Mineral Resources and Reserves

Summarised below are the Mineral Resources that have been estimated by Metal Mining Consultants, and the Ore Reserves estimated by Ausenco for the Company's Miraflores Gold Project located in Colombia; and the Mineral Resources that have been estimated by SRK Consulting (Chile) S.A, for the Company’s Vallecillo project located in Chile.

Miraflores Project Resources and Reserves

The Miraflores Project Mineral Resource estimate has been estimated by Metal Mining Consultants in accordance with the JORC Code (2012 Edition) and first publicly reported on 14 March 2017. No material changes have occurred after the reporting of these resource estimates since their first reporting.

The Miraflores Project Ore Reserve estimate has been estimated by Ausenco in accordance with the JORC Code (2012 Edition) and first publicly reported on 18 October 2017 and updated on 27 November 2017.  No material changes have occurred after the reporting of these reserve estimates since their reporting in November 2017.

Miraflores Project - Colombia

Table 1: Mineral Resource Statement, 14 March 2017.

Reserve Classification Tonnes (000's) Au (g/t) Ag (g/t) Oz Au (000's) Oz Ag (000's)
Measured 2,958 2.98 2.49 283 237
Indicated 6,311 2.74 2.90 557 588
Measured & Indicated 9,269 2.82 2.77 840 826
Inferred 487 2.36 3.64 37 57

Note:
i) Reported at a 1.2g/t gold % Cu cut-off.
ii) Mineral Resource estimated by Metal Mining Consultants Inc.
iii) First publicly released on 14 March 2017. No material change has occurred after that date that may affect the JORC Code (2012 Edition) Mineral Resource estimation.
iv) These Mineral Resources are inclusive of the Ore Reserves listed in Table 2 below.
v) Rounding may result in minor discrepancies.

Table 2: Miraflores Mineral Reserve Estimate as at 27 November 2017 (100% basis)

Reserve Classification Tonnes (000's) Au (g/t) Ag (g/t) Oz Au (000's) Oz Ag (000's)
Proved 1.70 2.75 2.20 150 120
Probable 2.62 3.64 3.13 307 264
Total 4.32 3.29 2.77 457 385

Note:
i) Rounding-off of numbers may result in minor computational errors, which are not deemed to be significant.
ii) These Ore Reserves are included in the Mineral Resources listed in Table 1 above.
iii) First publicly released on 27 November 2017. No material change has occurred after that date that may affect the JORC Code (2012 Edition) Ore Reserve estimation.
iv) Source: Ausenco 2017.

Dosquebradas Deposit

Dosquebradas is a near surface gold-copper deposit situated ~3km from the Company’s Miraflores deposit. Gold-copper mineralisation at Dosquebradas is associated with an early diorite porphyry and structurally controlled intrusive breccias. Previous drilling intersected mineralisation over an area of 400m x 300m, extending from surface to ~550m. Mineralisation remains open at depth, and to the north and east. The deposit has an Inferred Resource of  0.46Moz gold.

Dosquebradas Inferred Mineral Resource Estimate, 25 February 2020 (100% basis)

Cut-OFF Tonnes Au Au Ag AG Cu Cu
gpt Au '000t gpt koz gpt koz % pounds
0.3 57,794 0.50 920.8 0.6 1,036 0.04 56,767
0.4 34,593 0.60 664.1 0.6 683.8 0.05 38,428
0.5 20,206 0.71 459.1 0.7 431.7 0.06 24,867

Note:
i) No more than 6m internal waste is included in the weighted intervals
ii) Inferred Mineral Resources shown using various cut offs.
iii) Based on gold selling price of US$1,470/oz.
iv) Mineral Resource estimated by Resource Development Associates Inc. First published 25 February 2020. No material change has occurred after that date that may affect the JORC Code (2012 Edition) Mineral Reserve estimation

Vallecillo Project (La Colorada deposit) - Chile

Table 3: Mineral Resource Statement, 31 October 2012.

Resource Category Tonnes (‘000) Au (g/t) Ag (g/t) Zn (%) Cu (%) Pb (%)
Measured 5,516 0.84 9.99 1.12 0.06 0.32
Indicated 2,570 0.80 10.23 0.94 0.07 0.35
Measured & Indicated 8,086 0.82 10.06 1.06 0.06 0.33
Inferred 773 0.50 8.62 0.48 0.12 0.17

Note:
i) Reported at a cut-off of 0.20g/t Au.
ii) Mineral Resource estimated by SRK Consulting (Chile) S.A.
iii) First publicly released on 31 October 2012. No material change has occurred after that date that may affect the JORC Code (2004 Edition) Mineral Resource estimation.
iv) Rounding may result in minor discrepancies.

COMPETENT PERSONS STATEMENTS 

Los Cerros

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

The information presented here that relates to Mineral Resources of the Dosquebradas Project, Quinchia District, Republic of Colombia is based on and fairly represents information and supporting documentation compiled by Mr. Scott E. Wilson of Resource Development Associates Inc, of Highlands Ranch Colorado, USA. Mr Wilson takes overall responsibility for the Resource Estimate.  Mr. Wilson is Member of the American Institute of Professionals Geologists, a “Recognised Professional Organisation” as defined by the Australasian Institute of Mining and Metallurgy (AusIMM).  Mr Wilson is not an employee or related party of the Company. Mr. Wilson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)’. Mr. Wilson consents to the inclusion in the news release of the information in the form and context in which it appears

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

SRK Consulting (Chile) S.A.

Los Cerros supplied SRK with geological models and supporting drill hole data. Copper and gold grades for Mollacas and gold, silver, zinc, copper and lead grades for Vallecillo were estimated into block models using ordinary kriging with GEMCOM software.

The information presented here that relates to Exploration Results and Mineral Resources of the Vallecillo project is based on information compiled by George G. Even, Principal Geologist and Mr. Ernesto Jaramillo, Principal Resource Geologist of SRK Consulting in Santiago, Chile. Mr. Ernesto Jaramillo performed the resource estimation. Mr. Even has sufficient experience that is relevant to the style of mineralisation and type of mineral deposit under consideration, and to the activity which was undertaken, to make the statements found in this report in the form and context in which they appear. Mr. Even and Mr. Jaramillo consented to be named in the first publicly reported announcement and inclusion of information attributed to them in the form and context in which it appeared therein

MIRAFLORES PROJECT RESOURCES AND RESERVES

The Miraflores Project Mineral Resource estimate has been estimated by Metal Mining Consultants in accordance with the JORC Code (2012 Edition) and first publicly reported on 14 March 2017. No material changes have occurred after the reporting of these resource estimates since their first reporting.

The Miraflores Project Ore Reserve estimate has been estimated by Ausenco in accordance with the JORC Code (2012 Edition) and first publicly reported on 18 October 2017 and updated on 27 November 2017.  No material changes have occurred after the reporting of these reserve estimates since their reporting in November 2017.

COMPETENT PERSONS STATEMENTS – ANDES GOLD PORTFOLIO

The technical information related to the Andes Gold Portfolio assets contained in this presentation that relates to Exploration Results was first announced by the Company on 13 March 2019 is based on information compiled by Mr Simon Brown, who is a Member of the Australasian Institute of Mining and Metallurgy and who is an employee and director of Andes Resources (a 100% subsidiary of Los Cerros). Mr Brown has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Brown has consented to the inclusion of the information in the form and context in which it appears herein.

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