LUNDIN GOLD REPORTS DISCOVERY OF BONZA SUR GOLD DEPOSIT AND EXPANSION OF ITS NEAR-MINE DRILLING PROGRAM Bonza Sur transitioning from an early-stage target to a new gold deposit
NEWS RELEASE
Vancouver, August 7, 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 DISCOVERY OF BONZA SUR GOLD DEPOSIT AND
EXPANSION OF ITS NEAR-MINE DRILLING PROGRAM
Bonza Sur transitioning from an early-stage target to a new gold deposit
Lundin Gold Inc. (TSX: LUG ) (Nasdaq Stockholm: LUG ) (OTCQX: LUGDF) ("Lundin Gold" or the
"Company") is pleased to announce additional drilling results from its 2024 near-mine program at Bonza
Sur, with recent drilling intercepts continuing to delineate this new gold deposit. Based on positive results
to date , the Company is increasing its near-mine drilling program in 2024 by 10,000 metres to
approximately 66,000 metres between the near-mine and regional exploration programs.
Highlights from drilling at Bonza Sur are outlined below (not true width). Detailed results are provided at
the end of this release (see Appendix 1).
Bonza Sur Exploration Highlights (not true widths):
• Drill hole BLP-2024-107 intersected 2.01 grams per tonne (“g/t”) of gold (“Au”) over 113.30 m from
6.5 m, including:
o 3.10 g/t Au over 54.80 m from 6.5m, with:
o 8.59 g/t Au over 9.0 m
• Drill hole BLP-2024-128 intersected 1.96 g/t Au over 102.60 m from 57.30 m, including:
o 3.84 g/t Au over 41.40 m from 111.3m, with:
o 7.24 g/t Au over 11.60 m
• Drill hole BLP-2024-123 intersected 1.54 g/t Au over 126.70 m from 77.10 m including:
o 4.11 g/t Au over 31.35 m from 77.10m, with:
o 13.75 /t Au over 9.00m
• Drill hole BLP-2024-133 intersected 1.01 g/t Au over 125.70 m from 0.0 m including:
o 3.32 g/t Au over 22.10 m from 86.80m, with:
o 7.81 g/t Au over 6.40m
Ron Hochstein, President and CEO, commented, “The first drill hole into Bonza Sur was in Q1 2023 and in
a short period of time, drilling has discovered a new gold deposit. The drilling program at this target
continues to develop our current understanding of Bonza Sur as a shallow higher-grade core within a wide
mineralized zone that has significant further upside . Bonza Sur is sti ll sparsely drilled and open for
expansion along strike, its width and at depth. To further delineate this target, we will be increasing our
near-mine drilling program by 10,000 metres with the intention of announcing a maiden resource at Bonza
Sur in the first half of 2025.”
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NEAR-MINE PROGRAM
The near-mine exploration program continues to build on the unique potential of Lundin Gold’s world
class land package with 2024 being the largest drilling program ever conducted on the land package that
hosts FDN. This year, the near-mine program has already completed approximately 26,056 metres of
drilling, the vast majority of which has been at Bonza Sur.
Over recent months , drilling has expanded the Bonza Sur target to the north and at depth and results
reveal areas for further growth . A total of 6,096 metres across 16 holes was completed in the second
quarter at Bonza Sur with assay results presented in Table 1 at the end of this release. Results are still
pending for some drill holes.
Bonza Sur
What was initially discovered by drilling a geochemical soil anomaly located 1 kilometre south of the FDN
mine, Bonza Sur is now being delineated as a new gold deposit. The deposit is represented by a large
mineral envelope that starts from surface, extends continuously for more than 1.8 kilometre along strike,
is approximately 100 metres wide and extends at least 500 metres at depth (see Fig 1, 2 and 3). Since its
discovery in 2023, more than 50 drill holes have been completed with significant further potential for
expansion.
Recent results, shown in Tables 1 and 2 at the end of this release, continue to show an inner higher-grade
core associated to hydrothermal alteration with vein/veinlet zones of quartz and minor chalcedony or
manganoan-carbonate within a lower-grade gold zone represented by silica-illite and sulfides. The recent
drill hole BLP-2024-107 for example, starts in a higher-grade gold zone close to the surface (3.10 g/t Au
over 54.80m, including 8.59 g/t Au over 9.0 meters) , and is surrounded by wide disseminated gold
mineralization (2.01 g/t Au over of 113.10 m from 6.5m depth).
The distinct gold mineralization styles found at Bonza Sur are currently under review and could provide
optionality for mining. A metallurgy study is planned for 2024 and announcement of a maiden mineral
resource is expected in the first half of 2025. Currently, four rigs are turning at Bonza Sur, focused on
increasing drilling spacing in the core zone, along the south extension and at depth.
A metallurgical program has already begun for Bonza Sur and work is underway on preparation of a
resource estimate.
Drilling Program Expansion
Based on recent exploration results, the Company plans to increase its 2024 near-mine drilling program
by 10,000 metres to a minimum of 56,000 metres. This is expected to result in an estimated cost increase
of $2.0 million, which combined with the regional program, results in an estimated program cost of $44.0
million. Eleven rigs are currently turning across the conversion, near-mine and regional programs.
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Figure 1: Bonza Sur mineral deposit location map
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Figure 2: Bonza Sur plan view and selected results
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Figure 3: Bonza Sur longitudinal section showing selected 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.
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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 August 7, 2024 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 and Corporate Development
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,
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 forwa rd-
looking st atements. 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 mat erially 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 , including the plans to release a resource estimate on Bonza Sur . 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" sectio n
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 regulato ry 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; human 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 retention;
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.
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APPENDIX 1
Table 1: Drillhole assay results from the near-mine drilling program at Bonza Sur 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 Type From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Target Zone
AMN-2024-110 548.7 554.7 6 3.43 1.08
AMN Surface
AMN-2024-110 including 552.7 554.7 2 9.2 2.35
AMN-2024-124 138.1 152.4 14.3 0.46 16.97
AMN Surface
AMN-2024-124 including 143.5 144.5 1 2.58 79.2
AMN-2024-131 58.5 79.35 20.85 0.99 1.40 AMN Surface
BLP-2024-106 417.6 424.5 6.9 2.41 8.83
Bonza Sur Surface
BLP-2024-106 including 421.8 424.5 2.7 5.63 15.14
BLP-2024-107 6.5 119.8 113.3 2.01 8.24
Bonza Sur Surface
BLP-2024-107 including 6.5 61.3 54.8 3.1 8.32
BLP-2024-107 with 6.5 15.5 9 8.59 19.86
BLP-2024-107 with 52.2 62.3 10.1 6.42 7.27
BLP-2024-108 25.4 27.2 1.8 2.8 2.95
Bonza Sur Surface
BLP-2024-108 75.7 76.7 1 1.09 19.55
BLP-2024-111 58.4 63.2 4.8 2.11 5.79
Bonza Sur Surface
BLP-2024-111 including 60.2 62.2 2 3.37 6.11
BLP-2024-112 No Significant Results Bonza Sur Surface
BLP-2024-115 73.4 187.7 114.3 1.31 6.14
Bonza Sur Surface
BLP-2024-115 including 146.4 172.2 25.8 3.18 10.6
BLP-2024-115 with 147.3 151.7 4.4 4.99 22.04
BLP-2024-115 with 170.2 173.2 3 5.98 8.96
BLP-2024-116 225.8 319.1 93.3 1.21 37.86
Bonza Sur Surface
BLP-2024-116 including 266.2 319.1 52.9 1.96 62.22
BLP-2024-116 with 268.1 271.2 3.1 5.87 92.1
BLP-2024-116 with 301.1 306.05 4.95 4.43 136.73
BLP-2024-118 258.85 400 141.15 1.06 43.76
Bonza Sur Surface BLP-2024-118 including 273.25 301.3 28.05 3.09 28.48
BLP-2024-118 with 292 296 4 18.54 101.3
BLP-2024-119 No Significant Results Bonza Sur Surface
BLP-2024-123 77.1 203.8 126.7 1.54 9.84
Bonza Sur Surface BLP-2024-123 including 77.1 108.45 31.35 4.11 7.91
BLP-2024-123 with 77.1 86.1 9 13.75 12.4
BLP-2024-128 57.3 159.9 102.6 1.96 10.45
Bonza Sur Surface
BLP-2024-128 including 111.3 152.7 41.4 3.84 15.62
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BLP-2024-128 with 133 144.6 11.6 7.24 14.66
BLP-2024-130 5 33.8 28.8 1.1 5
Bonza Sur Surface BLP-2024-130 including 21.3 23 1.7 3.63 7.74
BLP-2024-130 46.3 59.5 13.2 0.77 3.31
BLP-2024-133 0 125.7 125.7 1.01 4.67
Bonza Sur Surface
BLP-2024-133 including 86.8 108.9 22.1 3.32 8.56
BLP-2024-133 with 86.8 93.2 6.4 7.81 7.23
BLP-2024-133 with 104.8 108.9 4.1 4.15 24.38
BLP-2024-133 260.1 261.1 1 3.12 5.72
BLP-2024-140 Pending Results Bonza Sur Surface
BLP-2024-141 Pending Results Bonza Sur Surface
BLP-2024-143 Pending Results Bonza Sur Surface
BLP-2024-143-D1 Pending Results Bonza Sur Surface
Table 2: Bonza Sur Collar Drill Holes
Hole ID Target Easting Northing Elevation Azimuth Dip EOH (m) Drilling Type Year
AMN-2024-110 Aguas Mesas 778824 9579707 1685 270 -50 581.25 Surface 2024
AMN-2024-124 Aguas Mesas 778827 9579707 1685 89 -44 404.20 Surface 2024
AMN-2024-131 Aguas Mesas 778823 9579707 1685 270 -40 553.35 Surface 2024
BLP-2024-112 Bonza Sur 778297 9581430 1461 84 -40 240.20 Surface 2024
BLP-2024-115 Bonza Sur 778625 9580996 1504 265 45 269.15 Surface 2024
BLP-2024-116 Bonza Sur 778652 9581179 1521 255 52 340.00 Surface 2024
BLP-2024-118 Bonza Sur 778626 9580996 1504 265 65 408.20 Surface 2024
BLP-2024-119 Bonza Sur 778295 9581430 1461 120 -64 451.00 Surface 2024
BLP-2024-123 Bonza Sur 778613 9580905 1508 270 -48 236.60 Surface 2024
BLP-2024-128 Bonza Sur 778343 9581540 1461 95 -50 436.35 Surface 2024
BLP-2024-130 Bonza Sur 778575 9580790 1501 270 -66 342.10 Surface 2024
BLP-2024-133 Bonza Sur 778576 9580790 1499 270 -72 449.70 Surface 2024
BLP-2024-140 Bonza Sur 778616 9580904 1508 88 -67 500.75 Surface 2024
BLP-2024-141 Bonza Sur 778688 9580440 1578 89 -70 323.20 Surface 2024
BLP-2024-143 Bonza Sur 778816 9581523 1449 269 -45 198.70 Surface 2024
BLP-2024-143-D1 Bonza Sur 778816 9581523 1449 269 -45 361.30 Surface 2024