SolGold provided an update on the exploration of the Porvenir Project (Project), held through its Ecuadorean subsidiary, Green Rock Resources S.A. The Porvenir Project is located within the south-eastern portion of the Eastern Cordillera of Ecuador, approximately 70km south of the regional centre of Loja. The Project sits within the northerly-trending, Jurassic metallogenic belt of the northern Andes, which hosts significant economic gold and copper mines at Fruta del Norte and Mirador, and large Cu-Au resources at Mirador Norte, Warintza, San Carlos, Panantza. The Porvenir Project, covers a cluster of geochemical anomalies that represent porphyry copper-gold targets that include Cacharposa, Balmore-(Diablo), Bartolo, Palmal and Merino.

The Cacharposa anomaly coincides with a Cu-Au porphyry deposit that has an open-pit mineral resource estimate (CAC MRE#1) that comprises 396.8 Mt @ 0.44% CuEq for 1.40 Mt Cu and 1.80 Moz Au in the indicated category, plus 96.9 Mt @ 0.37% CuEq for 0.28 Mt Cu and 0.38 Moz Au in the inferred category, using a cut-off grade of 0.16% CuEq. The remaining anomalies have yet to be drill-tested. On 26th October 2021, a data cut-off was applied to the Cacharposa dataset for the purposes of a Mineral Resource Estimation.

The CAC MRE#1 dataset comprised 18,635.7m of diamond drilling; 439.6m of surface rock-saw channel sampling from 23 outcrops; and 16,982.4m of final assay results from drill holes 1 to 20. Since that time, a further 2,610.0m of infill and extension diamond drilling has been completed at the Cacharposa Deposit and number of drill holes have been planned for future resource extension drilling. The Cacharposa dataset now comprises 21,245.7m of diamond drilling; 439.6m of surface rock-saw channel sampling from 23 outcrops; and 21,685.3m of final assay results from drill holes 1 to 27.

Result assays obtained from the infill and extension drilling show encouraging mineralized intersections, which should support the conversion of a large portion of the deposit into the measured and indicated categories, as well as significantly increasing the resource tonnagein both the measured and indicated categories as well as the inferred category. SolGold is planning to complete a resource extension drilling program, and when it is completed, a mineral resource update (CAC MRE#2) for the Cacharposa deposit will be done. The Porvenir Project also contains a number of satellite targets, generated by careful compilation of numerous datasets, including geological mapping, geochemical anomalies (soils, rocks, stream sediments, airborne and ground geophysics, regional structural interpretation, and 3D geochemical modelling.

As such, the targets generated at the Project, display several encouraging characteristics of porphyry style deposits, such as: Identification of mineral occurrences (chalcopyrite, chalcocite, bornite, native Cu, pyrite) and porphyry-style veining (quartz veins) at Bartolo and Eudis. Identification of common hydrothermal alteration minerals in porphyry systems like K-feldspar, biotite, epidote, chlorite, and/or sericite (white mica) at Bartolo and Mula Muerta. Coincident Cu, Cu/Zn, Mo, Mo/Mn geochemical anomalies, at Bartolo, Palmal, Diablo, Eudis and Merino.

Airborne and ground geophysics magnetic anomalies that lie coincident with regional lineaments and lineament intersections at Mula Muerta, Diablo, Palmal, Bartolo and Merino. 3D geochemical models for the potential (p=0.14) of a Yerington-like porphyry centre (modified from Core, 2019), based on B-horizon soil-sample muti-element results. The main anomalies generated include Cacharposa, Balmore-(Diablo), Bartolo, Palmal and Merino.