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Bermejal Underground Deposit

Overview

The Bermejal Underground deposit is located below and entirely separate from the current Bermejal Open Pit Mineral Reserves of the Los Filos project. The deposit would be developed and mined concurrently with the Los Filos Mine. It was acquired by Leagold in 2017 as part of the Los Filos transaction.

Corebox Model

Mineral Resources

The Bermejal Underground Measured and Indicated Mineral Resources total 10.8 million tonnes at a grade of 6.0 grams per tonne ("gpt") for 2.1 million ounces, plus Inferred resources of 4.6 million tonnes at a grade of 4.8 gpt for 0.7 million ounces, as shown in the following table:

Bermejal Underground Mineral Resource Estimate1,2,3 by Classification (SRK)

Classification Tonnes
(kt)
Au Grade
(g/t)
Au Contained
(koz)
Ag Grade
(g/t)
Ag Contained
(koz)
Measured 445 7.19 103 24.21 346
Indicated 10,336 5.92 1,967 21.39 7,108
Total Measured + Indicated 10,780 5.97 2,070 21.51 7,454
Inferred 4,593 4.75 701 18.33 2,707

Notes:

  1. Effective date is November 20, 2017.
  2. Mineral Resources are reported using a cut-off grade of 3.0 gpt and do not include recovery or dilution factors.
  3. Tonnages are rounded to the nearest 1 kt, grades are rounded to two decimal places; rounding, as required by reporting guidelines, may result in apparent summation differences.

Exploration Potential

The Bermejal Underground deposit remains open on strike and to depth. Exploration activities are concentrated on infill drilling of the Bermejal Underground deposit to convert the current Inferred Resource to an Indicated Resource and to further determine the extent of the deposit. In addition, geotechnical drilling will assist with the optimization of the mining methodology in forthcoming engineering designs.

Qualified Persons

Gilles Arseneau, Ph.D., P. Geo., Associate Consultant with SRK, is an independent Qualified Person as defined by NI 43-101, and has reviewed and approved the updated mineral resource estimate as reported here.

Doug Reddy, P.Geo, Leagold’s Senior Vice President - Technical Services, is a Qualified Person under NI 43-101, and has reviewed and approved the technical contents of this mineral resource estimate on behalf of Leagold.