Lundin GOLD Reports Further High-Grade Intercepts from Its 2023 Exploration Programs
NEWS RELEASE
Vancouver, November 1, 2023
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 REPORTS FURTHER HIGH-GRADE INTERCEPTS FROM ITS 2023
EXPLORATION PROGRAMS
Lundin Gold Inc. (TSX: LUG ) (Nasdaq Stockholm: LUG ) (OTCQX: LUGDF) ("Lundin Gold" or the
"Company") today announces recent results from its conversion and near-mine exploration programs at
its 100% owned Fruta del Norte (“FDN”) gold mine in southeast Ecuador . The 2023 conversion drilling
program, targeting Inferred Mineral Resources (“Inferred Resources”) within the FDN deposit, has now
been concluded and several high -grade results confirm mineralization immediately adjacent to where
operations in the mine are currently taking place. In parallel, the near-mine program has successfully
advanced in defining and expanding Bonza Sur, a new epithermal system discovered to the south of FDN.
Highlights from the conversion and near-mine drilling programs are outlined below and detailed results
are provided at the end of this release (see Appendix 1).
Highlights from underground conversion holes drilled (not true widths):
• Drill hole FDN-C23-062 intersected 6.92 g/t gold (“Au”) over 48.5m from 50.60m, including 22.88
g/t Au over 8.70 m
• Drill hole FDN-C23-048 intersected 6.49 g/t Au over 37.9m from 123.30m, including 12.59 g/t Au
over 6.60 m
• Drill hole FDN -C23-042 intersected 8.32 g/t Au over 18.7m from 89.00m, including 16.78 g/t Au
over 6.70 m
• Drill hole FDN-C23-067 intersected 20.01 g/t Au over 14.20m from 14.60m, including 34.86g/t Au
over 7.1m
Highlights from near-mine surface exploration holes drilled at Bonza Sur (not true widths):
• Drillhole BLP-2023-042 intersected 7.44 g/t Au over 8.8m from 620.20 m, including 34.68g/t Au
over 1.8m
• Drill hole BLP-2023-053 intersected 5.87 g/t Au over 11.90m from 168.4 m, including 14.39 g/t Au
over 4.0m
Ron Hochstein, President and CEO, commented, “I am very pleased with the progress of Lundin Gold’s
2023 exploration programs. The conversion program has successfully concluded and has defined several
wide, high-grade mineralized zones in distinct sectors outside the current reserve that we expect to
underpin further future conversion of resources to reserves, while results received from drilling at Bonza
Sur have expanded its mineralization footprint . We are encouraged by the promising drill results,
exemplified through the expansion of our exploration programs to a minimum of 50,000 metres in 2023,
the largest drilling program since 2007 . We believe that these programs will enable the generation of
significant shareholder value in years to come.”
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CONVERSION PROGRAM
A total of 11,233 metres of underground drilling from 79 drill holes was completed as part of the 2023
conversion program in several sectors of the FDN deposit. The program for this year is now complete, and
drill results have significantly improved our confidence in the geologic model.
Conversion drilling in the southern sector of FDN has returned several high-grade intercepts associated
mainly with vein and/or veinlet zones hosted in volcanic or porphyritic intrusive rocks. In the north-central
sector, results show gold mineralization in breccias and stockwork zones, similar to mineralization found
in the mineral reserve envelope of this sector.
Figure 1: FDN long section showing selected conversion drilling results
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 2024. Complete assay results received to date are presented in Tables 1 and 3 at the end of this
release. Some drill hole results are pending.
In addition to the drilling, development on the 1170 and 1080 underground levels is underway to provide
drill stations for the 2024 conversion program. Total development is estimated at 765 metres.
NEAR-MINE EXPLORATION PROGRAM
The near-mine program continues to explore distinct sectors located along trend of the FDN deposit and
within extensions of its major controlling structures. As at October 31, 2023, a total of 26,361 metres
across 46 holes, from surface and underground, have been completed. Drilling earlier this year (see news
releases published on January 26th, May 4th and August 2nd, 2023) discovered a new exploration target,
Bonza Sur, which has been a primary focus over the last few months.
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Bonza Sur
At Bonza Sur, the exploration program continues to advance in defining a new epithermal system, located
only one kilometre south of the FDN deposit. Seven new drill holes were completed and confirm the
extension of the new mineralized zone (see Figures 2, 3 and 4). Recent results, shown in Table 2 and 3 at
the end of this release, indicate that the gold mineralization is hosted by the same volcanic sequence
found at the FDN deposit and associated mainly to vein/veinlet zones of quartz and minor chalcedony and
manganoan-carbonate with occurrences of disseminated to semi -massive levels of sul phides (mainly
sphalerite and galena).
Since the discovery of Bonza Sur, numerous drilling intercepts suggest the occurrence of three subparallel
vein/veinlet zones, called Colorada Central, West, and East. This epithermal system is believed to extend
to surface and stretches for 850 metres along the north-south strike and for at least 500 metres at depth
in the central area. BLP-2023-42 represents the deepest intercept at Bonza Sur. Gold mineralization
remains open in all directions (see figures 2, 3 and 4).
Over the coming months, t he d rilling program at Bonza Sur will focus on better understanding the
mineralized zones through reducing drill spacing and focusing on further exploration at depth and along
strike. Two rigs are currently turning at Bonza Sur.
Figure 2: Near-mine drilling program showing FDN, Bonza Sur and selected results
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Figure 3: B-B’ cross section at Bonza Sur (looking north) showing the Colorada vein system
Figure 4: C-C’ cross section at Bonza Sur (looking north) showing the Colorada vein system
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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 NI 43-101.
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 31, 2023, filed under the Company’s profile on SEDAR+ (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.
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 1, 2023 at 3:30 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 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" ,
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"should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forwa rd-
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 . 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 31, 2023,
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
shares include: risks related to political and economic instability in Ecuador; risks associated with the Company's community
relationships; risks related to estimates of production, cash flows and costs; risks inherent to mining operations; shortages of
critical supplies; the cost of non-compliance and compliance costs; control of the Company's largest shareholders; volatility in the
price of gold; failure of the Company to maintain its obligations under its debt facilities; risks related to Lundin Gold’s compliance
with environmental laws and liability for environmental contamination; the lack of availability of infrastructure; the Company's
reliance on one mine; security risks to the Company, its assets and its personnel; risks related to illegal mining; explorati on and
development risks; the impacts of a pandemic virus outbreak; risks related to the Company’s ability to obtain, maintain or renew
regulatory approvals, permits and licenses; uncertainty with and changes to the tax regime in Ecuador; the reliance of the
Company on its information systems and the risk of cyber -attacks on those systems; the imprecision of Mineral Reserve and
Resource estimates; deficient or vulnerable title to concessions, easements and surface rights; inherent safety hazards and r isk
to the health and safety of the Company’s employees and contractors; risks related to the Company’s workforce and its labour
relations; key talent recruitment and retention of key personnel; volatility in the market price of the Company’s shares; measures
to protect endangered species and critical habitats; social media and reputation; the adequacy of the Company’s insurance; risks
relating to the declaration of dividends; 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; limits of
disclosure and internal controls; the potential for litigation; and risks due to conflicts of interest.
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APPENDIX 1
Table 1: Drillhole assay results from the conversion underground drilling program 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
FDN-C23-031 139.2 146.4 7.2 4.81 8.13 Southern Underground
FDN-C23-031 189.6 194.5 4.9 7.5 2.12
FDN-C23-032 14 18 4 15.88 14.4 Southern Underground
FDN-C23-032 96.4 103 6.6 2.37 2.43
FDN-C23-033 15 19 4 3.95 5.3 Southern Underground
FDN-C23-034 95.3 147.1 51.8 3.85 6.02 Southern Underground
Including 102.9 105.4 2.5 23.97 23.2
FDN-C23-035 No Significant Results Southern Underground
FDN-C23-036 194.9 201.8 6.9 3.78 2.17 Southern Underground
FDN-C23-037 21.8 57.8 36 4.89 5.58 Northern Underground
Including 40.8 50 9.2 10.65 11.3
FDN-C23-038 75.4 79.2 3.8 4.07 7.33 Southern Underground
FDN-C23-038 187.5 203.4 15.9 3.4 1.25
FDN-C23-039 48.2 53.2 5 5.19 4.22
Northern Underground FDN-C23-039 61.9 66 4.1 6.68 6.76
FDN-C23-039 123.8 129.8 6 6.29 12.72
FDN-C23-040 95 105.6 10.6 2.22 14.75 Southern Underground
FDN-C23-041 105.2 118.9 13.7 1.31 11.23 Southern Underground
FDN-C23-041 211.1 218 6.9 3.59 3.79
FDN-C23-042 89 107.7 18.7 8.32 8.93 Northern Underground
Including 101 107.7 6.7 16.78 17.65
FDN-C23-043 42.6 55 12.4 10.1 9.75
Northern Underground Including 48.6 55 6.4 18.46 16.98
FDN-C23-043 112 121.9 9.9 3.6 8.59
FDN-C23-044 107.5 122 14.5 4.89 12.72 Southern Underground
Including 115.2 120 4.8 10.97 8.45
FDN-C23-045 36.8 45.2 8.4 8.05 12.29 Northern Underground
Including 36.8 41.4 4.6 12.97 19.74
FDN-C23-046 84.1 96 11.9 1.29 5.87 Southern Underground
FDN-C23-047 100.4 112 11.6 1.95 13.91 Southern Underground
FDN-C23-048 123.3 161.2 37.9 6.49 22.83
Northern Underground Including 133.3 139.9 6.6 12.59 37.54
Including 158 161.2 3.2 13.99 20.1
FDN-C23-049 212 223.7 11.7 3.97 5.5 Southern Underground
FDN-C23-050 35.7 54.8 19.1 6.92 13.56 Northern Underground
FDN-C23-051 94 108.9 14.9 4.89 4.66 Southern Underground
FDN-C23-051 140.5 163.3 22.8 3.66 6.26
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FDN-C23-052 27.1 32.1 5 11.01 13.38 Northern Underground
FDN-C23-053 54.5 89 34.5 2.44 2.57 Northern Underground
FDN-C23-054 123 140.6 17.6 2.44 9.28 Southern Underground
FDN-C23-055 37.1 41.1 4 2.53 5.13 Southern Underground
FDN-C23-056 117.6 150.5 32.9 3.61 19.21 Northern Underground
Including 137.2 149.5 12.3 5.36 27.47
FDN-C23-057 101.6 107.6 6 3.79 24.93 Northern Underground
FDN-C23-057 117 121 4 4.23 16.17
FDN-C23-058 75.1 98.9 23.8 3.84 8.47 Southern Underground
FDN-C23-059 52.4 90 37.6 4.23 8.34
Southern Underground Including 55.5 62.7 7.2 8.43 10.96
Including 74.6 80.5 5.9 9.5 9.46
FDN-C23-060 50.1 78.9 28.8 5.24 8.26 Southern Underground
Including 52.8 59.4 6.6 14.4 13.98
FDN-C23-061 No Significant Results Northern Underground
FDN-C23-062 50.6 99.1 48.5 6.92 12.06
Southern Underground Including 60.7 69.4 8.7 22.88 29.16
Including 76.2 84.2 8 7.28 10.61
FDN-C23-063 45.3 51.4 6.1 3.56 18
Northern Underground FDN-C23-063 112.6 129.5 16.9 10.86 75.97
Including 114.3 124.3 10 16.29 104.65
FDN-C23-064 31.9 36 4.1 4.97 14.14 Northern Underground
FDN-C23-064 134.9 141.9 7 2.34 12.31
FDN-C23-065 107.8 125 17.2 6.45 3.96 Southern Underground
Including 116.9 123 6.1 12.25 5.43
FDN-C23-066 110.8 117.3 6.5 5.93 3.11 Southern Underground
FDN-C23-067 14.6 28.8 14.2 20.01 61.65
Northern Underground
Including 14.6 21.7 7.1 34.86 106.38
FDN-C23-067 133 144.8 11.8 3.31 33.28
Including 141.8 144.8 3 6.68 71.03
FDN-C23-068 13.5 19.5 6 3.86 86.77 Northern Underground
FDN-C23-068 183.9 193.6 9.7 4.17 32.4 Northern Underground
Including 183.9 187.9 4 6.86 31.75 Northern Underground
FDN-C23-069 110.2 117.2 7 3.58 3.58 Southern Underground
FDN-C23-070 108.9 119.7 10.8 3.67 4.06 Southern Underground
FDN-C23-071 No Significant Results Northern Underground
FDN-C23-072 122 132.7 10.7 3.8 8.23 Southern Underground
FDN-C23-073 46.7 52.4 5.7 4.28 26.01 Northern Underground
FDN-C23-074 100.7 108.2 7.5 2.99 11.65 Northern Underground
FDN-C23-075 35 40 5 9.35 6.62 Northern Underground
FDN-C23-076 Pending Results Northern Underground
FDN-C23-077 Pending Results Northern Underground