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LUNDIN GOLD REPORTS FURTHER HIGH-GRADE INTERCEPTS FROM ITS 2023 EXPLORATION PROGRAMS

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LUNDIN GOLD REPORTS FURTHER HIGH-GRADE INTERCEPTS FROM ITS 2023 EXPLORATION PROGRAMS

 

 

 

 

 

Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) is pleased to announce additional results from its conversion and near-mine exploration programs at its 100% owned Fruta del Norte gold mine in southeast Ecuador. From the conversion program, drilling in the second quarter returned high grade results, while the near-mine program advanced the Bonza Sur and FDN South targets with encouraging drilling intercepts confirming their significant prospectivity. Highlights from the conversion and near-mine programs are outlined below and detailed results are provided at the end of the release (see Appendix 1).

 

Highlights from underground conversion holes drilled (not true widths):

  • Drill hole FDN-C23-016 intersected 10.19 g/t gold over 23.3 m from 9.0 m and 7.58 g/t Au over 21.5 m from 191.5 m
  • Drill hole FDN-C23-021 intersected 12.48 g/t Au over 15.6 m from 7.0 m and 20.08 g/t Au over 12.8 m from 31.7 m
  • Drill hole FDN-C23-025 intersected 22.95 g/t Au over 16.4 m from 10.2 m, including:
    • 18 g/t Au over 1.9 m
  • Drill hole FDN-C23-028 intersected 11.33 g/t Au over 35.0 m from 69.0 m, including:
    • 04 g/t Au over 4.0 m

 

Highlights from near-mine surface exploration holes drilled (not true widths):

  • Drill hole FDNS-2023-024 (at FDNS) intersected 11.54 g/t Au over 7.1m from 412.4 m, including:
    • 5 g/t Au over 1.0 m
  • Drillhole BLP-2023-025 (at Bonza Sur) intersected 7.59 g/t Au over 5.1 m from 212.9 m, including:
    • 43 g/t Au over 2.1 m
  • Drillhole BLP-2023-026 (at Bonza Sur) intersected 4.53 g/t Au over 8.8 m from 264.7 m, including:
    • 36 g/t Au over 2.0 m from 264.7 m
    • 13 g/t Au over 2.0 m from 271.5 m

 

Ron Hochstein, President and CEO, commented, “I am pleased to announce additional results from Lundin Gold’s 2023 exploration programs. The conversion program has successfully defined zones of high-grade mineralization within the FDN deposit that we expect will continue converting resources to reserves. Results from the near-mine program confirm the continuity and expansion potential of recent discoveries, Bonza Sur and FDNS, and improve our understanding of their mineralization geometry. Nine rigs are currently turning on our conversion and exploration programs and a minimum of 43,000 metres of drilling are planned in 2023. This represents the largest drill program in the district since 2007.”

 

CONVERSION PROGRAM

 

Lundin Gold has been advancing its conversion program at FDN, with the objective of converting Mineral Resources to Mineral Reserves. In the past months, conversion drilling has focused on the southern extension of FDN, where high-grade intercepts are associated mainly to vein and/or veinlet zones hosted in volcanic or porphyritic intrusive rocks. Drilling results from the program have significantly increased confidence in the geologic model of the southern extension of the deposit and have revealed a vein type higher grade mineralization within the mineral inferred envelope (Figure 1). The 2023 program is planned to comprise of approximately 7,600 metres of drilling and since January, a total of 4,612 metres across 30 drill holes have been completed. Assay results received to date are presented in Tables 1 and 3 at the end of this release.

 

Figure 1: FDN long section showing selected conversion drilling results

 

 

NEAR-MINE EXPLORATION PROGRAM

 

The near-mine program focuses on exploring sectors located along trend of the FDN deposit and within extensions of its major controlling structures. Initial drill results published in January and May (see news releases published on January 26th and May 4th, 2023) discovered two new mineralized zones to the south of the FDN deposit, FDNS and Bonza Sur. In recent months, results from the near-mine program have confirmed continuity of mineralization at both targets, and have improved our understanding of the geometry of these vein systems (see Figures 1 and 3). In 2023, a total of 12,363 metres across twenty-four holes, from surface and underground, have been completed. The most recent assay results are presented in Tables 1 and 3 at the end of this release. Results are still pending for some of the reported drill holes.

 

FDN South

 

At FDNS, progress was made in delineating this buried epithermal mineralization located immediately south of the current resource envelope of FDN and to the west of the East Fault. Six new drill holes were completed during the quarter and reveal the occurrence of a series of subparallel mineralized veins disposed in the northeastern to southwestern direction, showing similar hydrothermal alteration to that found at FDN. This vein system remains open along strike to the southwest, as well as along the downdip continuity, below the Suarez Basin cover. Importantly, improvements in understanding the veins’ geometry has allowed for a redefinition of the drilling program. Drilling at FDNS is ongoing with one rig turning.

 

Bonza Sur

 

At Bonza Sur, drilling is enabling expansion of this target located one kilometre south of FDN. Five new drill holes have been completed and results included multiple exciting intersections associated with veins/veinlets of quartz and sulfides (mainly sphalerite and galena), minor chalcedony and manganoan-carbonate. Mineralization has been intercepted for 500 metres along strike from north to south and 300 metres along the downdip and remains open in all directions. Drilling at Bonza Sur is planned to continue to focus on the 1.2 kilometre long soil geochemical anomaly to the south and a systematic follow up will be initiated focused on the higher-grade intercepts returned from this target. Two rigs are currently turning at Bonza Sur (see Figures 2 and 3).

 

Exploring for new targets

 

The near-mine exploration program has also discovered new targets of interest through a detailed geological interpretation of exploration data and additional surface work. A drill program was initiated in the second quarter and aims to test the high potential targets near the FDN deposit. Five drill holes, four from underground and one from surface, were completed in the second quarter and intercepted zones of hydrothermal alteration hosted along the downdip extension and to the east of FDN. The program is ongoing with two rigs turning and is currently testing the FDN North and FDN East targets.

 

Figure 2: Near-mine program showing FDN, targets, conversion and selected results

 

 

Figure 3: FDN-Bonza Sur long section (looking East) showing targets and selected results

 

 

REGIONAL EXPLORATION PROGRAM

 

The 2023 regional exploration program continues to advance in the southern region of the Suarez Basin with a total of 2,796 metres completed to date. Targets of interest, such as Quebrada La Negra and Crisbel, located along the Basin’s western border have been the primary focus. The 2023 regional drilling program comprises 12,500 metres of drilling and a second rig was recently added to the program to advance exploration at additional targets.

 

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.sedar.com).

 

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 impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. The Company believes that the value created through the development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.

 

 

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-C23-011 No Significant Results Southern Underground
FDN-C23-012 161.4 183.3 21.9 4.46 2.62 Southern Underground
FDN-C23-013 No Significant Results Southern Underground
FDN-C23-014 11 15 4 5.53 6.23 Southern Underground
FDN-C23-015 19 44.9 25.9 4.55 3.99 Southern Underground
FDN-C23-015 54.9 67.9 13 14.19 21.09
FDN-C23-016 9 32.3 23.3 10.19 5.95 Southern Underground
FDN-C23-016 191.5 213 21.5 7.58 3.78
FDN-C23-017 44.55 55 10.45 5.02 16.48 Southern Underground
FDN-C23-018 No Significant Results Southern Underground
FDN-C23-019 4.9 11.3 6.4 19.17 9.78 Southern Underground
Including 6.7 7.6 0.9 130 48.5
FDN-C23-020 4.2 9 4.8 11.64 8.27 Southern Underground
FDN-C23-020 79.5 92.25 12.75 8.53 14.16
FDN-C23-020 115.75 168.8 53.05 3.85 1.84
Including 145.75 168.8 23.05 7.07 2.09
FDN-C23-021 7 22.6 15.6 12.48 9.31 Southern Underground
FDN-C23-021 31.7 44.5 12.8 20.08 9.49
FDN-C23-022 0.8 4.5 3.7 13.24 11.32 Southern Underground
FDN-C23-022 137.3 146.3 9 6.25 4.84
FDN-C23-023 2 5.6 3.6 23.17 18.32 Southern Underground
FDN-C23-023 106.3 110.3 4 6.06 6
FDN-C23-023 175.1 181.1 6 3.96 2
FDN-C23-024 3.5 7.7 4.2 6 18.44 Southern Underground
FDN-C23-024 54.1 63 8.9 3.98 2.48
FDN-C23-025 10.2 26.6 16.4 22.95 13.6 Southern Underground
Including 10.2 12.1 1.9 77.18 26.84
FDN-C23-025 51.1 58.1 7 13.82 11.56
FDN-C23-026 1.9 9.7 7.8 16.53 12 Southern Underground
FDN-C23-027 1.9 17.2 15.3 10.28 10.47 Southern Underground
Including 2.9 4.95 2.05 51.93 50.51
FDN-C23-027 105 124 19 4.77 7.64
FDN-C23-027 162.1 172.9 10.8 3.89 2.28
FDN-C23-028 69 104 35 11.33 7.14 Southern Underground
Including 87 91 4 76.04 22.48
FDN-C23-029 55.3 87.5 32.2 4.12 15.2 Southern Underground
Including 82.7 87.5 4.8 19.19 15.62
FDN-C23-030 51.6 54.4 2.8 153 52.2 Southern Underground

Table 2: Drillhole assay results from the near mine 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
FDNS-2023-023 No Significant Results FDNS Surface
FDNS-2023-024 412.4 419.5 7.1 11.54 16.21 FDNS Surface
Including 413.5 414.5 1 76.5 41.4
BLP-2023-025 91.25 116 24.75 1.46 30.78 BLP Surface
Including 97.4 99 1.6 5.17 50.68
Including 109.6 111.3 1.7 9.25 81.85
BLP-2023-025 188.9 192.9 4 3.15 134.38
BLP-2023-025 212.9 218 5.1 7.59 25.81
Including 215.9 218 2.1 12.43 29.37
BLP-2023-026 200.7 201.7 1 20.3 16.85 BLP Surface
BLP-2023-026 264.7 273.5 8.8 4.53 138.38
Including 264.7 266.7 2 7.36 23.28
Including 271.5 273.5 2 7.13 295.5
FDNS-2023-027 No Significant Results FDNS Surface
FDNS-2023-028 380.8 456.75 75.95 2.35 14.14 FDNS Surface
Including 437.7 440.75 3.05 7.4 26.12
FDNS-2023-028 478.55 575.85 97.3 2.92 11.45
Including 478.55 491.4 12.85 6.34 13.8
Including 543.8 548.4 4.6 7.64 23.88
BLP-2023-029 29.9 34.9 5 7.9 9.09 BLP Surface
Including 31.9 32.9 1 36.8 26.1
FDNS-2023-030 No Significant Results FDNS Surface
FDNS-2023-031 No Significant Results FDNS Surface
FDNS-2023-032 170.45 197.5 27.05 2.39 13.88 FDNS Surface
Including 179.45 185.45 6 4.3 31.21
FDNS-2023-032 274.3 276.3 2 6.45 5.91
FDNS-2023-032 307.2 309.2 2 7.94 5.31
BLP-2023-033 No Significant Results BLP Surface
UGE-DD-23-034 No Significant Results FDN-Depth Underground
BLP-2023-035 No Significant Results BLP Surface
UGE-DD-23-036 No Significant Results FDN-Depth Underground
UGE-DD-23-037 No Significant Results FDN-Depth Underground
BLP-2023-038 Pending Results BLP Surface
FDNS-2023-039 Pending Results FDNS Surface
UGE-DD-23-040 Pending Results FDN-Depth Underground
FDNNW-2023-041 Pending Results FDN-NW Surface

Table 3: Collar locations of reported drill holes

 

Hole ID Prospect Easting Northing Elevation Azimuth Dip EOH (m) Zone Year
FDNS-2023-023 FDNS 778174 9581879 1628 70 -75 721.25 Surface 2023
FDNS-2023-024 FDNS 778548 9582083 1631 250 -58 592.60 Surface 2023
BLP-2023-025 Bonza Sur 778574 9580793 1514 270 -78 300.15 Surface 2023
BLP-2023-026 Bonza Sur 778454 9581060 1458 90 -80 352.30 Surface 2023
FDNS-2023-027 FDNS 778548 9582083 1631 250 -65 597.50 Surface 2023
FDNS-2023-028 FDNS 778520 9582319 1630 260 -60 575.85 Surface 2023
BLP-2023-029 Bonza Sur 778550 9580630 1496 90 -44 269.25 Surface 2023
FDNS-2023-030 FDNS 778548 9582083 1631 270 -69 598.10 Surface 2023
FDNS-2023-031 FDNS 778520 9582319 1630 260 -75 961.70 Surface 2023
FDNS-2023-032 FDNS 778445 9581819 1498 245 -60 560.85 Surface 2023
BLP-2023-033 Bonza Sur 778550 9580630 1496 270 -70 317.80 Surface 2023
UGE-DD-23-034 FDN – Depth 778092 9583173 1049 245 -60 241.25 Underground 2023
BLP-2023-035 Bonza Sur 778682 9580448 1578 270 -45 538.80 Surface 2023
UGE-DD-23-036 FDN – Depth 778178 9582889 1078 315 -74 380.50 Underground 2023
UGE-DD-23-037 FDN – Depth 778177 9582888 1078 260 -69 328.25 Underground 2023
BLP-2023-038 Bonza Sur 778550 9580630 1496 90 -70 369.55 Surface 2023
FDNS-2023-039 FDNS 778445 9581819 1498 245 -70 1161.00 Surface 2023
UGE-DD-23-040 FDN – Depth 777989 9583142 1076 92 -48 467.80 Underground 2023
FDNNW-2023-041 FDN – NW 777954 9583789 1397 310 -55 531.40 Surface 2023
FDN-C23-011 FDN – Conversion 778173 9582797 1081 237 -3 211.90 Underground 2023
FDN-C23-012 FDN – Conversion 778173 9582798 1082 274 20 191.00 Underground 2023
FDN-C23-013 FDN – Conversion 778174 9582526 1180 318 8 110.80 Underground 2023
FDN-C23-014 FDN – Conversion 778174 9582526 1182 315 40 61.90 Underground 2023
FDN-C23-015 FDN – Conversion 778174 9582526 1179 315 -41 100.00 Underground 2023
FDN-C23-016 FDN – Conversion 778174 9582525 1180 300 -36 224.90 Underground 2023
FDN-C23-017 FDN – Conversion 778174 9582525 1179 300 -50 100.20 Underground 2023
FDN-C23-018 FDN – Conversion 778174 9582525 1182 295 40 75.90 Underground 2023
FDN-C23-019 FDN – Conversion 778174 9582525 1179 285 -43 221.80 Underground 2023
FDN-C23-020 FDN – Conversion 778174 9582524 1179 270 -46 210.10 Underground 2023
FDN-C23-021 FDN – Conversion 778174 9582524 1181 270 20 71.00 Underground 2023
FDN-C23-022 FDN – Conversion 778174 9582523 1179 255 -58 170.50 Underground 2023
FDN-C23-023 FDN – Conversion 778174 9582523 1179 255 -44 200.90 Underground 2023
FDN-C23-024 FDN – Conversion 778174 9582523 1180 255 -14 110.50 Underground 2023
FDN-C23-025 FDN – Conversion 778174 9582523 1182 255 40 81.30 Underground 2023
FDN-C23-026 FDN – Conversion 778174 9582523 1179 240 -42 230.50 Underground 2023
FDN-C23-027 FDN – Conversion 778174 9582523 1180 239 -28 200.20 Underground 2023
FDN-C23-028 FDN – Conversion 778174 9582523 1180 239 -5 120.35 Underground 2023
FDN-C23-029 FDN – Conversion 778174 9582523 1181 239 20 111.20 Underground 2023
FDN-C23-030 FDN – Conversion 778174 9582523 1182 240 40 100.00 Underground 2023

 

Posted August 4, 2023

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