- Mineral Reserves are reported at the point of delivery to the process plant, using the 2014 CIM Definition Standards.2. Mineral Reserves have an effective date of 30 November 2024. The Qualified Person for the estimate is Mr. Jeffrey Choquette, P.E., of Hard Rock Consulting.3. A 0.16 g/t AuEq cut-off is used for reporting the Mineral Reserves at El Crestón, and a 0.175 g/t AuEq cut-off is used for reporting Mineral Reserves at Veta Madre. Cut-offs were calculated based on a gold price of US$1,900/oz Au, silver price of US$23/oz Ag, processing costs of US$5.87/t, general and administrative costs of US$1.15/t, refining and selling costs ofUS$0.66/t, gold recovery of 79% for El Crestón and 72% for Veta Madre and a silver recovery of 13% for El Crestón and9% for Veta Madre. The AuEq cut-off for La Chatarrera is 0.164 g/t AuEq based on metal prices of US$1,900/oz Au, andUS$23/oz Ag, processing costs of US$4.82/t, general and administrative costs of US$1.15/t, refining and selling costs ofUS$0.66/t, gold recovery of 66% and a silver recovery of 27%. The AuEq calculation uses the formula AuEq = (Au +Ag/equivalency factor) where equivalency factor = ((Au price in US$/g * Au recovery) / (Ag price in US$/g * Ag recovery)).4. Mineral Reserves are reported within the ultimate reserve pit design. An external dilution factor of 10% and a metal loss of5% were factored into the Mineral Reserves estimates.5. Tonnage and grade estimates are in metric units.6. Mineral Reserve tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
- Mineral Reserves are reported at the point of delivery to the process plant, using the 2014 CIM Definition Standards.2. Mineral Reserves have an effective date of 30 November 2024. The Qualified Person for the estimate is Mr. Jeffrey Choquette, PE, of Hard Rock Consulting, LLC.3. A 0.156 g/t AuEq cut-off is used for reporting the Mineral Reserves in oxide, and a 0.310 g/t AuEq cut-off is used for reporting Mineral Reserves in transitional material. Cut-offs were calculated based on a gold price of US$1,900/oz Au, silver price ofUS$23/oz Ag, processing costs of US$4.23/t for oxide, processing costs of US$5.14/t for transitional, general and administrative costs of US$1.40/t, refining and selling costs of US$0.66/t, gold recovery of 66% for oxide and 38% for transitional and a silver recovery of 10% for oxide and transitional. The AuEq calculation uses the formula AuEq = (Au +Ag/equivalency factor) where equivalency factor = ((Au price in US$/g * Au recovery) / (Ag price in US$/g * Ag recovery)).4. Mineral Reserves are reported within the ultimate reserve pit design. An external dilution factor of 5% and a metal loss of3% have been factored into the Mineral Reserve estimate.5. Tonnage and grade estimates are in metric units.6. Mineral Reserve tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding
- El Creston - Mineral Resources are reported insitu, using the 2014 CIM Definition Standards, and have an effective date of 31 October2024. The Qualified Person for the estimate is Mr. David Thomas, P.Geo., of Mine Technical Services.2. Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.3. Mineral Resource estimates use the end of month October 2024 topography.4. Mineral Resources are constrained by a conceptual pit shell using the following assumptions: a gold price of US$2,150/oz Au; a silver price of US$26/oz Ag; rock mining cost of US$2.66/t mined; backfill mining cost of US$2.0/t mined; crushing and conveying cost of US$1.33/t processed; process and leaching cost of US$4.54/t processed; general and administrative cost of US$1.15/t processed; selling cost of US$0.66/t processed; gold metallurgical recovery of 79%; silver metallurgical recovery of 13%; and pit slope angles from 22º (pad), 35–42º (pit).5. Mineral Resources are reported at a gold equivalent cut-off of 0.14 g/t AuEq, using AuEq = (Au + Ag/equivalency factor),where equivalency factor = ((Au price in US$/g * Au recovery) / (Ag price in US$/g * Ag recovery)). This results in a Au:Ag ratio of 1:502.51.6. Totals may not sum due to rounding.
. .Veta Madre - Mineral Resources are reported insitu, using the 2014 CIM Definition Standards, and have an effective date of 31 October,2024. The Qualified Person for the estimate is Mr. David Thomas, P.Geo., of Mine Technical Services.2. Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.3. Mineral Resource estimates use the end of month October 2024 topography.4. Mineral Resources are constrained by a conceptual pit shell using the following assumptions: a gold price of US$2,150/oz Au; a silver price of US$26/oz Ag; mining rock costs of US$2.55/t mined; crushing and conveying cost of US$1.33/t processed; process and leaching cost of US$4.54/t processed; general and administrative cost of US$1.15/t processed; selling cost of US$0.66/t processed; gold metallurgical recovery of 72%; silver metallurgical recovery 9.0%; and pit slope angles averaging 45º.5. Mineral Resources are reported at a gold equivalent cut-off of 0.15 g/t AuEq, using AuEq = (Au + Ag/equivalency factor),where equivalency factor = ((Au price in US$/g * Au recovery) / (Ag price in US$/g * Ag recovery)). This results in in a Au:Ag ratio of 1:661.54.6. Totals may not sum due to rounding.
. .Junkyard - Mineral Resources are reported in stockpiles, using the 2014 CIM Definition Standards, and have an effective date of 31October, 2024. The Qualified Person for the estimate is Mr. David Thomas, P.Geo., of Mine Technical Services.2. Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.3. Mineral Resource estimates use the end of month October 2024 topography.4. Mineral Resources are reported using the following assumptions: a gold price of US$2,150/oz Au; a silver price of US$26/oz Ag; a stockpile rehandle cost of US$1.30/t mined; crushing and conveying cost of US$1.72/t processed; process and leaching cost of US$3.10/t processed; general and administrative cost of US$1.15/t processed; selling cost of US$0.66/t processed; gold metallurgical recovery of 66%; and a silver metallurgical recovery of 27%.5. Mineral Resources are reported at a gold equivalent cut-off of 0.17 g/t AuEq, using AuEq = (Au + Ag/equivalency factor),where equivalency factor = ((Au price in US$/g * Au recovery) / (Ag price in US$/g * Ag recovery)). This results in a Au:Ag ratio of 1:202.14.6.Totals may not sum due to rounding.
- Mineral Resources are reported insitu, using the 2014 CIM Definition Standards, and have an effective date of 30 November,2024. The Qualified Person for the estimate is Mr. David Thomas, PGeo., Associate Mineral Resource Estimator with MTS.2. Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.3. Mineral Resource estimates are defined by end of month July 2024 topography.4. Mineral Resources are constrained by a conceptual pit shell using the following assumptions: a gold price of US$2,150/oz Au; a silver price of US$26.0/oz Ag; mining cost of US$2.0/t mined; oxide process and leaching cost of US$4.23/t processed; transition process and leaching cost of US$5.14/t processed; sulphide argillic process and leaching cost of US$5.36/t processed; sulphide silicic process and leaching cost of US$4.94/t processed; general and administrative cost of US$1.4/t processed; selling cost of US$0.66/t processed; gold metallurgical recoveries from 17–66%; silver metallurgical recoveries from 9–10%; and pit slope angles of 45º.5. Totals may not sum due to rounding.
- The classification of the Updated Mineral Resource Estimate into measured, indicated and inferred mineral resources is consistent with current 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. A technical report is being prepared on the Updated Mineral Resource Estimate in accordance with National Instrument 43-101 (“NI-43-101”) and will be available on the Company’s website and SEDAR+ within 45 days of the date of this release. The effective date of the Updated Mineral Resource Estimate is November 27, 2023
All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding. All mineral resources are presented undiluted and in situ, constrained by continuous 3D solid models, and are considered to have reasonable prospects for eventual economic extraction. Mineral resources are not mineral reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. The database comprises a total of 419 drill holes totaling 170,674 metres of drilling for 111,352 samples completed between 2005 and 2023 by Goldcorp Inc., Newstrike Capital Inc., Timmins Gold Corp., Alio Gold Inc., and Heliostar. This estimate includes 2023 drilling completed by Heliostar. Heliostar completed 18 holes totaling 3,218.8 metres for 2,794 samples which were included in this model. These were not included in previous models. The model was limited to an area with a minimum easting and northing of 409,450 and 1,997,000 and a maximum easting and northing of 411,300 and 1,999,050.
Density and specific gravity sampling totaled 7,177 samples collected between 2005 and 2023. Samples were measured in house, principally using wax coat or sealed or sealed water immersion methods with check samples sent to two external labs. Heliostar collected and included 1,899 specific gravity samples which were measured by wax coat immersion with 5% of samples sent to ALS as an external check. High grade gold samples were commonly analyzed multiple times using three methods. In these cases, the gold value used to estimate the resource was selected based on a preference list where screen fire assay was preferred above fire assay with gravimetric finish was preferred above fire assay with AAS finish. The Updated Mineral Resource Estimate relies on the updated geologic model completed in Leapfrog Geo modeling software for domaining. This includes five domains: main polymictic breccia, monomictic breccia, sediments, skarn/hornfels, and granodiorite/porphyry. The resource model is constrained to a 0.2 g/t gold grade shell. This was constructed in Leapfrog Geosoftware using an ellipsoidal structural model and indicator modeling tool at a 50% probability. A grade shell study was completed to evaluate the percentage of dilution and exclusion of gold grades at differing probabilities. Outlying volumes that did not meet modeling criteria were removed. The resource model was completed in Leapfrog Edge software, based on 5x5x5 metre blocks with minimum sub-block size of 1x1x1 metre. Grade estimation is based on Ordinary Kriging using 2.0 metre composites. The top cutting for each domain was determined by analyzing log-normal probability plots and performing Parrish analysis. A three-pass search was used to optimize block estimation. This process ensures that blocks with more informed data are interpolated using a tighter search ellipsoid, in contrast to blocks with less information, which are interpolated using a broader search ellipse. The mineral resource estimate has been classified as either measured, indicated, or inferred based on search passes, geologic continuity (Main Polymictic Breccia), sample spacing for measured classification (25m x 25m), grade continuity and estimation quality (slope of regression). Heliostar Metals envisions that the Ana Paula deposit may be mined using underground mining methods. Mineral resources are reported at a cutoff grade of 2.5 g/t gold. The mineral resource grade blocks were quantified above the base case cutoff grade, below surface and within the constraining mineralized wireframes. The Updated Mineral Resource Estimate may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. - Mineral Resources are reported insitu, using the 2014 CIM Definition Standards. Mineral Resources have an effective date of 30 November, 2024. The Qualified Person for the estimate is Mr. Richard Schwering, RM SME, a Hard Rock Consulting employee. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resources are constrained within a conceptual open pit shell that used the following input parameters: gold price of US$2,150/oz; a mining cost of US$2/t mined, incremental mining cost of US$0.017/t mined for each 6 m depth; variable processing costs by oxidation state, ranging from US$3.84–5.26/t processed; general and administrative costs of US$1.00/t processed; finishing and selling costs of US$0.75/t processed; variable metallurgical recoveries by oxidation state, ranging from 44–86%; and variable pit slope angles ranging from 35–45º. Mineral Resources are reported above variable cut-off grades, ranging from 0.095–1.99 g/t Au. Numbers have been rounded.
- Mineral Reserve estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Resources were constrained by a Vulcan, wire frame underground model and based on a cut-off of 3.5g/t Au.
