Lundin Mining Announces New Copper-Gold Saúva Discovery at Chapada
Corporate Office
150 King Street West, Suite 2200
P.O. Box 38, Toronto, ON M5H 1J9
Phone: +1 416 342 5560
Fax: +1 416 348 0303
lundinmining.com
NEWS RELEASE
Lundin Mining Announces New Copper-Gold Saúva Discovery at Chapada
Toronto, February 10, 2022 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining”
or the “Company”) today announces the discovery of a new copper -gold mineralized system called Saúva, located
approximately 15 kilometers north of the Chapada mine, in the State of Goiás, Brazil.
As part of Lundin Mining’s ongoing exploration program aimed at increasing the Mineral Resource estimation at
Chapada, diamond drilling was initiated at Saúva in the third quarter of 2021 within a recently acquired exploration
concession (Figure 1). Initial drilling was designed to test for the source of a strong soil copper anomaly
(>1,000 ppm Cu) that was located along strike from the previously identified Formiga prospect. The first two drill
holes at Saúva confirmed the presence of shallow high -grade copper -gold mineralization. Further drilling was
undertaken to evaluate the potential and to date a total of forty-seven (47) holes have been completed defining a
mineralized area measuring approximately 750 meters by 650 meters , with assay results available for 29 holes
(Table 1). The mineralization currently remains open in all directions.
Highlights from initial drilling include:
• Hole FOR-113: 55.48 m at 0.88% Cu and 1.15 g/t Au or 1.72% CuEq1, from 6.52 m
including: 27.26 m at 1.30% Cu and 1.89 g/t Au or 2.68% CuEq, from 33.74 m
• Hole FOR-115: 65.45 m at 0.61% Cu and 0.70 g/t Au or 1.12% CuEq, from 23.55 m
including: 18.41 m at 1.26% Cu and 1.92 g/t Au or 2.66% CuEq, from 50.43 m
• Hole FOR-123: 64.25 m at 0.72% Cu and 1.10 g/t Au or 1.51% CuEq, from 158.45 m
including: 43.25 m at 0.90% Cu and 1.52 g/t Au or 2.01% CuEq, from 158.45 m
and: 70.40 m at 0.42% Cu and 0.11 g/t Au or 0.50% CuEq, from 248.70 m
including: 8.56 m at 1.04% Cu and 0.16 g/t Au or 1.16% CuEq, from 248.70 m
• Hole FOR-135: 57.31 m at 0.79% Cu and 1.06 g/t Au or 1.56% CuEq, from 8.29 m
including: 17.95 m at 1.27% Cu and 1.98 g/t Au or 2.71% CuEq, from 32.05 m
and: 12.80 m at 0.44% Cu and 0.11 g/t Au or 0.52% CuEq, from 189.20 m
• Hole FOR-148: 74.06 m at 0.81% Cu and 1.27 g/t Au or 1.74% CuEq, from 116.00 m
including: 19.39 m at 1.80% Cu and 3.61 g/t Au or 4.43% CuEq, from 149.61 m
Lundin Mining President and CEO, Peter Rockandel , commented “The shallow and high -grade copper -gold
mineralization discovered at Saúva is a clear example of the growth optionality that stems from Lundin Mining’s
successful track record of aggressive near-mine and brownfields exploration at all of our operations . Implications
that this new high-grade mineralized system may have for our on -going expansion studies of Chapada will be
evaluated as this discovery evolves during the year.”
Ciara Talbot , Vice President , Exploration, added “We are very pleased with this ear ly-stage discovery within the
exploration concessions identified and acquired as part of last year ’s federal auction process. This discovery
supports our view that numerous opportunities exist to increase the size and quality of our Mineral Resource base
at Chapada.”
1 Copper equivalent grades (CuEq) are for comparative purposes only. Calculations are uncut and recovery is assumed to be 100% as metallurgical data is insufficient to allow for
estimation of metal recoveries. Copper equivalence (CuEq %) is calculated as: CuEq % = Cu % + (Au g/t x 0.7292), employing metal prices of Cu – US$3.00/lb, Au – US$1,500/oz.
Saúva Discovery
In 2015, the Chapada exploration team identified the Formiga exploration target, approximately 15 km north of the
mine, based on positive chip sampling and regional mapping. The first drill holes at Formiga intercepted skarn style
alteration comprising hydrothermal assemblage of garnet -epidote-amphibole-diopside in metasedimentary rocks.
Then, during soil sampling in the region in 2016, additional disseminated copper-gold targets in the Formiga sector
were identified along strike in metadiorite with hydrothermal alteration similar to what is being mined at Chapada.
This trend of mineralized occurrences appeared to extend off the exploration concession to the west.
Following the acquisition of Chapada by Lundi n Mining in 2019, a Mineral Inventory Range Analysis study was
undertaken to refine the exploration strategy, including the prioritization of potential mineral concession
acquisitions ahead of the anticipated federal auction. In the first half of 2021, Lun din Mining acquired 37 new
exploration concessions through the auction process, covering 58,048 hectares and increasing the total land position
around the Chapada mine by over 120%. This included the concession immediately west of Formiga. Two initial drill
holes, FOR-112 and FOR-113, were designed to test for the source of a strong soil copper anomaly (>1,000 ppm Cu)
on this newly acquired concession along strike from Formiga. Both drill holes confirmed the presence of shallow
high-grade copper-gold mineralization, which has become the Saúva prospect discovery.
Saúva Exploration Results
Following the initial discovery of the Saúva in September 2021, an aggressive exploration drilling campaign was
commenced with five drill rigs to better define the potential size of the discovery. Forty-three (43) drill holes, totaling
12,850 meters, had been completed at Saúva as of December 2021. Almost all drill holes intercepted the mineralized
layer containing high chalcopyrite with (±) bornite content and with the majority returning intersections with grades
above 1.0% CuEq, confirming the potential for significant , shallow and high-grade copper-gold mineralization. The
location of the drill hole collars are shown in Figures 2 and 3, along with an approximate outline of where mineralized
horizons have been intersected. The mineralization continues to remain open in all directions.
Mineralization at Saúva is comprised of disseminated and vein -hosted bornite and chalcopyri te hosted by biotitic
and quartz-feldspar altered rocks. The high -grade mineralization (>1.0% CuEq) is associated with bornite greater
than chalcopyrite, or chalcopyrite greater than bornite sulfide zones. Lower grade mineralization (>0.3% CuEq) is
associated with chalcopyrite and pyrite + chalcopyrite sulfide zones. A representative cross section of the
mineralized horizons is presented in Figure 4. The hydrothermal alteration zone is currently interpreted to generally
follow a northeast trend, but individual high-grade orientations vary and detailed modeling remains in progress.
2022 Exploration Program
Lundin Mining is evaluating and interpreting the results reported in Table 1 and continues to explore for extensions
to the mineralization. There are presently three rigs drilling in the Saúva sector testing areas to the northeast and
west of the discovery area . Aggressive and methodical exploration of the sector is planned for 2022 a s part of the
$10 million exploration program at Chapada. Additional drill rigs and approximately fifty (50) holes are planned to
test northeast along strike to towards the Formiga sector, as well as step out in other directions, as seen in Figure 2.
Technical Information and Quality Assurance
The drill holes were collared at HQ diameter from soil to altered rock and changed to NQ when fresh rock was
encountered. The drill rods were three met ers long and the wireline core drilling method was employed. The
majority of holes were drilled at an azimuth of 120° and a 70° dip, perpendicular to interpreted strike and the
mineralized horizon. H owever, some holes were drilled at other orientations where ideal surface access was not
possible at the time. Downhole surveys were taken by the drilling contractor up on completion of the drill hole. All
drill holes were surveyed every three (3) meters downhole using a Reflex GYRO SPRINT-IQ™ electronic surveying
instrument. Generally, the deviation was below 5 %, and no significant deviation issues were found to date. Collar
surveys were taken by GPS with CenterPoint RTX in UTM coordinates, SAD 69 Brazil datum, 22 South Zone. Drill hole
collars were cased and protected at the surface with a cement block affixed with a metal tag stamped with the drill
hole number, final depth, inclination, azimuth, and start and finish dates.
All Lundin Mining assay results from drilling have been independently monitored through a quality assurance/quality
control (“QA/QC” ) program, including the insertion of blind standards, duplicates, blanks, and pulp and reject
duplicate samples. The soil, saprolite , and altered rock were drilled from HQ size core and the fresh rock from NQ
size core. Half of the core was collected, and the sample interval was around one (1) meter for mineralized zones
and two (2) meters for non -mineralized zones. Quarter core samples were collected for duplicate analysis. The
samples were securely transported by a locally based transport company from our core preparation facility at the
Chapada Mine, Brazil to the ALS Chemex sample preparation facility in Goiania, Brazil. Sample pulps were sent for
analysis to the same lab in Lima, Peru, which is independent of Lundin Mining. The samples were analyzed by fire
assay/atomic absorption spectroscopy (AAS) (gold) and four acid digestion/ICP -MS (copper). The analysis w as
conducted by ALS Chemex Lima, Peru, accredited by the Standards Council of Canada ISO 17025:2005, and the
secondary laboratory SGS GEOSOL, Vespasiano, Brazil accredited by ISO 9001:2008, both independent laboratories.
Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved by
Mr. Jeremy Weyland, P.Eng., Senior Manager Studies of the Company , a non -Independent “Qualified Person” as
defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Weyland has verified the
data disclosed in this press release and no limitations were imposed on his verification process.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil, Chile, Portugal,
Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.
The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market
Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set
out below on February 10, 2022 at 17:00 Eastern Time.
For further information, please contact:
Mark Turner, Vice President, Business Valuations and Investor Relations: +1 416 342 5565
Irina Kuznetsova, Manager, Investor Relations: +1 416 342 5583
Robert Eriksson, Investor Relations Sweden: +46 8 440 54 50
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein is “forward -looking information” within the meaning of applicable Canadian securities laws. All
statements other than statements of historical facts included in this document constitute forward -looking information, including but not limite d to statements regarding
the Company’s plans, prospects and business strategies; the Company’s guidance on the timing and amount of future production and its expectations regarding the results
of operations; expected costs; permitting requirements and tim elines; timing and possible outcome of pending litigation; the results of any Preliminary Economic
Assessment, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of
metals, currency exchange rates, and interest rates; the development and implementation of the Company’s Responsible Mining M anagement System; the Company’s
ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company’s projects; and the
Company’s integration of acquisitions and any anticipated benefits thereof. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”,
“intend”, “continue”, “budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions ident ify forward-looking statements.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectatio ns and beliefs of management,
including that the Company can access financing, appropriate equipment and sufficient labor; assumed and future price of copper, nickel, zinc, gold and other metals;
anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates will continue
to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered
reasonable by Lundin Mining as at the date of this document in light of management’s experience and perception of current conditions and expected developments, these
statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known an d unknown factors could cause actual
results to differ materia lly from those projected in the forward -looking statements and undue reliance should not be placed on such statements and information. Such
factors include, but are not limited to: risks inherent in mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures,
unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, floodin g or unusually severe weather;
uninsurable risks; global financial conditions and inflation; changes in the Company’s share price, and volatility in the equity markets in general; volatility and fluctuations
in metal and commodity prices; the threat associated with outbreaks of viruses and infectious diseases, including the COVID-19 virus; changing taxation regimes; reliance
on a single asset; delays or the inability to obtain, retain or comply with permits; risks related to negative publicity with respect to the Company or the mining industry in
general; health and safety ris ks; exploration, development or mining results not being consistent with the Company’s expectations; unavailable or inaccessi ble
infrastructure and risks related to ageing infrastructure; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates
of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; risks associated with the estimation of Mineral Resources and Mineral Reserves and
the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; ore processing efficiency; community and stakeholder opposition;
information technology and cybersecurity risks; potential for the allegation of fraud and corruption involving the Company, i ts customers, suppliers or employees, or the
allegation of improper or discriminatory employment practices, or human rights violations; regulatory investigations, enforce ment, sanctions and/or related or other
litigation; uncertain political and economic environments, including in Brazil and Chile; risks associated with the structural stability of waste rock dumps or tailings storage
facilities; estimates of future production and operations; estimates of operating, cash and all -in sustaining cost estimates; c ivil disruption in Chile; the potential for and
effects of labor disputes or other unanticipated difficulties with or shortages of labor or interruptions in production; risk s related to the environmental regulation and
environmental impact of the Company’s operations and products and management thereof; exchange rate fluctuations; reliance on third parties and consultants in
foreign jurisdictions; climate change; risks relating to attracting and retaining of highly skilled employees; compliance wit h environ mental, health and safety laws;
counterparty and credit risks and customer concentration; litigation; risks inherent in and/or associated with operating in f oreign countries and emerging markets; risks
related to mine closure activities and closed and hist orical sites; changes in laws, regulations or policies including but not limited to those related to mining regimes,
permitting and approvals, environmental and tailings management, labor, trade relations, and transportation; internal control s; challenges or defects in title; the
estimation of asset carrying values; historical environmental liabilities and ongoing reclamation obligations; the price and availability of key operating supplies or services;
competition; indebtedness; compliance with foreign law s; existence of significant shareholders; liquidity risks and limited financial resources; funding requirements and
availability of financing; enforcing legal rights in foreign jurisdictions; dilution; risks relating to dividends; risks associated with acquisitions and related integration efforts,
including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration;
activist shareholders and proxy solicitation matters; and other risks and uncertainties, including but not limited to those described in the “Risk and Uncertainties” s ection
of the Annual Information Form and the “Managing Risks” section of the Company’s MD&A for the year ended December 31, 202 0, which are available on SEDAR at
www.sedar.com under the Company’s profile. All of the forward -looking statements made in this document are qualified by these cautionary statements. Although the
Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may
be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors
and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlyi ng assumptions prove incorrect, actual
results may vary materially from those described in forward -looking information. Accordingly, there can be no assurance that forward -looking information will prove to
be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information.
The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obli gation to update or revise
forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
Figure 1 – Saúva Discovery Area
Table 1 – Saúva Discovery Drilling Assay Results To date
Drill Hole Easting Northing Elevation
AZ
(o)
DIP
(o)
EOH
(m)
From
(m)
To
(m)
Core
Interval1
(m)
Cu
(%)
Au
(g/t)
CuEq2
(%) Zone
FOR-112 677410.225 8439378.835 323.47 120 -65 200.46 21.00 51.00 30.00 0.80 0.73 1.33 Upper
including 24.00 40.00 16.00 1.02 1.10 1.82 Upper
FOR-113 677352.018 8439423.823 324.20 120 -75 201.14 6.52 62.00 55.48 0.88 1.15 1.72 Upper
including 33.74 61.00 27.26 1.30 1.89 2.68 Upper
FOR-114 677261.126 8439551.947 324.58 160 -65 278.21 91.00 149.00 58.00 0.61 0.85 1.23 Upper
including 122.0 148.00 26.00 0.97 1.53 2.09 Upper
FOR-115 677377.343 8439536.486 323.93 120 -65 269.31 23.55 89.00 65.45 0.61 0.70 1.12 Upper
including 50.43 68.84 18.41 1.26 1.92 2.66 Upper
FOR-116 677454.932 8439341.012 323.64 120 -65 179.73 19.92 32.93 13.01 0.67 0.46 1.00 Upper
including 21.68 29.00 7.32 0.93 0.67 1.41 Upper
FOR-117 677288.243 8439585.696 324.85 120 -70 309.07 115.00 153.00 38.00 0.53 0.55 0.93 Upper
including 117.00 135.10 18.10 0.71 0.97 1.42 Upper
and 260.15 283.00 22.85 0.43 0.27 0.62 Lower
FOR-118 677341.880 8439294.204 326.11 300 -70 219.21 57.00 90.19 33.19 0.76 1.10 1.56 Upper
including 65.81 84.09 18.28 1.08 1.72 2.34 Upper
and 145.68 166.06 20.38 0.39 0.26 0.58 Lower
FOR-119 677340.468 8439295.041 326.24 120 -75 175.43 50.34 74.00 23.66 0.70 0.59 1.13 Upper
including 50.34 61.45 11.11 0.97 1.11 1.79 Upper
FOR-120 677313.055 8439192.795 323.97 300 -70 238.35 79.00 127.30 48.30 0.46 0.22 0.62 Upper
including 79.00 89.26 10.26 0.65 0.62 1.11 Upper
FOR-121 677185.302 8439637.543 325.94 120 -70 370.39 199.20 249.00 49.80 0.52 0.32 0.75 Upper
including 199.20 209.24 10.04 0.65 1.03 1.40 Upper
including 228.00 240.00 12.00 0.83 0.12 0.92 Upper
and 307.00 334.00 27.00 0.49 0.22 0.65 Lower
including 101.23 333.00 9.00 0.75 0.36 1.01 Lower
FOR-122 677312.73 8439193.899 324.03 120 -80 191.80 96.38 124.00 27.62 0.32 0.23 0.49 Lower
including 101.23 113.80 12.57 0.32 0.33 0.56 Lower
FOR-123 677312.36 8439193.312 323.79 300 -50 401.16 158.45 222.70 64.25 0.72 1.10 1.51 Upper
including 158.45 201.80 43.34 0.90 1.52 2.01 Upper
and 248.70 319.10 70.40 0.42 0.11 0.50 Lower
including 248.70 257.26 8.56 1.04 0.16 1.16 Lower
FOR-124 677250.367 8439112.094 324.01 300 -50 472.06 272.26 308.68 36.42 0.63 0.84 1.25 Upper
including 274.00 298.80 24.80 0.74 1.07 1.52 Upper
and 378.00 440.00 62.00 0.40 0.14 0.50 Upper
FOR-125 677186.692 8439636.057 325.10 300 -85 451.03 253.51 329.00 75.49 0.41 0.22 0.57 Upper
including 253.51 270.70 16.49 0.53 0.60 0.97 Upper
and 359.39 441.00 81.61 0.34 0.15 0.45 Lower
including 380.61 387.13 6.52 0.51 0.36 0.77 Lower
including 416.00 425.00 9.00 0.46 0.38 0.74 Lower
FOR-127 677249.706 8439112.792 324.03 120 -85 288.75 105.00 165.56 60.56 0.27 0.12 0.36 Upper
Drill Hole Easting Northing Elevation
AZ
(o)
DIP
(o)
EOH
(m)
From
(m)
To
(m)
Core
Interval1
(m)
Cu
(%)
Au
(g/t)
CuEq2
(%) Zone
FOR-128 677422.175 8439621.234 324.79 120 -70 289.99 60.41 103.00 42.59 0.50 0.45 0.83 Upper
including 60.41 77.00 16.59 0.78 0.87 1.41 Upper
and 245.22 279.22 34.00 0.39 0.30 0.61 Lower
including 248.07 257.00 8.93 0.82 0.82 1.41 Lower
FOR-129 677250.93 8439111.935 323.733 300 -70 319.59 132.31 224.00 91.69 0.31 0.13 0.40 Upper
including 179.76 201.74 21.98 0.43 0.23 0.60 Upper
FOR-131 677352.23 8439656.498 324.962 120 -70 330.51 100.89 129.00 28.11 0.45 0.47 0.79 Upper
including 106.00 118.28 12.28 0.57 0.68 1.07 Upper
and 298.79 307.28 8.49 0.43 0.35 0.69 Lower
FOR-133 677352.23 8439656.498 324.75 120 -70 379.20 75.57 99.80 24.23 0.39 0.21 0.54 Upper
including 75.57 82.00 6.43 0.49 0.47 0.83 Upper
and 277.73 308.04 30.31 0.48 0.52 0.86 Lower
including 277.73 292.00 14.27 0.70 0.87 1.33 Lower
FOR-135 677417.805 8439507.902 324.52 120 -60 250.45 8.29 62.00 53.71 0.79 1.06 1.56 Upper
including 32.05 50.00 17.95 1.27 1.98 2.71 Upper
and 189.20 202.00 12.80 0.44 0.11 0.52 Lower
FOR-137 677468.510 8439593.976 324.04 120 -70 300.40 18.00 50.42 34.42 0.93 1.21 1.81 Upper
including 21.74 42.00 20.26 1.24 1.78 2.54 Upper
FOR-138 676961.956 8439385.443 330.345 100 -55 380.57 245.75 277.85 32.10 0.37 0.28 0.57 Upper
including 245.75 252.03 6.28 0.49 0.57 0.91 Upper
FOR-139 677367.625 8439769.823 324.565 120 -70 410.16 147.39 183.17 36.32 0.40 0.15 0.50 Upper
including 174.00 183.71 9.71 0.61 0.08 0.67 Upper
and 359.00 382.87 23.87 0.38 0.23 0.55 Lower
including 364.58 373.00 8.42 0.53 0.35 0.79 Lower
FOR-140 677506.802 8439695.304 324.652 120 -70 300.27 50.68 64.71 14.03 0.51 0.47 0.85 Upper
including 50.68 57.67 6.99 0.71 0.72 1.24 Upper
and 244.00 269.00 25.00 0.52 0.46 0.86 Lower
including 245.08 257.35 12.27 0.70 0.68 1.20 Lower
FOR-141 676960.285 8439473.581 326.647 100 -50 463.90 246.37 288.00 41.63 0.47 0.51 0.84 Upper
including 253.38 272.32 18.94 0.58 0.71 1.10 Upper
FOR-142 677553.501 8439668.36 324.67 120 -70 270.30 17.21 50.80 33.59 0.62 0.71 1.14 Upper
including 17.21 38.20 20.99 0.81 1.03 1.56 Upper
and 217.00 233.00 16.00 0.47 0.41 0.77 Lower
including 220.97 228.00 7.03 0.67 0.73 1.20 Lower
FOR-143 676953.271 8439689.652 330.371 120 -58 460.34 323.87 384.10 60.23 0.45 0.31 0.67 Upper
including 327.00 333.40 6.40 0.59 0.78 1.16 Upper
including 366.00 373.00 7.00 0.75 0.54 1.14 Upper
FOR-146 676948.493 8439593.633 328.864 120 -55 433.60 279.46 348.51 69.05 0.46 0.44 0.78 Upper
including 295.13 307.00 10.87 0.80 1.23 1.70 Upper
FOR-148 677261.820 8439552.380 324.305 190 -50 220.00 116.00 190.06 74.06 0.81 1.27 1.74 Upper
including 149.61 169.00 19.39 1.80 3.61 4.43 Upper
Notes:
1. Reported intercepts are not true thicknesses as there is currently insufficient data to calculate true orientation.
2. Copper equivalent grades (CuEq) are for comparative purposes only. Calculations are uncut and recovery is assumed to be 100% as
metallurgical data is insufficient to allow for estimation of metal recoveries. Copper equivalence (CuEq %) is calculated as: CuEq % = Cu %
+ (Au g/t x 0.7292), employing metal prices of Cu – US$3.00/lb, Au – US$1,500/oz.
Figure 2 – Saúva - Selected Drilling Results