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Exploration

Phase 1 Reverse Circulation Exploration Program: reverse circulation drilling in 21 holes totalling 2,723 meters was completed in Q4, 2019. This phase confirmed near surface gold/silver mineralization along 300 meters of La Lamosa Ridge.

Open mineralization continues at depth towards the SW of the ridge.

2019 Reverse Circulation Drilling

The following table summarizes main drill intercepts at Lamosa Hill

RC
Hole No.
Total Length From
(m)
To
(m)
Width
(m)
True Width
(m)
Au
g/t
Ag
g/t
AuEq
g/t
Hole
purpose
MER19-001 167.64 0.00 140.21 140.21   0.53 8.5 0.64 Twin MER08-001
    0.00 33.53 33.53 Not Available Drilled Down Dip 0.66 7.2 0.75  
  Include 0.00 13.72 13.72 1.04 3.1 1.08  
And   44.20 48.77 4.57 0.52 1.9 0.54  
And   60.96 97.54 36.58 0.97 9.9 1.09  
  Include 60.96 68.58 7.62 1.55 2.1 1.57  
  Include 71.63 92.96 21.33 1.00 8.8 1.11  
And   128.02 140.21 12.19 0.66 9.8 0.78  
  Include 129.54 135.64 6.10 0.85 14.4 1.03  
MER19-002 152.4 0.00 18.29 18.29   0.55 2.5 0.58 Exploration
  Include 3.05 4.57 1.52 At the footwall 1.33 2.2 1.36  
  Include 7.62 15.24 7.62 0.76 3.0 0.80  
And   111.25 114.30 3.05 0.58 23.5 0.87  
MER19-003 134.11 0.00 120.40 120.40   0.54 22.4 0.81 Twin MER08-002
And   24.38 28.96 4.57 Not Available Drilled Down Dip 0.41 4.9 0.47  
And   32.00 68.58 36.58 0.74 63.9 1.51  
  Include 59.44 62.48 3.05 2.42 404.5 7.33  
And   79.25 120.40 41.15 0.79 5.6 0.85  
  Include 83.82 89.92 6.10 1.59 11.7 1.73  
  Include 96.01 97.54 1.52 1.73 1.3 1.75  
  Include 115.82 118.87 3.05 2.49 9.1 2.60  
MER19-004 131.06 0.00 118.87 118.87 59.44 0.46 41.8 0.97 Exploration
And   18.29 44.20 25.91 12.95 0.59 64.2 1.37  
  Include 28.96 30.48 1.52 0.76 1.16 48.2 1.75  
  Include 35.05 39.62 4.57 2.28 1.57 151.0 3.41  
And   44.20 50.29 6.10 3.05 0.12 45.2 0.66  
And   54.86 57.91 3.05 1.52 0.26 300.0 3.90  
And   80.77 112.78 32.01 16.00 0.75 13.8 0.92  
  Include 80.77 92.96 12.19 6.10 0.78 15.0 0.96  
  Include 100.58 109.73 9.14 4.57 1.26 11.6 1.40  
And   115.82 118.87 3.05 1.53 1.00 5.1 1.06  
MER19-005 91.44 6.10 9.14 3.05 Not available 0.33 1.5 0.35 Exploration
And   30.48 32.00 1.52   0.31 39.5 0.79  
MER19-006 91.44 4.57 27.43 22.86 11.43 0.57 25.2 0.88 Exploration
  Include 18.29 25.91 7.62 3.81 1.09 44.5 1.63  
And   50.29 53.34 3.05 1.52 0.86 8.4 0.96  
MER19-007 131.06 0.00 27.43 27.43 17.83 0.45 10.2 0.57 Exploration
  Include 3.05 9.14 6.10 3.96 0.80 17.5 1.02  
  Include 22.86 24.38 1.52 0.99 1.11 7.6 1.20  
MER19-008 140.2 0.00 62.48 62.48 40.16 0.36 12.4 0.52 Exploration
  Include 25.91 47.24 21.33 11.76 0.53 19.7 0.77  
MER19-009 91.44 0.00 10.67 10.67 6.86 0.35 7.8 0.45 Exploration
And   51.82 56.39 4.57 2.94 1.23 15.8 1.42  
  Include 53.34 54.86 1.52 0.00 2.65 19.2 2.88  
And   76.20 77.72 1.52 0.00 0.40 2.0 0.43  
MER19-010 100.58 0.00 30.48 30.48 21.55 0.60 15.9 0.80 Exploration
  Include 7.62 12.19 4.57 3.23 1.74 69.0 2.58  
  Include 19.81 25.91 6.10 4.31 0.69 6.7 0.78  
And   35.05 47.24 12.19 8.62 0.31 4.7 0.36  
MER19-011 115.82 68.58 76.20 7.62 4.90 0.52 20.0 0.77 Exploration
  Include 68.58 70.10 1.52 0.98 1.36 24.6 1.66  
MER19-012 152.40 0.00 1.52 1.52 1.52 0.39 3.6 0.43 Exploration
And   4.57 6.10 1.52 1.52 0.49 3.7 0.54  
MER19-013 155.45 No significant assay results Exploration
MER19-014 161.54 15.24 42.67 27.43 27.43 0.69 9.3 0.80 Exploration
  Include 15.24 22.86 7.62 7.62 0.83 11.1 0.96  
  Include 25.91 28.96 3.05 3.05 1.27 32.8 1.67  
  Include 32.00 38.10 6.10 6.10 0.74 1.2 0.76  
And   47.24 51.82 4.57 4.57 0.37 7.9 0.47  
MER19-015 128.02 47.24 64.01 16.76 8.38 0.77 6.5 0.85 Exploration
And   82.30 83.82 1.52 0.76 0.26 223.0 2.97  
And   99.06 106.68 7.62 4.57 0.62 15.1 0.81  
MER19-016 112.78 0.00 1.52 1.52   0.95 1.2 0.96 Exploration
MER19-017 161.54 No significant assay results Exploration
MER19-018 100.58 0.00 38.10 38.10 Not available 0.67 13.2 0.83 Exploration
  Include 21.34 27.43 6.10   1.43 42.9 1.95  
MER19-019 152.4 0.00 28.96 28.96 Not available 0.76 8.9 0.87 Exploration
  Include 0.00 7.62 7.62   1.06 9.3 1.17  
  Include 12.19 13.72 1.52   1.70 64.8 2.49  
And   39.62 47.24 7.62   0.73 14.9 0.91  
And   57.91 59.44 1.52   0.25 75.4 1.17  
MER19-020 100.58 0.00 21.34 21.34 Not available 1.61 2.2 1.64 Exploration
  Include 4.57 7.62 3.05   6.99 3.9 7.03  
MER19-021 147.83 0.00 21.34 21.34 Not available 1.21 11.8 1.36 Exploration
  Include 0.00 3.05 3.05   4.26 15.4 4.44  
  Include 6.10 7.62 1.52   2.57 19.0 2.80  
  Include 13.72 15.24 1.52   1.53 41.5 2.04  
 
 

Comprehensive mapping and sampling work have led to the identification of 4 mineralized targets within the property:

Mina de Oro

Sample Type Width (m) Sample Number Au g/t Ag g/t Cu_% Pb%
Chip Channel 1.30 187 1.948 50.8 0.00 0.11
Chip Channel 2.00 253 3.742 32.9 0.23 0.03
Chip Channel 1.30 263 0.124 1,000 1.04 4.00
Chip Channel 1.00 752 0.021 372 0.79 0.26
Chip Channel 1.50 753 0.196 462 0.49 0.77
Chip Channel 1.20 754 8.594 713 6.90 4.00
Chip Channel 0.30 762 11.100 4.8 0.03 0.01
Chip Channel 0.30 764 1.229 0.7 0.01 0.00
Chip Channel 2.50 792 2.798 48.5 0.01 0.47
Chip Channel 1.50 793 0.446 110 0.06 0.59
Chip Channel 1.20 796 63.200 31.5 0.00 0.08
Chip Channel 1.00 841 3.012 0.9 0.00 0.00
Chip Channel 2.00 929 1.027 14.7 0.01 0.59
Chip Channel 2.60 937 1.073 19.3 0.01 0.20
Chip Channel 1.20 938 10.600 558 0.21 4.00
Chip Channel 1.80 1304 0.010 184 1.45 0.33
Chip Channel 1.00 1305 0.038 157 0.11 0.47
 

Salto Colorado

Sample type Width (m) Sample # Gold g/t Silver g/t Copper % Lead %
Channel 1.0 716 8.53 303 0.02 1.76
Panel - 1229 8.10 5 0.03 0.01
Grab - 1082A 2.81 818 26.63 8.22
Dump - 715 2.39 460 4.21 4.00
Channel 1.0 710 1.38 66 0.12 0.12
Channel 2.0 708 1.18 389 2.65 3.90
 

Noche Buena:

Sample type Width (m) Sample # Gold g/t Silver g/t Copper % Lead %
Channel 1.0 1007 0.76 80 1.36 0.06
Channel 2.8 1081 0.42 67 0.43 0.03
Channel 1.5 1114 0.37 25 0.03 0.91
 

La Cueva

Sample type Width (m) Sample # Gold g/t Silver g/t Copper % Lead %
Channel 1.0 1189 1.95 92 0.01 1.96
Channel 1.0 1188 0.12 151 0.02 1.59
 

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