deformed zones of large and hydrothermally altered, structural corridors that contain a complex network of extensional dilation fracture systems (Figure 1.5). Gold occurs as dissemination into the host rocks and is associated with pyrite, pyrrhotite, and arsenopyrite. Key alteration associated with the gold mineralization are silicification, calcite and chlorite suggesting low temperature formation during gold deposition typical of shear zone type orogenic gold mineralization in greenstone belts.

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1.4.7. EXPLORATION HISTORY

Successive exploration works were completed by BGRM, Resources Robex Inc, Cluff Gold Plc and Fokolore Mining Sarl between 1987 to 2022 in the Maligonga-East property. The following Table summarizes exploration works competed in the Maligonga-East permit from 1987 to 2018.

PROGRAM		BRGM	Robex	Cluff	Fokolore	TOTAL
		1 987 1 992	2005 - 2006	2 012	2 016 2 017 2 018
Regional Soil SamplingSurvey		440	473			913
Infill Termite SamplingSurvey				4 828		4 828
Rock chips Sampling					98	98
Geophysical Survey			Ground Induced Polarization(IP)	Ground Induced Polarization(IP)
Trench	Num Meters	6 1 410	1 150			7 1 560
Auger Drilling	Num Meters				586 4 748	586 4 748
RC Drilling	Num Meters		17 1 614	99 12 276	61 4 920	177 18 810

Table 1.2: Exploration works completed in the Maligonga-East permit from 1987 to 2018

1.4.7.1. Exploration Programs Completed by BRGM between 1987 and 1992

In 1987, BGRM completed the first regional termite mounds survey on the Maligonga-East permit. The sampling grid covered the southern and eastern portion of the permit. A total of 440 termite mounds samples were collected. Results of this sampling program outlined a pronounced gold anomaly in the Mamadouya zone extending up to 5 km long and trending NNE. In 1992, BRGM completed 6 trenches in the Mamoudouya zone totaling 1410 m. Best results included: [email protected]/t Au, [email protected]/t Au, [email protected]/t Au, and [email protected]/t Au.

1.4.7.2. Exploration Programs Completed by Ressources Robex Inc. between 2005 and 2007

The first exploration works including drilling and geophysical survey on the Maligonga-East permit were carried out by Ressources Robex Inc. in the Wili Wili gold concession that encompassed the south portion of the Maligonga-East permit. Exploration works carried out by Robex from 2006 to 2007 consisted of a ground Induced Polarization (IP) geophysical survey over the Mamoudouya anomaly zone followed by a program of reverse circulation drilling (RC). 17 RC holes totaling 1,614 m were drilled in the Mamoudouya target: Results of this first drilling program in the Mamoudouya anomaly zone were not encouraging

1.4.7.3. Exploration Programs Completed by Cluff Gold Plc in 2012

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Following positive results from the follow-up geochemical survey, Cluff contracted Terra Tec to complete a ground IP (Induced Polarization) geophysical survey on the Maligonga-East permit. The survey covered the Mamadouya anomaly zone. The objective of the ground Induced Polarization and Resistivity survey was to investigate the geological structures in the Mamoudouya target that control the gold mineralization. A strong IP anomaly trending in the north-north-east direction and spatially associated with the surface gold anomaly was defined.

Cluff, completed a RC drilling program consisting of 99 RC holes totaling 12,276 m on a grid pattern of 100x60m centered on the Mamadouya gold target. The objectives were to test the large Mamadouya gold anomaly. Holes were inclined -55° with an azimuth of 280°. RC holes were 125 to 60 meters deep. Best results of the RC drilling program included: 3m@8,77g/t Au, 4m@5,37g/t Au, 4m@1,52g/t Au, 13m@2,66g/t Au, 3m@4,31g/t Au, 7m@6,06g/t Au, 4m@3,58g/t Au, 5m@3,11g/t Au, 7m@4,51g/t Au, and 6m@16,43g/t Au.

1.4.7.4. Exploration Programs Completed by Fokolore from 2015 to 2018

Fokolore completed an extensive Auger drilling program consisting of 586 holes totaling 4,748 m on a grid pattern of 200x50m. Auger drill holes were vertical and depth varying from 10 to15 m. The objectives were to test the lateral and depth extensions of the gold anomalies at surface and the gold mineralization in rock chip samples. Best results from the Auger drilling included [email protected]/t Au and [email protected] g/t Au.

Following positive results from detailed structural and geological field mapping, Auger drilling program, lithogeochemistry sampling and the detailed data compilation and re-interpretation completed in the Maligonga-East permit between 2016 and 2017, Fokolore completed in 2018, 4,920 meters RC drilling program totaling 61 RC holes. RC holes were drilled with various azimuth and inclined -50[o] with depth varying between 50 and 120 meters, 5,725 samples were collected. The objectives were to test the spatial close relationships between the surface gold anomalies and interpreted shear zone systems in the area.

The drilling results was encouraging and confirmed the depth and lateral extension of the mineralization previously intercepted by Cluff. The RC drill holes intercepted large zones of alteration that affect the sediments that generally contain abundant stockwerk of quartz veins. The best gold values intercepted in drill holes included: [email protected] g/t Au (Incl. [email protected]/t Au), [email protected] g/t Au, [email protected] g/t Au., [email protected] g/t Au, [email protected] g/t Au and suggested a possible northern extension of the Mamadouya deposit over 800 meters.

The first-pass exploration works carried out by BGRM, Resources Robex Inc, Cluff Gold Plc and Fokolore Mining Sarl in the Maligonga-East permit returned encouraging results and suggests that the permit has

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high potential to host very significant gold deposits. Gold mineralization is hosted within highly prospective, Birimian-deformed metasedimentary rocks. This potential should be subjected to future exploration works to outline and delineate gold resources that can be mined with profit

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2 INTRODUCTION

2.1. Preparation

This Independent Technical Report has been prepared at the request of Waraba Gold Ltd. This report has been prepared in conformance with the Canadian Securities Administrator National Instrument 43-101, Companion Policy 43-101CP and form 43-101F1 (NI 43101) for the Maligonga-East gold project in the Kéniéba prefecture and the Kayes Region of western Mali, West Africa.

The Qualified Person responsible for the preparation of this report is Olufemi Ajayi, the main author and responsible for the overall preparation of this report. Mr. Ajayi is a consulting geologist with 13 years’ experience in the mining sector. Mr. Ajayi is a registered member of the “The Australian Institute of Geoscientists” (MAIG 7790).

The Qualified Person of this report does not have any material interest in Waraba Gold Ltd or related entities or interests. His relationship with Waraba Gold Ltd is solely one of professional association between client and independent consultant. This report is prepared in return for fees based upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this report,

2.2. Purpose of the Report

Significant exploration work has been completed on the Maligonga-East property by different companies since 1987. Early soil geochemistry survey and trenches from BRGM in 1992, geophysical survey and RC drilling south of the permit completed by Robex between 2007 and 2008, geophysical survey and extensive RC drilling by Cluff in 2012 and Auger and RC drilling completed by Fokolore between 2017 and 2018 resulted in the identification of the Mamadouya gold mineralization and numerous others clusters of gold mineralization targets. Additional geological and structural interpretations and modelling by BRG-Consult in 2020 determined the geological and structural setting of the area and the style and control of the gold mineralization, established a conceptual geological and structural model for the gold mineralization and demonstrate that the Maligonga-East property is a very prospective terrane and has a high potential for hosting an economic gold mineralization.

The purpose of this report is to compile and update all the technical information in a text format compliant to the NI43-101 of the Canadian Commission Securities in order to evaluate the gold potential in the Maligonga-East gold property and to provide recommendations for future exploration works.

2.3. Source of Information and Data

Information in this report was provided to BGR-Consult by Waraba Gold Ltd. The data set consists of company information, exploration results and associated assays, company exploration reports along with information collected by BGR-Consult during a site visit from September 26 to October 02, 2021. BGRConsult has no reason to doubt the reliability of the information provided by Waraba Gold Ltd. The following are sources of information:

Discussions with Mamadou Coulibaly, Exploration Manager for Waraba Gold Ltd in Mali

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Inspection of the Maligonga-East property during the site visit. The purpose of the visit was to confirm the local geological setting and identify any factors which might affect the project.
Review of exploration data including technical reports from BRGM, Robex, Cluff and Fokolore
Additional information from Waraba Gold Ltd’s public domain sources
The Legal opinion issued to Waraba Gold Limited by SCPA JFC Avocats Mali, dated 27 April 2022.

BGR-Consult has reviewed the data provided and utilized it to develop independent opinions and interpretations. The author has been diligent in checking and verifying much of the data through field studies. No discrepancies or significant errors have been identified; therefore, BGR-Consult assumes and believes the rest of the project data provided is similarly accurate and correct and is therefore relied upon for preparation of this report.

BGR-Consult’s interpretations and opinions expressed in this report are based on the original information from the company’s exploration, trenching, drilling and sampling programs along with his extensive experience in West Africa and, in particular in Mali. In addition, the author spent 3 days on site inspecting artisanal mining activities, geological and structural relationships on outcrops and RC chipboard from recent drilling programs.

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3. RELIANCE UPON OTHER EXPERTS

This report has been prepared by BGR-Consult for Waraba Gold Ltd. The information, conclusions, opinions, and estimates contained herein are based on:

Information available to BGR-Consult at the time of preparation of this report,
Assumptions, conditions, and qualifications as set forth in this report,
Data, reports, and other information supplied by Waraba Gold Ltd including several internal technical exploration reports and datasheet prepared by BRGM in 1992, Robex between 2007 and 2008, Cluff in 2012 and by Fokolore between 2017 and 2018 and Excel spreadsheet assay results from the SGS, PROSLAB and Analab laboratories in Mali,
Tenure documents were provided by Mamadou Coulibaly, Exploration Manager for Waraba Gold Ltd in Mali, and
The Legal opinion issued to Waraba Gold Limited by SCPA JFC Avocats Mali, dated 27 April 2022.

For the purpose of this report, BGR-Consult has relied on ownership information, both historical and recent, provided by Waraba Gold Ltd. BGR-Consult has not researched property title or mineral rights for the Maligonga East project and expresses no opinion as to the ownership status of the property. BGR-Consult has not independently investigated the legal title of the license and reclamation status of the property.

The author visited the Maligonga-East Property from September 26 to October 2, 2021. This site visit was undertaken to obtain independent observation of the geological and structural setting of the permit and to locate evidence of the historical exploration drilling and trenching activities completed by various exploration companies. The author did not take any samples during the site visit

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4. PROPERTY DESCRIPTION AND LOCATION

4.1. Location

The Maligonga-East project is located within the Region of Kayes, in the southwest of the Republic of Mali (Figure 4.1). The Region of Kayes shares borders with Senegal to the west and Guinea to the south. The property is located approximately 50 km south of the city of Kéniéba, in the prefecture of Kéniéba, the southernmost Cercle in the Region of Kayes. It is approximately 400 km west of Bamako, Mali’s capital city.

NORTH

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Figure 4.1: Location of the Maligonga-East gold property in southwest Mali, West Africa

4.2. Property Description and Ownership, Ownership Obligations. Government Participation, Royalties and Encumbrances

The Maligonga-East property consists of an exploration license (“Permis de Recherche Minière”) for gold and associated minerals covering a surface area of 100 km² in western Mali (Figures 4.1). The center point of the project area is at approximately 275000mE and 1378000mN (WGS84, UTM Zone 29 N) (Figure 4.2). The Malian State is the owner of all mineral rights in the country, and the mines minister has responsibility for the administration of mining and exploration activities. The Malian Ministry of Mine granted the Maligonga-East license to Fokolore Mining Sarl on October 11 2019 by decree N[o] 20193557/MMP-SG.

On August 17[th] 2021, the permit was transferred to Gonka Gold Mali Sarl by decree No 20213047/MMEE/MG-SG.

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On January 24[th] 2022 the permit was renewed by decree No 2022-0028/MMEE-SG-DU for a further twoyear period.

Pursuant to agreements dated December 20[th] 2020 and January 6[th] 2021(as described above) Gonka Gold Mali Sarl is a 75:25 joint venture between Waraba Gold Limited (through its wholly owned subsidiary,1285074 BC Limited) and Fokolore Mining Sarl.

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Figure 4.2: Maligonga-East permit (white outline) in southwest Mali and existing mines and advanced projects

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Issuer’s title to/interest in the property

According to Waraba Gold Limited and the shares certificate of Gonka Gold Mali Sarl, the shareholding of the Maligonga-East permit is as follows:

75% to 1285074 BC Limited (a wholly owned subsidiary of Waraba Gold Limited)
25% to Fokolore Mining Sarl

Since acquisition Waraba Gold Limited spent 804 445 USD in exploration expenditure on the property.

Details of the exploration expenditures are shown on the following table.

Description	Expenditure (CAD$)
Human resources and Administration	194 834
Accomodation and Logistics	184 873
Sample tools and Analysis	201 241
Geophysics aeromagnetics survey	78 352
IP SurveyPhase_1	91 037
Data Compilation and interpretation	54 109
Total	804 445

Table 4.1: Summary of exploration expenditure on the property by Waraba Gold Limited

In order to maintain the Maligonga East Permit, Gonka Gold Mali Sarl is required to submit

Work program and budgets for the permit within thirty days of the granting of the exploration permit and yearly before 1 December for the following year;
Brief quarterly reports must be submitted in the first two weeks of the quarter, detailing the previous quarter's activities;
An annual report, submitted in the first quarter of the following year, detailing the year’s completed exploration activities; and
Details of the reporting structure on exploration activities and reporting of sampling and exploration results are given in the Arretes.

No further payments are required to maintain the Maligonga East Permit other than periodic surface taxes snd additional consideration payable to Folkore Mining Sarl contingent upon results of exploration. A production royalty (1.5% of the gross sales price of product sold) has also been granted by Gonka Gold Mali Sarl to African Minerals Exploration Resources-Mali Sarl, its services and logistic contractor/partner in Mali.

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The Maligonga-East Permit was granted under the 2012 Mining Code adopted to supercede the 1999 Mining Code and regulate all prospecting, exploration and mining activities. And subsequently superceded by the 2019 Mining code (enacted into the Malian law by way of a Government ordinance No 2019-022/PRM dated 27[th] September 2019. Published in the Malian official Gazette on 30[th] October, 2019, the “Mining Code)

The key changes introduced by the 2019 Mining code include

Reduction of the initial validity period of large-scale exploitation permits from 30 to 10 years.
Reduction of tax and customs stability period granted to exploitation title holders from 30 years to 10 years to reflect the new initial validity period of large-scale exploitation permit.
More stringent obligations in relation to the protection of the environment (in particular during the exploration phase) and local content.
Obligation for exploitation titleholders to contribute to 2 newly created mining funds, namely a Local Development Mining Fund and a Fund for the Financing of Geological and Mining Research.
Removal of the prospection authorization and a new distinction between small scale exploitation permit versus large scale exploitation permit (instead of exploitation authorization of small mines versus exploitation permits under the previous mining legislation).
The ability for the Government to launch tenders for the issuance of exploration permits.

On the tax and customs front, the 2019 Mining Code introduced a number of provisions which increase the mining company’s financial burden, among those:

Capital gains tax applicable to direct and indirect transfers of mining titles or shares.
Progressive royalty in case of a significant increase in the sale price of mining commodities.
The reduced tax rate of 25% on industrial and commercial profits and corporate tax would only apply for 3 years after production starts (instead of 15 years under the previous mining legislation).
Removal of the 3-year VAT exemption for exploitation titleholders.

An Exploration Permit (Permis de recherche Minière) may be granted under the Mining Code by order of the Minister of Mines and covers an area of up to 250 km[2] for specified commodities with an initial period of up to three years. The permit may be renewed twice for two years, with a final renewal period of up to one year to finalize a feasibility study (eight years in total). Permit holders are obliged to report regularly to the Department of Mines on their exploration programs. An Exploration Permit grants its holder the exclusive right to explore for the commodity group specified within the boundary of the permit and to unlimited depth. In the event of the discovery of minerals not specified on the permit, the holder may request the extension of the permit providing it is free of any mining permit relating to this mineral.

AS regards relationship between mining title holders and land owners, according to the Mining Code:

No research or exploitation rights deriving from mining titles are valid without the consent of the owner of the land with regard to activities involving the surface or having an effect on it.
The title holder of a mining title and owner(s) of the land are free to agree the terms and conditions of occupation or use of the land necessary from mining activities (including research) as well as

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the terms and conditions of passage over the land, but in the absence of reaching such an agreement regulations in force from time to time prescribe the “fair and prior” compensation which must be paid to the land owner(s) in return for which the land owner(s) must allow mining activities to proceed without interference. Accordingly, there are no circumstances in which Gonka Gold can be excluded from the land subject to the Maligonga East Permit.

After completion of mining activities, the title holder of a mining title is required to restore the land under cultivation to its previous state, restoring topsoil and roads.
The holder of a mining title shall identify the person concerned and determine the nature and extent of his right to the land whose occupation or use is envisaged in accordance with procedures specified by a joint order of the Minister responsible for Mines and the Minister in charge of land regulation.

An Exploration Permit may be awarded to any applicant that can provide proof of the technical and financial capacity to complete the exploration and meet with health, safety and environmental standards. The application must include the commodities to be explored for and a report detailing the proposed exploration program and budget. A Mining Permit (Permis d’exploitation Minière) may be granted for 30 years and is renewable for further periods of ten years until the mineral reserves have been exhausted.

A Mining Permit may be granted to the holder of an Exploration Permit or a Prospecting License. Holders of a Mining Permit are required to enter an agreement referred to as a “Convention d’Établissement” or “Mining Convention Agreement” with the Malian government prior to the commencement of exploration or mining activities and must begin work within three years.

A Mining Permit grants the holder the exclusive right to mine the specified commodities within the perimeter of the permit and to an unlimited depth. Proof of a mineable deposit must be provided by submission of a feasibility study. In addition, community development and mine closure plans must be submitted. A license can be transferred to third parties by inheritance or cession under certain conditions established by the Code.

In the event of the subsequent granting of an “operating license ” to the holder of an Exploration Permit, the Malian State have the right to a priority dividend (once the company is profit making) and have the right to acquire an equity participation of up to 10% subject to payment in cash for such additional participation.

4.2.1. Exploration Permit

The Maligonga-East permit was part of the Wili-Wili permit which, was first granted to Malian Goldfield Ltd Sarl for gold and associated minerals by decree N°05-2159/MMEE/SG on August 14[th] , 2005. The permit covered a surface area of 112 km² and was valid for two years renewable. In 2006, Malian Goldfield Ltd Sarl signed an agreement with Ressources Robex Inc to finance mineral exploration on the Wili-Wili project. This agreement lasted for two years at which time Robex withdrew from the partnership. Malian Goldfield Ltd Sarl maintained 100% ownership of the Wili-Wili Permit but relinquished the northern portion of the permit.

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On May 9[th] 2011, the relinquished northern portion of the permit area was extended to 109 km[2] and granted as a new permit (Maligonga-East permit) to Cluff Gold Plc by Arrete No. 2011-1696/MM-SG. The Permit was renewed twice for two consecutive terms of two years each.

On June 10[th] 2016, The Malian State granted the Maligonga-East permit to Fokolore Mining Sarl by decree N[o] 2016-2006/MM-SG. The Permit covered a surface area of 109 km². On October 11[st] 2019, the Maligonga-East permit was renewed by decree N[o] 2019-3557/MMP-SG for a further two-year period. The permit area was reduced to 100 km². As of the date of this report, this license is valid and is renewable for another period of three years. On December 1st, 2020, Waraba Gold Limited signed a joint-venture earn-in agreement with Fokolore to acquire 75% interest in the Fokolore’s Maligonga-East property. On August 17th 2021 the permit is transferred to GONKA GOLD MALI Sarl by decree No 2021-3047/MMEE/MG-SG.

The Maligonga-East permit is valid and its correct outline is recoded on the “Direction Nationale de la Géologie et des Mines’s Mineral Cadastral of the Ministry of Mines under registration N[o] PR 15/797 1BISPermis de recherche de Maligonga-East (Cercle de Kéniéba).

Table 4.2 and Figure 4.3 show the corner points of the permit as of the effective date of this report.

Points	Lat/Long Coordinates	Lat/Long Coordinates	UTM Coordinates WGS 84
	Longitudes	Latitudes	UTM-X UTM-Y
	Degrees Minutes Seconds	Degrees Minutes Seconds
Point A Point B Point C Point D Point E Point F Point G Point H Point I Point J Point K Point L Point M Point N Point O Point P Point Q Point R Point S Point T	11° 10' 02'' 11° 05' 54'' 11° 05' 54'' 11° 04' 00'' 11° 04' 00'' 11° 02' 00'' 11° 02' 00'' 11° 00' 20'' 11° 00' 20'' 11° 00' 51'' 11° 10' 51'' 11° 01' 48'' 11° 01' 48'' 11° 02' 13'' 11° 02' 13'' 11° 03' 05'' 11° 03' 05'' 11° 04' 00'' 11° 04' 00'' 11° 10' 02''	12° 27' 03'' 12° 27' 03'' 12° 29' 28'' 12° 29' 28'' 12° 31' 27'' 12° 31' 27'' 12° 26' 00'' 12° 26' 00'' 12° 23' 02'' 12° 23' 02'' 12° 23' 57'' 12° 23' 57'' 12° 25' 42'' 12° 25' 42'' 12° 26' 00'' 12° 26' 00'' 12° 23' 52'' 12° 23' 52'' 12° 25' 16'' 12° 25' 16''	264426 1377368 271952 1377368 271952 1381764 275396 1381764 275396 1385395 279048 1385395 279048 1375316 281950 1375316 281950 1369823 281014 1369823 281014 1371520 279304 1371520 279304 1374760 278574 1374760 278574 1375319 277007 1375319 277007 1371397 275396 1371397 275396 1373992 264426 1373992

Table 4.2: Corner coordinates for the Maligonga-East gold project (Coordinates are expressed in UTM-WGS 84 Map Datum Zone 29 North)

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E F
1 3 85 0 00 mN 1385000 mN
C D
1 3 80 0 00 mN 1380000 mN
A B
P O G H
1375000 mN
1 3 75 0 00 mN
N
M
T S
L
R Q K
1370000 mN
1 3 70 0 00 mN
J I

3 km
mE
260000 265000 mE 270000 mE 275000 mE 280000 mE
mE mE mE mE mE
00 00 00 00 00
0 0 0 0 0
60 65 70 75 80
2 2 2 2 2
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Figure 4.3: Maligonga-East “Permit de Recherche Minière” (black outline) as displayed in the Mining Cadastral records. UTM-WGS 84 Map Datum Zone 29 North

4.3 Environmental Liabilities

There are no known environmental liabilities relating to the Maligonga-East permit.

4.4 Other significant factors and risks

There is no reason to believe that there are any factors or risks that may affect the title, or the ability to perform work on the property. Access to the Maligonga-East property is sometimes difficult during the months of August and September, at the height of the rainy season, However, access is generally possible as there are no rivers or streams on or near the property that are subject to major flooding during the rainy season.

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5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

5.1. Accessibility

The Maligonga-East property is located within the Kéniéba District, an administrative sub-area of the Kayes Region, approximately 400 km by road west of Bamako, the capital of Mali and 80 km from the town city of Kéniéba (Figure 5.1). The Permit is located in the Dabia district prefecture. It can be easily accessed year-round by following the main paved highway connecting Bamako –Kita– Kéniéba (National Highway 7 or RN 7) or by air (aerodromes by Kéniéba and Dabia). From Bamako, Dabia can be reached in approximately 7 hours. From Diaba, the area is accessible by various bush and gravel roads passable to 4WD vehicles. Kéniéba has its own regional airport while a private airstrip, which can be used for emergency purposes, lies mid-way between Dabia and Diabarou.

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Figure 5.1: Main Access Road from Bamako to the Maligonga-East Gold Project

5.2. Climate

The Maligonga-East property is located in the Soudan-Sahel climatic region and has a continental subtropical climate characterized by two distinct seasons: a rainy season from July to October and a dry season from October to June. It is generally hot and dry from February to June (35°C to 45°C), humid and hot from June to November (30°C to 40°C), and relatively mild and dry from December to February (20°C to 25°C) (Figure 5.2). The annual Harmattan is a dry wind that blows from the north during the dry season. The average temperature is 28.6°C (83.5°F). Average monthly temperatures vary by 7.4°C (13.3°F). This indicates that the continentality type is hyperoceanic, subtype barely hyperoceanic. Total annual

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precipitation averages 1152.5 mm (45.4 inches) which is equivalent to 1152.5 Liters/m² (28.27 Gallons/ft²). Kéniéba has a tropical wet and dry/ savanna climate with a pronounced dry season in the low-sun months, no cold season, wet season is in the high-sun months.

Drilling is generally not possible during the rainy season, due to high rainfall creating impassable rivers and roads. General fieldwork tasks tend to be restricted to the period from July to late October.

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Source: https://cdn.hikb.at/charts/meteo-average-weather/Kenieba-meteo-average-weather.png

Figure 5.2: Average monthly temperatures and Average yearly precipitation at Kenieba, Mali

5.3. Local Resources

The local population are essentially “orpailleurs” (artisanal gold miners) (Photo 5.1), shopkeepers, motorcycle repair mechanics and subsistence farmers who raise cattle and goats and carry out dry land grain, vegetable (including gourds) and fruit tree (mango) farming. The cultivation of gourds is for both cooking and gold panning activities, which is the principal economic activity in west and southwest Mali.

A large, experienced pool of local labor and a certain amount of heavy equipment is available in the nearby Dabia village. Heavy equipment such as bulldozers and trucks are available in Kéniéba, a further 27 km northwest along the RN24 and modern telephone communications, government offices, wholesalers and a small regional airport are also available there. Diabarou village hosts two mobile phone mast stations (Orange and Malitel), a primary school, a Community Health Centre (Centre de Santé Communautaire de Diabarou) and a pharmacy plus many mechanical workshops and several small trader stalls.

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Artisanal mining location looking east from 277911E, 1379076N

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Mechanized artisanal mining site looking west from 277900E, 1379100N

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Figure 5.3: Typical artisanal mining area over the Maligonga-East property (photos taken during September 2021 site visit)

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5.4. Infrastructure

Local infrastructure in the Kéniéba District is poor, with few supplies or support services available. There is some gravity-fed public water supply in Kéniéba and the surrounding villages are supplied by boreholes. Mines are responsible for their own water supplies. There is no available national electrical power grid near the permit area and mines are responsible for their own power supply. Electricity is supplied by diesel power generators in many of the villages. The closest potential source of hydro-electrical power is the Manantali Dam located about 100 km to the northeast of the property on the Bafing River, a tributary of the Senegal River which flows northwest to the Atlantic Ocean.

The power produced is split between Mali, Senegal and Mauritania and is very unreliable. The state telephone company, SOTELMA, operates a telephone service in the village of Kéniéba. Cellular telephones are connected to the national grid and communication around the permit is possible by cellular phones. Health services are poor with the nearest basic health services found in Kayes and Kéniéba with more advanced services limited to Bamako. Serious medical conditions would require evacuation to Europe. Other than the Project will rely on use of the existing road infrastructure.

5.5. Physiography

The relatively low-lying and gently rolling countryside is made up of several plateau or erosional peneplains, which are capped with in-situ lateritic crusts or carapaces, while some deposits of eroded laterites also occur. The high clay content of the termite mounds provides a suitable substrate for retaining any gold that may be present in the soil profile. The permitted region is generally flat and characterized by gentle, flat-topped to gently-rolling laterite hills.

The Falémé river flows from east to west at, or close to the boundary with the southern permits and drains to the northwest where it forms a natural border with Senegal. Numerous moderately well-developed rivers and drainage channels are fed in the wet season by run-off from the lateritic plateaus. The Permit area is situated in a relatively low-lying savannah cut by intermittent streams. Elevations within the project ranges from 340 m ASL (above sea level) along the flood basins of the main rivers to 811 m ASL in the northwestern corner of the permit which is the summit of late dolerite dikes intrusion

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Figure 5.4: Summary of Project Physiography

The vegetation is generally composed of open grasslands (savannah-type) with arable fields, and large areas of open woodland consisting of small trees and shrubs (acacia, shea, ficus, baobab). Larger trees are found closer to drainages areas (palm trees and liana) and flood plains (bombax, mango trees). There is very little local wildlife, but the region has warthogs, monkeys, antelopes and snakes (vipers, mambas).

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Access road into the permit area showing surrounding vegetation at 278621E, 1379406N
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Typical vegetative cover within permit
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Figure 5.5: Typical Vegetation within the Maligonga-East Permit (photo taken during September 2021 site visit)

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6. HISTORY

6.1 Summary of the gold exploration history in the Maligonga-east permit from 1992 to 2018

The Maligonga-East gold project is situated in a region that is well known for artisanal mining for decades. There is visible evidence of artisanal mine workings throughout the permit and mainly along paleo-placers. Gold panning has been practiced for centuries in the Kéniéba area. The French colonizers were only able to develop the mineral resources of the area from the turn of the century by starting dredging in the Faleme.

Between the period 1230 and 1600, extensive artisanal mining in western Mali supported the Kanka Moussa Empire. Nowadays it is the main revenue for thousands of orpailleurs (artisanal miners). Their nonmechanized production is estimated at some 2 tonnes of gold per year.

Dredging in Mali dates back to 1910 when the Compagnie des Mines de la Falémé exploited gold on the Falémé River from the years before the First World War up to 1955 (McLane, 1977). Concessions at the time included 100 m of bank on either side of the river. Today Chinese alluvial miners continue this practice west of the ford, which crosses the Falémé River in the south of the Maligonga-East permit. Artisanal mining has been historically conducted on alluvial, lateritic soils and quartz vein deposits in the area with evidence of artisanal mining from immediately west of Dabia village at the north of the permits to the far west at the crossing of the Falémé River.

In the 1960s, SONAREM undertook a vast exploration campaign, especially alluvial, in western Mali. From 1960 to 1996 regional exploration program were carried out over the larger Kéniéba area by the French Bureau de Recherches Géologiques et Minières (BRGM) in cooperation with the DNGM, a department of the Ministry of Mines (BRGM, 1978 and 1982). These program targeted gold and base metal mineralization in the Paleoproterozoic and consisted of satellite image interpretation (Landsat) and regional geological field mapping and outcrop sampling, combined with regional soil geochemistry surveys. In the early to mid-2000’s detailed exploration work was focused on the Medinandi permit, 40 km southwest of Kéniéba.

From mid-1970 the Syndicat or (BRGM + Government of Mali) undertook a regional geochemical survey of western Mali. This geochemical survey was carried out at a 1600 x 500 m grid pattern, combined with geological mapping at a scale of 1: 50,000 over a large part of the Kéniéba region including the MaligongaEast permit. By the 1980s Klockner, with Funds from the European Union, undertook a large geochemical sampling which led to the discovery of the Sadiola and Yatéla gold deposits in western Mali. The same year, BRGM carried out a regional airborne geophysical survey combining magnetism and radiometry. BRGM's work led to the discovery of the Medinandi-Fekola deposit. In the early 1990s, several other junior companies explored in the province of Kéniéba, and near Maligonga-Est.

From 2001 to 2006 the SYSMIN program, with technical the assistance from Kevron / ECL, Fugro and BRGM / Map Geosystems, carried out airborne electromagnetic and radiometric surveys at a scale of 1/200,000 mapping the Malian Birimian. The Wili-Wili eluvial-alluvial place which extended for more than 1.5 km just south of the Maligonga-East permit has been described. The gold is localized in quartz veins, in meta-sediments containing sulphides (box works). Finally, several geological prospecting studies (trenches, regolith mapping, and RC drilling) had previously been carried out in this field by several

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companies. In 1987, BGRM completed the first regional termite mounds survey on the Maligonga-East permit. The sampling grid covered the southern and eastern portion of the permit. A total of 440 termite mounds samples were collected. Results of this sampling program outlined a pronounced gold anomaly in the Mamadouya zone extending up to 5 km long and trending NNE. In 1992, BRGM completed 6 trenches in the Mamoudouya zone totaling 1410 m. Best results included: [email protected]/t Au, [email protected]/t Au, [email protected]/t Au, and [email protected]/t Au.

In 2012, Cluff Gold Plc completed a follow-up termite mounds geochemical survey focused on the Maligonga-East permit. The program covered most of the permit on a grid pattern of 200x50m. A total of 4858 termite mounds samples were collected. Results of this infill sampling survey delineated a strong gold anomaly centered on the Mamadouya target, extending up to 10 km and trending in the north-north-east direction. Many others clusters of gold anomalies were also outlined throughout the permit. Following positive results from the follow-up geochemical survey, Cluff contracted Terra Tec to complete a ground IP (Induced Polarization) geophysical survey on the Maligonga-East permit. The survey covered the Mamadouya anomaly zone. Cluff, completed a RC drilling program consisting of 99 RC holes totaling 12,276 m on a grid pattern of 100x60m centered on the Mamadouya gold target. The objectives were to test the large Mamadouya gold anomaly. Best results of the RC drilling program included: 3m@8,77g/t Au, 4m@5,37g/t Au, 4m@1,52g/t Au, 13m@2,66g/t Au, 7m@6,06g/t Au, 5m@3,11g/t Au, 7m@4,51g/t Au, and 6m@16,43g/t Au.

In 2016, Fokolore carried out a detailed compilation, analysis, and interpretation of previous exploration data. Fokolore completed a detailed field geological, structural and regolith mapping over the Mamadouya gold target and a litho-geochemistry sampling. 98 rock chip samples were collected and analyzed. The results of the grab sampling were encouraging. A black shale sample containing quartz stockwork veins returned results of 95 g/t Au (with visible gold grains). 10 others samples returned high gold grades with values > 0.5 g/t Au including 3,5g/t Au, 3,84g/t Au, 1,18g/t Au, 1,23g/t Au, 1,37g/t Au, and 1,19g/t Au. Fokolore completed an extensive Auger drilling program consisting of 586 holes totaling 4.748 m on a grid pattern of 200x50m. Best results from the Auger drilling included [email protected]/t Au and [email protected] g/t Au. Following positive results, Fokolore completed in 2018, 4.920 meters RC drilling program totaling 61 RC holes. The drilling results was encouraging and confirmed the depth and lateral extension of the mineralization previously intercepted by Cluff. The RC drill holes intercepted large zones of alteration that affect the sediments that generally contain abundant stockwerk of quartz veins. The best gold values intercepted in drill holes included: [email protected] g/t Au (Incl. [email protected]/t Au), [email protected] g/t Au, [email protected] g/t Au., [email protected] g/t Au, [email protected] g/t Au and suggested a possible northern extension of the Mamadouya mineralization over 800 meters.

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The following table summarizes historical exploration works competed in the Maligonga-East permit.

Program		BRGM	Robex	Cluff	Fokolore	Total
		1 987 1 992	2005 - 2006	2 012	2 016 2 017 2 018
Regional Soil Sampling Survey		440	473			913
Infill Termite Sampling Survey				4 528		4 528
Rock chips Sampling					98	98
Geophysical Survey			Ground Induced Polarization(IP)	Ground Induced Polarization(IP)
Trench	Num Meters	6 1 410	1 150			7 1 560
Auger Drilling	Num Meters				586 4 748	586 4 748
RC Drilling	Num Meters		17 1 614	99 12 276	61 4 920	177 18 810

Table 6.1 Exploration works completed in the Maligonga-East permit from 1987 to 2018

6.2 Exploration Programs Completed by BRGM (1987 - 1992)

6.2.1 Soil sampling geochemical survey in 1987

BGRM completed the first regional soil survey on the Maligonga-East permit, between January and July 1987, on an irregular grid pattern (Figure 6.1). The sampling grid covered the southern and eastern portion of the Maligonga-East permit. A total of 440 soil samples were collected on this grid (Figure 6.1). The samples were analyzed by SGS Laboratory in Bamako, Mali.

Samples collected from termite mounds returned assay values ranging between below detection limit of 0.001 ppb to 1600 ppb gold (Figure 6.2). Gold values > 0,045 ppm generally define continuous zones that trend NE to NNE and are co-linear with the main Mamadouya orpaillage zone (Figure 6.2). Higher soil values tend to be relatively spotty in distribution. The gold anomalies at Mamadouya suggests that the mineralized gold structure may extend up to 10 km long (Figure 6.2)

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Figure 6.1.: Regional soil geochemical sampling within the Maligonga-East permit in 1987

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Figure 6.2: Regional soil geochemical sampling results within the Maligonga-East permit in 1987.

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6.2.2. Trenches Completed by BRGM in 1992

BRGM completed 6 trenches in the Mamoudouya zone totaling 1410 meters (Table 6.2). The following table illustrate the location and technical parameters of the trenches

Hole ID	X-UTM	Y-UTM	X-UTM2	Y-UTM2	Azimuth	Depth
Trench 12	277643	1378796	277979	1378723	110	240
Trench 13	277597	1378596	277982	1378510	110	300
Trench 14	277555	1378401	277801	1378345	110	180
Trench 15	277558	1378209	277757	1378159	110	140
Trench 16	277224	1377857	277712	1377745	110	388
Trench 17	277430	1377613	277627	1377574	110	162

Table 6.2: Location and technical parameters of the trenches completed by BRGM in 1992

The location map of the trenches completed by BRGM in 1992 is shown in Figure 6.3.

Best results from the trenches included:

Trench 12: 1.37 g/t Au over 8 meters,
Trench 13: 1.07 g/t Au over 14 meters,
Trench 14: 1.39 g/t Au over 8 meters,
Trench 15: 2.13 g/t Au over 12 meters,
Trench 16: 2.30 g/t Au over 6 meters,
Trench 17: 2.35 g/t Au over 24 meters.

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Figure 6.3: Location of the trenches completed by BRGM in the Maligonga-East permit in 1992

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6.3 Exploration Programs Completed by Ressources Robex Inc. (between 2005 and 2006)

The first exploration works including drilling, trenching and geophysical survey on the Maligonga-East area were carried out by Ressources Robex Inc. and Malian Goldfield Ltd Sarl on the Wili Wili gold concession that encompassed the south portion of the Maligonga-East permit.

6.3.1. Exploration programs completed from September 2005 to September 2006

Exploration work on the Wili Wili permit in 2005 were focused on data compilation on existing termite mounds geochemistry surveys, processing and interpretation of regional magnetic and radiometric airborne geophysical data from the entire area in order to characterize the geology and outline important structures. Robex processed a Landsat-TM image for topographical, geomorphological and regolitic interpretation.

6.3.1.1. Geomorphology / regolith

Geomorphological and regolith mapping by Robex covered the entire Wili Wili permit on a grid pattern of 40km x 35km using regional aerial ortho-photos and satellite images to assess the relevance of existing surface geochemistry surveys and to acquire a topographical background of the permit. This mapping covered the southern portion of the actual Maligonga-East permit. The geomorphology and regolith mapping in the Wili Wili permit identified by four main types of regolith (Figure 6.4).

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Figure 6.4: Geomorphological and regolith mapping and soil sampling survey of the Wili Wili Permit

The lateritic plateaus (called TF) cover nearly 40% of the permit. The lateritic plateaus have a shallow dipping and are composed of consolidated, ferrugenized and homogeneous materials. They are generally thick and show evidence of transported materials that covers the underlying lithological units. The material shows evidence of proximal transportation over a short distance.
The second type of regolith, (called “TA’) fairly widespread on the permit is composed of alluvial plain of the Falémé River. It is composed of very thick layers of fine distal sediments. The alluvial plain completely masks the geochemistry of the underlying rock. It represents about 20% of the permit area.

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The third major regolith are the plateau slope and low hill areas. These, called “E”, constitute zones of active erosion and residual units in place (mottled-zone and possibly saprolite). These areas, which are very favorable for soil sampling, are however quite narrow and only cover 10% of the permit area.
The last significant regolith type in the area, known as “CP”, is made up of small and inhomogeneous plains between the high and low lateritic plateaus zones. The latter generally consist of an incomplete lateritic profile with layer of variable thickness of proximal origin. These facies are good sampling medium and represents approximately 25 to 30% of the permit area.

Robex reconsidered the relevance and significance of the pre-existing soil surveys completed in this area and interpreted the BRGM strategic soil survey of 1987 (1000m x 500m) as unreliable. Robex suggested that many anomalies outlined by BRGM strategic soil survey and subsequently re-sampled in detail, are clearly associated with placers located in low alluvial zones.

Robex explained that most of the exploration works carried out by BRGM subsequent to the soil sampling results, namely pits, trenches and boreholes returned negative results and proposed a new, more selective and targeted regional soil geochemistry program.

6.3.1.2. Pits sampling

Following these positive results from the soil sampling, a dozen exploration pits was completed in order to verify the gold geochemistry of the underlying rocks. Pit samples were collected at one-meter intervals from the side of the wells between depths of 2 to 7 meters. Pit sampling returned positive results. Almost all of the samples returned gold values close to or greater than 1g/t Au. Gold values derived from silicified and sericitized metasediments and locally associated with important networks of quartz veins.

6.3.2. Exploration programs completed from September 2006 to September 2007

Exploration works carried out by Robex from September 2006 to September 2007 consisted of:

An Induced Polarization (IP) ground geophysical survey over the Mamoudouya zones,
A program of reverse circulation drilling (RC) in the Mamoudouya areas.

6.3.2.1. Geophysical surveys

Two Gradient IP geophysical surveys were completed on March 6, 2007 on the Mamoudouya areas of the Wili Wili property. These ground geophysical surveys of IP/resistivity gradient were carried out with lines spacing of 100 meters and covered an area of 1.5 km by 3.0 km (linear distance of 48 km) in the Mamoudouya area (Figure 6.5).

The IP Resistivity gradient survey on the Mamoudouya Zone (Figure 6.5) shows a very structured set of resistive axes-oriented N15° with sub-axes oriented from NS to N45°, probably linked to secondary faults oriented N45°. This set of resistive axes is framed on each side by two very clear conductive zones, oriented N15°, the direction of which coincides with those of the major regional structures.

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Figure 6.5.: Geophysical IP resistivity survey on the Mamoudouya zone by Robex from 2006 to 2007

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6.3.2.2. Drilling

4,245 meters RC drilling program was carried out at Wili-Wili from April 20 to May 25, 2007. The drilling was completed over the Mamoudouya gold zones (Figures 6.6): 17 holes totaling 1,614 meters were drilled at Mamoudouya (Tables 6.3 and 6.4, Figures 6.6 to 6.9).

The objective was to test gold anomalies in soil geochemistry. The RC holes were inclined at -50[o] . Deviation tests were performed at the end of the holes. The RC drill samples, collected by metric interval, were analyzed in three-meter composites and representative samples of 1.5 to 3 kg were sent to Analab Laboratory in Kayes, Mali, where they were analyzed by Fire Assay. The detection threshold was 0.005 g/t Au. The Table 6.3 shows the location and technical parameters of the RC Drill holes.

Hole ID X-UTM Y-UTM Z-UTM Azimuth Dip Depth Source Type Year	Hole ID X-UTM Y-UTM Z-UTM Azimuth Dip Depth Source Type Year	Hole ID X-UTM Y-UTM Z-UTM Azimuth Dip Depth Source Type Year	Hole ID X-UTM Y-UTM Z-UTM Azimuth Dip Depth Source Type Year	Hole ID X-UTM Y-UTM Z-UTM Azimuth Dip Depth Source Type Year	Hole ID X-UTM Y-UTM Z-UTM Azimuth Dip Depth Source Type Year	Hole ID X-UTM Y-UTM Z-UTM Azimuth Dip Depth Source Type Year	Hole ID X-UTM Y-UTM Z-UTM Azimuth Dip Depth Source Type Year	Hole ID X-UTM Y-UTM Z-UTM Azimuth Dip Depth Source Type Year
WR122	277278	1377685	400	110	-50	102	Robex	RC 2007 RC 2007 RC 2007 RC 2007 RC 2007 RC 2007 RC 2007 RC 2007 RC 2007 RC 2007 RC 2007 RC 2007 RC 2007 RC 2007 RC 2007 RC 2007 RC 2007
WR123	277344	1377661	400	110	-50	102	Robex
WR124	277410	1377637	400	110	-50	96	Robex
WR125	277476	1377613	400	110	-50	102	Robex
WR126	277541	1377589	400	110	-50	96	Robex
WR127	277607	1377565	400	110	-50	96	Robex
WR128	277673	1377541	400	110	-50	96	Robex
WR129	276886	1377402	400	110	-50	90	Robex
WR130	276952	1377378	400	110	-50	96	Robex
WR131	277018	1377354	400	110	-50	84	Robex
WR132	277084	1377330	400	110	-50	90	Robex
WR133	277150	1377306	400	110	-50	90	Robex
WR134	277215	1377282	400	110	-50	102	Robex
WR135	277281	1377258	400	110	-50	102	Robex
WR136	277347	1377234	400	110	-50	90	Robex
WR137	277413	1377210	400	110	-50	90	Robex
WR138	277478	1377187	400	110	-50	90	Robex

Table 6.3: Location and technical parameters of the RC Drill Holes completed by Robex in 2007

The main lithology encountered in the drill holes is a medium to coarse-grained granite. It is generally grayish to pinkish locally epidotized and greenish. A few passes of chloritized aplite, less than 10 m, were intercepted. Sediments were intersected east of the north profile and west of the south profile. They are greywackes, graphitic shale, silts and shales. Gold is associated with quartz veins. A large N010[o] striking shear zone located immediately east of the drill hole appears to control the gold mineralization. Results of the first drilling campaign at Mamoudouya were not encouraging. The best gold intersects from the RC drilling program in the Mamoudouya Zone are presented in the following Table.

Hole ID	From	To	Interval	Au ppb
WR125	24	33	9	401
WR130	0	39	39	413,7
WR130	63	81	18	555,7
WR131	6	21	15	555,3
WR132	39	75	36	261,5
WR135	12	24	12	554,7
WR136	0	18	18	489,6

Table 6.4: Best gold intersects from the RC drilling program in the Mamoudouya Zone by Robex in 2007

The location of the RC Drill holes is shown in Figure 6.6.

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----- Start of picture text -----

Trench 12
Trench 13
Trench 14
Trench 15
Trench 16
RC L1
Trench 17
RC L2
----- End of picture text -----

Figure 6.6: Location map of the RC Drill holes completed by Robex in the Mamadouya zone in 2007

The RC drill geological cross-sections are presented in Figures 6.7 and 6.8.

==> picture [469 x 120] intentionally omitted <==

Figure 6.7: Cross-section L1 of the RC Drill holes completed by Robex in the Mamadouya zone in 2007

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Figure 6.8: Cross-section L2 of the RC Drill holes completed by Robex in the Mamadouya zone in 2007

==> picture [360 x 492] intentionally omitted <==

Figure 6.9: Geophysical IP resistivity survey on the Mamadouya zone showing trenches and drilling location.

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6.3.2.2.1. Conclusion

The exploration work carried out at Wili Wili from September 2006 to September 2007, consisting of geophysical surveys, trenching and drilling, convinced Robex of the significant gold potential of this permit. The drilling intersected many mineralized zones and allowed Robex to better understand the geological, structural and metallogeny context of this property.

6.4 Exploration Programs Completed by Cluff Gold Plc in 2012

6.4.1. Follow-up termite mounds geochemical survey

Cluff Gold Plc completed a follow-up termite mounds geochemical survey focused on the Maligonga-East permit (Figure 6.10). The program covered most of the permit on a grid pattern of 200x50m. A total of 4858 samples of termite mounds were collected (Figure 6.10).

==> picture [463 x 381] intentionally omitted <==

Figure 6.10: Follow-up termite mounds geochemical survey within the Maligonga-East permit in 2012

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6.4.2. Results of the Follow-up geochemical survey

Termite mound samples ranged in grade from below detection limit to 7.5 parts per million (ppm) gold. Gold values > 0,045 ppm generally define continuous zones that trend NE to NNE and are co-linear with the main Mamadouya orpaillage zone. Higher soil values tend to be relatively spotty in distribution. The gold anomalies at Mamadouya suggests that the mineralized gold structure may extend up to 10 km long (Figure 6.11). The survey program revealed many other clusters of gold anomalies throughout the permit.

==> picture [457 x 378] intentionally omitted <==

Figure 6.11: Follow-up termite mounds geochemical results within the Maligonga-East permit in 2012

6.4.3. Geophysical Survey

Cluff contracted Terra Tec to complete an IP (Induced Polarization) and Resistivity geophysical survey on the Maligonga-East permit. The survey covered the Mamadouya anomaly zone (Figure 6.12) revealed from the previous geochemical sampling. The objective of the ground Induced Polarization and Resistivity survey was to investigate the geological structures in the Mamoudouya zone that control the gold mineralization. The field work was performed in two campaigns, the first started on the 16/07/11 with the arrival of the terra tec team in the field and ended on the 04/08/201. The second campaign started on the 16/11/2011 and ended on the 09/12/11.

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==> picture [438 x 618] intentionally omitted <==

Figure 6.12: Sitemap - Aera of investigation. The red outlined area was measured in the first campaign and the data recorded in the second campaign are outlined blue.

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6.4.3.1. Gradient Array

For the Gradient survey a line distance between 100 m line lengths between 450 m and 1275 m AB spacing between 2600 -3300 m and a RX dipole spacing of 50 m (point-to- point distance 25m) were fixed. The gradient measurements were performed on ENE-WSW orientated lines. Two-time domain induced polarization receiver (Elreo 6 and GDD Grx8-3I) were used parallel to acquire the data.

6.4.3.2. Gradient Resistivity

Low to intermediate resistive areas with a larger areal extent occur in the south-west, the south-east and in the north-eastern part of the surveyed grid. A broad high resistive zone can be seen in the middle of the grid (Figure 6.13). This zone strikes with approx. 17 degrees in the south and turns to approx. south-northdirection with a strike of about 5 degrees. That Resistivity zone visible in the east of Block 1, Block 2, Block 3 and partly in Block 4 shows a good correlate to the bordering Blocks 14, 13, 8 and Block 9.

Further to the north the highest resistivity values can be found, in the west of Block 10 and Block 11 (Figure 6.13) between a northing of 1378435 and 1379731 but cannot be confirmed in the east of Block 4.5 and 6 (Figure 6.13). The very hilly area, especially the positioning of the injection point in relation to the surveyed lines, embedded in a very complex geological environment could be one possible explanation. A sharp increase from very low resistivity values in the east of Block 9. 10 and 11 (Figure 6.13) to extreme high values in the west of Block 9, 10 and 11 are observable. Due to the sudden increase these very high resistivity anomaly could be possibly interpreted as a surface near laterite /lateritic unit plateau.

6.4.3.3. Gradient Chargeability

Contours of the chargeability anomalies are also plotted on the interpretation map (Figure 6.13). The limits of the different chargeability anomaly levels were fixed using the statistics of the measured chargeability.

IP data situation is very poor, which makes interpretation very difficult. It is remarkable that in low resistivity dominated areas mostly negative IP value were observed. Negative Chargeability anomalies have not been considered in the Chargeability Map (Figure 6.13). The intermediate between the northern of 1378140 and 1378800 corresponding to the high resistivity axis could be interpreted as a laterite effect.

6.4.3.4. Gradient Interpretation maps

On the interpreted map, the gradient resistivity is shown in color zones (Figures 6.14 to 6.16) with the following limits

conductive < 750 Ohm *m
intermediate 750 -1750 Ohm*m
resistive 1750 3500 Ohm*m
high resistivity >3500 Ohm*m

The anomalous areas and axes of the gradient chargeability are plotted on the simplified resistivity Map (Figures 6.14 to 6.16)

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==> picture [425 x 538] intentionally omitted <==

==> picture [422 x 92] intentionally omitted <==

Figure 6.13: Gradient Chargeability Interpretation Map showing geological and structural elements

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==> picture [431 x 618] intentionally omitted <==

----- Start of picture text -----

Block_7
Block_6
Block_5
Block_4
Block_3
Block_2
Block_1
Scale 1:20000
250 0 250 500 750
(meters)
Legend WGS 84 / UTM zone 29N
conductive axis Cluf f Gold Mali Sarl
high resistive axis
Permit of Mamoudouya, Mali
Mamoudouya - B15-B16
Gradient Survey - Apparent Resistivity
App. Resistivity
[Ohmm] line length: 950 m - 1275 m
AB distance: 2600m - 3500 m
17 33 99 160 188 195 204 220 255 334 633 Project-N°: F124-11 Date 7/2011
www.terratec-geoservices.com Map 1_b
B7-L in e_50 300 N
B7-L in e_50 _300 N
B6-L in e_36 -40 0 N
B6-L in e_36 -40 0 N
B2-L in e_10 _0_r em N
B2-L in e_10 _0_r em N
B5-L in e_36 _300 N
B5-L in e_36 _300 N
B7-L in e_51 _400 _rem N
B7-L in e_51 _400 _rem N
B7-L in e_49 _200 _rem N
B7-L in e_49 _200 _rem N
B6-L in e_41 _100 _rem N
B6-L in e_39 -10 0 N
B6-L in e_41 100 _rem N
B6-L in e_39 -10 0 N
B5-L in e_32 -10 0_r em N
B5-L in e_32 -10 0_r em N
B3-L in e_17 -30 0 N
B3-L in e_17 -30 0 N
B1-L in e_4_ 0_re m N
B1-L in e_3_ -100 re m N
B1-L in e_4 0_re m N
B1-L in e_3_ -100 re m N
B7-L in e_46 -10 0 N
B6-L in e_43 300 NB7-L in e_43 -40 0 N
B7-L in e_46 -10 0 N
B7-L in e_43 -40 0 N
B6-L in e_43 300 N
B1-L in e_2 -200 GDD N
B1-L in e_1 -300 GDD N
B1-L in e_1 -300 GDD NB1-L in e_2 -200 GDD N
B7-L in e_52 _500 _rem N
B7-L in e_52 _500 _rem N
B6-L in e_37 -30 0 N
B6-L in e_37 -30 0 N
B5-L in e_29 -40 0 N B5-L in e_31 -20 0_r em N
B4-L in e_24 -20 0_r em N
B5-L in e_31 -20 0_r em N
B5-L in e_29 -40 0 N
B3-L in e_22 200 N
B4-L in e_24 -20 0_r em N
B3-L in e_22 200 N
B1-L in e_5 100_ rem N
B1-L in e_5_ 100_ rem N
B6-L in e_42 200 _rem N
B6-L in e_40 _0_r em N
B6-L in e_42 _200 _rem N
B5-L in e_35 _200 N B6-L in e_40 _0_r em N
B4-L in e_29 _300 N
B4-L in e_28 _200 N B5-L in e_35 _200 N
B4-L in e_23 -30 0 N
B3-L in e_21 100 _rem NB4-L in e_22 -40 0 N B4-L in e_28 200 NB4-L in e_29 _300 N
B4-L in e_23 -30 0 N
B4-L in e_22 -40 0 N
B3-L in e_21 _100 _rem N
B2-L in e_12 _200 _rem N
B2-L in e_11 _100 _rem N
B2-L in e_8 -200 re m N
B2-L in e_7 -300 N
B2-L in e_6_ OL_- 400 N B2-L in e_12 200 _rem N
B1-L in e_6 200 N B2-L in e_11 100 _rem N
B2-L in e_8 -200 re m N
B2-L in e_7 -300 N B 12 -Line_6_ 200 NOL_- 400 N
B7-L in e_45 -20 0 N
B7-L in e_45 -20 0 N
B6-L in e_38 -20 0 N
B5-L in e_34 _100 _rem N
B6-L in e_38 -20 0 N
B5-L in e_34 100 _rem N
B4-L in e_25 -10 0_r em N
B3-L in e_20 0_r em N
B3-L in e_19 -10 0_r em N
B3-L in e_18 -20 0_r em N B4-L in e_25 -10 0_r em N
B3-L in e_16 OL -400 N
B2-L in e_16 600 N
B2-L in e_15 _500 N
B3-L in e_20 _0_r em N
B3-L in e_19 -10 0_r em N
B3-L in e_18 -20 0_r em N
B2-L in e_16 _600 NB3-L in e_16 _OL -400 N
B2-L in e_15 500 N
B7-L in e_44 -30 0 N
B7-L in e_44 -30 0 N
B5-L in e_33 _0_r em N
B4-L in e_26 _0_r em N B5-L in e_33 _0_r em N
B4-L in e_26 _0_r em N
B2-L in e_14 _400 N
B2-L in e_14 _400 N
B7-L in e_48 _100 _rem N
B7-L in e_48 _100 _rem N
B2-L in e_13 _300 _rem N
B2-L in e_13 _300 _rem N
B4-L in e_27 _100 _rem N
B4-L in e_27 _100 _rem N
B5-L in e_30 -30 0 N
B5-L in e_30 -30 0 N
B7-L in e_47 _0_r em N
B7-L in e_47 _0_r em N
B2-L in e_9 -100 re m N
B2-L in e_9 -100 _re m N 200
200
100
0
03
004
----- End of picture text -----*

Figure 6.14: Interpreted structures from the Gradient Survey-Apparent resistivity

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Figure 6.15: Gradient Survey-Apparent resistivity Map showing structural elements

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Figure 6.16: IP Map showing structural elements

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6.4.4. RC Drilling Program

In 2012, Cluff, completed 99 RC holes totaling 12,276 meters on a grid pattern of 100x60m in the Mamadouya zone (Figure 6.17). The objectives were to test the large Mamadouya gold anomaly.

Holes were inclined -55° with an azimuth of 280° (Figure 6.17). RC holes were 125 to 60 meters deep. Samples were sent to SGS Laboratory in Kayes for gold geochemical analysis by Fire Assays (FAA505) over 50 g pulp with a detection limit of 0,01 ppb

==> picture [469 x 419] intentionally omitted <==

Figure 6.17: Location of the RC drill holes completed by Cluff in the Mamoudouya zone in 2012

The location and technical parameters of the RC drilling program are shown in the following Table

Hole ID	X-UTM	Y-UTM	Z-UTM	Azimuth	Dip	Depth	Source	Type	Year
MRC0001	277445	1378032	150	280	-55	125	Cluff	RC	2012
MRC0002	277515	1378020	150	280	-55	125	Cluff	RC	2012
MRC0003	277586	1378007	150	280	-55	125	Cluff	RC	2012
MRC0004	277656	1377995	150	280	-55	125	Cluff	RC	2012
MRC0005	277727	1377983	150	280	-55	125	Cluff	RC	2012

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Hole ID	X-UTM	Y-UTM	Z-UTM	Azimuth	Dip	Depth	Source	Type	Year
MRC0006	277797	1377971	150	280	-55	125	Cluff	RC	2012
MRC0007	277867	1377959	150	280	-55	125	Cluff	RC	2012
MRC0008	277938	1377946	150	280	-55	125	Cluff	RC	2012
MRC0009	277944	1378047	150	280	-55	125	Cluff	RC	2012
MRC0010	277873	1378059	150	280	-55	125	Cluff	RC	2012
MRC0011	277803	1378071	150	280	-55	125	Cluff	RC	2012
MRC0012	277732	1378084	150	280	-55	125	Cluff	RC	2012
MRC0013	277662	1378096	150	280	-55	125	Cluff	RC	2012
MRC0014	277591	1378108	150	280	-55	125	Cluff	RC	2012
MRC0015	277521	1378120	150	280	-55	125	Cluff	RC	2012
MRC0016	277450	1378133	150	280	-55	125	Cluff	RC	2012
MRC0017	277457	1378235	150	280	-55	125	Cluff	RC	2012
MRC0018	277528	1378223	150	280	-55	125	Cluff	RC	2012
MRC0019	277598	1378210	150	280	-55	125	Cluff	RC	2012
MRC0020	277669	1378198	150	280	-55	125	Cluff	RC	2012
MRC0021	277739	1378186	150	280	-55	125	Cluff	RC	2012
MRC0022	277809	1378174	150	280	-55	125	Cluff	RC	2012
MRC0023	277880	1378162	150	280	-55	125	Cluff	RC	2012
MRC0024	277950	1378149	150	280	-55	125	Cluff	RC	2012
MRC0025	277953	1378255	150	280	-55	125	Cluff	RC	2012
MRC0026	277882	1378267	150	280	-55	125	Cluff	RC	2012
MRC0027	277812	1378279	150	280	-55	125	Cluff	RC	2012
MRC0028	277741	1378292	150	280	-55	125	Cluff	RC	2012
MRC0029	277671	1378304	150	280	-55	125	Cluff	RC	2012
MRC0030	277600	1378316	150	280	-55	125	Cluff	RC	2012
MRC0031	277530	1378328	150	280	-55	125	Cluff	RC	2012
MRC0032	277459	1378341	150	280	-55	125	Cluff	RC	2012
MRC0033	277475	1378440	150	280	-55	125	Cluff	RC	2012
MRC0034	277545	1378427	150	280	-55	125	Cluff	RC	2012
MRC0035	277616	1378415	150	280	-55	125	Cluff	RC	2012
MRC0036	277686	1378403	150	280	-55	125	Cluff	RC	2012
MRC0037	277757	1378391	150	280	-55	125	Cluff	RC	2012
MRC0038	277827	1378378	150	280	-55	123	Cluff	RC	2012
MRC0039	277898	1378366	150	280	-55	125	Cluff	RC	2012
MRC0040	277968	1378354	150	280	-55	125	Cluff	RC	2012
MRC0041	277820	1378482	150	280	-55	125	Cluff	RC	2012
MRC0042	277749	1378494	150	280	-55	125	Cluff	RC	2012
MRC0043	277679	1378506	150	280	-55	125	Cluff	RC	2012
MRC0044	277608	1378519	150	280	-55	125	Cluff	RC	2012
MRC0045	277538	1378531	150	280	-55	125	Cluff	RC	2012
MRC0046	277467	1378543	150	280	-55	125	Cluff	RC	2012
MRC0047	277483	1378640	150	280	-55	125	Cluff	RC	2012
MRC0048	277553	1378627	150	280	-55	125	Cluff	RC	2012
MRC0049	277624	1378615	150	280	-55	125	Cluff	RC	2012
MRC0050	277694	1378603	150	280	-55	125	Cluff	RC	2012
MRC0051	277765	1378591	150	280	-55	125	Cluff	RC	2012
MRC0052	277835	1378579	150	280	-55	125	Cluff	RC	2012
MRC0053	277906	1378566	150	280	-55	125	Cluff	RC	2012
MRC0054	277976	1378554	150	280	-55	125	Cluff	RC	2012
MRC0055	278011	1378649	150	280	-55	125	Cluff	RC	2012
MRC0056	277940	1378661	150	280	-55	125	Cluff	RC	2012
MRC0057	277870	1378673	150	280	-55	125	Cluff	RC	2012
MRC0058	277799	1378685	150	280	-55	125	Cluff	RC	2012
MRC0059	277729	1378697	150	280	-55	125	Cluff	RC	2012
MRC0060	277658	1378710	150	280	-55	125	Cluff	RC	2012
MRC0061	277588	1378722	150	280	-55	125	Cluff	RC	2012
MRC0062	277517	1378734	150	280	-55	125	Cluff	RC	2012
MRC0063	277975	1378470	150	280	-55	125	Cluff	RC	2012
MRC0064	277869	1378489	150	280	-55	93	Cluff	RC	2012
MRC0065	277579	1377902	150	280	-55	125	Cluff	RC	2012
MRC0066	277650	1377890	150	280	-55	125	Cluff	RC	2012
MRC0067	277720	1377878	150	280	-55	60	Cluff	RC	2012
MRC0068	277676	1377788	150	280	-55	125	Cluff	RC	2012
MRC0069	277606	1377800	150	280	-55	125	Cluff	RC	2012
MRC0070	277535	1377813	150	280	-55	125	Cluff	RC	2012
MRC0071	277465	1377825	150	280	-55	125	Cluff	RC	2012
MRC0072	277456	1377723	150	280	-55	125	Cluff	RC	2012
MRC0073	277527	1377711	150	280	-55	125	Cluff	RC	2012
MRC0074	277424	1377519	150	280	-55	125	Cluff	RC	2012
MRC0075	277494	1377507	150	280	-55	125	Cluff	RC	2012
MRC0076	277565	1377495	150	280	-55	125	Cluff	RC	2012
MRC0077	277658	1377582	150	280	-55	125	Cluff	RC	2012
MRC0078	277587	1377594	150	280	-55	125	Cluff	RC	2012
MRC0079	277535	1377611	150	280	-55	125	Cluff	RC	2012
MRC0080	277597	1377699	150	280	-55	125	Cluff	RC	2012
MRC0081	277668	1377687	150	280	-55	125	Cluff	RC	2012
MRC0082	277747	1377776	150	280	-55	125	Cluff	RC	2012
MRC0083	277791	1377865	150	280	-55	125	Cluff	RC	2012
MRC0084	277861	1377853	150	280	-55	125	Cluff	RC	2012
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Hole ID	X-UTM	Y-UTM	Z-UTM	Azimuth	Dip	Depth	Source	Type	Year
MRC0085	277446	1377618	150	280	-55	125	Cluff	RC	2012
MRC0086	277376	1377630	150	280	-55	125	Cluff	RC	2012
MRC0087	277305	1377643	150	280	-55	125	Cluff	RC	2012
MRC0088	277235	1377655	150	280	-55	125	Cluff	RC	2012
MRC0089	277164	1377667	150	280	-55	125	Cluff	RC	2012
MRC0090	277174	1377772	150	280	-55	125	Cluff	RC	2012
MRC0091	277245	1377760	150	280	-55	125	Cluff	RC	2012
MRC0092	277315	1377748	150	280	-55	125	Cluff	RC	2012
MRC0093	277386	1377735	150	280	-55	125	Cluff	RC	2012
MRC0094	277394	1377837	150	280	-55	125	Cluff	RC	2012
MRC0095	277324	1377849	150	280	-55	125	Cluff	RC	2012
MRC0096	277253	1377861	150	280	-55	125	Cluff	RC	2012
MRC0097	277368	1377939	150	280	-55	125	Cluff	RC	2012
MRC0098	277439	1377927	150	280	-55	125	Cluff	RC	2012
MRC0099	277509	1377914	150	280	-55	125	Cluff	RC	2012

Table 6.5: Technical parameters of the RC Drill Holes completed by Cluff in the Mamoudouya zone in 2012

The drill holes cross-sections showing the mineralized zones are shown in the following figures.

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X-Section Line 1378 450 N
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Figure 6.18: Geological Cross-section of Cluff RC Drill holes Line 1378 450 N

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X-Section Line 1378 350 N
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Figure 6.19: Geological Cross-section of Cluff RC Drill holes Line 1378 350 N

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X-Section Line 1378 250 N
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Figure 6.20: Geological Cross-section of Cluff RC Drill holes Line 1378 250 N

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X-Section Line 1378 150 N
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Figure 6.21: Geological Cross-section of Cluff RC Drill holes Line 1378 150 N

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X-Section Line 1378 050 N
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Figure 6.22: Geological Cross-section of Cluff RC Drill holes Line 1378 050 N

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X-Section Line 1377 950 N
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Figure 6.23: Geological Cross-section of Cluff RC Drill holes Line 1377 950 N

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X-Section Line 1377 850 N
Figure 6.24: Geological Cross-section of Cluff RC Drill holes Line 1377 850 N
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X-Section Line 1377 750 N
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Figure 6.25: Geological Cross-section of Cluff RC Drill holes Line 1377 750 N

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X-Section Line 1377 650 N
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Figure 6.26: Geological Cross-section of Cluff RC Drill holes Line 1377 650 N

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X-Section Line 1377 550 N
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Figure 6.27: Geological Cross-section of Cluff RC Drill holes Line 1377 550 N

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X-Section Line 1377 450 N
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Figure 6.28: Geological Cross-section of Cluff RC Drill holes Line 1377 450 N

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X-Section Line 1377 350 N
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Figure 6.29: Geological Cross-section of Cluff RC Drill holes Line 1377 350 N

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X-Section Line 1377 250 N
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Figure 6.30: Geological Cross-section of Cluff RC Drill holes Line 1377 250 N

LEGEND

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Interpretation of the RC Drilling Results

To the south, holes MRC0074, MRC0079 and MRC0080 intercepted the mineralization respectively [email protected]/t Au from 9m: [email protected] g/t Au from 8m, 5m@3,11g/t Au from 19m and [email protected]/t Au from 21m following the NW direction which remains open to the south. This mineralized zone occurs in zone of active gold washing by orpailleurs

To the North, holes MRCO051 and MRCO058; MRC0052 and MRCO057 intercepted the gold mineralization respectively [email protected]/t Au and [email protected]/t Au: [email protected] g/t Au and 3m@1,13g/t Au following the direction N15 to N20 which remains open to the North,

In the West, holes MRC0001, MRCO015, MRCO017, MRC0018, MRCO030 and MRC0047 intercepted the gold mineralization respectively [email protected]/t Au, [email protected]/t Au: [email protected] g/t Au, [email protected] g/t Au, [email protected]/t Au; [email protected]/t Au.

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Figure 6.31: Location Map of the RC Drill Line in the Mamadouya target

The best results of the RC drilling program are shown in Table 6.6. The most significant gold mineralization is intercepted in hole MRC0051 ([email protected]/t Au) and MRC0097 ([email protected]/t Au). Gold mineralization seems to be associated with the greywacke sedimentary sequence associated with graphite shales probably linked to a fault and shear zone.

The following table shows the significant gold intersections obtained from the RC drilling completed in the Mamadouya target.

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Hole ID	From	To	Interval	Au ppm	Gold Intercepts (Au g/t Au)
MRC0001	111	115	4	0,61	4m@0,61g/t
MRC0002	32	35	3	2,71	3m@2,71g/t
MRC0002	123	125	2	0,56	2m@0,56g/t
MRC0004	0	2	2	0,4	2m@0,4g/t
MRC0005	14	16	2	0,51	2m@0,51g/t
MRC0006	86	89	3	8,77	3m@8,77g/t
MRC0015	116	120	4	0,97	4m@0,97g/t
MRC0017	90	94	4	5,37	4m@5,37g/t
MRC0018	86	90	4	1	4m@1g/t
MRC0019	7	9	2	4,5	2m@4,5g/t
MRC0020	0	4	4	0,59	4m@0,59g/t
MRC0021	18	20	2	5,99	2m@5,99g/t
MRC0021	76	79	3	0,86	3m@0,86g/t
MRC0022	94	98	4	0,82	4m@0,82g/t
MRC0028	0	2	2	0,41	2m@0,41g/t
MRC0030	92	96	4	0,81	4m@0,81g/t
MRC0033	20	22	2	3,37	2m@3,37g/t
MRC0035	0	3	3	0,44	3m@0,44g/t
MRC0041	24	26	2	0,86	2m@0,86g/t
MRC0043	28	32	4	1,52	4m@1,52g/t
MRC0047	115	117	2	0,52	2m@0,52g/t
MRC0051	13	26	13	2,66	13m@2,66g/t
MRC0051	49	54	5	0,45	5m@0,45g/t
MRC0051	88	91	3	0,77	3m@0,77g/t
MRC0051	96	98	2	0,48	2m@0,48g/t
MRC0052	7	11	4	0,64	4m@0,64g/t
MRC0052	32	35	3	4,31	3m@4,31g/t
MRC0052	45	52	7	0,46	7m@0,46g/t
MRC0057	33	38	5	0,79	5m@0,79g/t
MRC0057	78	80	2	0,71	2m@0,71g/t
MRC0057	99	111	12	0,77	12m@0,77g/t
MRC0057	114	117	3	1,04	3m@1,04g/t
MRC0058	104	107	3	1,13	3m@1,13g/t
MRC0064	18	25	7	0,43	7m@0,43g/t
MRC0065	87	89	2	0,79	2m@0,79g/t
MRC0066	6	10	4	0,99	4m@0,99g/t
MRC0066	19	23	4	0,51	4m@0,51g/t
MRC0066	109	111	2	0,64	2m@0,64g/t
MRC0069	30	32	2	1,01	2m@1,01g/t
MRC0069	93	95	2	0,4	2m@0,4g/t
MRC0070	15	17	2	0,4	2m@0,4g/t
MRC0073	16	23	7	6,06	7m@6,06g/t
MRC0073	53	55	2	0,43	2m@0,43g/t
MRC0074	9	15	6	0,48	6m@0,48g/t
MRC0079	8	12	4	3,58	4m@3,58g/t
MRC0079	19	24	5	3,11	5m@3,11g/t
MRC0079	30	33	3	0,47	3m@0,47g/t
MRC0080	21	28	7	4,51	7m@4,51g/t
MRC0080	96	99	3	1,28	3m@1,28g/t
MRC0081	36	38	2	0,92	2m@0,92g/t
MRC0083	72	75	3	0,67	3m@0,67g/t
MRC0094	53	55	2	1,54	2m@1,54g/t
MRC0095	14	18	4	1,51	4m@1,51g/t
MRC0097	0	6	6	16,43	6m@16,43g/t

Table 6.6: Significant gold intercepts from the Cluff RC drilling program in 2012

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6.5. Exploration Programs Completed by Fokolore from 2016 to 2018

6.5.1. Exploration Programs Completed by Fokolore in 2016

In 2016, Fokolore carried out the following work:

Compilation, analysis, processing, and interpretation of data from previous exploration works including interpretation of geophysics, satellite images, ground geochemistry, and drilling data.
Sampling and description of local gold mining areas “orpaillage zones”.
GPS prospecting of gold mining sites along the main Mamadouya anomalous zone.
Field mapping of geological structures along the main Mamadouya shear zone
Field visit and location of pre-existing RC drill holes.
Field monitoring of the gold intercepts resulting from previous drilling.
Rock chips sampling coupled with geological and regolith mapping of the main anomalous zone.
GPS survey and visits to historic trenches.
Completion of an Auger drilling program totaling 4,748 meters, 586 holes and 1,620 samples.

Fokoloré used expertise of independent geological consultants based in Mali for a geological audit of the project in order to generate new potential zones that can warrant to further exploration works.

6.5.1.1. Geological and structural mapping of the Mamadouya gold anomaly

The Mamadouya gold anomaly was the subject of detailed mapping in 2016. Outcrops was scarce or even absence in many places along the main anomaly zone (except rock fragments from the orpaillage pits where few units of intrusive and sedimentary rocks could be observed). This mapping made it possible to understand the geological setting of the region and to measure existing geological and structural elements.

The structural analysis of the Maligonga-East sector revealed the existence of fault structures in the southern portion of the permit that are supposed to be of same age as the Senegal-Malian Shear Zone (SMSZ) located further west of the permit. Second-order structures striking north-east and north-west were mapped. These faults appear to control the gold mineralization. The intersections of these faults with the north-southstriking structures appear to be potential zones for hydrothermal fluid circulation and gold mineralization.

The last group of faults strike east-west and others in various directions. These faults are not significant in the region, but they are interpreted to play a key role in the formation of the gold mineralization. They are spatially associated with the formation of schistosity and breccias zones and a permeability favorable for mineralized hydrothermal fluids flow and alteration.

Geomorphology and regolith mapping were completed in the most promising anomalous zones of the permit. Different regolith regimes were identified including: the lateritic, erosional, residual, alluvial and depositional regimes.

The northern portion of the permit, which had not been previously sampled and detailed mapped, was covered during this phase on a grid pattern of 500x100 m. This area has a good potential associated with several occurrences of extensive orpaillage activities in the sedimentary units containing numerous stockwerks of quartz veins. Gold occurrence in this area demonstrated that the main structure at

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Mamadouya could extend over 1,200 km northward. The Figure 6.32 shows the geological and structural map interpreted from drill holes and geological units mapped during the field mapping.

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Figure 6.32: Geological and structural map of the Mamadouya target of the Maligonga-East permit

The targeted areas are those located to the north, south and west of the main anomaly zone. Analysis of geophysical data (Induced Polarization, Resistivity and Magnetic) helped outline conductive, resistive and magnetic areas as well as those related to hydrothermal alteration and delineate intrusion zones associated with silicification. From these geophysical anomalies, major structural systems (faults and shears) of various directions (with dextral or sinistral slip movements) could be interpreted.

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The Figure 6.33 illustrates the resulting interpreted structural map.

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Figure 6.33: Correlation between RC anomaly, conductive, resistive and magnetic zones

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6.5.1.2. Auger Drilling Program

Results obtained from the geological and structural field mapping and interpretations were encouraging and justified the implementation of an Auger drilling program. The objective was to test the depth and lateral extensions of the gold anomalies at surface and the gold mineralization in rock chip samples.

Service (TSM), a specialized Auger Drilling Company in Mali - was contacted by Fokolore to carry out this program. Auger drill holes were vertical and depth varied from 10 to15 meters in the saprolite or the fresh rock. 586 Auger holes totaling 4,748 meters were drilled on a grid pattern of 200x50m. In some places, drill holes were spaced 25 meters apart. Drill lines were oriented east-west (Figure 6.34).

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Figure 6.34: Location Map of the Auger Drill holes completed by Fokolore in the Mamadouya target in 2016

Results of the Auger drilling program were encouraging and suggested continuity of the main gold anomaly identified in the Mamadouya target. Best results included [email protected]/t Au and [email protected] g/t Au (Table 6.7).

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The best mineralized intersections from the Auger drilling program are reported in the following Table.

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Table 6.7: Best gold intercepts from the Fokolore Auger drilling program in 2016

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Interpretation of the Auger drilling results and the intercepted gold mineralization:

Analysis of the Auger drilling results and the intercepted gold mineralization in the Maligonga-East permit identified different gold corridors-oriented NW, NE and possibly EW. This corroborates that the mineralization is structurally controlled. Second-order structures probably those faults striking north-east, north-west and east-west are present in the permit and appear to control the gold mineralization. The intersections of these faults with structures striking north-south seem to be structural site favorable for hydrothermal fluid flow and gold mineralization.

The Auger drilling results map was superimposed with the regolith map with the aim of placing each sample in its geological context in order to understand the relations between mineralization and the geological units. The gold anomaly correlates with resistivity and magnetic anomalies. According to the results obtained, the anomaly in the north and south areas is open while the one in the west remained to be better defined.

6.5.1.3. Gold panning

A systematic gold panning of a few rock chip samples was completed by Fokolore in order to understand the type of gold in the area and to avoid any nugget effect. 2 to 3 kg of rock sample were collected at 1- meter interval and washed (photos from left to right). Samples containing visible gold are scored as positive. This sample was then panned and the reject was crushed and grounded to 1 mm and finally paned.

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The gold was weighed and its g/t Au equivalent calculated. This slice was observed under the microscope,

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The gold panning results were plotted on the resistive geophysical map (Figure 6.36). The map shows that the high gold grades are coincident with areas of high resistivity.

Three anomalous zone have been outlined as shown on the following map.

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Figure 6.35: Grab sampling results on the Maligonga-East permit

6.5.1.4. Rock chips sampling

98 rock chip samples were collected and analyzed. The results of the grab sampling were encouraging. Sample C13004 returned gold value of 95.4 and 100 ppm (Figure 6.35). In addition, other anomalous values have been obtained as indicated in the table below (Table 6.8). A black shale sample containing quartz stockwork veins returned results of 100 g/t Au (with visible gold grains) in the quartz float and in the artisan pits. Ten (10) samples returned high gold grades with values > 0.5 g/t Au from the 98 samples (Table 6.8).

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Sample Number	Aug/t	Descriptions
C13004	100	Black sediment (shale) with quartz-stockwork veins
C13010	0,91	Saprolite of black sediment (shale) from an orpaillage pit
C13012	3,52	Quartz veins from an orpaillage pit
C13013	3,84	Quartz veins in contact with sediment
C13014	1,18	Quartz veins in contact with a felsic intrusive rock
C13477	1,23	Altered and oxidized black sediment (shale) with quartz-stockwork veins
C13482	1,37	Sediment with quartz-stockwork veins and Kaolinite alteration
C13487	1,19	Sediment with quartz-stockwork veins
C13494	0,85	Oxidized smoky quartz veins
C13498	0,53	Quartz veins

Table 6.8: Grab sample descriptions and analytical results

Complete results from the rock chips sampling are illustrated in the following Table

Sample	UTM-X	UTM-Y	Au-ppm	Comments	Year
C13001	277899	1379060	0,26	Yellow saprolite ferruginous, within QV (NE strike) vuggy and oxide taints	2015
C13002	277900	1379060	0,19	Vuggy and oxide taints along, QV, NE strike, subvertical	2015
C13004	277900	1379062	95,4	Bleached, mottled coarser grained shale with crosscutting stringer QV	2015
C13005	277900	1379080	0,29	Pinkish saprolite from artisanal shaft	2015
C13008	277900	1379093	0,35	Black shale, N220°stricke	2015
C13009	277908	1379148	0,31	Black shale, N220°stricke	2015
C13010	277994	1379092	0,91	Strongly weathered black shale from 8 m depth of artisanal pit	2015
C13012	277514	1377611	3,52	QV in artisan pit	2015
C13013	277514	1377611	3,84	QV, contact with sediment	2015
C13014	277514	1377611	1,18	QV, contact with sediment and felsic dyke, large open pit	2015
C13016	277514	1377611	0,43	Altered felsic dyke, crosscutting by QV, strongly silicified and kaolinitised, from artisan pit	2015
C13017	277627	1377777	0,23	Altered felsic dyke with Fe stains, within QV (15 m depth)	2015
C13018	277627	1377777	0,15	Vuggy and smoky QV spoils from artisanal pit, some Fe-oxide stained	2015
C13024	277577	1377783	0,3	Reddish saprolite from historic trench (T16), pinkish granite/granodiorite?	2015
C13027	277130	1378617	0,47	Saprolite of granite arena, pink color, some coarser quartz veins	2015
C13030	277582	1377783	0,34	Saprolite of granodiorite/granite with QV stockwork,	2015
C13031	277773	1378300	0,1	Intermediate small termite mound, with Fe-oxide, medium grained, at hill slope	2015
C13032	277631	1378318	0,28	Diorite and little QV	2015
C13033	277560	1378318	0,35	Saprolite of granodiorite/granite with QV, oxidized near art's pits	2015
C13034	277586	1378323	0,28	Intermediate termite mound, wet, pink color	2015
C13044	277292	1377700	0,26	QV, within chlorite stains	2015
C13046	277341	1377610	0,36	Laterite with QV fragments from art's scratching (2 m depth)	2015
C13049	277486	1377605	0,1	Pink granite saprolite with stringer Quartz veinlets from historic trench (T 17)	2015
C13456	277525	1377602	0,1	QV N50°/70°E, 5 cm wide within saprolite of granite	2015
C13459	277596	1377740	0,39	N50°/70°E QV within granite saprolite and quartz fragments, Fe-oxide taints	2015
C13465	278011	1379430	0,1	Intermediate yellow brown termite mound located on hill slope (east)	2015
C13466	278000	1378615	0,12	QV (E-W) contact with granodiorite	2015
C13474	277905	1379281	0,16	Sediment black shale, alluvium, Fe-oxide, coarser grain	2015
C13477	278029	1379255	1,23	Black shale at 5 m depth, pisolite and Fe-oxide	2015
C13479	277364	1377070	0,19	QV, granodiorite and sediment contact (working area)	2015
C13482	277344	1377077	1,37	QV and sediment, black and white color in artisan terrain	2015
C13486	277894	1379059	0,21	Bedded black shale, with Fe oxide Quart veinlets,	2015
C13487	277889	1379060	1,19	Saprolite sediment with QV stockwerk, face to south, in Mamadouya art's	2015
C13488	277892	1379060	0,2	Saprolite sediment with QV stockwerk, face to west, in Mamadouya art's	2015
C13489	277891	1379062	0,26	Saprolite sediment with QV veinlets stockwerk, face to west, in Mamadouya art's	2015
C13490	277890	1379064	0,29	Saprolite sediment with QV stockwerk, face to west, in Mamadouya art's	2015
C13492	277890	1379068	0,11	3 cm wide QV, N70°/50°W, contact with strongly chloritized sediment	2015
C13493	277890	1379075	0,12	QV in lateritic saprolite, face west, in Mamadouya art's	2015
C13494	277398	1377602	0,85	Smoky QV, Fe-oxide from artisan pit	2015
C13498	277947	1378917	0,53	50 cm wide QV hillock with Fe-oxide in cuirasse plateau slope	2015
G0014	277854	1379742	0,11	Yellow, rich limonite intermediate termite mound, hill slope	2015
G0018	276538	1376618	0,1	Yellow green intermediate termite mound	2015
G0028	277020	1376195	0,1	Red Intermediate termite mound	2015
G0037	277725	1376574	0,73	Weathered black shale, spoils from art's shaft	2015
G0041	277521	1379523	0,21	Undifferentiated sediment along N200°/70°W quartz veins, Fe-oxide stains	2015
G0043	278175	1380312	0,34	Outcrop sediment weathered, Fe-oxide stains	2015
G0044	277764	1378900	0,46	Cuirasse plateau (scratching area)	2015
G0045	277830	1378968	3,98	Termite mound on laterite plateau	2015
G0046	277819	1379082	0,1	Cuirasse withquartz veins onplateau	2015

Table 6.9: Grab sample Descriptions and analytical results

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6.5.1.5. Conclusions

These encouraging results, the prospective geological and structural settings of the permit and the trend of the surface gold anomaly that is parallel to known anomaly trends in the Kédougou-Kéniéba window demonstrate that the Maligonga-East permit has a significant potential for economic gold discovery. Fokolore recommended additional work to improve understanding of the permit geological and structural setting and the style of the gold mineralization. Fokoloré decided to continue exploration on the MaligongaEast permit. For the central zone that was previously drill-tested by Cluff gold plc, Fokolore objective was to test the lateral and deep extension of the gold mineralization. Fokolore proposed:

RC drilling to test the deep extension of the gold structure.
Drilling to test fault intersection in areas that have a good potential for high grade gold mineralization.
Drilling intrusion zones that are interpreted to be associated with the gold mineralization.
Drilling interpreted fold zones.

Previous results shown that high gold grades in soil and termite mounds are located in the center, northern and southern portion of the permit. The potential of the area to the west remains to be determined.

6.5.2. Exploration Programs Completed by Fokolore in 2017

Works carried out by Fokolore during the 2017 exploration program consisted of:

Detailed RC drilling planning followed by a field visit from April 10 to 15, 2017.
Assessment of the locations of the proposed RC drill holes

A work program was established during the reconnaissance field visit and location of the proposed RC drill holes. Approximately, 70 RC drill holes with depths varying between 50 to 160 meters were planned and their feasibility verified in the field in the first quarter of 2017. This planned drill program (approximately 5,000 meters of drilling) has not been executed that year due to road and field access conditions.

Previous exploration data processing and compilation works were carried out on the permit resulting in the definition of an Auger program for the coming year. Exploration works completed by BRGM and Cluff were re-interpreted resulting in a better understanding of the geological and structural settings and their relations with the surface gold anomalies. 75 Auger drilling holes were planned totaling 450 linear meters. The proposed Auger drilling based on previous results that identified different gold corridors striking NW, NE and EW.

Fokolore suggested that the mineralization was open to the north and south of the deposit and indicated that that gold is disseminated in porous units such as the carbonate sandstones and / or the quartz veins located within the granodiorite intrusive unit. Gold occurs as disseminations associated with pyrite, pyrrhotite, arsenopyrite and a strong silicification alteration.

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Figure 6.36: Interpretation by Fokolore of the gold mineralization intercepted in RC drill holes

6.5.3. Exploration Programs Completed by Fokolore in 2018

Following recommendations from detailed structural and geological field mapping, Auger drill results, grab sampling and detailed data compilation and re-interpretation completed in the Maligonga-East permit between 2016 and 2017, Fokolore and DCS MALI Drilling SERVICE (Drilling contractor) completed in 2018, 4,920 meters RC drilling totaling 61 RC holes (Figure 6.37). RC holes were drilled with various azimuth and were inclined -50[o] with depth varying between 50 and 120 meters, 5725 samples were collected and analyzed by PROSLAB CONSULTING in Bamako, Mali.

The objectives of the RC drilling program were to test the spatial close relationships between the surface gold anomalies and interpreted shear zone systems.

The location and technical parameters of the RC drilling program are shown in the following Table

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Hole ID	X-UTM	Y-UTM	Z-UTM	Azimuth	Dip	Depth	Source	Type	Year
MRC-18-001	277771	1378744	184	120	-50	120	Fokolore	RC	2018
MRC-18-002	277725	1378758	185	120	-50	80	Fokolore	RC	2018
MRC-18-003	277694	1378778	176	120	-50	75	Fokolore	RC	2018
MRC-18-004	277654	1378875	183	120	-50	100	Fokolore	RC	2018
MRC-18-005	277963	1379145	167	300	-50	75	Fokolore	RC	2018
MRC-18-006	277951	1379179	153	215	-50	90	Fokolore	RC	2018
MRC-18-007	277932	1379153	150	215	-50	80	Fokolore	RC	2018
MRC-18-008	277888	1379201	156	120	-50	84	Fokolore	RC	2018
MRC-18-009	277834	1379235	155	120	-50	90	Fokolore	RC	2018
MRC-18-010	277590	1379274	167	120	-50	80	Fokolore	RC	2018
MRC-18-011	277548	1379301	168	120	-50	80	Fokolore	RC	2018
MRC-18-012	277506	1379325	166	120	-50	80	Fokolore	RC	2018
MRC-18-013	277456	1379349	169	120	-50	80	Fokolore	RC	2018
MRC-18-014	277418	1379375	169	120	-50	80	Fokolore	RC	2018
MRC-18-015	277909	1379306	170	120	-50	100	Fokolore	RC	2018
MRC-18-016	277560	1379769	197	120	-50	110	Fokolore	RC	2018
MRC-18-017	277521	1379784	189	120	-50	80	Fokolore	RC	2018
MRC-18-018	277476	1379810	184	120	-50	80	Fokolore	RC	2018
MRC-18-019	278075	1379873	161	120	-50	120	Fokolore	RC	2018
MRC-18-020	278020	1379902	163	120	-50	90	Fokolore	RC	2018
MRC-18-021	278124	1379837	160	120	-50	80	Fokolore	RC	2018
MRC-18-022	278226	1379790	172	300	-50	97	Fokolore	RC	2018
MRC-18-023	278281	1379998	175	300	-50	80	Fokolore	RC	2018
MRC-18-024	278320	1379966	174	300	-50	80	Fokolore	RC	2018
MRC-18-025	278350	1380169	178	300	-50	80	Fokolore	RC	2018
MRC-18-026	278383	1380146	180	300	-50	80	Fokolore	RC	2018
MRC-18-027	278295	1380198	175	300	-50	80	Fokolore	RC	2018
MRC-18-028	278255	1380223	177	300	-50	80	Fokolore	RC	2018
MRC-18-029	278175	1380294	177	120	-50	75	Fokolore	RC	2018
MRC-18-030	278136	1380321	175	120	-50	75	Fokolore	RC	2018
MRC-18-031	278091	1380349	183	120	-50	80	Fokolore	RC	2018
MRC-18-032	278053	1380376	176	120	-50	80	Fokolore	RC	2018
MRC-18-033	278217	1380807	191	120	-50	80	Fokolore	RC	2018
MRC-18-034	278258	1380785	120	120	-50	85	Fokolore	RC	2018
MRC-18-035	278296	1380770	188	120	-50	80	Fokolore	RC	2018
MRC-18-036	278335	1380746	174	120	-50	80	Fokolore	RC	2018
MRC-18-037	278331	1380751	174	215	-50	80	Fokolore	RC	2018
MRC-18-038	277284	1377461	164	215	-50	70	Fokolore	RC	2018
MRC-18-039	277259	1377426	154	215	-50	72	Fokolore	RC	2018
MRC-18-040	277272	1377427	159	90	-50	70	Fokolore	RC	2018
MRC-18-041	276984	1377444	161	215	-50	72	Fokolore	RC	2018
MRC-18-042	276956	1377407	168	215	-50	90	Fokolore	RC	2018
MRC-18-043	276945	1377395	170	270	-50	80	Fokolore	RC	2018
MRC-18-044	277103	1377672	120	215	-50	75	Fokolore	RC	2018
MRC-18-045	277126	1377708	166	215	-50	75	Fokolore	RC	2018
MRC-18-046	277106	1377688	168	90	-50	80	Fokolore	RC	2018
MRC-18-047	277117	1377061	164	215	-50	75	Fokolore	RC	2018
MRC-18-048	277093	1377024	152	215	-50	75	Fokolore	RC	2018
MRC-18-049	277094	1377024	151	90	-50	80	Fokolore	RC	2018
MRC-18-050	277253	1376595	169	215	-50	75	Fokolore	RC	2018
MRC-18-051	277239	1376576	168	215	-50	90	Fokolore	RC	2018
MRC-18-052	277240	1376587	171	270	-50	75	Fokolore	RC	2018
MRC-18-053	276972	1376640	151	215	-50	80	Fokolore	RC	2018
MRC-18-054	276955	1376612	161	215	-50	75	Fokolore	RC	2018
MRC-18-055	276935	1376585	169	215	-50	75	Fokolore	RC	2018
MRC-18-056	276935	1376587	167	90	-50	80	Fokolore	RC	2018
MRC-18-057	277069	1375980	161	215	-50	70	Fokolore	RC	2018
MRC-18-058	277068	1375981	161	270	-50	50	Fokolore	RC	2018
MRC-18-059	277515	1377235	161	215	-50	70	Fokolore	RC	2018
MRC-18-060	277500	1377208	162	215	-50	70	Fokolore	RC	2018
MRC-18-061	277489	1377180	120	215	-50	50	Fokolore	RC	2018

Table 6.10: Location and technical parameters of the RC Drill holes completed by Fokolore in 2018

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The location of the RC holes is shown in the following figure

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Figure 6.37: Location map of the RC Drill holes completed by Fokolore at Mamadouya in 2018

The RC holes encountered the sedimentary units intruded by granodiorite rocks. From this drilling program Fokolore outlined numerous regional structures and local deformation zones and interpreted them to be associated with the gold mineralization.

Interpretation of the RC drilling results indicated that the mineralization remained open laterally and at depth. The drilling results was encouraging and confirmed the depth and lateral extension of the gold mineralization previously intercepted by Cluff. The RC drill holes intercepted large zones of alteration (mainly silicification) that affect the sedimentary units (locally interbedded with black graphite units) that generally contain abundant stockwerk of quartz veins. The most promising gold values were intercepted in drill holes MRC-18-001 ([email protected] g/t Au Incl. [email protected]/t Au) and MRC-18-007 ([email protected] g/t Au and [email protected] g/t Au).

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The best results from the RC drilling program are shown below:

MRC-18-052 : 3.0m @ 4.51 g/t Au

MRC-18-043 : 3.0m @ 20.97 g/t Au Incl. 2.0m @ 31.25g/t Au - MRC-18-017 1.0m @ 3.22 g/t

MRC-18-003 : [email protected] g/t Au - MRC-18-009 : [email protected] g/t Au - MRC-18-015 : [email protected] g/t Au

MRC-18-031 : [email protected] g/t Au - MRC-18-054 : [email protected] g/t Au - MRC-18-047 : [email protected] g/t Au MRC-18-038 : [email protected] g/t Au - MRC-18-015 : [email protected] g/t Au - MRC-18-003 : [email protected] g/t Au MRC-18-003 : [email protected] g/t Au - MRC-18-003 : [email protected] g/t Au

The sections below show the best results in the northern portion of the permit

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Figure 6.38: Best results in the northern portion of the permit (Sections 1378744N (120) et 1379150 N (215))

The Figure 6.39 shows the location map of the Fokolore RC drilling program and the most significant results in the northern portion of the permit.

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Figure 6.39: Location map and the best results of the Fokolore RC drilling program in the northern part of the permit

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In the southern zone, the RC drilling program shows a very significant intersection [email protected] g/t Au Incl. [email protected]/t Au). Figures 6.40 and 6.41 show the location section and map of the Fokolore RC drilling program and the most significant results in the southern portion of the permit.

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Figure 6.40: Best results in the southern portion of the permit (Section 1377407N (EW)

The various lithologies observed in the RC drilling program are summarized as follows:

Metric to pluri-metric thick Intrusive dyke of granodiorite to felsic diorite in composition.
Sedimentary units (siltites and greywackes) intruded by the intrusive dyke.
Abundant stockwork of quartz veins associated with the sedimentary rocks.
Lateritic formations and alluvium at the surface.

Mineralized units are associated with disseminated sulphides including pyrite and arsenopyrite (1% up to 15% locally). Occasionally, fine gold grains are visible disseminated in the deformed and altered rock.

Interpretation of the gold mineralization intercepted in the RC drill holes demonstrated that the main structure that control the mineralization in the Mamadouya prospect is NNE (Figure 6.41) and extends over 3 km.

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Figure 6.41: Map showing the location and the best results of the Fokolore RC drilling program in the southern part of the permit

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Figure 6.42: Map showing the gold contours interpreted from the Fokolore and Cluff RC drilling

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6.6. Historical drilling descriptions

In 2012, Cluff Gold Plc. Completed a RC drilling program of 12,276 meters totaling 99 RC holes and 13,648 samples in the Maligonga East permit.

In 2018, Folkolore Mining Sarlcompleted two drilling programs. An Auger drilling program totaling 4,748 meters, 586 holes and 1,620 samples in 2016 and and a RC drilling program of 4,920 meters making a total of 61 holes.

The location, azimuth and dip of these drill holes are shown.

The supervision and training of personel involved with drilling, sampling and logging routines was undertaken by experienced personel with many years experience, in drilling procedures. Direct supervision for the onsite drilling operations was conducted by Malian national geologists who remained with their assigned rigs at all times.

6.6.1. Reverse Circulation (RC) Drilling

Fokolore completed the RC drilling program under contract to DSC Mali Drilling Service, utilizing a KWL880H drill rig that have universal (RC drilling) capacity. This rig is equipped with a standard air capacity of 350 psi, complemented by an auxiliary booster providing 750 psi. RC drilling is undertaken on two 12 hour shifts. The rig was operated by experienced drillers while the remaining crew was comprised of experienced Malian national personel. RC drilling was compled using a 4.5’ diameter rod string, fitted with a 5.25’ diameter face sampling hammer to maximize sample volume and limit the potential for contamination.

1 meter samples were collected using via cyclone passing through a 12.5% rotating splitter before collection into sample bags. The cyclone was manually cleaned at the completion of each six meter rod and more thoroughly cleaned at the completion of each hole.Folkolore drilled with an irregular drill pattern targeting the most promiosing gold anomaly zone and fault intersections. During this drill program, RC holes were drilled with various azimuth (between 90[o] and 300[o] ) and inclined at -50[o ] with depth varying between 50 and 120 meters. Cluff drilled wityh a drill pattern of 100m x 60m holes which were inclined -55[o] with an azimuth of 280[o ] typically typically to a depth of 60 to 125 meters.

6.6.2. Folkolore Auger Drilling

Folkolore completed the Auger program under contract by TSM (Travaux de Sondage Mali) using truck mounted Houllote mounted rig with onboard 9 bars compressor capacity. Drilling was done on a 10 hour single shift daily under the supervision of experienced drillers and executed by trained Malian national trained geologists.

Samples were collectred at 1 metrer intervals downhole via a cyclone mounted on the side of the rig. Composited of 3m were systematically sampled for gold analysis. Auger holes were vertical varying from 1.5m to 1.65m. All holes were logged and sampled by national geologists under the supervision of experienced geologists.

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6.6.3. Drilling Quality

Current drilling practices at the Maligonga – East property can be considered to be of a high quality, broadly consistent with international industry standards. Drilling services are also benefitting from closer supervision of more experienced exploration management, complimented by periodic review of the exploration procedures. The quality of drilling can be considered as excellent.

All drill holes completed in the Maligonga-East property were planned to intersect the mineralized structures at right angles but in some situations, this was not possible due to field condition leading to some holes to have not been drilled with the most optimum dip or azimuth.

Samples were collected systematically every meter in all RC drill and 3meters composite in the Auger drill.

Some technical parameters of the drill operation are recording by the on-site geologist. These include:

Verify that the rig is aligned properly (drill collar, azimuth, inclination are correct.)
Measurement of the position of the collar using high precision GPS.

Materials required by the geologist during drilling operation include:

Compass (with clinometer) corrected for magnetic declination
GPS for positioning the drill collar (1- minute average measurement if field model is available)
3 meter long metallic measuring tape (metric) and felt marker
Logging Forms: Field transport, daily drilling report, driller instruction, induction form

6.6.4. RC and Auger drill hole logging

Once homogenized to some degree by splitting, a representative sample is collected from each one-meter and wet screened to provide to provide chips for logging by national geologist.

Representative one-meter washed chips from each RC and Auger drill samples are stored in partitioned and consecutively numbered hard plastic chip trays which are stored to provide a permanent record of the geology of the hole for later reference.

Logging is recorded directly into Excel software on handheld recording device by geologist

Hole number
Interval (depth)
Sample number
Lithology
Color
Fabric style (texture and structures)
Alteration mineralogy style and intensity
Quartz veining and fracturing
Sulphide mineralization if present
Oxidation state (saprolite, transition or fresh rock)

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Figure 6.43: One-meter interval screened chips for logging

These data are directly downloaded or transferred into an Excel database by national geologists and validated by the senior geologist manager before being accepted into the Excel Master Driller Database to await analytical results from the Laboratory

6.6.5. Logging Quality

All logging was conducted within within suitable industry standards. Similar to the system set up used regularly in the major gold exploration companies.

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7.0 GEOLOGICAL SETTING AND MINERALISATION

7.1. REGIONAL GEOLOGICAL AND STRUCTURAL SETTING

The Maligonga-East gold project is located in southern Mali within the Leo-Man Shield of the West African Craton (Figure 7.1). At a regional scale, the property is hosted within the Birimian Supergroup of the Baoulé-Mossi Domain. Gold mineralization in southern Mali is restricted to rocks of the Birimian Supergroup of this domain. The Birimian Supergroup is also a significant host for gold mineralization in Burkina Faso, Côte Ivoire and Ghana.

7.1.1. Geology of the Birimian of West Africa

The West African Craton (WAC) consists of Archaean and Paleoproterozoic terranes; stable since ~2 Ga, they provide a valuable record of crustal growth processes and contain notable mineral wealth. The WAC is divided into three domains (Figure 7.1): 1) The Reguibat Rise in northern Africa; 2) The Leo-Man Rise in sub-Saharan West Africa and, 3) The Kayes and Kédougou-Kéniéba Inliers in the Sahel region, North West of the Leo-Man Rise. The Reguibat and Leo-Man rises both share contacts with Archaean continental nuclei and are collectively referred to as the Baoulé-Mossi Domain.

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----- Start of picture text -----

AFRICA
Location Map
Project Location
----- End of picture text -----

Figure 7.1: Geological Map of the West African Shield showing location of the Maligonga-East permit and the main litho-structural domains. 1. Archean, 2. Birimian, 3. Late Paleoproterozoic Basins, 4. Mobile zones, 5. Neoproterozoic terranes, 6. Post Paleoproterozoic terranes, 7 Towns. ( Modified from Dabo, 2014)

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The Birimian terranes consist of narrow, linear to arcuate, N to NNE trending volcanic belts, separated by broad sedimentary basins (Figure 7.2). The volcanic rocks are interpreted to be the base of the sequence, with coeval to slightly younger metasedimentary rocks (Roddaz et al., 2007). The terranes were accreted and cratonised during a period of SE to NW directed crustal shortening, metamorphism and magmatic accretion from 2120 to 2080 Ma known as the Eburnean orogeny (Feybesse et al., 2006). Peak metamorphic conditions are widely reported as amphibolite facies (500–600°C; 4–6 kbar), although greenschist facies assemblages are dominant across the region (Hirdes et al., 1996). The volcanic belts consist of tholeiitic lavas and associated mafic intrusions interbedded with minor sequences of immature sedimentary, volcaniclastic and carbonate rocks. The sedimentary basins comprise isoclinally folded and deformed sequences of greywacke, argillite and arkose with calc-alkaline volcanic sequences. Extensive suites of plutonic rocks have intruded both units, and range in composition from tholeiitic gabbro to high-K calcalkaline granite (Hirdes et al., 1992).

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----- Start of picture text -----

Maligonga-East
Gold Project
AFRICA
Location Map
----- End of picture text -----

Figure 7.2: Simplified geological map of West African craton showing settings of main gold deposits (yellow dots) and location of the Maligonga-East Gold Project

The Birimian terranes formed over a period of ~180 Ma, between 2266 and 2088 Ma (White et al., 2014). In South western Ghana the Eburnean I (2266-2150 Ma) precede the Eburnean II (2216-2088 Ma) (Allibone et al., 2002). In northern Ghana, the earlier event is referred to as the Eoeburnean (2195–2150 Ma) and the latter as the Eburnean (2148–2090 Ma) (de Kock et al., 2011). In Burkina Faso the Eburnean (2130 – 1980 Ma) is preceded by the Tangaean event (2170-2130 Ma) (Tshibubudze et al., 2009). Broadly speaking, the

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earlier event, in each case, consists of volcanism, granitoid emplacement and fold, thrust tectonics. This is followed by emplacement of younger granitoids, strike-slip deformation and mineralization in the latter event. U-Pb zircon ages show that the Eburnean I encompass early volcanism, between 2266 ± 2 and 2132 ± 3 Ma (Loh et al., 1999), and early plutonism, from 2213 ± 3 to 2151 ± 7 Ma (Gueye et al., 2007). U-Pb dating of detrital zircons shows that sedimentation was coeval with magmatism in the volcanic belts, from 2135 ± 5 Ma in Ghana (Davis et al., 1994). Though there are variations, models for crustal growth in the Birimian largely involve the development of juvenile volcanic arc magmas in an oceanic setting (Dia et al., 1997; Pawlig et al., 2006). Recent P-T-t reconstructions in metasedimentary rocks record blueschist-facies metamorphic conditions diagnostic of subduction environments (Ganne et al., 2011).

7.1.2. Lithostratigraphy of the Kedougou-Kenieba Inlier (KKI)

The stratigraphy of the KKI from west to east consists of: 1) bimodal volcanics intruded by numerous plutonic complexes in the MVB; 2) detrital sedimentary rocks of the Dialé-Daléma basin, which are intruded by the Saraya batholith; 3) calc-alkaline volcaniclastic rocks of the FVB and; 4) siliciclastic sediments of the Kofi Series, unconformably overlain by Neoproterozoic sedimentary rocks to the east.

7.1.2.1. The Mako Volcanic Belt (MVB)

The MVB is an NNE trending ~20-40 km wide band of bimodal volcanic rocks which crop out in the west of the KKI (Figure 7.3). They are overlain to the west by the Pan-African Mauritanides belt. The Main Transcurrent Shear Zone (MTZ) marks the eastern edge of the MVB, with the Dialé-Daléma basin to the east. The lowermost units in the west consist of thick flows of massive and pillowed tholeiitic basalt. These are associated with dolerites and gabbros and intercalated with thin felsic tuffs, pyroclastites, rhyolites and minor clastic and carbonaceous sedimentary rocks (Dioh et al., 2006), which become more prominent to the east. The age of the Mako tholeiitic basalts is poorly constrained. Dia (1988) reported a whole-rock PbPb age of 2195 ± 118 Ma. Given this large error, the upper age limit for the Sandikounda amphibolitegneiss complex is interpreted to be the younger age limit for their eruption as it intrudes the lava sequences. The volcanic sequence is capped by andesitic lava, tuff and pyroclastic rocks (Ngom et al., 2009). An andesite flow in the east of the MVB yielded a Sm-Nd whole-rock age of 2160 ± 16 Ma (Boher et al., 1992). The MVB is intruded by a plutonic complex known as the Kakadian batholith (Gueye et al., 2007). The batholith is composed of three units in the north (Figure 1); 1) the Sandikounda amphibolite-gneiss complex (SAG); 2) the Sandikounda Layered Plutonic Complex (SLPC); and 3) the Laminia-Kaourou Plutonic Complex (LKPC). The south of the batholith is known as the Badon batholith. The SAG consists of tonalitic to dioritic gneiss containing amphibolite enclaves. This is the oldest unit in the north of the batholith. The SLPC crystallised between 2171 ± 9 (Dia et al., 1997), and is composed of layered hornblende-gabbro, diorite, migmatite and hornblendite, with xenoliths of wherlite and pyroxenite. Elements of the SLPC intruded the SAG (Gueye et al., 2008). The LKPC consists of the Laminia and Kaourou plutons. Tonalite and granodiorite of the Laminia pluton were emplaced at 2138 ± 12 (Gueye et al., 2008).

The porphyritic monzogranite of the Kaourou pluton is younger at 2079 ± 6 Ma (Pb-Pb zircon data; Dia et al., 1997). Both plutons contain xenoliths of Mako volcanic rocks and the SLPC (Dia et al., 1997). The Badon batholith is composed of biotite-granodiorite; magmatic emplacement occurred at a similar time to

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the SAG at 2198 ± 2 Ma (Gueye et al., 2007). To the south east of the Badon batholith, the Mako belt was intruded by the Soukouta granite-granodiorite complex at 2142 ± 7 Ma (Delor et al., 2010).

The minor Mamakono and Tinkoto plutons intruded the MVB at 2076 ± 3 Ma and 2074 ± 5 Ma, respectively (Gueye et al., 2007). Ar-Ar and K-Ar studies on hornblende by Gueye et al. (2007) showed that the SAG and Tinkoto plutons cooled to ~550 °C by 2112 ± 12 Ma and 2051 ± 16 Ma, respectively. The Badon batholith cooled to below ~300°C at 2098 ± 20 Ma (Gueye et al., 2007).

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----- Start of picture text -----

LEGEND
 YATELA
 SADIOLA
SENEGAL
MALI
SABODALA   MAKABINGUI  YALEA
 LOULO
 MASSAWA  TABAKOTO
MAKO
  SARAYA
       KENIEBA
BEMBOU GOUNKOTO 
FEKOLA
  SEKO
  KEDOUGOU BOTO  SORY
  
BANDAFASSI KABAYA Maligonga East
FOKOLOREFOKOLOREFOKOLOREFOKOLOREFOKOLOREFOKOLOREFOKOLOREFOKOLOREFOKOLORE 
Gold Project
DIAKHA 

SIRIBAYA
GUINEA

50km
MTSZ
MTSZMTSZ
SMSZ
SMSZ
----- End of picture text -----

Figure 7.3: Geological and structural map of the Kedougou-Kenieba Inliers showing the location of the Maligonga-East gold project and the major gold deposits

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7.1.2.2. The Dialé-Daléma series

Cropping out to the east of the MVB, the Dialé-Daléma series consists of a thick sequence of isoclinally folded volcanoclastic, siliciclastic and minor carbonate rocks centrally intruded by the Saraya Batholith (Gueye et al., 2008). The dominant volcanoclastic component of the Dialé-Daléma sediments suggests that they represent a lateral facies equivalent of the MVB. Subordinate basalts are interbedded in the westernmost sequence (Diallo, 2001), where the youngest detrital zircons yield a maximum U-Pb age of 2165 ± 0.9 Ma (Hirdes and Davis, 2002). The Saraya batholith consists of several plutonic bodies, composed of biotite-muscovite-adamellite granite. These bodies were emplaced between 2079 ± 2 Ma and 2061 ± 15 Ma and place a lower limit on sedimentation in the Dialé-Daléma Basin (Delor et al., 2010).

7.1.2.3. The Falémé Volcanic Belt

The Falémé Volcanic Belt crops out to the east of the Daléma basin (Hirdes and Davis, 2002). The FVB is a ~16 km wide NNE trending belt of volcanic and intrusive rocks. Outcrop is dominated by plutonic rocks, consisting of two plutonic complexes: 1) the Balangouma pluton in the north; and 2) the Boboti pluton in the center and south of the belt. Several smaller plutons crop out in the southern and eastern regions of the FVB, including the South Falémé (Hirdes and Davis, 2002) and Garaboureya plutons. The volcanic sequences comprise pillowed andesite flows, subordinate rhyodacite lavas and pyroclastic rocks. These are interbedded with volcanoclastic rocks, wackes and carbonate rocks (Schwartz and Melcher, 2004). Magnetite skarn deposits are hosted in several of the smaller plutons and carbonate rocks (Schwartz and Melcher, 2004). U-Pb zircon ages date a several volcanic and sub-volcanic rhyolite units at 2099 ± 4 Ma, 2082 ± 8 Ma and 2064 ± 30 Ma, with inheritance at 2155 ± 34 Ma (Hirdes and Davis, 2002).

7.1.2.4. The Kofi Series

The Senegal-Mali Shear Zone (SMSZ) is a sinistral brittle-ductile shear zone that forms a 1-10 km wide NS trending corridor of varying deformation styles, and separates the Kofi Series from the FVB. Secondary and higher order splays off the SMSZ host the major Au deposits in the Kofi Series, including Gara, Yalea, Sadiola, Yatela and Gounkoto (Lawrence et al., 2013a). The Kofi Basin is made up of detrital sedimentary and carbonate rocks and breccias intruded by minor mafic dykes and small intermediate to felsic stocks. The sedimentary rocks in the Kofi Series are dominantly wackes, with end member sandstone (rare) and argillite (common). Wackes and argillites are typically interbedded on a small scale (10s cm), although both rock types occur as thicker units, with gradational changes from quartz wacke through to argillite common. The siliciclastic component of wackes varies between quartz and feldspar rich, with clasts showing a large range in size and shape. Certain packages of quartz wacke, particularly in the west of the series have been intensely tourmalinised (Lawrence et al., 2013a), while others have been albitised.

The Kofi Series is carbonate-rich to the west, with proximity to the Falémé Volcanic Belt. These carbonate rocks are dominantly dolomitic marls. Silicic clasts are composed of fine grained and sub angular quartz and feldspar. All sedimentary lithologies in the Kofi Series show poly-phase deformation generated during the Eburnean orogeny (Dabo and Aïfa, 2010). The igneous rocks that intruded the Kofi Series include dolerite to monzodiorite dykes and small stocks of quartz feldspar porphyry. Two larger plutons of monzogranite composition also intruded the Kofi Series, namely the Gamaye and Yatea plutons. The age

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of deposition in the Kofi Series is constrained by detrital zircons and intrusive plutonic rocks. Tourmalinized quartz wacke at the Gara deposit are dated by Pb-Pb at 2093 ± 7 Ma (Boher et al., 1992). An older, deltaic deposit on the margin of the FVB yields an age of 2125 ± 27 Ma (Boher et al., 1992), though it is unclear whether this belongs to the Kofi Series or the FVB. The Gamaye pluton has been dated at 2045 ± 27 Ma, providing a broad lower age limit for sedimentation (Bassot and Cean-Vachette, 1984).

7.1.3. Structural Setting of the Kedougou-Kenieba Inlier

The West Africa shield was affected by a polycyclic deformation resulting of a compressional tectonism D1 followed by a transcurrent deformation D2 and D3 described as regional senestral and dextral shears zones postdating eburnean granitoids (Milesi et al., 1992). The first phase of deformation D₁ was compressive followed by a later transcurrent movement and deformation D₂-D₃. (Dabo et Aïfa, 2010) Major crustal shear zones regionally bound, and influence the overall north-northeast lithologic grain in the region. These include a north-northeast trending shear zone that forms a boundary between the Mako and DialeDalema groups called the Main Transcurrent Shear Zone (MTZ) (Pons et al., 1989; Gueye et al., 2008).

The MTZ converges with, and may join to the north in Mali with the major northerly trending SenegalMali Shear Zone, which is spatially associated with several major gold deposits, including Sadiola and Loulo in Mali. The structures wrap around major intrusions, and NW trending linking structures between major shear zones are also present, all of which form potentially prospective sites for gold deposit. The transcurrent deformation has been interpreted as being synchronous with the gold mineralization and the emplacement of several calc-alkaline granites. The regionally developed foliation trending 030° appears to be related to folding on all scales throughout the KKI during the Eburnean Orogeny (Ledru et al. 2002). Field relationships suggest that gold mineralization in the region is probably coeval with latter stages of shear zone development. Major gold deposits including Yalea, Gounkoto, Tabakoto, Segala and Fekola are spatially associated with generally NE SW subsidiary structures splaying off the main SMSZ.

7.1.4. Metamorphism of the Kedougou-Kenieba Inlier

Regional greenschist metamorphism has also been interpreted as being associated with both compressive and transcurrent phases of deformation. The regional metamorphism within the Kedougou-Kenieba Inliers is of lower greenschist facies conditions whereas contact metamorphism of hornblende-hornfels occurs near the intrusions. Higher-grade rocks form a small domain within the Mako volcanic belt and are referred to as the ‘complexes amphibole-gneissic de Sonfara-Sandikounda’ (Gueye et al. 2007, 2008).

7.1.5. Regional Surficial Geology of the Kedougou-Kenieba Inlier

Lateritic weathering combined with duricrust formation is active in the region. Apart from local hills and resistant lithologies, much of the terrain is covered by laterite and ferricrete resulting in limited rock outcrop. Oxidation depth in the region is highly variable, but is generally several tens of meters. Thick soils and colluvial materials cover large land. Close to the Faleme River lenses of lateritized alluvial deposits can be observed.

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7.2. Permit Geological and Structural Setting

The Project is hosted in early Proterozoic Birimian metamorphic rocks bordered to the east and southwest by late Proterozoic generally unmetamorphosed clastic sedimentary rocks. The Birimian rocks of the project area belong to the Kofi Formation, which generally trends north-northeast. According to Lawrence et al. (2013), the Kofi Formation comprises a sequence of shelf carbonates and calcareous clastic rocks, turbiditic sedimentary rocks, tourmalinized quartzwackes, feldspathic sandstones, and calcareous greywackes with argillite intercalations.

In the project area, the general strike is around N025°E with a steep dip of about 70° to 80° eastward. Rocks of the region have experienced regional brittle and ductile strike-slip deformations and have been metamorphosed to greenschist facies with development of chlorite, calcite, albite, sericite, and epidote (Milési et al., 1989; Dommanget et al., 1993; Feybesse et al., 2006).

Within the Maligonga-East project area (Figure 7.4), the Paleoproterozoic supracrustal metasedimentary rocks strike predominantly NNE and dip steeply eastwards. These sediments include:

Flyshoïd formation dominated fine sediment (argillites and siltites) with intercalations of feldspathic sandstone and quartzites (Figure 7.4)
Siltites formation and epiclastic sandstone, with intercalations of dacites and coarse-grained sandstone
Conglomerates, coarse-grained sandstone and pelite with abundant intercalations of carbonatous sandstone and/or carbonates, volcanites et intermediaries epiclastic sandstone, and acids volcanites. Meta-greywacke Formations

This sequence is intruded by concordant Birimian granitoid stocks comprising:

Granit and/or monzonitic granite with biotite concordant to stratification (Figure 7.4).
Dacites (lava – pyroclastites)

Late Mesozoic dolerite dikes and beds intersect all lithological units and appear interfere with pre-existing structures (Figure 7.4). These dolerite dykes cross cut all lithologies in the KKI and show no clear evidence of deformation or hydrothermal alteration. These are more continuous than the Birimian dykes and vary in thickness from 2 to 200 m.

Quaternary alluvium formations occur along the main river

The structural framework, interpreted from regional geological and geophysical maps, includes three major directions of lineaments in the Maligonga-East permit (Figure 7.4): north-east, north-northeast and northsouth. The north-northeast trending faults are similar to the Siribaya major shear zone structure and appear to be second order Fault systems and the most prospective structures for controlling the gold mineralization in the permit.

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----- Start of picture text -----

LEGEND
STRUCTURES
Recent Formations (Quaternary)
Major crustal-scale Fault system
Alluvium
Mesozoic Second Ordre Fault systems
Dolerite Faulted Lithological Contact
Paleoproterozoic Formations Siribaya Structure
Intrusive rocks River
Granit and/or monzonitic Granit with biotite
Gold deposits
Dacites (lava – pyroclastites)
Feldspathic Sandstone
Supracrustal Metavolcano-sedimentary Birimian Formations
Flyshoïd Formation dominated fine sediment (argillites and siltites) with
intercalations of feldspathic sandstone and quartzites
Siltites Formation and epiclastic sandstone, with intercalations of dacites and coarse-
grained sandstone
Discordance
Conglomerates, coarse-grained sandstone and pelite with abundant intercalations of carbonatous sandstone and/or carbonates,
volcanites et intermediaries epiclastic sandstone, and acids volcanites. metagrauwackes Formations
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Figure 7.4: Geological map of the Maligonga-East permit showing the main lithological units, the structural elements and the gold deposits

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7.3. GOLD MINERALISATION

Primary gold mineralization within the Paleoproterozoic Birimian terrain has been sub-divided by Milési et al. (1992) into pre-orogenic, syn-orogenic, and late-orogenic. The late orogenic gold mineralization is typically associated with brittle-ductile deformation and is associated with Au, B, W, As, Sb, Se, Te, Bi, Mo, with traces of Cu, Pb, Zn. Gold commonly occurs as native gold or as fine inclusions within the sulphides or the gangue, which consists of quartz, albite, carbonate, muscovite, pyrite, and tourmaline.

Gold mineralization at Maligonga-East is a mesothermal shear-zone-controlled, intrusive related, orogenic -type mineralization, hosted in greenstone folded and faulted sediments, consistent with the majority of Proterozoic terrains, including the Birimian Series of West Africa. This style of mineralization is generally associated with regionally metamorphosed and deformed terrains. As such, the gold mineralization is structurally, rather than lithologically controlled. At Maligonga East, gold is developed along a high-angle NNE-striking, steeply ENE-dipping sinistral-reverse fault (Figure 7.5) and preferentially hosted in the more permeable, coarser-grained greywacke rocks. Gold occurs in deformed zones of large and hydrothermally altered, structural corridors that contain a complex network of extensional dilation fracture systems. Gold is dissemination into the host rocks and associated with pyrite, pyrrhotite, and arsenopyrite. Key alteration associated with the gold mineralization are silicification, calcite and chlorite suggesting low temperature formation during gold deposition typical of the shear zone type orogenic gold mineralization.

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Figure 7.5: Geological and structural section of the Mamadouya gold mineralization showing the relationship between geology, structures and gold mineralization in the Maligonga-East property

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Figure 7.6: Interpreted geological and structural Map of the Mamadouya Gold mineralization showing geological units, structural elements and the interpreted gold mineralized structure.

8. DEPOSIT TYPES

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The deposit type identified in western Mali region is a Mesothermal shear-zone hosted orogenic-type gold deposits that are a distinctive class of gold deposit and form an integral part of the tectono-metamorphic evolution of the West African Shield. Orogenic gold deposits are almost exclusively associated with auriferous quartz-carbonate veins indicating veining in the presence of supra-lithostatic fluid pressures (Ridley and Diamond, 2000). Quartz veining testifies to the structurally controlled fluid infiltration over a broad range of upper- to mid-crustal pressures and temperatures, between about 200 - 650°C and 1-5 kbar (Goldfarb et al., 2001) emphasizing the significance of deformation, most commonly in the form of shear zones. These structures control fracture-controlled fluid-flow and gold mineralization, focusing large volumes of hydrothermal fluids required for an economic-grade mineralization (Sibson and Scott., 1998).

Formation of mesothermal orogenic-type gold deposits involves structural and regional tectonic conditions that allow the accumulation of fluids over-pressured to near-lithostatic values and their intermittent release through fault-valve action (Sibson and Scott, 1998). The deformation of rocks creates regional hydraulic gradients that may trigger fluid migration. Fluid movement in the largely impermeable wall-rocks is largely determined by fracture permeability. Veining is recorded over a wide range of metamorphic conditions, but is favored under brittle-ductile and commonly greenschist-facies conditions (Goldfarb et al., 2005). The relationship between deformation in brittle-ductile terrains and fluid flow explains the close spatial association between auriferous vein systems and shear zones in volcano-sedimentary terrains (Robert and Poulsen, 2001). Fluid flow and mineralization are commonly localized around second- and higher-order shear or fault zones adjacent to first-order structures (Groves et al., 1998). These structures developed late in the overall tectono-metamorphic evolution of the host terrain and commonly involve a compressional or transpressional component. High-angle reverse faults are regarded as particularly important targets (Sibson and Scott, 1998), favoring the development of temporarily supra-lithostatic fluid pressures leading to fracturing and associated destabilization of gold complexes from the hydrothermal fluid.

Gold mineralization at Maligonga-East is associated with mesothermal shear-zone hosted gold mineralization, entirely consistent with the majority of Proterozoic terrains worldwide, including the Birimian Series of West Africa. This style of mineralization is generally associated with regionally metamorphosed terrains that have experienced considerable deformation. As such, the deposits are invariably strongly structurally, rather than lithologically controlled.

At Maligonga-East, gold mineralization is preferentially developed in the more permeable, altered, coarser grained sediments successions, within north northeast trending structures. Mineralization is localized by a combination of lithological and structural controls and, the latter is predictably the more dominant. In the project area the dip and strike of mineralized zones, and to a lesser extent the style of mineralization, varies considerably between deposits. Generally, gold is dominantly associated chlorite-quartz–carbonate– sulphides assemblage, stockwork of quartz-carbonate-sulphide veinlets, or skarn magnetite-epidote-pyrite and arsenopyrite mineralization. Deep weathering of primary shear-hosted gold mineralization enhanced the economic viability of some of the gold deposits currently being mined in West Africa.

9. EXPLORATION

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9.1. Exploration Programs Completed by Waraba Gold Limited in 2021

Works carried out by Waraba Gold Limited during the 2021 exploration program consisted of:

A compilation and interpretation of existing termite mound and soil geochemistry data
A geomorphological mapping of the entire permit at a scale of 1/10000
A lithogeochemistry sampling of altered outcrops during field mapping
A detailed geological and structural mapping

9.1.1. Compilation and interpretation of existing termite mound and soil geochemistry data

In 2021, Waraba Gold Limited undertook a reinterpretation of the surface geochemistry survey data and a lineament interpretation map from geological and structural data over the Maligonga-East Permit. Overlay of the geochemical values greater than 25 ppb with the structural lineaments delineate five gold targets that formed the basis for Waraba further exploration works (Figure 9.1).

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Figure 9.1: Overlay of the geochemical values greater than 25 ppb with the structural lineaments

9.1.2. Geomorphology / Regolith Mapping

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Waraba Gold Limited completed a geomorphological and regolith mapping campaign that covered the entire permit. (Figure 9.2). The mapping indicates that the permit area is covered by more than 70% of lateritite formation. Laterites develop by intensive and prolonged weathering of the underlying parent rock. Laterization is a process of chemical weathering which produces a wide variety in the thickness, chemistry and mineralogy of the resulting soils. Laterites are rusty-red colored and composed of clay and iron hydroxides minerals. The regolith mapping revealed the occurrence of 4 types of regoltith units:

9.1.2.1. High Laterite plateau

High plateaus are the oldest laterite formation and are characterized by plateaus and hilltop carapaces formed from ferricrete with little overburden. The high lateritic plateaus cover nearly 10% of the permit. The laterite is brown or light brown, porous and more permeable, usually vermicular. In places it can be massive embedding pisolites. This High plateau is present in the southern part of the mapped area (Figure 9.2).

9.1.2.2. Low Laterite plateau

The Low plateau are fairly widespread in the Maligonga-East Permit and presents some features of an evident tranport. It is essentially made up of lateritic crusts, locally bearing a poorly developed silty-clay soil enclosing some laterite rock chip pebbles and blocks. It is very hard, dark consisting mainly of hematite and goethite and composed of pisolites with abundant rounded rock fragments. The low lateritic plateau nearly covers 20% of the permit (Photo 3, Figure 9.2).

9.1.2.3. Erosional regime

These are areas where rocks outcrop and are generally the plateau slope and low hill areas. The origin of the regolith materials in this regime is in-situ. These areas constitute zones of active erosion and residual units in place (mottled-zone and possibly saprolite). These areas, which are very favorable for soil sampling, are however quite narrow and only cover 10% of the permit area (Figure 9.2).

9.1.2.4. Depositional regime of alluvium and colluvium

Alluvium occurs along main rivers and is composed of fine-grained white to gray clayey material. The alluvium unit is fairly widespread in the permit and is composed of alluvial plain along major and secondary rivers. It is composed of thick layers of fine distal sediments. The alluvial plain completely masks the geochemistry of the underlying rock.

Colluvium accumulate at the base of plateau slope by mass wasting or sheet erosion. It represents about 60% of the permit area (Figure 9.2)

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Figure 9.2: Regolith map of the Maligonga-East Permit showing the main regolith units

9.1.3. Lithogeochemical sampling

Waraba Gold Limited initiated a field mapping program to create litho-geomorphological maps at a scale of 1/5,000. The survey involved east - west traverses over the areas on 200m spaced lines using handheld GPSs set to UTM co-ordinates WGS84, zone 29N datum. Twenty-six traverse lines were completed and 564 samples of 2.5 to 3 kg weight collected of which 176 were rock chip samples, 95 samples collected from abandoned artisanal mining pits and 25 from channel samples over exposed bedrock. The samples were packaged in plastic bags on which the sample numbers are marked. Samples were sent to the SGS laboratory for analysis. Thirty of the rock chip samples returned values greater that 400 ppb (Table 9.1).

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Figure 9.3: Interpreted geological and structural map of the Mamadouya Prospect showing the main geological units, the structural elements, the lithogeochemical sampling results and, the interpreted structures that control the gold mineralization

The following table show the best results returned from the lithogeochemical sampling

Sample ID	X-UTM	Y-UTM	Au ppm	Au ppm Rpt	Descriptions
MAD_0008	277812	1378560	2,03	1,41	meta-pelite intensely sheared
MAD_0018	278052	1379319	0,41	-	artisanal pit depth 4m in the sap-siltstone
MAD_0056	275846	1374858	1,05	0,83	meta-sediments + QV+sulphide
MAD_0090	276663	1377336	0,96	1,41	orpaillage pit
MAD_0096	276648	1377348	0,62	-	quartz vein in the metagraywacke depth about 18 or 20m
MAD_0099	277308	1377222	0,49	-	Metagraywacke with sulphide, contact with granodiorite

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MAD_0100	277557	1377629	1,01	0,96	fragment of gold panning
MAD_0108	276858	1377389	5,44	5,82	metapelite breccia, matrices silicified (quartz)
MAD_0109	276862	1377374	12,10	14,3	greywacke with fragments of quartz, sample of gold panning
MAD_0110	276862	1377374	1,08	-	fragments of gold panning
MAD_0116	277312	1377229	1,29	-	graphitous pelite
MAD_0117	277312	1377229	5,00	4,91	quartz veins with pelite in the zone excavation (traditional excavation)
MAD_0118	277646	1377751	7,20	6,15	QV length about 20m in the zone excavation (traditional excavation)
MAD_0125	278747	1378331	0,93	-	sandstone with quartz
MAD_0206	271070	1375382	0,70	1,06
MAD_0396	278235	1380845	0,80		SLT + QV
MAD_0435	277470	1379310	5,35		zone de shear N90/78
MAD_0447	277600	1378350	0,61		zone de shear
MAD_0449	277548	1377756	0,85		+ QV
MAD_0450	277528	1377735	0,55
MAD_0451	277528	1377735	1,74		+ QV
MAD_0454	277058	1377276	0,68		Intrusive + SLT
MAD_0456	277055	1377291	4,05		QV + Intrusive
MAD_0458	277054	1377313	2,75		SLT + QV
MAD_0508	277300	1376210	1,62
MAD_0509	277300	1376210	0,66
MAD_0547	276765	1376419	0,87		4 m; AZ:115
MAD_0549	276639	1377364	0,51		4 m; AZ:270 GWK shale
MAD_0551	277290	1377215	0,66		4 m; AZ:270
MAD_0554	277054	1377303	1,01		2 m; AZ:270 graphite

Table 9.1.: Best gold values from pits litho-geochemical sampling

9.1.4. Geological and structural mapping

Waraba Gold Limited cross-checked and verified the existing geological and structural information from previous works with physical observations during the field visit. Location and technical parameters of boreholes on the ground were in conformity with data in the Excel Spreadsheet database. Rock types, structures, alterations and mineralization were also consistent.

Two major types of rock are mapped in the permit area (Figure 9.4):

A dominant sedimentary unit host rock
a granitic intrusive rock

The granite is locally foliated extending over 800m by 400m with significant kaolinite alteration

The sediments vary from coarse-grained greywackes to the west to fine-grained pelite (blue shale and organic sediments) to the east of the permit area. The fine-grained sediments show in places small tight disharmonic folds.

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Figure.9.4: Interpreted geology and structural map of the Maligonga-East permit

9.1.4.1. Quartz veins in shear

Both the sediments and the granitic rocks are affected by a shearing deformation complained with a network of quartz veinlets. The mineralization can be classified as shear-type associated with an anastomosed network of quartz veinlets. The shear-type geological model seems to be most consistent with this style of mineralization. The shear corridor is affected by thin anastomosed quartz structures more or less discontinuous with various direction forming stockwerks.

9.1.4.2. Stereographic representation of structures:

Figure 9.6 displays the stereographic projection images using the ``Dips''software of the structures identified in the Mamoudouya target.

The points and structural data measurements are presented in the table below:


Coordinates
UTM E_29N_WGS84	UTM N29N_WGS84	Dip	Direction	Dip Direction
277312	1377846	40	228	318
277371	1377876	30	214	304
277420	1377901	70	218	308
277536	1378047	40	217	307
277510	1378080	58	226	316
276719	1377308	40	185	275
276751	1376410	80	26	116
277817	1379150	64	210	300
277902	1379090	55	200	290

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277937	1379111	70	195	285
277961	1378720	80	210	300
277856	1379121	85	280	370
277878	1378652	50	185	275
277727	1378766	70	210	300
277643	1377746	85	55	145
277818	1378774	65	197	287
277816	1378670	75	200	290

Table 9. 2: Points and structural data measurements within the Mamadouya prospect

a) Stratification

The bedding is located at the limit between two different lithological formations: coarse-grained sedimentary rock (greywackes) and the argillite with graphite intercalation. The figure 9.6. shows that the stratification is inclined towards the west suggesting a monoclinal structural pattern in contact with the granitic intrusive rock.

b) Lithological contact

The contact structures in the region that play a key role in the mineralization system are preferentially located between the sedimentary sequence and the intrusive granitic rock. These lithological contacts are preexisting structural weak zones that can be easily deformed providing pathways for hydrothermal mineralizing flow circulation.

c) Schistosity-foliation

The general foliation is subparallel to the stratification and strikes NS. It dips steeply to the east or the west. This might be affected by isoclinal folding.

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Figure 9.5: Profile of the stereonet of all pole: bedding, contact, foliation and shear at Mamoudouya

9.1.4.3. Fault description

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a. Reverse faults

These faults are the most important in the mapped area. They affect the meta-sedimentary rocks at the contact with the massive intrusive rocks. In places, these reverse faults intersect shears zones to form fish breccias (Figure 9.7). These breccias display graphitic and silicified surfaces. Reverse faults are interpreted as the main conduit for hydrothermal mineralizing fluids.

b. The overlap faults

These faults strike N220° to 230° and a dip 30° to 45° W, SW and NW. These faults affect the sediments in contact with the intrusive felsic rocks. Mineralization is often hosted within these structures.

c. Vertical to subvertical faults

These structures postdate previous faults and affect both the metasediments and the intrusive rocks. These faults have an NS strike and dip vertically. They are marked by normal slip movement and can also be interpreted as sigmoid structures. These are fish-shaped structures that individualize in shear bands (Figure 9.6)

d. Transforming faults (detachment)

These are late structures that strike N155 ° to N350 ° and a dip 80° SW to 90° SE. These faults acrosscut and displace previous structures with both sinistral and dextral movements separation.

This directional diagram or "Rose des Vents" (Figure 9.8) shows the preferred direction of these structures: The diagram displays three main directions in the Mamoudouya north area.

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Figure 9.6: Pink diagram of all the faults in Mamoudouya

e. Fish breach

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Fish breach are found along vertical structures that postdate reverse faults (Photo 9.1) and along parallel micro shears and schistosity. The size of blocks varies from a few centimeters to a meter. The blocks are of different nature, consisting of competent sedimentary fragments, quartz veins and ductile materials. Blocks are locally laminated, fusiform, lenticular, sausage or sigmoid in form. Breccias are good host for gold mineralization and are highly oxidized at the surface. These rocks are mainly located between the hanging wall and the footwall of the main fault systems that control the gold mineralization.

f. Diaclases

These are discontinuities late mafic rocks that crosscut all previous rocks and structures in this area.

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Figure 9.7: Granodiorite-Metasediment contact, brecciated fault fishand shear structures

9.1.4.4. Interpreted geological and structural sections of the northern part of Mamoudouya.

Field observations and structural mapping suggest that the control of the gold mineralization is mainly structural but not lithological. There is a strong spatial relationship between gold, structures and intrusive rocks indicating that the intrusive rocks may have played a key role in the mineralization

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process in the Mamoudouya gold target.Gold mineralization corridors are located along shear and fault structures associated with syntectonic intrusive rocks.

Figures 9.8 to 9.11 show various interpreted cross-sections across the Mamadouya gold prospect.

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Figure 9.8: Geological cross section in target 1 north of Mamoudouya

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Figure 9.9: Geological cross section in target 1 north of Mamoudouya

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Figure 9.10: Geological cross section in target 1 north of Mamoudouya

9.1.4.5. Structural interpretation of the gold mineralization

The mineralized structure strikes N20[o] and dips 80° WNW. The foliation that affected both the sediments and the granite strikes in the same direction, suggesting that all these rocks have undergone the same regional compressional stress field responsible for the deformation. The foliation has a general direction NNE and dips steeply in the northern part of the granite, but gradually changes to the NE direction and becomes shallowly dipping (35°) south of the granite (Figure 9.5).

The sulphide mineralization consists of pyrite and arsenopyrite. Unstrained grains of pyrite and arsenopyrite in the host greywacke rock indicate they were not affected by the deformation. This suggests that the gold mineralization takes place during a late tectonic event that occurred after peak of deformation.

The gold mineralization at Mamoudouya is controlled by regional structures: faults and shears (Figure 9.5). These large structures deformation competent rocks that host most of the gold mineralization. The

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mineralization dips 55 to 65[o] W, parallel to the faulted contact between the sediments and the granite. Most

of the ore bodies are surrounded by faults developed in graphitic horizons interbedded with the graywackes.

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Figure9.11: Interpreted geological and structural map of the Mamadouya Prospect

9.1.6. Airborne Geophysical survey completed in 2021 by Waraba Gold Limited

NRG carried out a high resolution XPlorer magnetic and radiometric survey for Waraba Gold Ltd in the Maligonga East property between the 27[th] and 30[th] of June 2021. NRG produced a report that summarizes the results of the survey.

9.1.6.1. Survey Description

A high-resolution digital terrain model (DTM) of the survey area, illustrated in Figure 2, suggests that the terrain is undulating. The horizontal gradient of the DTM has been included in Figure 3 to gauge the required climb/descent rates in areas with steeper topography. The climb and descent rate of a highperformance helicopter, such as the AS350B2, will under most conditions, be in the order of 250 m/km. Parts of the survey where the gradient exceeds 200m/km have been flagged in color (yellow – magenta). In these areas survey height may be compromised in the interest of safety.

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Digital Terrain Model Horizontal gradient of the Digital Terrain Model
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Figure 9.12. Digital terrain model and horizontal gradient of the digital terrain model of the Maligonga permit

9.1.6.2. Survey specifications

A summary of the survey line kilometers and parameters of the survey are provided in Figure 9.12 and Table 9.3.

Survey Name	Country	Line kms	Line spacing	Line direction	UTM zone	Ground
Fokolore Block	Mali	1316	100m x 1000m	90	29N	moderate

Table 9.3: Summary of helimag surveys parameters at Maligonga Gold

The coordinates of the survey boundaries are provided in the following table.

UTM Zone 29N, WGS84			Longitude	Latitude
	X	Y	degrees	degrees
		Fokolore Block
1	264426	1377368	-11.167224	12.450837
2	271952	1377368	-11.098020	12.451383
3	271952	1381764	-11.098339	12.491109
4	275396	1381764	-11.066665	12.491354
5	275396	1385395	-11.066926	12.524168
6	279048	1385395	-11.033333	12.524424
7	279048	1375316	-11.032622	12.433337
8	281950	1375316	-11.005937	12.433536
9	281950	1369823	-11.005557	12.383893
10	281014	1369823	-11.014162	12.383829
11	281014	1371520	-11.014280	12.399166
12	279304	1371520	-11.030002	12.399048
13	279329	1374760	-11.029999	12.428331
14	278574	1374766	-11.036942	12.428333
15	278578	1375319	-11.036944	12.433331
16	277007	1375331	-11.051391	12.433331
17	276977	1371397	-11.051388	12.397776
18	275315	1371410	-11.066669	12.397777
19	275335	1373992	-11.066669	12.421113
20	264399	1374079	-11.167226	12.421113

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Table 9.4: Coordinates of the helimag surveys boundaries

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Figure 9.13: Helimag survey grid lines over the Maligonga-East gold permit

9.1.6.3. Magnetic data

A figure of merit is performed by carrying out a series of rolls, pitches and yaws while flying parallel to both traverse and tie-line orientations at high altitude in the same magnetic latitude as the survey area. A high pass filter is used to remove long-wavelength geological response leaving the magnetic response which is primarily due to the residual response of the aircraft after compensation. Several lines flown over a wellcontrolled magnetic feature are used to establish the lag and relationship between GPS and magnetic readings (parallax).

9.1.6.4. Radiometric data

A thorium source test is carried out daily. A comparison of the background corrected count rates in the thorium window verifies that sensitivity of the system has remained the same for the survey duration. The variation of the daily source tests shall not vary by more than 8 percent from the survey average.

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9.1.6.5. Altimeter

The radar altimeter is calibrated at the start of every survey.

9.1.6.6. Results of the Survey

The following products have been included in the accompanying archive:

Total field gradient enhanced magnetics
First vertical derivative magnetics
Reduced to pole magnetics
Analytic signal
4 Channel NASVD processed radiometric data (total count, potassium, uranium and thorium)
Calculated digital terrain

a. Total field gradient enhanced magnetics

The horizontal magnetic gradient is calculated using the difference between magnetic sensors. By adding the gradient in gridding algorithms, a better spatial representation of magnetic features is obtained. This in turn improves the resolution of line parallel features and discrete targets effectively equivalent to flying the survey at a tighter line spacing. The final gradient enhanced data has been used for product generation (Figure 9.13).

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Figure 9.14: Gradient enhanced magnetics

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b. First vertical derivative magnetics

The first vertical derivative of the magnetic data is calculated either in space or frequency domains (Figure 9.14). This is a standard filter which accentuates shallow features and structures. It is also useful for discriminating textural changes which characterize different lithologies.

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Figure 9.15: Magnetic derivative first vertical

c. Reduced to pole magnetic

Reduction to pole is a mathematical function applied in the total magnetic field data in the frequency domain. The resultant product is the equivalent total magnetic field situated at the magnetic pole thus replacing the dipolar magnetic response with a simple peak positioned above the magnetic source (Figure 9.15). There are a number of limitations to this filter:

The filter assumes the magnetic response is due to induced magnetization and ignores the effect of magnetic remanence. This results in incorrect solutions where the remanent magnetic contribution is

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large and differs in orientation from the induced magnetic contribution (often manifested as a smearing of anomalies).

The filter is unstable at low magnetic latitudes resulting in a smearing and exaggeration of NS trending features. This is corrected to some degree by using an amplitude correction although at the expense of under-correcting NS trending features.

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Figure 9.16: Reduced to pole magnetics:

d. Analytic signal

The analytic signal is defined as the square-root of the sum of the square of derivates of the total magnetic field. The analytic signal is useful in locating the edges of magnetic source bodies, particularly where remanence and/or low magnetic latitude complicates interpretation. The filter accentuates shallow features at the expense of deeper (or longer wavelength) features (Figure 9.16)

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Figure 9.17: Analytic signal:

e. Digital terrain model:

The digital terrain is calculated by subtracting the aircraft altitude from GPS height. Results reference the EGM96 Geoid (Figure 9.17).

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Figure 9.18: Computed Digital Terrain Model.

f. Final radiometric data:

Potassium, thorium and uranium data has been reduced to ground concentrations using standards recommended by IAEA (1991) and AGSO (1995). NASVD processing has been carried out using proprietary software (Figure 9.18).

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Figure 9.19: Radiometric data processed by 4-channel NASVD (total count, K, U Th) Radiometric data

9.1.6.7. Structural interpretation by Waraba Gold

Targets were identified in the permit for monitoring their sulphide chargeability using the IP methodology, following the interpretation of the various geophysical maps, particularly the magnetic gradients and especially the radiometric data; add to the various geological, structural and geochemical information.

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Figure 9.20: Inferred structures from Gradient Enhanced magnetics RTPLL.

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Figure 9.21: Inferred structures from Gradient Enhanced magnetics TDR.

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----- Start of picture text -----

Figure 9.22: Inferred structures from Gradient Enhanced magnetics Analytic Signal.
----- End of picture text -----

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Figure 9.23: Identified targets for ground IP follow up over geophysics anomalies defined.

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9.2. Exploration Programs Completed by Waraba Gold Limited in 2022

Induced Polarisation / Resisitivity survey

Waraba Gold Limited followed up the anomalies picked by the preciously carried out Geochemical sampling exercice by the acquisition of induced polarization and resisitivity surveys in the Mamouduya and Kabafing areas of the permit (Figure 9.24). This exercise was carried out by SAGAX AFRIQUE S.A and the objective was to detect and delineate geophysical anomalies that may inmdicate geological and structural feautures that may indicate the mineralization of precious metals. It was also an opportunity to test if the sutrvey would correllate and extend the areas of gold anomalies that have been identified by the previous Geochemical and Rock chip sampling exercises. This would help define potential targets for future drilling programs.

A station spacing of 25m and line spacing of 100m was used for the survey. 42 lines of gradient array covering a total of 150.150km length was acquired in the Mamouduya area and 32 lines covering a total of 151.175 km length of data was acquired in the Kabafing area. The survey was carried out between September 2021 and March 2022.

The results of the survey identified some anomalies that needs to be followed up in order to identify their mineralization potential. The main interpreted structures were found to be oriented in NW and NE direction in Mamadouya area and NW and NNE in Kabafing area. A summary of the interpreted data are presentented in Figures 9.25 to 9.40.

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Figure 9.24: Map of surveyed area showing Mamoudouya and Kabafing

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Figure 9.25: Resistivity Map of Mamouduya

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Figure 9.26: Residual Resisitivity Map of Mamoudouya

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Figure 9.27: Chargeability Map of Mamoudouya

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Figure 9.28: Induced polarisation_Resistivity Map of Mamoudouya

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Figure 9.29: Conductivity Map of Momoudouya

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Figure 9.30: Residual Conductivity Map of Mamoudouya

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Figure 9.31: Contact resistance map of Mamoudouya

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Figure 9.32: Lithology_Resistivity_Induced Polarisation map of Mamoudouya

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Figure 9.33: Resistivity Map of Kabafing

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Figure 9.34: Residual Resistivity Map of Kabafing

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Figure 9.35: Chargeability Maf of Kabafing

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Figure 9.36: Induced Polarisation_Resistivity Map of Kabafing

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Figure 9.37: Conductivity Map of Kabafing

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Figure 9.38: Residual Conductivity Map of Kabafing

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Figure 9.39: Contact Resistance Map of Kabafing

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Figure 9.40: Lithology_Induced Polarization_Resistivity Map of Kabafing

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10. DRILLING

As of the date of this report, Waraba Gold Limited had not completed any drilling programs of its own on the recently granted Maligonga property. Consequently, there is nothing to report under this section.

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11. SAMPLE PREPARATION, ANALYSIS AND SECURITY

As of the date of this report, Waraba Gold Limited has not as yet undertaken any drill sampling on the Maligonga property. The author reviewed and has outlined the sample preparation process that were implemented during the historical drilling campaigns. The author is satisfied with the sample preparation, analysis and security procedures reviewed.

Historical sample preparation analysis and security

11.1. RC Sampling

The one-meter RC field samples were reported to have been collected into plastic sampling bags, after passing through a rotating cone splitter clearly labelled with the sample number in indelible marking pen. The field residue of nominal 20 to 40 kg weight were laid out on the ground in rows of 10 samples. The assay samples were collected into a labelled plastic bag with the pre-numbered sample ticket stapled inside. The bag was securely tied and segregated into larger plastic bags (by hole number), in preparation for delivery to the laboratory at the end of each shift. Approximately 5% (1:20) of samples were duplicated in the field via the collection of a second 3 kg split. Standards and blanks were inserted every 20 samples. The cone splitter can collect two equal samples at the same time, which necessitates the need for re-handling the sample material. The cone splitter was cleaned thoroughly with a compressed air gun between each sample run during the dry season.

According to historical reports, the RC samples were prepared and collected from the drill rig, then, were delivered to the camp yard facility for sample pre-preparation before before shipment to the SGS pulpo [preparation laboratory in Bamako every time a sufficient number of samples were collected and bagged. The entire procedure was undertaken by national geologists and was closely supervised by experienced geological personel. Reference material for all samples were appropriately retained and stored, including chip trays derived from RC drilling, duplicate pulps and residue of all submitted samples.

11.2. Auger Sampling

The one-meter Auger field samples were collected off the cyclone and laid out on the ground in consecutive rows of 10 samples. Field technicians poured the entire sample and collected a representative 3 m sample, providing 2 to 3 kg for laboratory submission. Pre-numbered sample ticket books were used to manually record the hole number and sample interval, the sample number was written on the plastic sample bag, and the ticket stapled to the inside of the bag. In the situation where field samples were over-saturated and spear sampling is not practical, manual scoop sampling was adopted. Approximately 1 in 20 samples were duplicated in the field via the collection of a second 2 to 3 kg composite sample, in order to monitor potential field sampling bias. Standards and blanks were inserted every 20 samples. Quality Assurance/Quality Control standard samples were also added and recorded for internal standards of the contract laboratory performance.

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11.3. Sample Recovery

DCS MALI Drilling Service used 77 mm diameter RC holes that yielded a volume recovery of dry samples near 20kg/m in saprolite and 30 kg/m in fresh rock indicating acceptable recoveries of approximately 100%.

11.4. Analytical Laboratories

Cluff used the analytical services of the SGS Laboratory in Kayes, Mali, for the samples from the 2012 RC drilling program. Fokolore used the analytical services of the SGS Laboratory in Bamako for the samples from the 2016 Auger drilling program and PROSLABS Laboratory in Bamako, Mali, for the 2018 RC drilling program. The SGS Laboratories in Mali are internationally recognized independent laboratories certified by National Association of Testing Authorities (NATA), and under ISO 9000. PROSLABS Laboratory in Bamako is a quality analysis laboratory certified ISO 9001 since 2015, and ISO 17025 accredited.

At the SGS Laboratory in Bamako, Auger samples were prepared in accordance with SGS code PRP86. The samples were dried and crushed , if necessary to obtain 75% of the fraction – 2mm, split if necessary, to obtain 1.5 kg.This quantity was ground entirely with LM2 to obtain 85% of the fraction < 75 micrometer. The samples were then split up to 200 grams. 50 grams of this material was analysed by Lead Fusion DIBK wit AAS finish which has a detection limit of 0.001 ppm. The SGS code for the analysis is FAE505. All equipments were thoroughly cleaned with barren material before moving on to another sample.

11.5. QA/QC Procedures

Control of the Laboratory quality sample preparation and analytical porocedure was done via the use of blanks, duplicates and “standards” amounting 20% of the total samples shipped to the laboratory.

DUPLICATES: The original sample is homogenized and divided into two equal samples by splitting
Blanks: These are certified balank samples
Standards: Commercial pulp stadards have been inserted into sample batches

11.6. QAQC Program Quality Control Procedures

Folkolore and Cluff’s assay files include field blanks, commercial reference standard material and duplicate samples to provide Quality Assurance and Control.(QA/QC) on drill sample results. Cluff used 9 different standards for its RC drilling program with a range of gold grades from 0.084 g/t Au to 5.909 g/t Au. Folkolore used 4 different standards for its RC drilling program with a range of gold grades from 0.599 g/t Au to 5.829 g/t Au. Folkolore and cluff also obtained and reviewed atleast some of the internal blank, standard and duplicate control results used by the different laboratories.

11.7. Sample Preparation and Analytical procedures by SGS

Cluff RC drilling samples and Folkolore Auger drill samples were assayed at the SGS laboratory in Bamako. The SGS sample preparation and analytical approaches are summarized as follows (Figures 11.1 to 11.3)

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11.8. Cluff sampling quality assurance and quality control (QA/QC)

Certified Reference Material (standard): Std OXL93, Std Si42, Std SI54, Std OXN92, Std SL51, Std Oxl78, Std OXJ80, Std Oxj68, Std OXA89 (Table 11.1.) were used by Cluff to monitor accuracy of the laboratory. Duplicate samples: the original sample is homogenized and divided into two equal samples by splitting for the RC drilling and the termite mounds samples.

Blank: Cluff used barren material

Each type of check sample was inserted every twenty (20) samples.

11.8.1: Cluff RC drilling Quality Assurance and Quality Control

11.8.1.1: Cluff RC drilling Standard Samples

Commercial certified standards were inserted into sample batches and sent to the SGS Lab in Mali to determine the accuracy of the analytical process. A total of 393 standard samples from 9 different standards were used: The standards used included:

Std OXL93 with grade of 5,841 g/t Au and a standard deviation of 0,10
Std Si42 with grade of 1,761 g/t Au and a standard deviation of 0,15
Std SI54 with grade of 1,780 g/t Au and a standard deviation of 0,17
Std OXN92 with grade of 7,643 g/t Au and a standard deviation of 0,15
Std SL51 with grade of 5,909 g/t Au and a standard deviation of 0,09
Std Oxl78 with grade of 5,876 g/t Au and a standard deviation of 0,12
Std OXJ80 with grade of 2,331 g/t Au and a standard deviation of 0,09
Std Oxj68 with grade of 2,342 g/t Au and a standard deviation of 0,06
Std OXA89 with grade of 0,084 g/t Au and a standard deviation of 0,01

The statistical parameters for the standards used are presented in the following Table

Standard Code Count of assays	Certified Value Min Ma x	Mean STADE V 1 High SD	1 Low SD 2 High SD 2 Low SD 3 High SD 3 Low SD
Std OXL93 37 Std Si42 26 Std SI54 135 Std OXN92 24 Std SL51 35 Std Oxl78 26 Std OXJ80 63 Std Oxj68 22 Std OXA89 25	5,841 5,63 6,04 1,761 1,76 2,37 1,780 0,08 2,33 7,643 7,5 8,1 5,909 5,73 6,04 5,876 5,677 6,12 2,331 1,79 2,54 2,342 2,24 2,45 0,084 0,08 0,1	5,900 0,10 5,94 1,852 0,15 1,91 1,792 0,17 1,95 7,704 0,15 7,79 5,878 0,09 6,00 5,848 0,12 6,00 2,378 0,09 2,42 2,343 0,06 2,40 0,090 0,01 0,09	5,74 6,04 5,64 6,14 5,54 1,61 2,07 1,45 2,22 1,30 1,61 2,12 1,44 2,28 1,28 7,50 7,93 7,35 8,08 7,21 5,82 6,08 5,73 6,17 5,65 5,75 6,12 5,63 6,24 5,51 2,24 2,52 2,14 2,61 2,05 2,28 2,46 2,23 2,51 2,17 0,08 0,10 0,07 0,11 0,06

Table 11.1. Statistical Parameters for Standards of RC Drill Samples analyzed by Fire Assays

To determine whether an analytical result for a particular standard lies within acceptable limits, data was inserted into an Excel spreadsheet dedicated to that standard. A standard control sheet, unique for each standard was generates based on control limits. The control limits are defined as 3xSD (Standard Deviation) above and below the mean. The "SD (Standard Deviation)" is the Standard Deviation based on the Median Moving Range and provides a robust estimate for accuracy.

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The Standard Control Sheet shows the standard assay results and Control Limits in graph format, as shown in the following figures. Standards that fall outside the defined tolerance 3 SD High or Low are considered as failed.

a. Cluff Standard Std OXL93 Control Chart

The standard Sample Std OXL93 displays a good correlation to the recommended values and therefore a good accuracy in the sample analysis (Figure 11.1). In this Control Chart all samples can be seen to plot inside the Control Limits indicating a good analysis accuracy.

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Figure 11.1: Standard Std OXL93 Control Chart. Fire Assays Analysis of Cluff RC Drill Samples

b. Cluff Standard Std Si42 Control Chart

The standard Sample Std Si42 display a good correlation to the recommended values and therefore a good accuracy in the sample analysis (Figure 11.2). In this Control Chart only two samples fall outside the Control Limits but the majority of the samples are below the 1 SD High limit indicating a good accuracy.

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Figure 11.2: Standard Std Si42 Control Chart. Fire Assays Analysis of Cluff RC Drill Samples

c. Cluff Standard Std SI54 Control Chart

The standard Sample Std SI54 displays a good correlation to the recommended values and therefore a good accuracy in the sample analysis (Figure 11.3). All samples are below the 1 SD High Control limit.

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Figure 11.3: Standard Std SI54 Control Chart. Fire Assays Analysis of Cluff RC Drill Samples

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d. Cluff Standard Std OXN92 Control Chart

In this Control Chart (Figure 11.4) only one sample fall outside the Control Limits 3 SD High but the majority of the samples are within the 3 SD High Control Limit indicating a good accuracy.

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Figure 11.4: Standard Std OXN92 Control Chart. Fire Assays Analysis of Cluff RC Drill Samples

e. Cluff Standard Std SL51 Control Chart

In this Control Chart all samples fall inside the Control Limit 2 SD High indicating a good accuracy.

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Figure 11.5: Standard Std SL51 Control Chart. Fire Assays Analysis of Cluff RC Drill Samples

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f. Cluff Standard Std Oxl78 Control Chart

In this Control Chart all samples fall inside the Control Limits 2 SD High indicating a good accuracy.

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Figure 11.6: Standard Std Oxl78 Control Chart. Fire Assays Analysis of RC Drill Samples

g. Cluff Standard Std Oxj80 Control Chart

In this Control Chart all samples fall inside the Control Limits 3 SD indicating a good accuracy. Only one sample fall outside the 3 SD Low Control Limit (Figure 11.7)

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Figure 11.7: Standard Std Oxj80 Control Chart. Fire Assays Analysis of RC Drill Samples

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h. Cluff Standard Std Oxj68 Control Chart

In this Control Chart all samples fall inside the Control Limits 2 SD indicating a good accuracy.

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Figure 11.8: Standard Std Oxj68 Control Chart. Fire Assays Analysis of RC Drill Samples

i. Cluff Standard Std OxA89 Control Chart

In this Control Chart all samples fall inside the Control Limit 3 SD indicating a good accuracy.

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Figure 11.9: Standard Std OxA89 Control Chart. Fire Assays Analysis of RC Drill Samples

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11.8.1.2. Cluff RC drilling Standard Samples

A total of 490 pulps (Table 11.2) from RC samples have been duplicated. The analysis of duplicated assays (“duplicates”) was used to check precision of the assay process.

The Table 11.2. Shows the statistical parameters of the Cluff RC drill duplicate samples

Sample Set	Count of assays	Mean	Min	Max	Standard Deviation
Original Assay	490	0,01	0,006	6,81	0,33
Duplicate Assay	490	0,01	0,003	6,81	0,32

Table 11.2: Statistical Parameters for Duplicates of RC Drill Samples analyzed by Fire Assays

The plot of original and duplicate RC samples (Figure 11.10) indicates that the majority of samples (92%) have good correlation with samples pairs. Only 2 samples fall out of the 10% error line, probably due to nugget effect usually associated with free gold in samples.

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Figure 11.10: Duplicate Control Chart for Cluff RC Drilling Samples

11.8.1.3. Cluff RC drilling Blank Samples

Theoretically a blank will have a gold content below the analytical detection limit, which at most laboratories is 0.01 g/t Au (10 ppb) for a standard Fire Assay with a 50 g charge. However, instrumental and analytical errors may occur, and accidental contamination by gold-bearing material is possible, any of which, may give a result above the detection limit.

For this report, an upper limit of 0.05 g/t Au (50 ppb) Au (5 x the Detection Limit) was used for blanks i.e., results >0.05 g/t Au are considered as failed.

A total of 490 blanks were assayed with Fire Assays by SGS Lab in Bamako to monitor gold contamination. From these 490 blanks, only 3 samples returned results greater than the detection limit 0.01g/t Au. The rest

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of the samples fall below the tolerance detection limit of 0.05 g/t Au defined as less than 5 times the Analytical Detection Limit. The inserted blanks indicate no issue regarding significant contamination.

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Figure 11.11: Blank Sample Control Chart Fire Assays for Cluff RC Drill Samples

11.8.2. Cluff Termite Mounds Sample Quality Assurance and Quality Control (QA/QC)

A total of 247 check samples were analyzed with Fire Assays by SGS Lab in Kayes, Mali. Three sets of QA/QC were plotted: Standard: 66 samples, Duplicates: 91 samples and Blanks: 90 samples.

11.8.2.1. Cluff Soil Standard

The standards (SI42=1760 and oxc88 = 200) were used for the termite mounds sample standards (Table 11.3). The Table 11.3. shows the statistical parameters of the Cluff termite mounds Duplicate samples.

Standard Code	Count of assays	Certified Value ppb	Min	Max	Mean	STADEV	High SD	Low SD	2 High SD	2 Low SD	3 High SD	3 Low SD
SI42=1760	23	1 760	1 612	1 828	1 761	46	1 806,26	1 713,74	1 852,52	1 667,48	1 898,78	1 621,22
Oxc88 = 215	43	200	176	425	215	55	254,98	145,02	309,96	90,04	364,94	35,06

Table 11.3: Statistical Parameters for termite mounds Samples Standards

a. Cluff Standard Std SI42 Control Chart

The Standard Std SI42 Control Chart is shown in Figure 11.14. In this Control Chart all samples fall inside the Control Limits 3 SD indicating a good accuracy. Only one sample fall outside the 3 SD Low Control Limit (Figure 11.12).

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Figure 11.12: Standard Std SI42=1760 Control Chart. Fire Assays Analysis of Cluff termite mounds Samples

b. Cluff Standard Std oxc88 Control Chart

The Standard Std oxc88 Control Chart is shown in Figure 11.13. In this Control Chart only three samples over 55 samples fall outside the 3 SD Low Control Limit indicating a good accuracy.

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Figure 11.13: Standard Std oxc88 Control Chart. Fire Assays Analysis of Cluff soil Samples

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11.8.2.2. Cluff termite mounds Blank Samples

A total of 90 blanks were assayed with Fire Assays by SGS Lab-Kayes in Mali to monitor gold contamination. From these 90 blanks, only 3 samples returned results greater than the 5 x Detection Limit (TL) 0.05g/t Au representing 3.33%. All samples fall below the Tolerance Detection Limit of 0.05 g/t Au defined as less than 5 times the Analytical Detection Limit. The inserted blanks indicate no issue regarding significant contamination.

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Figure 11.14: Blank Sample Control Chart. Fire Assays for Cluff termite mounds Samples

11.8.2.3. Cluff termite mounds Duplicate Samples

A total of 91 repeat assays (“duplicates”) was used to check precision of the assay process. The Table 11.4. illustrates the statistical parameters of the Cluff termite mounds Duplicate samples

Sample Set	Count of assays	Mean	Min	Max	Standard Deviation
Original Assay	91	11,00	0,00	646,00	70,12
Duplicate Assay	91	13,00	0,00	790,00	100,16

Table 11.4: Statistical Parameters for Duplicates of Diamond Drill Samples analyzed by Fire Assays

The plot of original and duplicate termite mounds samples indicates that majority of samples (92%) have good correlation with samples pairs. Only 3 samples fall out of the 10% error line, probably due to nugget effect usually associated with free gold in the sample

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Figure 11.15: Duplicate Control Chart for Cluff termite mounds Samples

11.9 Fokolore sampling Quality Assurance and Quality Control (QA/QC)

Fokolore used SGS Laboratory in Bamako for the analysis of the Auger drilling samples and PROLAB in Bamako for the RC drilling samples.

11.9.1. Fokolore RC sampling Quality Assurance and Quality Control

A total of 757 RC check samples were analyzed with Fire Assays by SGS Laboratory in Bamako. Three sets of QA/QC were plotted: Standard: 187 samples, Duplicates: 285 samples and Blanks: 285 samples.

11.9.1.1. Fokolore RC Sample Standards

The standard (Standard SP 5,828, Standard SP 2,365, Standard SP 0,607, Standard SP 0,599) were used for the RC samples Standard (Figure 11.16). The Table 11.5 illustrates the statistical parameters of the Fokolore RC Standard samples.

Standard Code	Count of assays	Certified Value ppb	Min	Max	Mean	STADEV	High SD	Low SD	2 High SD	2 Low SD	2 High SD	2 Low SD
Standard SP 5,828	44	5,828	2,660	6,500	5,617	0,522	6,35	5,31	6,87	4,78	7,39	4,26
Standard SP 2,365	47	2,365	2,280	2,450	2,364	0,042	2,41	2,32	2,45	2,28	2,49	2,24
Standard SP 0,607	53	0,607	0,580	0,620	0,599	0,013	0,62	0,59	0,63	0,58	0,65	0,57
Standard SP 0,599	43	0,599	0,290	0,620	0,586	0,053	0,65	0,55	0,70	0,49	0,76	0,44

Table 11.5: Statistical Parameters for Fokolore RC Drill Sampling Standards Analyzed by Fire Assay

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a. Fokolore Standard SP 5828 Control Chart

The Standard SP 5828 Control Chart is shown in Figure 11.16. In this Control Chart only one sample falls outside the 3 SD Low Control Limit, all others check samples fall inside the 3 SD Control Limit indicating excellent accuracy.

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Figure 11.16: Standard SP 5828 Control Chart. Fire Assays Analysis of Fokolore RC Samples

b. Fokolore Standard SP 2335 Control Chart

The Standard SP 2335 Control Chart is shown in Figure 11.17. In this Control Chart all check samples fall inside the 3 SD Control Limit indicating good accuracy.

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Figure 11.17: Standard SP 2335 Control Chart. Fire Assays Analysis of Fokolore RC Samples

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c. Fokolore Standard SP 0607 Control Chart

The Standard SP 0607 Control Chart is shown in Figure 11.18. In this Control Chart In this Control Chart all check samples fall inside the 3 SD Control Limit indicating good accuracy.

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Figure 11.18: Standard SP 0607 Control Chart. Fire Assays Analysis of Fokolore RC Samples

d. Fokolore Standard SP 0599 Control Chart

The Standard SP 0599 Control Chart is shown in Figure 11.19. In this Control Chart only one sample falls outside the 3 SD Low Control Limit, all others check samples fall inside the 3 SD Control Limit indicating excellent accuracy.

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Figure 11.19: Standard SP 0599 Control Chart. Fire Assays Analysis of Fokolore RC Samples

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11.9.1.2. Fokolore RC Sample Duplicates

A total of 285 RC samples have been duplicated. The analysis of repeat assays (“duplicates”) was used to check precision of the assay process.

The Table 11.6. Illustrates the statistical parameters of the Fokolore RC Duplicate samples

Sample Set	Count of assays	Mean	Min	Max	Standard Deviation
Original Assay	285	0,02	0,00	5,88	0,38
Duplicate Assay	285	0,02	0,00	2,02	0,16

Table 11.6: Statistical Parameters for Fokolore RC Duplicate Samples analyzed by Fire Assays

The plot of original and duplicate RC samples (Figure 11.20) indicates that majority of samples (99%) have good correlation with samples pairs. Only 2 samples fall out of the 10% error line, probably due to nugget effect usually associated with free gold in the sample.

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Figure 11.20: Duplicate Control Chart for Fokolore RC Drilling Samples

11.9.1.3. Fokolore RC Sample Blanks

A total of 285 blanks were assayed with Fire Assays by SGS Lab-in Kayes to monitor gold contamination.

The Blank Sample Control Chart is shown in Figure 11.21. All samples fall below the Tolerance Detection Limit of 0.05 g/t Au defined as less than 5 times the Analytical Detection Limit. The inserted blanks indicate no issue regarding possible contamination.

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Figure 11.21: Blank Sample Control Chart. Fire Assays for Fokolore RC Drilling Samples

11.9.2. Fokolore Auger Sample sampling quality assurance and quality control

A total of xxx check samples were analyzed with Fire Assays by PROLAB in Bamako, Mali. Two sets of QA/QC were plotted: Standard: 32 samples, Duplicates: 76 samples.

11.9.2.1. Fokolore Auger Drill Sample Standards

The standards (STD 2,65, STD 0,6) were used for the Auger samples (Figure 11.22). All standards show a 99% correlation to the recommended values and a very good accuracy (Figures 11.22 to Figure 11.24).

The Table 11.7. illustrates the statistical parameters of the Fokolore RC Drill Sampling Standards

Standard Code	Count of assays	Certified Value ppb	Min	Max	Mean	STADEV	High SD	Low SD	2 High SD	2 Low SD	2 High SD	2 Low SD
STD 2,65	32	2,65	2,57	2,73	2,65	0,0433	2,69	2,61	2,74	2,56	2,78	2,52
STD 0,6	32	0,6	0,58	0,64	0,61	0,0171	0,62	0,58	0,63	0,57	0,65	0,55

Table 11.7: Statistical Parameters for Fokolore Auger Drill Sampling Standards Analyzed by Fire Assays

a. Fokolore Standard STD 2,65 Control Chart

The Standard SP 2,65 Control Chart is shown in Figure 11.22. In this Control Chart all Standard check samples fall inside the 3 SD Control Limit indicating excellent accuracy.

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Figure 11.22: Standard SP 2,65 Control Chart. Fire Assays Analysis of Fokolore Auger Samples

b. Fokolore Standard SP 0,6 Control Chart

The Standard SP 0,6 Control Chart is shown in Figure 11.23. In this Control Chart all Standard check samples fall inside the 3 SD Control Limit indicating excellent accuracy.

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Figure 11.23: Standard SP 0,6 Control Chart. Fire Assays Analysis of Fokolore Auger Samples

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11.9.2.2. Fokolore Auger Drill Sample Duplicates

A total of 285 Auger samples have been duplicated. The analysis of repeat assays (“duplicates”) was used to check precision of the assay process.

The Table 11.8. illustrates the statistical parameters of the Fokolore Auger Drill Sample Duplicates

Sample Set	Count of assays	Mean	Min	Max	Standard Deviation
Original Assay	285	0,028	0,000	0,51	0,06
Duplicate Assay	285	0,029	0,000	0,54	0,07

Table 11.8: Statistical Parameters for Fokolore Auger Drill Sample Duplicates analyzed by Fire Assays

The Duplicate Samples Control Chart is shown in Figure 11.24. The plot of original and duplicate Auger samples indicates that the majority of samples (99%) have good correlation with samples pairs. Only 1 sample fall out of the 10% error line, probably due to nugget effect usually associated with free gold in the sample

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Figure 11.24: Duplicate Samples Control Chart for Fokolore Auger Drilling Samples

The QP was satisfied with the amount of verifiable information available and finds the level of verification undertaken adequate for the purpose of this technical report.

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12. DATA VERIFICATION

Waraba Gold Limited has as yet not generated any new drilling data for their newly granted Maligonga property.

Only QA/QC of historical exploration drilling data from work completed between 1987 and 2018 is available for this property. The historical drilling activities were completed by a several companies. Waraba Gold Limited has been able to obtain the drilling database compiled by Fokolore Mining as well as some data presentation figures and short internal memorandum. Waraba Gold Limited was also able to supply BGR-Consult with electronic files of analytical data; these files included a mixture of analytical results for soils, rocks and drill-hole samples. BGR-Consult did not verify if Waraba Gold Limited had obtained signed assay certificates for all of the drill-hole assays, but did verify a representative portion of the previous drillhole assay databases using certified control samples inserted in the database

The author upon review of the available databases, review of QAQC procedures, together with the site visit activities discussed in this section, is of the opinion that the project data verified was adequate for the purposes of this report.

INDEPENDENT VALIDATION OF HISTORICAL DRILL DATABASE ASSAYS

BGR-Consult verified the Quality Assurance/Quality Control (QA/QC) sample used by Cluff and Fokolore for their RC drilling and soil geochemistry sampling programs. A review of the standard assay results reveals no apparent bias. The different standards used by Cluff and Fokolore display a 99% correlation to the recommended values and duplicate samples have good correlation with paired-samples. The blank assaying returned acceptable results.

Cluff and Fokolore established a program of Quality Assurance/Quality Control (QA/QC) to monitor accuracy and precision of the assay results from the laboratory. All samples from Cluff RC drilling and termite mounds geochemistry sampling were analyzed by SGS Laboratory in Kayes, Mali. Fokolore used SGS Laboratory in Bamako for the analysis of the Auger drilling samples and PROSLAB in Bamako for the RC drilling samples. SGS and PROSLAB in Bamako are independent and internationally recognized commercial laboratories.

From data presented in the following sections it can be concluded that the historical exploration data reviewed was a reasonably reliable guide and can be used with confidence to interpret gold anomalies from the drilling program and the termite mounds geochemistry sampling.

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Site Visit Activities

A site visit was undertaken by Mr. Olufemi Ajayi between the 26[th] of September to the 2[nd] of October as part of the requirements in the compilation of the technical report to review available project data and make site observations pertaining to the project. Traverses were undertaken to the most accessible portions of the permit to observe outcropping geology, ascertain the nature of access through the permit, observe the nature of artisanal mining present, and any evidence of historical work completed. Figure 12.1 is a summary of the total traverses undertaken during the site visit and some significant site observations.

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Figure 12.1: Summary of Traverses Undertaken During Site Visit in 2021

Outcrops were rarely observed during the site visit. The few outcrops observed were quartz veins and graphitic schist with a pelitic schist contact within an excavated artisanal trench as shown in Figure 12.2 below.

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Graphitic Schist and Pelitic Schist Contact at 277900E, 1379100N
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Sample from Quartz Vein Observed at 276757E, 1376390N

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Photo 12.2: Rock Exposures Observed During Site Visit 2021

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One historical trench was observed in the field. The location of the trench observed ties well with historical Trench 13, which according to historical reports, was completed by BRGM in 1992. The trench had an azimuth of 110[o] and a length of 300m. Figure 9.24 below is a summary location map showing the historical Trench 13 observed.

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Figure 12.3: Summary Map Showing Historical Trench Observed During Site Visit 2021

Figure 12.4 below shows the historical trench 13 as observed during the site visit.

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Photo 12.4: Historical Trench Observed During Site Visit 2021

A single historical drill collar was observed during the site visit. The location of the drill collar observed was 276940E, 1376591N. This location corresponded with the historical drill hole number MRC-18-056 as reported by historical reports to have been undertaken by Fokolore Mining Sarl in 2018. The azimuth and dip values recorded on the PVC collar marker was consistent with the values reported. The collar observed is shown in Figure 12.5 below.

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Figure 12.5: Historical Drill Collar Observed During Site Visit 2021

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Significant artisanal mining activity was observed within the project area during the site visit. Fully mechanized activities comprising the use many excavators and haulage trucks was observed along with manual artisanal mining activities. There were sections where previous artisanal mining activities have left behind large mined out pits and huge tailings stockpiles as shown in Figure 12.6 below.

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Mined-out pit at 277896E, 1379096N
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Significant tailings pile Observed at 277913E, 1379108N

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Photo 12.6: Artisanal Mining Pit and Tailings Pile Observed During Site Visit 2021

The QP was satisfied with the amount of verifiable information available and observations made during the site visit adequate for the purpose of this technical report.

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13. MINERAL PROCESSING ET METALLURGICAL TESTING

This section is not applicable to this report.

14. MINERAL RESOURCE ESTIMATES

This section is not applicable to this report.

15. MINERAL RESERVE ESTIMATES

This section is not applicable to this report.

16. MIMING METHOD

This section is not applicable to this report.

17. RECOVERY METHOD

This section is not applicable to this report.

18. PROJECT INFRASTRUCTURE

This section is not applicable to this report.

19. MARKET STUDIES ET CONTRACTS

This section is not applicable to this report.

20. ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACTS

Waraba Gold Ltd has not carried out any environmental studies, Permitting or social or community impact studies.

21. CAPITAL AND OPERATING COST

This section is not applicable to this report.

22. ECONOMIC ANALYSIS

This section is not applicable to this report.

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23. ADJACENT PROPRITIES

There are numerous gold deposits in the Malian Kedougou-Kenieba Inlier, both at the mining and advanced exploration stages. Gold mining operations include Fekola, Sadiola, Gounkoto, Yatela and Loulo (Figure 23.1)

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Siribaya Fault system
Seko-Kabaya Fault system
Second order Fault system
Mamadouya Fault system
Major crustal-scale Fault system
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Figure 23.1: Adjacent gold properties to the Maligonga-East Project

In addition, exploration projects similar to the Maligonga-East Project are on-going and producing significant results. Example include the Seko, Sory, Kabaya, Siribaya and Diakha advanced projects. The projects in the proximity to Maligonga-East are described below and shown on Figure 23.1 and information on these deposits was extracted from several documents on the company websites including Fact Sheet and their reserve and resource reports.

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23.1. Siribaya and Diakha Gold Deposits

The Siribaya and Diakha projects are wholly owned by Iamgold Corporation and consists of 8 contiguous exploration permits covering a total area of 596.5 square kilometers. The Siribaya project which includes the Siribaya Zone 1B and Taya-Ko gold deposits is located approximately 5 km southwest of the Maligonga East property and the Diakha project arounds 25 km southwest of the property.

23.1.1. Siribaya Gold Deposit

The Siribaya Zone 1B and Taya Ko occur within the north-northeast trending Siribaya structural trend, which has been traced by geophysics and geochemistry for over 10 km along strike, with a width of up to 1.0 km to 1.5 km. The Siribaya trend is located in the generally fine grained, back-arc to for-arc, median to distal detritic and carbonated sediments of the Kofi Formation approximately 20 km east of the SMSZ. The general structure and morphology of the trend is defined by a ground induced polarization (IP) gradient survey, which shows a very well-defined 010° to 015° trend that is approximately 600 m to 1,000 m wide.

Hydrothermal carbonate occurs as pervasive alteration and vein-associated alteration-mineralization styles whereas silicification is mainly represented by veining with subtle wall-rock alteration, particularly in the area surrounding quartz stockwork veins and breccia, or as patches of quartz in the cement of the polymictic

breccia. Intensive bleaching with talc-carbonate alteration is also common at Zone 1B; bleaching is sometimes so intense that it has led to misinterpreting greywacke as felsic volcanite

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Sources https://www.sec.gov/Archives/edgar/data/1203464/000119312516495238/d102642dex991.htm AMGOLD Corporation and Merrex Gold Inc. – Siribaya Project Technical Report NI 43-101 – January 25, 2016

Figure 23.2: Geological and structural cross-section showing the style of mineralization at Siribaya

23.1.2. Diakha Gold Deposit

At Diakha, the largest deposit discovered to date on the property, gold mineralization occurs within an albitized and locally brecciated sandstone unit similar to that hosting mineralization at Iamgold's Boto gold Project located in Senegal approximately 10 km to the north along strike. The subsurface geology at Diakha

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is known from drill holes, observations from artisanal trenches, and a few outcrops scattered around the area. Geologically, the Diakha area can be broadly divided into two north-northeast trending litho-structural domains that are separated by an interpreted west-dipping thrust fault coinciding with a thin limestone layer intersected by drilling. The western domain is made of fine-grained detrital sediments, mainly shales, few argillites, pelites, and some fine sandstones lenses and limestone (Figure 23.3).

The eastern domain is comprised of albitized pink and massive sandstones that are cherty locally and greywacke sandstone. A few dikes of mafic and intermediate intrusive rocks occur within the sediments. The three main alteration phases are: Pervasive Albite (-/+hematite impregnation): sodic pervasive alteration that has turned the rock pinkish.

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Sources: https://www.sec.gov/Archives/edgar/data/1203464/000119312516495238/d102642dex991.htm AMGOLD Corporation and Merrex Gold Inc. – Siribaya Project Technical Report NI 43-101 – January 25, 2016

Figure 23.3: Geological and structural cross-section showing the style of mineralization at Diakha

A press release on IAMGOLD’s website dated 30[th] January 2019 includes the Mineral Resource Estimates shown in Table 24.1. Cut-off grades range from 0.35 to 0.45 g/t Au. Effective December 31, 2018, the Siribaya and Diakha projects host Mineral Resources comprising Indicated Resources of 18.0 million tonnes averaging 1.28 grams of gold per tonne for 744,000 ounces and Inferred Resources of 23.2 million tonnes averaging 1.58 grams of gold per tonne for 1.2 million ounces.

Deposit	Indicated Tonnes	Resources g/t Au	oz Au	Inferred Resources Tonnes g/t Au	Inferred Resources Tonnes g/t Au	oz Au
Siribaya
Zone 1B	2,102,000	1.90	128,500	4,094,000	1.52	199,700
Taya Ko				882,000	1.02	28,900
Diakha	15,929,000	1.20	615,300	18,203,000	1.62	947,500
Total	18,031,000	1.28	743,800	23,179,000	1.58	1,176,100
Data source; https://www.sec.gov/Archives/edgar/data/1203464/000106299319000415/exhibit99-1.pdf

Table 24.1. Diakha - Siribaya Project - Mineral Resource Estimates as of December 31, 2018

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24. OTHER RELEVANT DATA AND INFORMATION

No additional information or explanation is necessary to make this Technical Report understandable and not misleading.

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25. INTERPRETATION AND CONCLUSIONS

25.1 Geological and structural interpretation of the Mamadouya Gold Mineralization

Interpretation of drill sections and the integrated geophysical lineaments, geological and structural modeling of the Mamadouya gold mineralization (Figures 25.1, 25.2 and 25.3) suggest that the area is composed of three lithological units:

(1) Steeply-eastward-dipping, north-northeast-trending early paleoproterozoic greenschist facies turbidite sedimentary sequences (Figure 25.1) belonging to the Kofi Formation and composed of:
alternating layers of sandstone (greywacke) and siltstone that hosts the gold mineralization, locally intercalated with graphitic shales to the west
alternating layers of siltstone and argillite to the east

The turbidite sequence forms the main component of the sedimentary rocks. The rock is generally quite massive and composed of alternating centimetric to metric coarse-grained sandstone (greywacke) and finegrained siltstone layers but show penetrative foliation and fractures in zone of deformation.

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EAST WEST
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Figure 25.1: Photograph showing the steeply-ENE-dipping turbidite sequence composed of Interbedded siltstones and fine-grained greywackes. (Photo taken during December 2020 site visit)

(2) Concordant Eburnean NNE-striking, Steeply-ENE-dipping (80-85◦) pink granite intrusive dykes intruding the Early Paleoproterozoic sedimentary rocks. The intrusive dyke is interpreted as granodiorite of felsic to intermediate in composition. The rock seems to be a pink granodiorite with abundant pink frequent feldspar phenocrysts as well as amphibole phenocrysts in a fine-grained ferromagnesian groundmass. The dyke’s strike is similar to the regional NNE-trending of the thrust fault systems crossing-over the area and interpreted from the regional geological map.
(3) Late dolerite dikes form a swarm crosscutting all previous rocks. They are undeformed, strike northnorth-east, are concordant to the main direction of the sedimentary unit and form a prominent high relief in the northern portion of the Maligonga-East permit. The dolerite dikes are interpreted to extrude the Basin during the Mesozoic at ca. 200 Ma and are probably related to far field tectonic events during global-scale rifting and breakup of the Pangea supercontinent leading to opening of the Atlantic Ocean.

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The main structure that controls the gold mineralization in the Mamadouya gold prospect strikes in a general NNE direction and steeply dips towards ENE (Figure 25.4, Figures 25.1, 25.2 and 25.3) and is concordant with the trend of the lithological bedding. The structure deformed both the intrusive rocks and the sedimentary unit (Figures 25.2, 25.3, and 25.4). The gold mineralization is contained into the hanging-wall side of the fault structure and occurs in zone of extensional and dilation fracture systems.

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Figure 25.2: Photograph showing highly sheared black fine-grained siltstone rock with penetrative foliation and quartz-filled fractures within the Mamadouya shear zone. Highly mineralized rock mined by local miners. (Photo taken during December 2020 site visit)

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Figure 25.3: Photograph showing stockwerk of extensional dilation quartz veins in sandstone layer showing hydrothermal alteration and high-grade gold mineralization within the Mamadouya shear zone. (Photo taken during December 2020 site visit) The gold mineralization is therefore, structurally controlled and is contained into parallel corridors of deformation and hydrothermal alteration, hosted preferentially in the more brittle greywacke rock (Photo 25.4) and in a lesser extend in the siltstone (Photo 25.2) and the granodiorite intrusive unit.

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The brittle-ductile shear zone displays a foliation (S1) and elongation lineation (L1) defined by stretched, elongated (Photo 26.2) and rotated features (Photo 26.4) within the turbidite sequence. The brittle-ductile deformation fabric is heterogeneously developed within the sediment likely due to the difference of rheology. The more competent rocks have a more brittle response (Photo 26.3) to the stress field while the least competent rocks display a more ductile response (Photo 26.2). The brittle features include brecciation and veining (Photo 26.3). The brecciated rock is strongly hydrothermally altered, host high-grade gold mineralization, show evidence of fluid/rock interaction and is in place invaded by a stockwork of quartz veins (Photo 26.3 and 26.3).

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EAST WEST
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Figure 25.4: Photograph of the Mamadouya Shear Zone in vertical section (Looking toward the south) showing the steeply easterly-dipping shear zone that affects highly mineralized turbidite sequence composed of alterning sandstone and siltstone. The Shear zone is concordant and shows typical kinematic indicator such as S-shaped Sigmoidal structure within the sandstone layer that indicates a reverse displacement during deformation. (Photo taken during December 2020 site visit)

Gold occurs as dissemination into the host rocks and is associated with pyrite, pyrrhotite, and arsenopyrite. The key alteration associated with the gold mineralization are silicification, calcite and chlorite alteration suggesting low temperature formation during gold deposition typical of the shear zone-type orogenic gold mineralization in greenstone belts.

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Figure 25.5: Structural Interpretation: Overlay of the IP structures with interpreted gold structure showing the relationship between structures and the gold mineralization in the Mamadouya Gold prospect

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Figure 25.6: Structural Interpretation: Overlay of the Gradient Chargeability Interpreted structures with geological, structural and interpreted gold structure showing the relationship between structures and the gold mineralization in the Mamadouya Gold Prospect

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Figure 25.7: Interpreted geological and structural Map of the Mamadouya Gold mineralization showing geological units, structural elements and the interpreted gold mineralized structure.

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Figure 25.8: Interpreted geological and structural map of the Mamadouya gold mineralization showing the completed exploration works

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Geology Gold Mineralization LEGEND Sandstone - Siltstone Argillite - Siltstone Birimian Granite Gold Mineralized Structure Dolerite Dyke	Structure Main Shear Zone Late Fault System Faulted Lithological Contact

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Figure 25.9: Geological and structural cross-section Line 1378 950 N showing the gold mineralized structure

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Figure 25.10: Geological and structural cross-section Line 1378 475 N showing the gold mineralized structure

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Figure 25.11: Geological and structural cross-section Line 1378 450 N showing the gold mineralized structure

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Figure 25.12: Geological and structural cross-section Line 1378 350 N showing the gold mineralized structure

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Figure 25.13: Geological and structural cross-section Line 1378 250 N showing the gold mineralized structure

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Figure 25.14: Geological and structural cross-section Line 1378 150 N showing the gold mineralized structure

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Figure 25.15: Geological and structural cross-section Line 1378 050 N showing the gold mineralized structure

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Figure 25.16: Geological and structural cross-section Line 1377 950 N showing the gold mineralized structure

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Figure 25.17: Geological and structural cross-section Line 1377 850 N showing the gold mineralized structure

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Figure 25.18: Geological and structural cross-section Line 1377 750 N showing the gold mineralized structure

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Figure 25.19: Geological and structural cross-section Line 1377 650 N showing the gold mineralized structure

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Figure 25.20: Geological and structural cross-section Line 1377 550 N showing the gold mineralized structure

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Figure 25.21: Geological and structural cross-section Line 1377 450 N showing the gold mineralized structure

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Figure 25.22: Geological and structural cross-section Line 1377 350 N showing the gold mineralized structure

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Figure 25.23: Geological and structural cross-section Line 1377 250 N showing the gold mineralized structure

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25.2. Regional Overview: Geological and Structural Evolution of the Mamadouya Gold Mineralization

Geological and structural relationships, alteration assemblage and the style of gold mineralization within the Maligonga-East permit demonstrate that the Mamadouya mineralization is a classic example of a mesothermal shear-zone-controlled, intrusive related, orogenic-type gold mineralization, hosted in greenstone folded and deformed sedimentary successions of sandstone and siltstone. Kinematic analysis relationships along the Mamadouya shear zone indicates that rocks in the Maligonga-East area have been deformed by at least two major plate-scale ductile and brittle-ductile trans-compressional episode of deformation that was the prominent mode of deformation responsible for the formation of the shear zone systems. The structural evolution of the Mamadouya East gold mineralization can be summarized as followed (Figures 26.21):

25.2.1. Basin Formation

Following global-scale tectonic extension and intra-continental rifting during the Early Paleoproterozoic sediments of the Kofi Formation of the Daléma Group were deposited in a tectonically active extensional fault-bounded deep to moderately shallow basin at ca 2.3-2.2 Ga and rest on ca. 3.0 Ga Archean granitic rocks (Milési et al., 1989; Thieblemont et al., 2001).

25.2.2. The first Deformation D1

The first deformation D1 that affected the Daléma Basin occurred at ca 2.1 Ga and involved a regional NESW-directed collisional crustal shortening transpressional deformation attributed to the Early Eburnean Orogeny (Feybesse et al. 2006). This deformation was accompanied by massive folding, thrusting and faulting across the Basin. The D1 tectonic event was likely associated with extensive calc-alkaline granite intrusions (e.g., Egal et al., 2002) that are widespread throughout the area. These calc-alkaline granites likely formed from local melting of the metasedimentary rocks in the deep part of the Basin during peak metamorphism compressional tectonism (Egal et al., 2002).

In the Maligonga-East area, the syn-tectonic pink granite intrusive rock may have been formed during the episode of D1 deformation following dextral strike slip movement along the fault.

25.2.3. The second Deformation D2

The second deformation D2 is associated with the formation (or reactivation) of the brittle-ductile NNEstriking, ENE-steeply-dipping strike-slip shear zone systems that affected contacts between the sedimentary sequence and the granitic rocks. Kinematic analysis along the shear zones at Mamadouya (Figure 26.21) and orientation of the regional-scale NW-SE compressional stress field indicate that the Mamadouya Shear Zone experimented a Reverse-Sinistral Strike-Slip movement accommodating the NW-SE compression of the D2 deformation. The D2 deformation is likely associated with the ca. 2.0 Ga regional-scale anticlockwise block rotation compressional tectonism of the Late Eburnean Orogen (Feybesse and Milési, 1994). The brittle component of the fault, which ‘brittly’ deformed competent lithologies such as the greywacke of the sedimentary sequence created dilation and extension areas (at fault jogs, bends, bumps or branches etc.) along the Mamadouya Fault Zone during sinistral-slip movement (Figure 26.21), which are

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favorable enhanced permeability structural traps for hydrothermal mineralizing fluid flow, fluid/rock interaction, hydrothermal alteration, and gold mineralization that formed the Maligonga-East gold mineralization.

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----- Start of picture text -----

D2 Restriction
Dilation
Restriction
D2
D2
Restriction
Dilation
LEGEND
Geology
Sandstone - Siltstone
Argillite - Siltstone D2
Restriction
Birimian Granite
Dolerite Dyke
Structure
Main Shear Zone
Late Fault System
Faulted Lithological Contact
Gold Mineralization
Gold Mineralized Structure
----- End of picture text -----

Figure 25.24: Geological and Structural interpretation of the Mamadouya Gold Mineralization

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The gold mineralization at Maligonga-East is therefore structurally controlled and occurs in brittle-ductile shear zones that deformed competent layers of greywacke and in a lesser extend the siltstone and the granit rocks, creating structural traps along the shear zone that were sites for hydrothermal alteration by Au– bearing mineralizing fluids.

25.2.4. Mesozoic tectonism and dolerite intrusion

During the Mesozoic at ca 200 Ma, faults reactivation, concomitant with the opening of the Atlantic Ocean, created pathways for dolerite magma ascension and emplacement (Hirdes et al., 1996). These dolerite dykes cross-cut all lithology and are the youngest geological events that affected the area (Figure 26.21). These dolerite dykes outcrop northwest of the Mamadouya mineralization (Figure 26.21)

25.2.5. Late faulting

The Maligonga-East area is overprinted by numerous NE-striking late fault systems that offset earlier structures and the sedimentary sequence (Figure 26.21). These faults are likely produced by far field tectonic event and fault reactivation during the neo-tectonic deformation events.

25.2.6. Origin of the mineralizing fluids

The Mamadouya shear zone displays evidence for hydration and fluid flow evidenced by the presence of numerous quartz-filled breccias and quartz-calcite veins that occur within the shear. These evidences suggest that hydration associated with hydrothermal fluid circulation prevailed during the development of the shear zone and played a key role in the hydrothermal alteration and ore-forming processes.

The hydrothermal mineralizing fluids likely derived from metamorphic fluids generated during metamorphism associated with the thermal Orogen. These fluids were derived from dehydration of hydrous minerals and flow toward deep and large fracture systems and dilatant jogs that resulted from brittle reactivation of the early ductile shear zone. Magmatic hydrothermal fluids derived from fluid degassing from the syn-orogenic calk-alkaline magmas associated with the D2 thermo-tectonism can also play an important role in the hydrothermal ore-forming processes. Goldfarb et al. (2010) demonstrated that in orogenic greenstone belt terrane gold deposits can be formed from mixing between metamorphic hydrothermal fluids and magmatic-derived hydrothermal fluids.

25.2.7 Gold Potential of the Maligonga-East permit

Results of the geological, structural and geophysical interpretations demonstrate that the Maligonga-East permit has a high potential to host economic gold deposits. The 4-km long, high-angle Mamadouya NWstriking, steeply-ENE-dipping shear zone system has the highest potential to host mineable gold deposit as the shear formed dilatational jogs along the fault zone that can host large and high-grade god mineralization.

Lithologies that host the gold mineralization in the Mamadouya prospect are highly altered, sheared, and brecciated sandstone rocks of the Daléma Basin, similar to those containing the Siribaya, Kabaya, Seko and Sory deposits located immediately west of the permit. The Mamadouya prospect can therefore be considered high priority target within the permit and is recommended for future aggressive exploration programs. There are other spots of high anomalous values and areas of broad lower soil and termite mounds

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values throughout the remaining of the permit (Figure 26.22) that should be considered second priority areas for future investigations consisting of shallow RAB drilling and detailed lithological and structural mapping aimed at identifying the geological source of the anomalies. Specifically, mapping will concentrate on delineating major fault structures similar to those identified in the Mamadouya Prospect.

In regards with the gold exploration strategy in the Maligonga-East area, attention must be paid to the NEstriking shear zones associated with the D2 tectonic event of the Late Eburnean. Similar structures control the gold mineralization in the nearby deposits (Siribaya, Sory and Seko) (Figure 26.22) and represent high potential targets for gold exploration. BGR-Consul strongly recommends detailed analysis of the remaining area of the Maligonga-East permit, in order to map the detailed structural framework and to put it in relationship with the regional tectonic features revealed during this report. This would provide a specific structural context for the whole Maligonga-East permit in regards with the regional tectonic setting.

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----- Start of picture text -----

Argillite - Siltstone Main Shear Zone
Sandstone - Siltstone Late Fault System
Faulted Lithological Contact
Dolerite Dyke River
----- End of picture text -----

Figure 25.25: Overlay of the geological, gold geochemical and structural data showing the relationship between interpreted regional structures, lithological domains and the surface gold mineralization

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25.3. CONCLUSIONS

The Maligonga-East gold project consists of an exploration license covering a surface area of 100 km² in the Kofi formation of the Daléma Basin, Western Mali – West Africa. Successive exploration works completed by BGRM, Ressources Robex Inc, Cluff Gold Plc and Fokolore Mining Sarl were professionally managed, and procedures were consistent with generally accepted industry best practices. The exploration data from termite mounds, soils and rocks geochemistry sampling, geophysical survey, trenches and drilling are sufficiently reliable to confidently allow interpretation of the gold anomalies in the Maligonga-East property and planning of an extensive drilling program over existing gold anomalies and in areas that have not been drill-tested.

Early soil geochemistry survey and trenches from BRGM in 1992, geophysical survey and RC drilling south of the Mamadouya target zone completed by Robex between 2007 and 2008, infill termite mounds geochemistry sampling, geophysical survey and extensive RC drilling by Cluff in the Mamadouya zone in 2012 and geological and structural mapping and interpretations, Auger and RC drilling completed by Fokolore between 2015 and 2018 resulted in the identification of the Mamadouya gold mineralization of the Maligonga-East property and numerous others anomalous zones of gold mineralization targets. Drilling programs completed by Cluff and Fokolore intercepted high grade gold mineralization over the Mamadouya prospect including [email protected]/t Au, [email protected]/t Au, 6m@16,43/t, 7m@6,06g/t Au, 7m@4,51g/t Au and 13m@2,7g/t Au.

Additional geological and structural interpretations by BRG-Consult in 2020 determined the geological and structural setting of the area and the style of the gold mineralization, established a conceptual geological and structural model for the gold mineralization and identified the Mamadouya brittle-ductile shear zone that has a strong spatial correlation with the gold mineralization. The NNE-striking and steeply ENEdipping reverse-sinistral shear zone system controls the gold mineralization within the Mamadouya prospect and is identical to structures that host the nearby Siribaya (Iamgold Corp.), Kabaya (Roscan), Soro and Seko (Oklo Resources) gold deposits.

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mesothermal shear-zone-controlled, intrusive-related, orogenic-type gold mineralization, hosted in greenstone faulted sedimentary successions. The deposit structural evolution and the gold mineralization style is identical to the nearby Siribaya (Iamgold Corp.), Kabaya (Roscan), Soro and Seko (Oklo Resources) gold deposits. The Maligonga-East property can therefore, be considered as very prospective terrane to host economic gold deposit, considering that aggressive additional exploration works including extensive drilling programs will continue to further define and delineate additional gold mineralization.

Based on BGR-Consult’s site visit and subsequent review of available historical exploration information, BGR-Consult offers the following general comments and conclusions.

Historical exploration results on the Maligonga-East property indicate the presence of significant, nearsurface gold mineralization with potential for economic gold discovery higher than previously expected. The Mamadouya gold mineralization is the highest priority exploration target within the Maligonga-East concession. Additional drilling and geochemical analysis are required to evaluate the resource and economic potential of the target.
The assessment of and conclusions made in this report on the exploration potential of the MaligongaEast property is based on the historical exploration results, particularly the gold results obtained from historical geochemistry sampling and the RC and Auger drilling programs from BGRM, Robex, Cluff and Fokolore.
BGR-Consult concludes that the type of and amount of historical exploration works completed by BGRM, Robex, Cluff and Fokolore and data generated by this work for the Maligonga-East property provides an adequate basis for the review and assessment of exploration potential provided in this technical report, and the recommendations made herein.
Any significant variations of the reported historical results could impact the conclusions and work recommendations made in this report.
The normal risk associated with exploration project exists, so there is no guarantee that the proposed exploration work will identify economically viable gold mineralization on the property.

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26. RECOMMENDATIONS

The Maligonga-East property is a relatively advanced exploration project and significant detailed works have led to the identification of the Mamadouya gold mineralization with potential for containing an economic gold mineralization. BGR-Consult considers that the character and extent of the gold mineralization delineated is of sufficient merit to warrant additional exploration expenditures. BGRConsult recommends an exploration work program that - if implemented - will advance the project to a resource and reserve estimations and a pre-feasibility study stage.

The following recommendations for additional exploration work on the Maligonga-East property are proposed. A Phase I Reserve Circulation (RC) drilling and Air Core (AC) drilling programs over the Mamoudouya area and a Phase II RC and AC drilling programs over the Kabafing prospect are recommended to increase the potential for economic gold mineralisazation within the permit. The budget is estimated for each drilling phase and is for the proposed field and administrative costs, logistics and contractors, but do not include any corporate management fees.

26.1.DRILLING

26.1.1. Recommended Phase I Drilling Program

Recommended RC Drilling Program

The detailed structural, geological interpretation and modelling on the Mamadouya gold mineralization resulted in a coherent and comprehensible new geological and structural model that gives a better understanding of the structural setting and the style of the gold mineralization of the deposit which has nesecitated re-oriented further drilling programs. The proposed Phase I RC drill program will test and expand the Mamadouya gold mineralization and its immediate northern extension where positive geochem results have been obtained in the past. The Phase I RC drilling program will test the interpreted structural and geological model of the deposit. The objectives are therefore, to:

Test the proposed geological and structural model of the gold deposit
Test a strike length of 2.3 km over the interpreted mineralized structure
Define and delineate laterally and down dip the gold deposit within the interpreted structure
178 drill holes cutting across 19 cross sectional lines across the ore body with an average depth of 120m totaling 23000m depth
Holes are oriented East-West, with an azimuth 0f 90[ o] and dip of -90[o] .

The Phase I RC drilling program maps are shown in Figures 26.1 and 26.2.

Recommended Air Core Drilling Program

The Phase I Air Core drilling program is designed to test the chargeability and Resistivity anomalies that were picked up during the Induced Polarization and Resistivity survey. The objective of the Air Core drilling program is to enhance confidence in in-situ anomalies and to identify additional target zones of gold mineralization which may warrant further drilling programs.

BGR-Consult recommends 206 drill holes with an average depth of 20m making a total of 4120m.

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26.1.2 Recommended Phase II RC and AC Drilling Program

The Phase II RC and AC drilling programs is aimed at testing the chargeability and resistivity anomalies identified in the Kabafing area and to extend the prospective area for potential economic mineralization beyond the Mamadouya area of the permit.

27 RC drill holes with an average depth of 120m making a total of 3240m depth with an azimuth of 90 and dip -90 is proposed and 152 AC drill holes with an average depth of 20m making a total of 3040m with a dip of -90 are proposed for the phase II drilling program.

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Figure 26.1: Recommended Phase 1 RC drill program in Mamoudouya gold mineralization

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Figure 26.2: Long section view of Recommended RC drill program in Mamoudouya gold mineralization

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Figure 26.3: Recommended Phase II drill program in Kabafing prospect

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26.2. RECOMMENDED BUDGET

Detailed costs were provided by Waraba and were applied to the various categories in the estimated budget in Table 27.2. BGR-Consult considers these costs to be reasonable and in line with current costs in the region. Costs for the recommended work program are based on an estimated completion time of 12 months. An approximate 1-year recommended exploration budget of approximately 3M US$ is outlined in the following Table based on a systematic exploration program as recommended above.

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Table 26.1: Recommended Exploration Budget for the Maligonga-East permit

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27. REFERENCES

Abouchami W. & Boher M. 1990. A major 2.1 Ga event of mafic magmatism in West Africa: an early stage of crustal accretion, Journal of Geophysical Research, volume 95, N°B11, 17605-17629

Boher, M., Abouchami, W., Michard, A., Albarede, F. and Arndt, N. T. 1992. Crustal growth in West Africa at 2.l Ga. Journal of Geophysical Research 97, 345-369.
BRGM (1999): Notice explicative de la carte géologique à 1/200 000, Feuille No. 6, Siguiri, Projet de cartographie géologique du Nord-Est de la Répubique de la Guinée, 22 pages.
Deckart, K., Feraud, G., Bertrand, H., 1997. Age of Jurassic continental tholeiites of French Guyana, Suriname, and Guinea: implications for the initial opening of the Central Atlantic Ocean. Earth Planet. Sci. Lett. 150, 205–220.
Egal, E., Thiéblemont, D., Lahondère, D., Guerrot, C., Costea, C.A., Iliescu, D., Delor, C., Goujou, J.C., Lafon, J.M., Tegyey, M., Diaby, S. and Kolié,´ P. (2002) Late Eburnean granitization and tectonics along the western and northwestern margin of the Archean Kénéma–Man domain (Guinea, West African Craton), Precambrian Research 117, pp. 57-84
Feybesse, J.L. and Milesi, J.P. (1994) The Archaean/Proterozoic Contact Zone in West Africa: A Mountain Belt of Décollement Thrusting and Folding on a Continental Margin Related to 2,1 Ga Convergence of Archaean Cratons? Precambrian Research, 69, 199-227. https://doi.org/10.1016/0301-9268(94)90087-6
Feybesse J. L., Millési J. P., Ouédraogo M. F et al. 1990. La ceinture protérozoïque inférieure de BoromoGoren (Burkina Faso): un exemple d’interférence entre deux phases transcurrentes éburnéennes, Comptes Rendus de l'Académie des Sciences Paris, t 310, II, 1353-1360.,
Feybesse J., Billa M., Costea A., et al., 1999: Carte Geologique au 1:200000. Feuille KANKAN NC-29XV et Notice Explicative. In: Mamedov et al.: Geologie de la Republique de Guinee. VOLUME I; 103-111.
Feybesse, J.L., Billa, B., Guerrot, C., Duguey, E., Lescuyer, J.L., Milési J.P. and Bouchot, V. (2006) The Paleoproterozoic Ghanaian province: Geodynamic model and ore controls, including regional stress modelling, Precambrian Research 149, pp. 149-196
Goldfarb, R.J., Groves, D.I. and Gardoll, S. (2001) Orogenic gold and geologic time: a global synthesis, Ore Geology Reviews 18, pp. 1-75
Goldfarb, R.J., Baker, T., Dube, B., Groves, D.I., Hart, C.J.R., Craig, J.R., Gosselin, P. (2005) Distribution, character and genesis of gold deposits in metamorphic terranes, Economic Geology 100th Anniversary Volume, pp. 407-250.
Groves, D.I., Goldfarb, R.J., Gebre-Mariam, M., Hagemann S.G. and Robert, F. (1998) Orogenic gold deposits: A proposed classification in the context of their crustal distribution and relationship to other gold deposit types, Ore Geology Reviews 13, pp. 7–27
Hirdes, W., Davis, D.W., Lüdtke, G., Konan, G. (1996) Two generations of Birimian (Paleoproterozoic) volcanic belts in North-eastern Côte d‟Ivoire (West Africa): consequences for the „Birmimian controversy‟, Precambrian Research 80, pp. 173-191
Lompo, M. (2010) Paleoproterozoic structural evolution of the Man-Leo Shield (West Africa). Key structures for vertical to transcurrent tectonics, Journal of African Earth Sciences 58, pp. 19-36
Mamedov V.I; Boufeev Y.V & Nikitine Y.A., 2010: Geologie de la Republique de Guinee. Volume I. Geosprospects Ltd. Universite d'Etat de moscou Lomonossov M. (Faculté géologique).
Milési, J. P., Feybesse, J. L., Ledru, P., Dommanget, A., Ouedraogo, M. F., Marcoux, E., Prost, A., Vinchon, Ch., Sylvain, J. P., Johan, V., Tegyey, M., Calvez, J. Y., Lagny, P., (1989). West African gold deposits, in their lower Proterozoic lithostructural setting. Chronique de la Recherche Miniere, 497, 3–98.

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Paranhos, C. (2008) Siguiri Gold Mine - State of knowledge of the main geological controls of gold mineralization, Company Report, pp. 1-40
Ridley, J.R. and Diamond, L.W. (2000) Fluid chemistry of orogenic lode-gold deposits and implications for genetic models, Society of Economic Geologist Reviews, Vol. 13, pp. 141-162
Robert, F. and Poulsen, K.H. (2001) Vein formation and deformation in greenstone gold deposits, Society of Economic Geologist Reviews, Vol. 14, pp. 111-155
Sibson, R.H. and Scott, J. (1998) Stress/fault controls on the containment and release of over-pressured fluids: Examples from gold-quartz vein systems in Juneau, Alaska; Victoria, Australia and Otago, New Zealand, Ore Geology Reviews 13, pp. 293–306.
Simon Meadows Smith FIMMM 2017 Technical Report on the Tomboko Gold Project
Thieblemont, D., Delor, C., Cocherie, A., Lafon, J. M., Goujou, J. C., Balde, A., Bah, M., Sane, H and Fanning, C. M., 2001. A 3.5 Ga granite gneiss basement in Guinea: further evidence for early archean accretion within the West African Craton, Precambrian Research, v. 108, p. 179-194.

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28. DATE AND SIGNATURE PAGE

The effective date of this Technical Report, entitled “Independent Technical Report on the Maligonga-East Gold Project - Kéniéba –Mali West – West Africa”, is 18[th] November, 2022

For

BIRIMA GOLD RESOURCES CONSULTING

S09/Hann Mariste II - Dakar Senegal N.I.N.E.A 007 054 521 - Register No SN DKR 2018 A 27289

/S/ Signed and Sealed Olufemi Ajayi

Olufemi Ajayi

MAIG (Membership Number 7790) Consulting Geologist for BGR-Consult BSc. Geology, Federal University of Technology, Minna, Nigeria Tel +2348033668482 Email. [email protected]

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29. CERTIFICATE OF QUALIFIED PERSON

Olufemi Ajayi, Bsc. (Geo), MAIG

I, Olufemi Ajayi BSC. (Geo) as a qualified person for this report entitled “Independent Technical Report on the Maligonga, East Gold Project” prepared for WARABA Gold Limited and dated 18 November, 2022, do hereby certify that

I am a senior consulting Geologist with Birima Gold Resources, S09/Hann Mariste II Dakar Senegal, N.I.N.E.A. 007 054 521 – Register No SN DKR 2018 A 27289
I am a graduate of the Federal University of Technology, Minna, Nigeria, with a Bsc. In Geology (2007).
I am registered as a member of the Australian Institute of Geoscientists (MAIG) #7790. I have worked as an Exploration Geologist for a total of 14 years since my graduation My relevant experience for the purpose of the Technical Report includes: -Review and report as a geology consultant involved in numerous consulting and mineral exploration assignments including project technical evaluations, technical report preparation for the purposes of project financing and fund raisings, regulatory reporting, IPO and due diligence reviews on projects in West Africa..
I have read the definition of ‘Qualified Person’ as set out in NI43-101 and certify that by reason of my education and affiliation with a professional association (as defined in NI43-101), I fulfil the requirements to be a ‘Qualified Person’ for the purposes of NI43-101.
I have visited the Maligonga East Gold Project between 26 September and 2 October 2021
I am responsible for all Sections of the Technical Report entitled ‘National Instrument 43-101 Independent Technical Report on the Maligonga East Gold Project
I am independent of the issuer, the Maligonga East Gold Project and any/ all former owners applying the tests in Section 1.5 of NI43-101; and
I have had no prior involvement with the property that is the subject of the Technical Report.
I have read NI43-101, and the Technical Report has been prepared in compliance with NI43-101and Form 43-101F1
At the effective date of the Technical Report, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated 18[th] November, 2022. Accra, Ghana

SIGNED BY Olufemi Ajayi

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APPENDIX

Appendix 1: Land Tenure Documents

Here in are copies of the Arêtes granted to GONKA GOLD MALI SARL for the Maligonga-East permit

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Included herein are copies of the Arêtes granted to FOKOLORE MINING SARL for the Maligonga-East

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permit

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AI assistant

Waraba Gold Limited — Audit Report / Information 2022

47336_rns_2022-11-30_c3f945b6-0f19-42bb-9796-9f1966b81e2c.pdf

BIRIMA GOLD RESOURCES CONSULTING

INDEPENDENT TECHNICAL REPORT FOR THE MALIGONGA EAST GOLD PROJECT

PREPARED FOR

WARABA GOLD LIMITED

BIRIMA GOLD RESOURCES CONSULTING

- Report for NI 43 101

Olufemi Ajayi (MAIG)

QUALIFIED PERSON DECLARATION

Olufemi Ajayi

TABLE OF CONTENTS

SUMMARY

1.1. EXECUTIVE SUMMARY

1.2. CONCLUSIONS

1.3. RECOMMENDATIONS

1.3.1. DRILLING

1.3.1.1. Recommended Phase I Drilling Program

a. RC Drilling Program

b. Air Core Drilling Program

1.3.1.2. Recommended Phase II RC and AC Drilling Program

Figure 1.2: Long section view of Recommended Phase I RC drilling Mamodouya gold mineralization

1.3.2. RECOMMENDED BUDGET

1.4. TECHNICAL SUMMARY

1.4.1 PROPERTY LOCATION

1.4.2. PROPERTY DESCRIPTION AND LAND TENURE

1.4.3. REGIONAL GEOLOGY

1.4.4. PROPERTY GEOLOGY

1.4.5. STRUCTURES

Cross-Section B

1.4.6. MINERALIZATION

1.4.7. EXPLORATION HISTORY

1.4.7.1. Exploration Programs Completed by BRGM between 1987 and 1992

1.4.7.2. Exploration Programs Completed by Ressources Robex Inc. between 2005 and 2007

1.4.7.3. Exploration Programs Completed by Cluff Gold Plc in 2012

1.4.7.4. Exploration Programs Completed by Fokolore from 2015 to 2018

2 INTRODUCTION

2.1. Preparation

2.2. Purpose of the Report

2.3. Source of Information and Data

3. RELIANCE UPON OTHER EXPERTS

4. PROPERTY DESCRIPTION AND LOCATION

4.1. Location

4.2. Property Description and Ownership, Ownership Obligations. Government Participation, Royalties and Encumbrances

Issuer’s title to/interest in the property

4.2.1. Exploration Permit

4.3 Environmental Liabilities

4.4 Other significant factors and risks

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

5.1. Accessibility

5.2. Climate

5.3. Local Resources

5.4. Infrastructure

5.5. Physiography

6. HISTORY

6.1 Summary of the gold exploration history in the Maligonga-east permit from 1992 to 2018

6.2 Exploration Programs Completed by BRGM (1987 - 1992)

6.2.1 Soil sampling geochemical survey in 1987

6.2.2. Trenches Completed by BRGM in 1992

Table 6.2: Location and technical parameters of the trenches completed by BRGM in 1992

6.3 Exploration Programs Completed by Ressources Robex Inc. (between 2005 and 2006)

6.3.1. Exploration programs completed from September 2005 to September 2006

6.3.1.1. Geomorphology / regolith

6.3.1.2. Pits sampling

6.3.2. Exploration programs completed from September 2006 to September 2007

6.3.2.1. Geophysical surveys

6.3.2.2. Drilling

6.3.2.2.1. Conclusion

6.4 Exploration Programs Completed by Cluff Gold Plc in 2012

6.4.1. Follow-up termite mounds geochemical survey

6.4.2. Results of the Follow-up geochemical survey

6.4.3. Geophysical Survey

6.4.3.1. Gradient Array

6.4.3.2. Gradient Resistivity

6.4.3.3. Gradient Chargeability

6.4.3.4. Gradient Interpretation maps

6.4.4. RC Drilling Program

LEGEND

Interpretation of the RC Drilling Results

Waraba Gold Limited Audit Report / Information 2022