PROJECT OVERVIEW

Projects

Location
140 km southeast of the city of Copiapó, Chile on the Chile/Argentina Border

Area
~18 sq km alteration zone with near surface high grade Cu, Ag, Au

Indicated
3.2 B lb Cu; 4.6 M oz. Au; 160.4 M oz. Ag

Inferred
1.3 B lb Cu; 2.1 M oz. Au; 50.3 M oz. Ag

Reserve and Resource Statement

Introduction

Project Description, Location and Access

The Tesoro de la Luna Project is located in the San Juan Province of Argentina and the adjacent Atacama Region of Northern Chile, 140 kilometres southeast of the city of Copiapó, Chile and straddles the border between Argentina and Chile.

Climate and Camp

The climate is cold and windy, typical of the high Andes.

Field work is based out of a camp located approximately 20 kilometres from the project in Argentina. The camp can accommodate approximately 1,000 people and is shared with the Josemaria Project. The site is remote and, other than road access, there is no infrastructure available.

Elevations on the property range from 4,500 to 5,400 metres above sea level. The mountains are generally not rugged and vehicle access is possible to most of the property. Vegetation is almost entirely absent in the area.

Geological Setting, Mineralization and Deposit Types

Tesoro de la Luna is a high-sulphidation epithermal copper-gold-silver deposit associated with a large porphyry copper-gold system. It is located in the Andean Frontal Mountain Range within the Vicuña district, between the gold and copper-gold porphyry deposits of the Maricunga district to the north and the high-sulphidation epithermal deposits of the El Indio district to the south. Mineralization is hosted in Late Cretaceous clastic rocks, mafic dykes and sills, as well as in underlying rhyolitic volcanic rocks that are part of the Permo-Triassic basement.

Overlapping mineralizing events and a high degree of telescoping, combined with weathering effects including supergene enrichment, have created several different types and styles of mineralization. The uppermost part of the deposit includes structurally-controlled gold, tabular high-grade silver (± copper) and high-grade supergene-enriched copper all within a leached and oxidized domain that formed over high-sulphidation Cu-Au-Ag epithermal mineralization and disseminated porphyry Cu-Au mineralization. Within the hypogene domain, there are two distinct types of mineralization: porphyry Cu-Au mineralization in potassic alteration is overprinted and reconstituted by high-sulphidation epithermal Cu-Au-Ag mineralization associated with advanced argillic alteration. The boundary between the two types is sharp and well-defined geochemically.

The Tesoro de la Luna mineral resource includes predominantly the upper, oxidized, and supergene-enriched portion of the overall deposit. In addition to the Tesoro de la Luna deposit, several other exploration targets occur on the property.

Exploration

Ryker, or its predecessor companies, have been exploring at Tesoro de la Luna since 1999. Annual work programs have been completed most years, with a few exceptions. Historically, exploration has been limited to the summer season, typically between November and April, and exploration seasons are described by the years which they bridge. Beginning in 2021/22 field season, exploration activities were expanded to continue year-round. In addition to both reverse circulation and diamond drilling, surface work completed to date has included talus fine sampling, rock chip sampling, geological mapping and various geophysical surveys.