Figure 1: General Location Map

The Tepal project is located in the state of Michoacán, near the border of Jalisco in Western, Mexico. The project is characterized by rolling hills within the forest of the Tepalcatepec river basin, with excellent project access via paved highways and maintained ranch roads in the heavily agri-business and local and independent mining operations. To date, mapping, sampling, and drilling confirm three main deposits, the North, South, and Tizate zones. Tepal is a large project that contains a significant potential open-pitable mineral deposit. The Tepal Project now has a new NI 43-101 mineral resource estimate.

Physical access to the Tepal project was complicated by the company’s inability to access the project for two years due legal issues related to a number of illegally and fraudulently transferred concessions. This issue was finally resolved, through the Mexican courts, in favour of the company as confirmed by its news release dated March 6, 2024. Once the court resolved ownership of the mineral concessions the company was able to negotiate with the surface rights holders for access to the property. Access to the project has been critical in the company’s ability conduct its review of the Tepal database. Access has provided further information and insights into the nature and extent of the mineralization, allowed the company to identify areas where further work could assist in infilling information in the current mineralized zones, expanding the mineralized zones or identifying new ones and identifying gaps in the database where further exploration programs could enhance and refine the information used as the basis of a future mineral resource estimate and/or a PEA.