Lundin GOLD Announces Drill Turning at Barbasco Exploration Target
NEWS RELEASE
Vancouver, March 24, 2021
Lundin Gold Inc. 885 West Georgia Street, Suite 2000 Phone: +1 604 689 7842 lundingold.com
Vancouver, BC, V6C 3E8 Fax: +1 604 689 4250 Email: [email protected]
LUNDIN GOLD ANNOUNCES DRILL TURNING AT BARBASCO EXPLORATION TARGET
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG) ("Lundin Gold" or the "Company") is pleased to announce
that its 9,000 metre (“m”) regional exploration drill program has begun, with the first drill hole now in progress
on the Barbasco target. The Company’s regional exploration program will focus on two high priority targets ,
Barbasco and Puente-Princesa, to test for mineralization in a geological setting very similar to that of Fruta del
Norte. Strict COVID-19 protocols have been put in place for these activities.
Barbasco is Lundin Gold’s highest priority target and is found on the Company’s wholly owned Emperador
concession, for which an exploration permit was received in September 2020 . The target is located
approximately 7 kilometres (“km”) south of the Company’s Fruta del Norte gold mi ne, on the eastern edge of
the 16 km long Suarez Pull-Apart Basin structure.
The Barbasco target is defined by the epithermal pathfinder elements arsenic and antimony in both soil and rock
samples and a ZTEM (resistivity) geophysical survey . The anomaly trends NNW for 3.8km within the basin
conglomerates and late andesites of the Suarez basin in an orientation and structural position similar to that of
Fruta del Norte. A couple of small (maximum width 20cm) late epithermal veins outcrop within the target area
and have assayed up to 10.4 g/t Au ; although it should be noted that t he target is being drilled to test for an
epithermal gold-silver system buried below the basin conglomerates.
Ron Hochstein, President and CEO commented, “Our objective is to find another Fruta del Norte style deposit.
We are very pleased to announce the commencement of drilling at Barbasco, our highest priority exploration
target. The target’s geochemistry, alteration and geology fits the Suarez basin exploration model that led to the
discovery of Fruta del Norte in 2006 and has been refined since then . We look forward to keeping our
shareholders updated on the drill program and expect initial assay results in the middle of 2021.”
Qualified Persons
The technical information contained in this News Release has been reviewed and approved by Steve Leary,
MAusIMM CP(Geo), a consultant to the Company, who is a Qualified Person under National Instrument 43-101.
About Lundin Gold
Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador.
Fruta del Norte is among the highest-grade operating gold mines in the world.
The Company's board and management team have extensive expertise in mine operations and are dedicated to
operating Fruta del Norte responsibly. The Compa ny operates with transparency and in accordance with
international best practices. Lundin Gold is committed to delivering value to its shareholders, while
simultaneously providing economic and social benefits to impacted communities, fostering a healthy an d safe
workplace and minimizing the environmental impact. The Company believes that the value created through the
development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.
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Additional Information
The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market
Abuse Regulation. This information was publicly communicated on March 24, 2021 at 2:00 p.m. Pacific Time
through the contact persons set out below.
For more information, please contact
Ron F. Hochstein Finlay Heppenstall
President and CEO Director, Investor Relations
Tel (Ecuador): +593 2-299-6400 Tel: +1 604 806 3089
Tel (Canada): +1-604-806-3589 [email protected]
Caution Regarding Forward-Looking Information and Statements
Certain of the information and statements in this press release are considered "forward -looking information" or "forward -looking
statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward -looking statements"). Any
statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, object ives,
assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates",
"expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such
words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken",
or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-
looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are
usually beyond the control of management, that could cause actual results to be materially different from those expressed by these
forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are
reasonable, but no assurance can be given that these expectations will prove to be correct. Forward -looking information should not be
unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily u pdate this
information, unless required to do so by securities laws.
This press release contains forward-looking information in a number of places, such as in statements relating to the timing and the success
of the Company’s drill program and other exploration activities and the Company’s efforts to protect its workforce from COVID-19. There
can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially
from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's
Annual Information Form dated March 2, 2021, which is available at www.lundingold.com or on SEDAR.
Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from
any forward-looking statement or that could have a material impact on the Company or the trading price of its sha res include: risks
relating to the impacts of a pandemic virus outbreak, political and economic instability in Ecuador, production estimates, mining
operations, the Company's community relationships, ability to maintain obligations or comply with debt, financing requirements, volatility
in the price of gold, shortages of critical supplies, compliance with environmental laws and liability for environmental contamination, lack
of availability of infrastructure, the Company's reliance on one mine, deficient or vulnerable title to concessions, easements and surface
rights, uncertainty with the tax regime in Ecuador, the Company’s workforce and its labour relations, inherent safety hazards and risks
to the health and safety of the Company’s employees and contractors, the Company’s ability to obtain, maintain or renew regulatory
approvals, permits and licenses, the imprecision of mineral reserve and resource estimates, key talent recruitment and retention of key
personnel, volatility in the market price of the shares, the potential influence of the Company's largest shareholders, measures to protect
endangered species and critical habitats, the reliance of the Company on its information systems and the risk of cyber -attacks on those
systems, the cost of non-compliance and compliance costs, exploration and development risks, risks related to illegal mining, the adequacy
of the Company’s insurance, uncertainty as to reclamation and decommissioning, the ability of Lundin Gold to ensure compliance with
anti-bribery and anti - corruption laws, the uncertainty regarding risks posed by climate change, the potential for litigation, limits of
disclosure and internal controls, security risks to the Company, its assets and its personnel, conflicts of interest, risks that the Company
will not declare dividends and social media and reputation.