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Yamana Gold Provides Mid-Year 2018 Exploration Update

Jul 26, 2018

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TORONTO, July 26, 2018 (GLOBE NEWSWIRE) -- YAMANA GOLD INC. (TSX :YRI) (NYSE :AUY) (“Yamana” or “the Company”) herein provides a mid-year 2018 exploration update for select properties within its portfolio, namely Jacobina, Chapada, Minera Florida, El Peñón, Cerro Moro and Lavra Velha.



  • Exploration drilling has demonstrated the potential to add significant new, near mine shallow inferred mineral resources, namely in the new Serra do Corrego area, at grades higher than existing mineral reserves;
  • The exploration program is on track to increase mineral reserve and mineral resource grades; and
  • The regional surface exploration program within the Company’s expansive land package has identified several priority targets, including João Belo Sur, Santa Cruz and Barrocao, which show significant promise for further mineralized reefs based on surface samples and historical workings.


  • The drill program at Suruca is expanding the inferred sulphide mineral resource, including in a newly discovered hanging wall zone;
  • Drilling at the Baru and Sucupira targets is providing additional mineral resources in the pit wall at Chapada;
  • A new, 500-metre long copper and gold mineral system was discovered at the Santa Cruz target along the Northeast-Southwest direction with mineralization related to high density, A-type quartz veins and biotitic hydrothermal alteration, similar to those found at Corpo Sul; and
  • Drilling at Hidrotermalito, located within two kilometres of Chapada, is returning positive results with grades higher than the existing Chapada mineral reserves.

Minera Florida                                                                

  • The expansion of Fantasma, PV Sur and Don Leopoldo systems in the Pataguas area is continuing to demonstrate the prospectivity of the new Agua Fria concessions;
  • Infill intercepts of several high-grade veins, including Centenario Sur and Maquis Clavo II, continue to provide new high-grade reserves in the core mine area; and
  • Newly discovered veins are expected to be drill tested by the regional program later in 2018.

El Peñón

  • Infill drilling continues to replace production depletion through conversion of inferred mineral resources to measured and indicated mineral resources, while the exploration program continues to identify new structures in the core mine area, which are expected to increase the mineral inventory and potentially extend the mine life.

Cerro Moro

  • Infill drilling on the newly discovered Veronica vein is adding measured and indicated mineral resources and is expected to provide mine life extensions;
  • The mine exploration program is targeting several new near surface veins that have been identified through mapping and geochemistry; and
  • The district exploration program is advancing with detailed mapping, geophysics and geochemistry aimed at defining new drill targets for the 2019 exploration program.


Results to date suggest a possible increase in mineral reserve grade at Canavieiras and João Belo, while exploration drilling results are expected to provide new inferred mineral resources at greater than LOM grade due to the discovery of new mineralized reefs in the near-mine area of Serra do Corrego. New targets within the Yamana land package continue to demonstrate the potential of this asset, both to sustain production in the long term and to deliver opportunities for higher grades.

The goals of the 2018 exploration program at Jacobina are:

  • Test areas for higher-than-reserve grade mineralization with a focus on targets near existing infrastructure;
  • Drilling to optimize geologic constraints; and
  • Explore broader land package in recognition of the prospectivity of the Yamana-controlled concessions.

The Jacobina gold mine is located in the east central section of Bahia State of Northern Brazil. The gold deposits at Jacobina are hosted within the southern sector of a north-south aligned belt comprised of Paleoproterozoic age conglomerate, schist and quartzite that extend for over 200 kilometers. The Company owns contiguous mining concessions for over 80 kilometres of this belt.  Exploration efforts are primarily concentrated on targets proximal to current operations, though for 2018 the program also includes work on the broader land package.  

During the first half of 2018, 5,120 metres of drilling was completed toward the goal of identifying and testing higher-than-reserve grade mineralization with a focus near existing mine infrastructure. Since Jacobina already has mineral reserves that support a long mine life, one of the primary objectives is to enhance this through a focus on higher grades. In particular, work has centred on Serra do Corrego to test the extensions of mineralization up dip towards surface. This potential has been confirmed with the 2018 drill program and represents a significant discovery. The mineralization is both shallow, hosted in the upper 200 metres, and near existing infrastructure (Figure 1). Consequently, the Company is targeting inclusion of this up dip extension into year-end 2018 inferred mineral resources. In the second half of 2018, the Company will test if a similar setting exists directly along strike at Morro de Cuscuz. Selected highlights are presented in Figure 2.

During the first half of 2018, 8,719 metres of drilling was completed to upgrade mineral resources (all categories) at Canavieiras, Morro do Vento and João Belo. At João Belo, the program has further validated the existing block model in the drilled areas for the LVL, LMPC and MPC reefs while the results (Figure 3) indicate the potential for higher grades in the LVL and LMPC reefs. These intercepts are at the deepest levels at João Belo.

At Morro do Vento (Figure 4), results to date are confirming the mineral resource model (all categories) in all reefs and at Canavieiras drill results for the Maneira reef (Figure 5) have intersected higher grade intersections and thicker zones.

On the regional front, the conglomerate sequence that hosts the mineralized bodies continues for 15.5 kilometres on the Company’s property.  Along this sequence several areas have been identified as priority targets.  In particular, the João Belo Sur, Santa Cruz and Barrocao targets show promise for further mineralized reefs based on surface samples and historic workings.  Scout drilling, with a priority on the João Belo Sur target, is expected to identify opportunities to expand the mineral envelope.  Work will continue on these targets in late 2018.


Results to the end of the second quarter support the potential for inferred and measured and indicated mineral resource expansion at both Suruca and Sucupira/Baru by year end. The discovery of higher grade mineralization at Hidrotermalito may provide additional inferred oxide mineral resources as well as higher grade near mine inferred sulphide mineral resources. New intercepts at Santa Cruz indicate continuity of the Corpo Sul system to the southwest with new intercepts of stockwork mineralization.

The goals of the 2018 exploration program at Chapada are as follows:

  • Targeted exploration to test and delineate opportunities for higher grade gold and copper mineralization;
  • Focus on identifying near-mine inferred mineral resources, both for oxide and sulphide mineralization; and
  • Follow up on regional targets to outline future opportunities for growth.

The Chapada complex has mineral reserves that support a mine life in excess of 20 years.  Given this long mine life the primary focus of the exploration program is on increasing gold grades in new inferred mineral resources.  Throughout the first half of 2018, the Company completed 14,778 metres of drilling in support of this objective, with drilling focused on Suruca, Sucupira, Baru, and Santa Cruz.

At Suruca, drilling has been focused on four primary targets:

1) Undrilled shallow areas outside of the inferred mineral resource envelope – drilling has confirmed mineralization with thicknesses and grades comparable with the existing resource and is expected to lead to an increase in inferred mineral resources;
2) Northeast extension - successful intercepts have expanded the mineral envelope to the northeast indicating the system is still open with the potential for additional focused drilling to expand the shallow inferred mineral resources;
3) Downdip extension - all completed drill holes have intersected higher grade zones such as SU-1018 with 66 metres of 0.9 grams per tonne (“g/t”) of gold, extending the mineral envelope to the NW;
4) Hangingwall target - Hole SU-1000 intersected a new mineralization zone intercepting 138 metres at 0.45 g/t gold, including 42.7 metres of 1.05 g/t gold, hosted in Suruca hanging wall rocks.  This suggests the potential for another mineralized zone within the Suruca system, which is expected to be followed up later in 2018.

The work completed to date is expected to increase inferred mineral resources and indicates that the mineral envelope continues to expand. Cross sections of Suruca and drill highlights from the first half of 2018 are shown in Figures 7 and 8. Overall, Suruca continues to support the Company’s view of a large mineral system that contains both oxide and sulphide mineralization. As these mineral resources expand further, Suruca is expected to provide optionality with respect to future development scenarios.

At Sucupira, drilling completed to date has intercepted strong hydrothermal alteration, generally associated with mineralization. Most assays from the first half drill program are pending, though early highlights include hole NM-260 (99 metres of 0.21g/t gold and 0.32% copper, including 11 metres of 0.53 g/t gold and 0.47% copper), and extend the Sucupira mineral envelope to the northwest.

At Baru, drilling completed to date focused on the central part of the deposit. Most assays from the first six months of 2018 are pending, though early drill results have extended copper and gold mineralization at Baru, which is expected to decrease the waste stripping ratio associated with the extraction of Sucupira ore.

Figure 9 displays a cross section of Baru and Sucupira demonstrating their continuity and relative placement to the current Chapada mine. Figure 10 presents selected assays from Sucupira and Baru.

At Santa Cruz, drilling has been executed in the northwest sector of the target, where drill holes SC-23 and SC-24 have identified a continuous mineralized zone for 500 metres along a Northeast-Southwest direction (Figure 11) related to high density, A-type quartz veins and biotitic hydrothermal alteration. These results are similar to those found at Corpo Sul and this is the first time they have been intercepted at this target. Figure 12 presents selected assays from Santa Cruz. Results from Santa Cruz appear promising and will be followed up.

In the first half of 2018, 3,432 metres of drilling were completed in support of the objective to target higher grade gold mineralization. The majority of the work has been completed at Hidrotermalito, focusing on oxide and underlying sulphide mineralization.

Hidrotermalito is within two kilometres of the existing plant and may represent a copper-gold system with higher grades than current Chapada mineral reserves. The deposit is open to the west and thicker sections of the ore body have been discovered but require follow up work to test for continuity. A cross section of Hidrotermalito is shown in Figure 13. Many of the assays are pending, but highlighted assay results returned to date are shown in Figure 14.

The surface exploration program at Chapada continues to build a pipeline of exploration targets.  In support of this goal, over 800 chip samples and over 3,500 soil samples have been collected at several locations throughout the property.  In particular, Água Branca, Jacutinga, Pedra Preta, Guará and Lambari have been identified as warranting follow up work.  Scout drilling will be completed on these targets over the next 18 months.


In late 2016, Yamana acquired the Agua Fria concessions and this area was the focus of exploration in late 2017 through the first half of 2018. Exploration continues to expand all resource categories at higher grade than the LOM plan in the Pataguas and PV Sur and Fantasma sectors. New surface discoveries within the Agua Fria concessions continue to provide new targets for future resource growthmine expansion.

The goals of the 2018 exploration program for Minera Florida are:

  • Expand measured, indicated and inferred mineral resources by following up on recent exploration success at Las Pataguas, PV Sur, Tribuna Este, Los Patos & Volga; and
  • Continue property surface exploration program to identify new veins near the current mine workings.

During the first half of 2018, the company completed 30,930 metres in support of the goal to expand all categories of mineral resources at Minera Florida and to generate new exploration targets in the new Agua Fria concessions. Drilling at PV Sur has enhanced the structural model and displays the development of wider, multiple mineralized zones along the intersection of the West- Northwest striking veins and north-south faults (see Plan View, Figure 15). Results from Fantasma, PV Sur and Don Leopoldo in the Pataguas area all indicate significant new mineralized zones. Highlighted results from these zones are in Figure 16. Infill drilling on the historic Core Mine area has also yielded significant high-grade results, most notably at Centenario Sur and Maquis Clavo II (Figure 17).The regional surface exploration program has been progressing with a focus on Fantasma, Las Lauras, Quesería, Mailen and Los Patos areas (Figure 16). As a result of work completed to date, the results suggest the discovery of at least five new veins. Work is currently ongoing to determine if these newly discovered Northwest-Southeast trending veins are intersected by North South structures, as historically this is where significant mineralization has been discovered at Minera Florida. It is expected that work to be undertaken in the second half of 2018 will support these concepts and evaluate the economic potential of these new targets.


Exploration at El Peñón continues to successfully upgrade inferred mineral resources to mineral reserve status within the core mine area, which is expected to extend mine life by, at a minimum, replacing depletion supporting long term stable mine production.

The goals of the 2018 exploration program at El Peñón are to:

  • Expand all categories of measured, indicated & inferred mineral resources;
  • Test deep extensions of larger veins; and
  • Test secondary structures to identify new core mine opportunities. 

Approximately 21,900 metres of drilling was completed at El Peñón in the second quarter of 2018. Efforts focused primarily on upgrading inferred mineral resources at the Aleste, Bonanza, and Dorada sectors through infill drilling. Overall, infill drilling has demonstrated positive results and is expected to result in an upgrading to measured and indicated mineral resources. Drill results from this program are presented in Figure 18.

Outside of the core mine area, the district exploration program is advancing through detailed mapping, sampling and trenching activities.  Drilling is expected to start in the second half of 2018.


Results to the end of the second quarter suggest that, by year end, new measured and indicated mineral resources on the high -grade Veronica vein will replace mining depletion associated with 2018 production. Several new vein intercepts support modest growth of core mine inferred mineral resources, while a strong surface program is successfully delineating new drill targets for an anticipated long-term mine life extension.

The goals of the 2018 exploration program for Cerro Moro are to:

  • Expand measured and indicated mineral resources;
  • Add Inferred mineral resources within the core mine; and
  • Develop new targets with surface exploration that can be part of the 2019 exploration drill program.

Approximately 13,800 metres of drilling was completed at Cerro Moro in the second quarter of 2018. Focus was on discovering new inferred mineral resources and converting existing inferred mineral resources to measured and indicated mineral resources, with the majority of the infill drilling completed on the Veronica vein, which was discovered in 2017, the Escondida Far East and Escondida Far West.

Successful results to date indicate drilling on these veins will likely lead to measured and indicated mineral resources that will replace mining depletion associated with 2018 production. Infill drilling highlights for Veronica are shown in long section in Figure 19 displaying the high-grade shoot at the western end of the new vein discovery. Selected assays are presented in Figure 20.

Scout drilling was completed on several other near mine targets and extensive surface work is ongoing to generate future targets for follow up drilling. Encouraging results from several new target areas are expected to develop into inferred mineral resources with further drilling. The strong surface exploration effort is providing new drill targets both within the core mine area and the very large regional land package, increasing the inventory of potential targets for future exploration.

Overall, exploration at Cerro Moro is progressing toward the objective of increasing mine life by adding new mineral reserves and mineral resources in all categories.


The Lavra Velha project is an early-stage gold-copper exploration project located in the central part of Bahia State, Brazil, around 540 kilometres west of Salvador, capital of Bahia.

The Lavra Velha project represents a regional discovery and is believed to be an IOCG system characterized by sub-horizontal mineralized levels (Figure 24). The mineralization control at Lavra Velha suggests a close affinity to the volcanic-plutonic contact that likely acted as a structural/chemical boundary. To date Lavra Velha hosts an inferred mineral resource of 3.9 million tonnes of 4.29 g/t containing 543,000 ounces of gold.

Recent surface work implies the footprint of alteration and mineralization has the potential to be much larger than originally thought (Figure 21). The 2018 objective is to test many of these additional targets to identify a mineral envelope capable of hosting a deposit of at least 1.0 million ounces with open pittable grades greater than 2 g/t gold. Drilling is in progress and results are anticipated to be received in by the end of 2018.


For additional details and complete drill hole results, refer to the Company’s website at

Figure 1: Jacobina - Serra Do Corrego Up Dip Continuity (Looking West) Figure 1

Figure 2: Jacobina - Serro do Corrego Selected Assays

Hole Sector Reef From
Au (g/t)
SCO610 S. Corrego Maneira 92.50 94.50 2.00 1.57
SCO610 S. Corrego Holandes 122.65 124.67 2.02 1.85
SCO610 S. Corrego Holandes 152.00 153.37 1.37 1.89
SCO610 S. Corrego LVLPC 217.30 218.50 1.20 6.89
SCO610 S. Corrego LVLPC 219.50 221.88 2.38 2.14
SCO610 S. Corrego MU 249.16 251.00 1.84 3.78
SCO612 S. Corrego Holandes 124.00 126.00 2.00 1.24
SCO612 S. Corrego LU 247.00 248.25 1.25 1.81
SCO612 S. Corrego LU 256.22 256.50 0.28 7.69
SCO613 S. Corrego LVLPC 119.50 120.84 1.34 2.22
SCO613 S. Corrego LVLPC 133.08 134.04 0.96 2.7
SCO613 S. Corrego MU 154.60 155.63 1.03 6.47
SCO615 S. Corrego LVL 107.79 108.26 0.47 4.65
SCO615 S. Corrego LU 175.50 180.00 4.50 2.12
SCO617 S. Corrego HOL 111.63 113.64 2.01 2.66
SCO617 S. Corrego MSPC 195.31 197.07 1.76 3.34
SCO617 S. Corrego LVL 199.00 205.28 6.28 3.82
Incl. S. Corrego LVL 200.95 202.50 1.55 11.38
SCO617 S. Corrego LVL 209.50 216.05 6.55 2.31
Incl. S. Corrego LVL 213.00 215.59 2.59 3.5
SCO617 S. Corrego MU 238.70 241.50 2.80 6.96
SCO617 S. Corrego MU 243.00 246.95 3.95 6.59

*Intervals represent at least 70% of true widths

Figure 3: Jacobina - João Belo Selected Assays

Hole Sector Reef From
Au (g/t)
JBA2206 J. Belo LVL 54.80 58.50 3.70 2.00
JBA2206 J. Belo LVL 92.98 94.00 1.02 2.78
JBA2206 J. Belo LM 119.40 135.50 16.14 2.73
Incl. J. Belo LM 127.00 129.50 2.50 7.95
JBA2207 J. Belo LVL 74.31 78.00 3.69 2.39
JBA2207 J. Belo LVL 111.40 116.00 4.63 2.78
JBA2207 J. Belo LVL 129.30 131.00 1.67 4.75
JBA2207 J. Belo LM 145.50 158.00 12.55 1.64
Incl. J. Belo LM 149.00 152.00 3.00 2.95
JBA2211 J. Belo LVL 75.48 79.50 4.02 1.83
JBA2211 J. Belo LVL 89.00 109.50 20.50 2.64
Incl. J. Belo LVL 89.35 92.00 2.65 6.49
Incl. J. Belo LVL 93.50 96.90 3.40 6.84
JBA2217 J. Belo LVL 69.92 76.06 6.14 5.62
Incl. J. Belo LVL 69.92 72.18 2.26 14.20
JBA2217 J. Belo LM 105.90 107.60 1.72 1.57
JBA2217 J. Belo LM 133.80 140.00 6.18 2.96
JBA2221 J. Belo LVL 68.92 80.50 11.58 1.78
Incl. J. Belo LVL 70.50 72.50 2.00 5.78
JBA2221 J. Belo LM 136.50 142.50 6.00 3.36
Incl. J. Belo LM 138.50 141.00 2.50 6.60
JBA2181 J. Belo QTO 89.50 91.50 2.00 14.78
JBA2197 J. Belo LVLPC 159.5 162.2 2.78 10.97
Incl. J. Belo LVLPC 159.5 160.5 1.05 27.33

*Intervals represent at least 70% of true widths

Figure 4:  Jacobina - Morro do Vento Selected Assays

Hole Sector Reef From
Au (g/t)
MVT1532 M.Vento HW 34.50 36.50 2.00 2.42
MVT1532 M.Vento MR 86.00 93.00 7.00 1.55
MVT1532 M.Vento FW 98.27 105.00 6.73 1.24
MVT1533 M.Vento MR 101.30 106.00 4.75 19.53
MVT1533 M.Vento FW 106.00 114.50 8.50 2.15
MVT1533 M.Vento FW 116.60 125.00 8.41 2.98
MVT1540 M.Vento HW 75.00 76.50 1.50 8.35
MVT1540 M.Vento MR 118.90 123.10 4.14 1.69
Incl. M.Vento MR 120.90 123.10 2.12 2.62
MVT1540 M.Vento FW 126.30 129.50 3.20 1.57
MVT1541 M.Vento HW 88.50 91.57 3.07 3.24
MVT1541 M.Vento MR 92.24 94.70 2.46 3.65
MVT1541 M.Vento FW 99.32 101.00 1.68 1.51
MVT1544 M.Vento HW 65.00 66.00 1.00 1.84
MVT1544 M.Vento MR 77.00 80.00 3.00 3.81
MVT1544 M.Vento MR 81.10 83.00 1.90 2.77
MVT1516 M.Vento FW 78.54 79.50 0.96 8.67
MVT1518 M.Vento FW 33.00 35.50 2.50 1.83
MVT1518 M.Vento FW 50.37 52.50 2.13 4.97
MVT1518 M.Vento FW 55.50 73.00 17.50 1.25
Incl. M.Vento FW 68.00 68.50 0.50 4.39
MVT1524 M.Vento FW 51.50 52.58 1.08 4.17

*Intervals represent at least 70% of true widths

Figure 5: Jacobina - Maneira Reef Selected Assays

Hole Sector Reef From
Au (g/t)
CAN1065 CAC MAN 26.90 28.50 1.60 3.18
CAN1065 CAC MAN 60.40 61.45 1.05 15.93
CAN1068 CAC MAN 74.50 86.19 11.69 4.51
CAN1068 CAC MAN 83.50 86.19 2.69 8.94
CAN1070 CAC MAN 38.12 40.05 1.93 10.31
CAN1064 CAC MAN 101.02 103.50 2.48 13.95
CAN1052 CAC MAN 62.00 64.50 2.50 6.45
Incl. CAC MAN 62.00 63.10 1.10 11.07

*Intervals represent at least 70% of true widths.

Figure 6: Jacobina - Morro do Vento Long Section (Looking West)
Figure 6

Figure 7: Chapada - Suruca Cross Section (Looking West)
Figure 7

Figure 8: Chapada - Suruca Selected Assays

Hole Sector From
Au (g/t) Estimated True
SU-1000** SURUCA 42.00 180.00 138.00 0.45 75.35 Sulphide
Including SURUCA 42.00 84.27 42.27 1.05 21.10 Sulphide
SU-1000** SURUCA 265.00 390.38 125.38 0.55 68.25 Sulphide
Including SURUCA 352.00 362.00 10.00 2.54 5.40 Sulphide
SU-1005 SURUCA 44.96 73.00 28.04 0.26   Sulphide
Including SURUCA 67.00 73.00 6.00 0.58   Sulphide
SU-1005 SURUCA 95.00 127.00 32.00 0.41   Sulphide
Including SURUCA 98.00 107.00 9.00 1.02   Sulphide
SU-1008 SURUCA 31.96 92.00 60.04 0.19   Sulphide
Including SURUCA 76.56 88.00 11.44 0.48   Sulphide
SU-1008 SURUCA 110.00 145.87 35.87 0.28   Sulphide
Including SURUCA 115.30 128.60 13.30 0.48   Sulphide
SU-1010 SURUCA 298.00 424.00 126.00 0.62   Sulphide
Including SURUCA 391.80 418.00 26.20 1.10   Sulphide
SU-1013 SURUCA 32.43 41.00 8.57 0.45   Sulphide
SU-1013 SURUCA 61.46 87.00 25.54 0.49   Sulphide
Including SURUCA 63.84 79.00 15.16 0.69   Sulphide
SU-1018 SURUCA 238.00 304.00 66.00 0.90   Sulphide

*Intervals represent at least 80% of true width unless otherwise noted.

Figure 9: Chapada - Sucupira and Baru Cross Section (Looking Northeast)
Figure 9

Figure 10: Chapada - Sucupira and Baru Selected Assays

Hole Sector From
Au (g/t) Cu (%) Type
NM-260 SUCUPIRA 74.00 82.00 8.00 0.10 0.14 Sulphide
NM-260 SUCUPIRA 92.16 105.94 13.78 0.16 0.19 Sulphide
Including SUCUPIRA 98.00 105.94 7.94 0.23 0.23 Sulphide
NM-260 SUCUPIRA 208.00 307.24 99.24 0.21 0.32 Sulphide
Including SUCUPIRA 271.00 282.00 11.00 0.53 0.47 Sulphide
NM-262 SUCUPIRA 92.00 164.00 72.00 0.19 0.17 Sulphide
Including SUCUPIRA 107.00 117.00 10.00 0.39 0.24 Sulphide
Including SUCUPIRA 152.13 159.00 6.87 0.69 0.4 Sulphide
NM-256 BARU 61.20 108.00 46.80 0.1 0.29 Sulphide
Including BARU 71.00 90.00 19.00 0.12 0.31 Sulphide
Including BARU 100.00 108.00 8.00 0.12 0.35 Sulphide
NM-258 BARU 73.00 142.61 69.61 0.13 0.29 Sulphide
Including BARU 104.00 126.00 22.00 0.22 0.47 Sulphide

*Sucupira and Baru intervals represents approximate true width.

Figure 11: Chapada - Santa Cruz Selected Assays

Hole Sector From
Au (g/t) Cu (%) Type
SC-22 SANTA CRUZ 40.82 86.74 45.92 - 0.15 Sulphide
Including SANTA CRUZ 79.57 86.74 7.17 0.10 0.27 Sulphide
SC-23 SANTA CRUZ 139.56 178.56 39.00 0.19 0.39 Sulphide
Including SANTA CRUZ 150.00 157.00 7.00 0.23 0.45 Sulphide
Including SANTA CRUZ 165.23 177.00 11.77 0.2 0.43 Sulphide
SC-24 SANTA CRUZ 126.52 172.00 45.48 0.15 0.38 Sulphide
Including SANTA CRUZ 128.00 136.81 8.81 0.21 0.44 Sulphide
Including SANTA CRUZ 143.04 153.00 9.96 0.31 0.65 Sulphide

*Intervals represent approximate true width.

Figure 12: Chapada - Plan Map Displaying 500m Strike Of Santa Cruz System
Figure 12

Figure 13: Chapada - Plan Map and Cross Section of Hidrotermalito Mineralization Envelope
Figure 13

Figure 14: Chapada - Hidrotermalito Selected Assays

Hole Sector From
Au (g/t) Cu (%) Type
HS-70 HIDROTERMALITO 0.00 16.97 16.97 0.19 - Oxide
HS-70 HIDROTERMALITO 46.00 67.00 21.00 0.33 0.1 Sulphide
Including HIDROTERMALITO 46.00 56.00 10.00 0.52 0.14 Sulphide
HS-66 HIDROTERMALITO 0.00 34.47 34.47 0.37 0.01 Oxide
Including HIDROTERMALITO 0.64 13.00 12.36 0.61 0.01 Oxide
Including HIDROTERMALITO 31.00 34.47 3.47 0.57 0.01 Oxide

*Intervals represent approximate true width

Figure 15: Minera Florida - Plan View of PV Sur
Figure 15

Figure 16: Minera Florida - Don Leopold, Fantasma & PV Sur Selected Assays

Hole Vein From
Au (g/t) Ag (g/t) Zn (%)
ALH2414 Don Leopoldo 134.95 139.75 4.80 10.85 12 1.02
ALH2398 Don Leopoldo 137.30 143.30 6.00 3.63 24 1.67
ALH2411 Fantasma Oeste 113.10 116.10 3.00 8.55 21 1.59
ALH2431 Fantasma Oeste 106.00 106.75 0.75 10.15 21 0.81
ALH2379 Fantasma Oeste 88.90 92.20 3.30 9.39 13 1.61
ALH2385 Fantasma Oeste 94.45 96.95 2.50 9.37 12 0.74
ALH2360 Satelite Fantasma 72.72 73.05 0.33 58.30 10 0.14
ALH2360 Satelite Fantasma 82.60 82.80 0.20 8.29 5 0.20
ALH2360 Satelite Fantasma 89.20 89.65 0.45 13.00 56 1.70
ALH2363 Satelite Fantasma 28.55 28.95 0.40 8.98 21 0.28
ALH2365 Satelite Fantasma 158.39 159.15 0.76 11.70 945 1.37
ALH2304 PVSur 119.04 121.64 2.60 5.54 15 2.31
ALH2308 PVSur 11.35 12.05 0.70 8.33 8 3.77
ALH2322 PVSur 88.03 89.63 1.60 11.53 11 3.33
ALH2333 PVSur 82.00 84.20 2.20 11.03 15 7.90

* Intervals represent at least 80% of true widths

Figure 17: Minera Florida - Centenario Sur & Maquis Clavo II Selected Assays

Hole Vein From
Au (g/t) Ag (g/t) Zn (%)
ALH2399 Centenario Sur 46.30 50.64 4.34 8.78 21 1.35
ALH2400 Centenario Sur 47.10 50.90 3.80 10.31 16 1.33
ALH2407 Centenario Sur 54.75 57.05 2.30 12.60 20 1.19
ALH2410 Centenario Sur 61.10 67.35 6.25 9.13 23 2.22
ALH2441 Maquis Clavo II 64.75 66.70 1.95 12.98 35 6.44
ALH2466 Maquis Clavo II 0.00 2.10 2.10 4.21 21 1.27

* Intervals represent at least 80% of true widths

Figure 18: El Peñón - Aleste, Bonanza & Dorada Selected Assays

Hole Sector From
Au (g/t) Ag (g/t)
SAI0153C Aleste SS 309.67 311.40 0.9 117.00 5,988
SAI0154C Aleste SS 302.26 302.95 0.5 9.21 508
SAI0158P Aleste SS 273.00 276.00 1.3 28.30 1,470
SQI0021C Angelina 430.28 439.60 4.3 15.50 286
UIB0032 Bonanza NN3 88.50 89.40 0.9 19.40 91
UIB0033 Bonanza NN3 111.00 113.90 1.4 12.03 358
UIB0034 Bonanza NN3 168.43 169.65 0.4 11.40 63
UIB0039 Bonanza NN3 114.08 114.38

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