LUNDIN GOLD REPORTS ADDITIONAL HIGH-GRADE DRILLING INTERCEPTS AT FDNS AND UPDATES ON CONVERSION DRILLING PROGRAM Recent drilling results confirm the continuity and growth potential of FDNS as a new high-grade system across the south of FDN
NEWS RELEASE
Vancouver, November 4, 2024
Lundin Gold Inc. Suite 2800, Four Bentall Centre Phone: +1 604 689 7842 lundingold.com
1055 Dunsmuir Street Fax: +1 604 689 4250 Email: [email protected]
Vancouver, BC, Canada, V7X 1L2
LUNDIN GOLD REPORTS ADDITIONAL HIGH-GRADE DRILLING INTERCEPTS AT FDNS
AND UPDATES ON CONVERSION DRILLING PROGRAM
Recent drilling results confirm the continuity and growth potential of FDNS as a
new high-grade system across the south of FDN
Lundin Gold Inc. (TSX: LUG ) (Nasdaq Stockholm: LUG ) (OTCQX: LUGDF) ("Lundin Gold" or the
"Company") is pleased to announce additional results from its ongoing 2024 near-mine and conversion
drilling programs at its 100% owned Fruta del Norte (“FDN”) gold mine in southeast Ecuador . Recent
drilling results at FDN South (“FDNS”) confirm the continuity and the high-grade nature of this mineralized
system across the southern extension of the FDN deposit. The conversion drilling program continued to
return high-grade results and confirm mineralization immediately adjacent to mine workings. Highlights
from the near mine program and conversion program are outlined below. Detailed results are provided
at the end of this release (see Appendix 1).
FDNS Exploration Drilling Highlights (not true widths):
• Drill hole UGE-S-24-145 intersected 22.67 grams per tonne (“g/t”) of gold (“Au”) over 41.60m from
26.40m, including:
o 68.81 g/t Au over 4.70m
o 53.08 g/t Au over 10.80m
• Drill hole UGE-S-24-175 intersected 15.26 g/t Au over 37.95 m from 19.35 m, including:
o 65.01 g/t Au over 5.35 m
o 22.02 g/t Au over 4.30 m
• Drill hole UGE-S-24-174 intersected 9.02 g/t Au over 26.20 m from 4.60 m, including:
o 16.20 g/t Au over 12.10 m
Conversion Drilling Highlights (not true widths):
• Drill hole FDN-C24-140 intersected 8.28 g/t Au over 80.90 m from 143.50 m, including:
o 31.29 g/t Au over 9.25 m
• Drill hole FDN-C24-157 intersected 7.00 g/t Au over 46.50 m from 5.00 m, including:
o 20.17 g/t Au over 10.35 m
• Drill hole FDN-C24-153 intersected 18.75 g/t Au over 10.90 m from 18.50 m, including:
o 30.32 g/t Au over 6.40 m
Ron Hochstein, President and CEO, commented, “I am very excited with our drilling programs at the FDN
deposit. These results demonstrate that the true potential of FDN has yet to be fully discovered. At FDNS,
delineation drilling continues to confirm the continuity of a new high-grade vein system with some of the
best drill intercepts achieved to date . In addition, conversion drilling has successfully concluded for the
year and has defined several wide, high-grade mineralized zones that we expect to convert from Mineral
Resources to Mineral Reserves as part of our updated resource estimate planned to be issued in the first
2
quarter of next year. Both programs continue to highlight a great potential for additional Mineral Reserves
at FDN.”
NEAR-MINE EXPLORATION PROGRAM
The Company’s near-mine exploration strategy focuses on extending mine life through the expansion of
Mineral Resources at FDN by exploring and delineating new discoveries close to the operation. Ten rigs
are currently turning on the FDN near-mine exploration program , three underground and seven on
surface. A total of 45,325 metres across 120 holes, from surface and underground, has been completed
to date in 2024 as part of the near-mine program. Since the second quarter, the program has concentrated
on FDNS.
FDNS
At FDNS, the underground drilling program advanced along strike and at depth, following up on the initial
high-grade results in this sector (see news release dated July 31, 2024) (Figure 1 and 2). Since the start of
this program in the second quarter , a total of 31 drill holes have been completed , and the results have
confirmed a high-grade vein system, of distinct geometry and style when compared to the FDN deposit,
in a sector that had been previously defined as lower grade (Figure 2).
The r ecent drill holes , completed from underground levels 1170 and 1080 , showed significant results
associated with distinct levels of hydrothermal alteration with chalcedony and manganoan-calcite veins
with sulfides and visible gold. Intersections from drill holes UGE-S-24-145 (53.08 g/t Au over 10.80m) and
UGE-S-24-175 (65.01 g/t Au over 5.35m), are some of the highest-grade intercepts ever recorded in the
sector. All the recent results are being incorporated into a new geological model for this sector and are
expected to be part of the update to the FDN Mineral Resource estimate to be completed in the first
quarter of next year. Assay results are presented in Tables 1 and 3 at the end of this release. Results are
still pending for some drill holes.
The recent drilling results also indicate the expansion potential of this high-grade system at depth as well
as south, where additional drill holes from the recently reopened South Portal should further provide
opportunities to explore the continuity . The South Portal was installed by the previous owner of FDN,
Kinross Gold Corporation. Over the past nine months 465 m etres of the 670 m etre portal have been
dewatered and rehabilitated, a nd exploration drill platforms constructed . Two underground rigs are
currently turning at FDNS.
3
Figure 1: Map showing FDNS near-mine exploration with selected FDNS exploration drilling results
4
Figure 2: Cross section (left) and plan view map (right) with selected FDNS exploration drilling results
CONVERSION PROGRAM
The 2024 conversion drilling program was focused on converting Inferred Mineral Resources to Indicated
in areas immediately beyond the current Mineral Reserve boundary in the north and central sector s of
the FDN deposit. A total of 1 3,755 metres of underground drilling from 110 drill holes was executed in
2024, and drilling for this year is now complete. All drill results to date have significantly improved the
Company’s confidence in the geologic model.
Numerous drill holes have confirmed wide and high-grade intercepts associated with large hydrothermal
alteration zones represented by breccias, veining or stockwork zones, very similar in style and geometry
to that found in the areas of the north sector currently being mined (see Figure 3). This year’s conversion
drilling results are currently being incorporated into the geological model and will form the basis of an
updated Mineral Resources and Reserves estimate to be completed during the first quarter of 202 5.
Complete assay results received to date are presented in Tables 2 and 3 at the end of this release. Some
results from the conversion program are pending.
5
Figure 3: FDN long section showing selected conversion drilling results
Qualified Persons
The technical information contained in this News Release has been reviewed and approved by Andre
Oliveira, P. Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with
the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Samples consist of half HQ and NQ-size diamond core that are split by diamond saw on site, prepared at
the ALS laboratory in Quito, and analysed by 50g fire assay and multi -element (ICP-AES/ICP-MS) at the
ALS Laboratory in Lima, Peru. The quality assurance -quality control ( “QA-QC”) program of Lundin Gold
includes the insertion of certified standards of known gold content, blank and duplicate samples. The
remaining half core is retained for verification and reference purposes. For further information on the
assay, QA-QC and data verification procedures, please see Lundin Gold’s Annual Information Form dated
March 26, 2024, filed under the Company’s profile at www.sedarplus.ca.
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 Company 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 impac ted communities,
fostering a healthy and safe workplace and minimizing the environmental impact. The Company believes
that the value created t hrough the development of Fruta del Norte will benefit its shareholders, the
Government and the citizens of Ecuador.
6
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 November 4, 2024 at 3:20 p.m.
Pacific Time through the contact persons set out below.
For more information, please contact
Ron F. Hochstein Brendan Creaney
President and CEO Vice President, Corporate Development and Investor Relations
Tel (Ecuador): +593 2-299-6400 Tel: +1 604-376-4595
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 respe ct to predictions, expectations, beliefs, plans, projections,
objectives, 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 update 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 Company’s
exploration plans, activities and results and its plans to update its estimates of Mineral Reserves and Resources. 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 26, 2004 , which is available at www.lundingold.com or
www.sedarplus.ca.
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
shares include: instability in Ecuador; community relations; forecasts relating to production and costs; mining operations;
security; non-compliance with laws and regulations and compliance costs; tax changes in Ecuador; waste disposal and tailings;
government or regulatory approvals; environmental compliance; gold price; infrastructure; dependence on a single mine;
exploration and development; control of Lundin Gold; availability of workforce and labour relations; dividends; information
systems and cyber security; Mineral Reserve and Mineral Resource estimates; title matters and surface rights and access; health
and safety; hum an rights; employee misconduct; measures to protect biodiversity; endangered species and critical habitats;
global economic conditions; shortages of critical resources; competition for new projects; key talent recruitment and retenti on;
market price of the Company’s shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or
infectious disease outbreak; climate change; illegal mining; conflicts of interest; ability to maintain obligations or comply with
debt; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations.
7
APPENDIX 1
Table 1: Drillhole assay results from the near-mine drilling program at FDNS reported for thickness versus
grade intervals above 14 (m x g/t Au >14). Drill hole intercepts are reported in drill core lengths
Hole ID From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Target Zone
UGE-S-24-135 7.0 10.9 3.9 3.39 7.14
FDNS Underground
UGE-S-24-135 80.3 83.6 3.3 3.19 16.30
UGE-S-24-135 101.5 115 13.5 3.96 20.26
Including 102.5 105.8 3.3 8.74 52.19
UGE-S-24-135 124.4 143.8 19.4 2.15 17.63
UGE-S-24-135 149.8 165.6 15.8 3.35 12.44
UGE-S-24-139 6.0 10 4.0 5.12 6.43
FDNS Underground
UGE-S-24-139 42.6 45.7 3.1 3.21 13.35
UGE-S-24-139 64 70.3 6.3 8.45 46.36
Including 65.8 67.9 2.1 22.31 78.85
UGE-S-24-139 83.1 87.4 4.3 3.24 15.75
UGE-S-24-139 94.2 96.6 2.4 8.73 27.75
UGE-S-24-139 139.1 143.3 4.2 3.21 12.95
UGE-S-24-142 0 6.1 6.1 5.79 4.62
FDNS Underground
UGE-S-24-142 52.9 55.7 2.8 8.65 10.79
UGE-S-24-142 61 75.8 14.8 7.59 15.63
Including 72.8 76.8 4.0 19.42 26.66
UGE-S-24-142 91.6 104.1 12.5 2.90 60.42
Including 91.6 96 4.4 3.95 35.62
UGE-S-24-142 118.7 128.7 10 5.86 32.31
Including 121.6 125.5 3.9 12.68 48.50
UGE-S-24-142 193.3 197.3 4.0 2.11 12.50
UGE-S-24-145 7.9 12.3 4.4 4.73 20.28
FDNS Underground
UGE-S-24-145 26.4 68 41.6 22.67 15.88
Including 40.7 45.4 4.7 68.81 34.89
Including 57.2 68 10.8 53.08 26.49
UGE-S-24-145 81.7 106.8 25.1 3.92 8.80
Including 90.2 98.4 8.2 6.39 10.83
UGE-S-24-150 45.6 49.1 3.5 3.83 3.72
FDNS Underground
UGE-S-24-150 70.8 75.3 4.5 2.98 5.59
UGE-S-24-150 106.9 131.1 24.2 4.46 8.48
Including 121.3 124.9 3.6 16.27 12.73
UGE-S-24-150 141 154.8 13.8 6.85 11.20
Including 143.8 150 6.2 12.01 15.86
UGE-S-24-152 0.4 7.3 6.9 4.67 4.86 FDNS Underground
8
UGE-S-24-152 127.9 132.8 4.9 5.08 8.59
UGE-S-24-153 106.4 110.4 4 8.44 2.58
FDNS Underground
UGE-S-24-153 146.2 153.3 7.1 9.71 2.30
UGE-S-24-155 78.15 81.15 3 8.91 3.47
FDNS Underground
UGE-S-24-155 122.2 139.1 16.9 6.31 1.38
Including 133.1 139.1 6 8.66 1.69
UGE-S-24-155 156.55 159.95 3.4 6.56 1.15
UGE-S-24-155 174.3 178.1 3.8 8.85 1.22
UGE-S-24-158 125.3 129.3 4 4.34 9.76
FDNS Underground UGE-S-24-158 136.7 140.7 4 3.88 2.14
UGE-S-24-158 153.2 157.8 4.6 8.08 1.73
UGE-S-24-159 Pending Results FDNS Underground
UGE-S-24-160 Pending Results FDNS Underground
UGE-S-24-163 No Significant Results FDNS Underground
UGE-S-24-164 Pending Results FDNS Underground
UGE-S-24-167 0 4.0 4.0 6.71 6.35
FDNS Underground
UGE-S-24-167 14.6 20.9 6.3 11.03 9.61
UGE-S-24-167 169.4 174.2 4.8 4.12 12.34
UGE-S-24-167 186.8 192.9 6.1 8.52 21.31
UGE-S-24-170 63.75 68.7 4.95 5.12 1.45 FDNS Underground
UGE-S-24-171 Pending Results FDNS Underground
UGE-S-24-174 4.6 30.8 26.2 9.02 37.27
FDNS Underground Including 4.6 16.7 12.1 16.20 73.14
UGE-S-24-174 46.4 50.4 4.0 7.25 4.71
UGE-S-24-175 19.35 57.3 37.95 15.26 14.38
FDNS Underground
Including 27.9 32.2 4.3 22.02 22.66
Including 44.5 49.85 5.35 65.01 46.54
UGE-S-24-175 96.85 116.7 19.85 7.95 9.80
Including 96.85 102.4 5.55 20.90 14.17
UGE-S-24-176 95.25 99.5 4.25 6.81 10.78
FDNS Underground UGE-S-24-176 144.2 158.9 14.7 6.10 2.60
Including 144.8 149.2 4.4 12.27 3.60
UGE-S-24-180 Pending Results FDNS Underground
UGE-S-24-184 Pending Results FDNS Underground
UGE-S-24-185 Pending Results FDNS Underground
UGE-S-24-191 Pending Results FDNS Underground
UGE-S-24-192 Pending Results FDNS Underground
UGE-S-24-196 Pending Results FDNS Underground
UGE-S-24-199 Pending Results FDNS Underground