Lundin Gold Begins Close to Mine Exploration Program at Fruta del Norte

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VANCOUVER, BC, July 18, 2022 /CNW/ – Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (“Lundin Gold” or the “Firm”) is happy to announce that the close to mine exploration program at Fruta del Norte (“FDN”) has begun. The Firm’s close to mine program will deal with targets inside and across the current operation and discover sectors within the continuities of the FDN deposit and alongside the extension of main constructions. The 2022 program, which is anticipated to value US$4 million, is deliberate to incorporate over 6,000 metres of drilling from each underground and floor, new geophysical surveys, geological mapping, and geochemical sampling. One underground rig is presently turning, with a second floor rig to be added shortly, targeted on increasing the FDN mineral envelope and sectors adjoining to the mine website (see Determine 1).

The inception of this new close to mine exploration program, which is able to run in parallel to the continued regional exploration program, is consistent with Lundin Gold’s dedication to increase and substitute Mineral Sources and Mineral Reserves at FDN, to increase FDN’s lifetime of mine, and in flip, sustainably develop manufacturing.

Ron Hochstein, President and CEO commented, “I’m excited to announce the beginning of our close to mine exploration program at Fruta del Norte. This system represents an vital step to making a sustainable pathway to interchange Mineral Reserves and develop Mineral Sources. With the numerous money move from FDN, exploration is a core focus for Lundin Gold, and I consider that there’s vital scope from these drilling actions to increase FDN and uncover satellite tv for pc deposits near our infrastructure. Our goal is to extend the present lifetime of mine and generate vital further worth. I look ahead to retaining our shareholders up to date on the drill program.

Close to Mine Exploration Program to Drill Largely Untested Sectors

The FDN deposit is likely one of the premier excessive grade gold discoveries of the final 50 years. It’s a powerful epithermal system with a big mineral useful resource stock comprised of roughly 7.35 million ounces as Indicated Mineral Sources and roughly 2.13 million ounces as Inferred Mineral Sources, all occurring in lower than 1.5 kilometres of extension. Traditionally, exploration actions have targeting the delineation and conversion of FDN within the space the place a lot of the underground growth and drilling has occurred thus far. A current exploration knowledge overview demonstrated a a lot wider mineralization footprint close by the deposit itself. A number of targets of curiosity are basically untested, with related geological situations to these at FDN, and current vital new exploration alternatives.

The FDN deposit is proscribed by two main faults, to the west and to the east, that are key geological constructions controlling its mineralization. Restricted drilling has been carried out past the confines of the deposit or adjoining to those main constructions, the place the identical internet hosting sequences from FDN stay unexplored. Beginning in 2022, the near-mine drilling program will check each constructions alongside the continuity of the deposit and discover for brand spanking new epithermal programs within the East, West and Downdip sectors (see Figures 2 and three).

The Bonza West and Castillo sectors, positioned within the south extension of the FDN structural hall, signify a big space that extends constantly for greater than two kilometres, with rock and soil samples exhibiting geochemical anomalous values for gold and pathfinder components (arsenic, antimony) and the identical beneficial lithological internet hosting sequence as at FDN (see Determine 4). Solely restricted shallow drilling was undertaken in these areas up to now, and due to this fact these sectors stay largely untested, and a floor drilling program will probably be initiated imminently.

In parallel to the near-mine program, regional exploration drilling continues, with two drill rigs presently turning at Barbasco and Puente-Princesa. The purpose of the 2022 program is to seek out buried “Fruta del Norte” kind epithermal gold-silver programs within the southern Basin.

Certified Individuals

The technical data contained on this Information Launch has been reviewed and accepted by Andre Oliveira, P. Geo, Vice President, Exploration of the Firm, who’s a Certified Particular person in accordance with the necessities of NI 43-101.

The technical data contained on this Information Launch regarding the estimates of Mineral Sources is predicated on a Technical Report ready for the Firm entitled “Fruta del Norte Mission, Ecuador, NI 43-101 Technical Report on Feasibility Examine” dated June 15, 2016 with an efficient date of April 30, 2016 (the “Technical Report”). For data with respect to the important thing assumptions, parameters and dangers related to the outcomes of the Technical Report for Fruta del Norte, the Mineral Useful resource estimates included therein and different technical data, please consult with the Firm’s present annual data kind and the Technical Report filed on SEDAR.

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 many highest-grade working gold mines on this planet.

The Firm’s board and administration group have intensive experience in mine operations and are devoted to working Fruta del Norte responsibly. The Firm operates with transparency and in accordance with worldwide greatest practices. Lundin Gold is dedicated to delivering worth to its shareholders, whereas concurrently offering financial and social advantages to impacted communities, fostering a wholesome and protected office and minimizing the environmental influence. The Firm believes that the worth created via the event of Fruta del Norte will profit its shareholders, the Authorities and the residents of Ecuador.

Extra Info

The knowledge on this launch is topic to the disclosure necessities of Lundin Gold underneath the EU Market Abuse Regulation. This data was publicly communicated on July 18, 2022 at 3:30 p.m. Pacific Time via the contact individuals set out beneath.

Warning Concerning Ahead-Trying Info and Statements

Sure of the knowledge and statements on this press launch are thought-about “forward-looking data” or “forward-looking statements” as these phrases are outlined underneath Canadian securities legal guidelines (collectively known as “forward-looking statements”). Any statements that categorical or contain discussions with respect to predictions, expectations, beliefs, plans, projections, goals, assumptions or future occasions or efficiency (usually, however not at all times, recognized by phrases or phrases equivalent to “believes”, “anticipates”, “expects”, “is anticipated”, “scheduled”, “estimates”, “pending”, “intends”, “plans”, “forecasts”, “targets”, or “hopes”, or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “might”, “may”, “would”, “will”, “ought to” “would possibly”, “will probably be taken”, or “happen” and related expressions) aren’t statements of historic reality and could also be forward-looking statements. By their nature, forward-looking statements and data contain assumptions, inherent dangers and uncertainties, a lot of that are troublesome to foretell, and are often past the management of administration, that would trigger precise outcomes to be materially completely different from these expressed by these forward-looking statements and data. Lundin Gold believes that the expectations mirrored on this forward-looking data are affordable, however no assurance will be provided that these expectations will show to be right. Ahead-looking data shouldn’t be unduly relied upon. This data speaks solely as of the date of this press launch, and the Firm is not going to essentially replace this data, except required to take action by securities legal guidelines.

This press launch incorporates forward-looking data in quite a few locations, equivalent to in statements regarding the Firm’s estimates of Mineral Sources and its exploration prospects, plans and actions. There will be no assurance that such statements will show to be correct, as Lundin Gold’s precise outcomes and future occasions may differ materially from these anticipated on this forward-looking data because of the components mentioned within the “Threat Elements” part in Lundin Gold’s Annual Info Type dated March 21, 2022, which is accessible at www.lundingold.com or on SEDAR.

Lundin Gold’s precise outcomes may differ materially from these anticipated. Elements that would trigger precise outcomes to vary materially from any forward-looking assertion or that would have a cloth influence on the Firm or the buying and selling value of its shares embody: dangers related to the Firm’s neighborhood relationships; dangers associated to political and financial instability in Ecuador; dangers associated to estimates of manufacturing, money flows and prices; the impacts of a pandemic virus outbreak; dangers inherent to mining operations; failure of the Firm to take care of its obligations underneath its debt amenities; shortages of important provides; management of the Firm’s largest shareholders; dangers associated to Lundin Gold’s compliance with environmental legal guidelines and legal responsibility for environmental contamination; the dearth of availability of infrastructure; the Firm’s reliance on one mine; exploration and growth dangers; dangers associated to the Firm’s potential to acquire, keep or renew regulatory approvals, permits and licenses; uncertainty with the tax regime in Ecuador; dangers associated to the Firm’s workforce and its labour relations; volatility within the value of gold; the reliance of the Firm on its data programs and the danger of cyber-attacks on these programs; poor or susceptible title to concessions, easements and floor rights; inherent security hazards and danger to the well being and security of the Firm’s workers and contractors; the imprecision of Mineral Reserve and Useful resource estimates; key expertise recruitment and retention of key personnel; volatility available in the market value of the Firm’s shares; measures to guard endangered species and significant habitats; social media and popularity; the price of non-compliance and compliance prices; dangers associated to unlawful mining; the adequacy of the Firm’s insurance coverage; dangers regarding the declaration of dividends; uncertainty as to reclamation and decommissioning; the power of Lundin Gold to make sure compliance with anti-bribery and anti-corruption legal guidelines; the uncertainty concerning dangers posed by local weather change; limits of disclosure and inside controls; safety dangers to the Firm, its belongings and its personnel; the potential for litigation; and dangers on account of conflicts of curiosity.

Cautionary Be aware to U.S. Traders regarding estimates of Measured, Indicated, and Inferred Sources:

The mineral useful resource estimates included on this press launch have been ready in accordance with Canadian Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks. The US Securities and Alternate Fee (the “SEC”) has adopted amendments to its disclosure guidelines to modernize the mineral property disclosure necessities. U.S. traders are cautioned that the disclosure the Firm offers on its mineral properties on this information launch could also be completely different from the disclosure that an issuer topic to SEC reporting necessities would in any other case be required to supply. Due to this fact, the knowledge contained on this information launch containing descriptions of the Firm’s mineral properties is probably not akin to related data made public by U.S. corporations topic to reporting and disclosure necessities underneath the U.S. federal securities legal guidelines and the foundations and rules thereunder.

Determine 1: Close to Mine Exploration Program

Figure 2: Cross Section and Location of Fruta del Norte East, West and Downdip sectors (CNW Group/Lundin Gold Inc.)Determine 2: Cross Part and Location of Fruta del Norte East, West and Downdip sectors

Figure 3: Fruta del Norte Longitudinal Sector and Location of Downdip Sector (CNW Group/Lundin Gold Inc.)Determine 3: Fruta del Norte Longitudinal Sector and Location of Downdip Sector

Figure 4: Historical Near Mine Exploration (CNW Group/Lundin Gold Inc.)Determine 4: Historic Close to Mine Exploration

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