• Multiple outcropping quartz veins consistently over 10 m in width
• Primarily Au-Ag-Zn, similar and close to Fresnillo’s high-margin, San Julian mine
• Updated open pit + underground resource estimate*:
  • 795 koz AuEq Indicated at 1.41 g/t AuEq
    • (0.58 g/t Au, 33.3 g/t Ag, 0.50% Zn, 0.18% Pb, 0.05% Cu)
  • 1,243 koz AuEq Inferred at 1.17 g/t AuEq
    • (0.50 g/t Au, 23.8 g/t Ag, 0.50% Zn, 0.18% Pb, 0.05% Cu)
• The bulk of the resource comes from the Guadalupe vein system, which is just one of the four major vein systems on the property that have been tested by drilling to date. All of the vein systems remain open at depth and along strike, with strong potential for continued resource growth.
• Completed nearly 14,000 meters of a plan to drill 21,000 meters targeting conversion of high grade inferred to indicated and resource expansion

Location

Located in southwestern Chihuahua State of northern Mexico, 190 km southwest of Parral city. The project area has excellent infrastructure with road access from several directions, two options for 3-phase power within 7 km and access to water.

Geology & Mineralization

The Cristina project lies within the prolific Sierra Madre gold-silver belt with typical epithermal to mesothermal veins where the mineralization is predominantly gold and silver, with lesser base metal content. Mineralization is hosted in multiple outcropping quartz veins that are frequently greater than 10 metres in width, and extend for a currently known strike length of up to 5 km. Only the Guadalupe vein has been drilled to a density sufficient for a resource estimate, leaving considerable potential to add resources in at least four other parallel mineralized vein systems discovered to date. On the west side of the Guadalupe vein broad stockwork zones of quartz veinlets and dissemination of gold, silver and sulfide minerals, from 30 to 50 meters wide is observed, indicating the possibility of bulk minable zones with low-grade gold and silver, surrounding high-grade veins.

The Cristina mineralization is similar to other active mines in the region including San Julian (Fresnillo), La Cienega (Fresnillo) and Tayoltita/San Dimas. These are all multi-million gold equivalent ounce long life underground vein mines. The Tayoltita/San Dimas district to the south is the largest with 3.5 million gold ounces produced.

High grade gold is within banded quartz veins with calcite replacement textures, adularia and amethyst and always associated with lead, zinc and copper. Most veins have widths ranging from 4 to 10 meters. In some areas, quartz-rich veins are older and cut younger massive sulfide veins, giving the impression that there are many stages of overlapping mineralization.

In the north part of the project gold is associated with base metals and quartz adularia veins in close proximity to a copper bearing intrusion. In hole CRD15-53, at a depth of 167m an adularia-rich vein has high-grade gold and up to 10 percent galena and sphalerite on the margins.

Work Program

Four Identified targets:

• Conversion of high grade inferred to indicated
• Resource expansion along strike and at depth
• Resource expansion in high grade areas of multiple parallel veins
• Metal rich skarn at depth

Based on the January 2023 NI 43-101 Recommendations

Phase 1:

• Complete the remaining portion of the 21,000 m of drilling focusing on high grade conversion and expansion
• Update resource model
• PEA decision

1. * Notes:
   Mineral Resources are not Mineral Reserves and have not demonstrated economic viability 
   The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues 
   The MRE is based on metal prices of US$2,400/oz Au, US$40.00/oz Ag, US$1.30/lb Zn, US$1.00/lb Pb and US$4.50/lb Cu.
   Gold-equivalent grades consider metals prices, process recoveries, and smelter payabilities, and were calculated using the following formula, where PF = Metal Price Factor and RecPay = Recovery + Payability:
   1. AuEq (g/t) = Au (g/t) + [Ag (g/t) x PF (Ag/Au) x RecPay Ratio (Ag/Au)] + [Cu (%) x PF (Cu/Au) x RecPay Ratio (Cu/Au)] + [Pb (%) x PF (Pb/Au) x RecPay Ratio (Pb/Au)] + [Zn (%) x PF (Zn/Au) x RecPay Ratio (Zn/Au)] or, simplified:
   2. AuEq (g/t) = Au (g/t) + [Ag (g/t) x 0.0171] + [Cu (%) x 1.0505] + [Pb (%) x 0.2648] + [Zn (%) x 0.3352]