TSX-V: CNL $2.30

Guayabales

Guayabales Project

Since going public in May 2021, aggressive grassroots surface exploration followed by diamond drilling has resulted in the Company making four significant mineral discoveries.

Project Snapshot

Guayabales Map

Location
Caldas, Colombia
Infrastructure
Abundant labour with hydro power and maintained roads traversing the property
Primary Metals
Copper, Gold, Silver
Ownership Structure
Option to own 100%
Target Ranking Status
Apollo 1 Drilling ongoing with 3 rigs. Assay results released through year-end
Olympus 2 Phase 1 drilling complete. Phase 2 underway as of late Q3, 2022
Trap 3 Phase 1 results announced September, 2022
Donut 4 Phase 1 drilling complete. Phase 2 drilling in 2023
Victory TBD Maiden drill program commences in 2023

The Guayabales Project is located in the prolific “Middle Cauca” mineral belt in Colombia. The Company’s exploration license is located directly contiguous to the Marmato mine, which boasts current P&P reserves of 3.2 million ounces of gold at 3.2 g/t Au and a total resource estimate of 8.8 million ounces of gold. In fact, 10 fully permitted mines are currently operating within three kilometres of Guayabales, including the Marmato mine.

Guayabales Porphyry Cluster

Guayabales Map

Through detailed exploration work, the Company has defined a “porphyry cluster” consisting of a series of porphyry and related targets within an area measuring 4 kilometres x 5 kilometres.

Apollo Target

Drilling Underway (Multiple Rigs) 
Initial Discovery Announced: June 22, 2022

Apollo Target

The Apollo target is anchored by the "Main Breccia" discovery, which is the Company’s most important discovery to date. Although the discovery hole into the Main Breccia is new (June 2022), the system has been drill-tested over a large area, which remains open in all directions for expansion. The Main Breccia is best characterized as a high-grade and bulk tonnage copper-silver-gold, porphyry-related hydrothermal breccia system with two overprinting styles of mineralization within the breccia matrix. The first style comes from mineralization directly from a porphyry source and is responsible for depositing the bulk of the copper and silver mineralization, with lesser amounts of gold. The second style comes from the overprinting late-stage, porphyry-related carbonate base metal veins (“CBM”), which are responsible for a majority of the gold, some silver and to a lesser extent copper, lead and zinc.

Hole # From (m) To (m) Intercept (m) Au (g/t) Ag (g/t) Cu% Zn % Pb% Mo % AuEq (g/t)* CuEq (%)*
APC-1 291.60 379.40 87.80 0.88 61 0.39 0.07 0.05 0.001 2.49 1.21
                       
APC1-W 293.00 382.40 89.40 0.89 58 0.39 0.07 0.06 0.001 2.46 1.25
                       
APC-2 154.70 361.90 207.15 1.46 45 0.31 0.08 0.05 0.002 2.68 1.37
                       
APC-3 303.40 484.00 180.60 1.52 39 0.16 0.13 0.11 0.001 2.43  
incl 304.90 326.00 21.10 2.86 24 0.04 0.28 0.28 0.001 3.47  
  363.10 409.70 46.60 3.78 58 0.20 0.33 0.27 0.001 5.13  
                       
APC-4 132.30 149.80 17.50 12.79 21 0.03 0.11 0.05 0.001 12.61  
  143.60 144.25 0.65 331.47 53 0.14 0.03 0.03 0.001 315.92  
                       
APC-5 210.25 478.25 268.00 0.89 22 0.13 0.11 0.07 0.002 1.50  
Incl 210.25 226.60 16.35 1.95 20 0.04 0.31 0.23 0.001 2.55  
  252.60 271.80 19.20 2.61 14 0.04 0.27 0.13 0.000 3.03  
  456.00 478.25 22.25 2.30 21 0.04 0.33 0.24 0.002 2.92  
and 496.80 510.65 13.85 0.71 9 0.02 0.14 0.11 0.001 1.00  
                       
APC-6 364.60 690.65 326.05 0.85 10 0.04 0.04 0.02 0.001 1.07  
Incl 480.15 631.65 151.50 0.96 11 0.04 0.06 0.03 0.001 1.20  
  680.10 690.65 10.55 4.67 7 0.05 0.01 0.00 0.000 4.64  
                       
APC-7   85.65 111.20 25.55 0.40 23 0.02 0.08 0.04 0.002 0.69  
Incl 110.10 111.20 1.10 5.62 158 0.05 1.28 0.80 0.009 7.48  
and 199.85 238.25 38.40 1.30 21 0.04 0.05 0.03 0.000 1.51  
Incl 207.10 222.35 15.25 2.29 33 0.07 0.09 0.04 0.000 2.62  
and 325.00 345.45 20.45 0.49 31 0.05 0.02 0.01 0.000 0.89  
                       
APC-8 202.00 467.75 265.75 1.26 55 0.22 0.07 0.05 0.045 2.44 1.24
OLCS-3   37.00 78.80 41.80 0.64 34 0.04 0.02 0.03 0.001 1.07  
Incl   38.50 48.90 10.40 1.67 36 0.03 0.01 0.08 0.002 2.08  
    73.60 78.80 5.20 0.78 117 0.10 0.06 0.03 0.001 2.33  
                       
APC-9  No Significant Values     
                       
APC-10  No Significant Values     
                       
APC-11   55.00 55.60 0.60 7.73 28 0.02 0.07 0.47 0.001 8.02  
  157.55 158.10 0.55 1.88 61 0.06 0.58 0.68 0.001 3.48  
  160.00 161.20 1.20 2.89 113 0.07 0.74 1.49 0.001 5.64  
  173.60 174.25 0.65 5.95 18 0.02 0.14 0.17 0.002 6.13  
  231.00 231.65 0.65 11.80 12 0.01 0.54 0.13 0.001 11.90  
  234.70 235.45 0.75 2.42 50 0.02 0.14 0.89 0.001 3.51  
  237.10 238.45 1.35 4.22 11 0.02 0.08 0.08 0.001 4.30  
                       
APC-12 191.35 429.05 237.70 1.15 72 0.38 0.08 0.07 0.001 2.88 1.47
                       
APC-13 126.40 143.20 16.80 4.24 19 0.01 0.24 0.21 0.001 4.60  
Incl 128.95 132.85 3.90 9.73 34 0.02 0.46 0.32 0.000 10.25  
  141.20 143.20 2.00 15.54 65 0.02 1.03 1.10 0.001 16.99  
and 242.10 242.80 0.70 3.63 24 0.02 0.12 0.10 0.000 3.97  
  343.60 353.70 10.10 1.15 16 0.01 0.05 0.05 0.000 1.39  
Incl 343.60 345.60 2.00 2.77 25 0.01 0.10 0.05 0.000 3.09  
                       
APC-14 84.25 131.70 47.45 0.81 13 0.20 0.01 0.00 0.003 1.36 0.70
and 197.00 391.30 194.30 0.39 56 0.44 0.03 0.01 0.002 2.00 1.02
Olympus Target

Phase 1 Drilling Completed – Phase 2 Drilling Underway
Initial Discovery Announced: March 15, 2022

Olympus Target

Olympus is an important grassroots discovery made by the Company in 2022. The target consists of a late-stage porphyry-related vein system, which overprints a porphyry intrusion. Due to the porosity of the porphyry host rock and the abundance of late-stage porphyry related CBM veins, the target is a bulk tonnage medium grade gold and silver system with minor base metal credits. 

A phase 1 drill program was completed in 2022 with significant results listed below. A phase 2 program was recently initiated, which includes step-out holes up to 500 metres along strike to the southwest of the discovery holes from the phase 1 program.

Highlight results include:

Hole # From (m) To (m) Intercept (m) Au (g/t) Ag (g/t) Cu% Zn % Pb% Mo % AuEq (g/t)*
OLC-3 61.70 363.60 301.90    0.89 12 0.03 0.03 0.03 0.002 1.11
OLC-3 486.70 520.90   34.20    0.74 8 0.03 0.04 0.03 0.001 0.90
                     
OLCC-4 73.00 289.70 216.70    0.79 14 0.04 0.02 0.03 0.004 1.08
OLCC-4 480.30 590.40 110.10    0.69 7 0.02 0.03 0.03 0.001 0.82
Donut Target

Phase 1 Drilling Completed – Phase 2 Drilling to Resume in 2023
Initial Discovery Announced: October 18, 2021

Donut Target

Donut hosts a hydrothermal breccia with porphyry potential to the east. The Company believes the Donut target could represent a satellite mine within the Guayables project with potential to discover a large porphyry system nearby.

Highlights include:

Hole # From (m) To (m) Intercept (m) Au (g/t) Ag (g/t) Cu% Zn % Pb% Mo % AuEq (g/t)*
DOC-2 0   104.00 104.00    1.21 12 0.03 0.04 0.03 0.002 1.42
Incl 16.00 34.00 18.00    4.78 10 0.05 0.03 0.01 0.001 4.81
                     
DOC-3 0   163.00 163.00    1.17 10 0.02 0.03 0.01 0.002 1.32
Incl 155.60 157.10 1.50    83.23 37 0.04 0.06 0.04 0.001 79.73
                     
DOC-8 18.00 125.65 107.65    0.78 21 0.02 0.04 0.01 0.001 1.13
Incl 27.90 30.40 2.50    15.62 6 0.03 0.07 0.03 0.001 14.99
Trap & Victory Targets

Trap & Victory Targets

Trap Target

Phase 1 Drilling Completed
Initial Discovery Announced: September 27, 2022

The Trap target is a north-northwest trending structurally controlled corridor with evidence of overprinting porphyry veins and late-stage carbonate base metal (“CBM”) veins. Also, geological mapping and sampling reconnaissance drilling at Trap resulted in a new discovery that intersected highly altered porphyry rocks with multiple sheeted and stockwork veinlets. Recent geological mapping and sampling has materially extended the strike length of the Trap target to 1.75 kilometres, and it remains open in both directions along strike for further expansion.

Hole # From (m) To (m) Intercept (m) Au (g/t) Ag (g/t) Cu% Zn % Pb% Mo % AuEq (g/t)*
TRC_001      233.80    336.00 102.20    1.26 12 0.09 0.08 0.01 0.003 1.53
Incl      259.10    269.00 9.90    3.00 25 0.25 0.03 0.00 0.007 3.65
       294.50    303.70 9.20    1.82 31 0.07 0.27 0.08 0.003 2.27
                     
VICE_001      212.60    227.30 14.70    1.14 26 0.01 0.07 0.06 0.001 1.44
Incl      213.20    214.80 1.60    2.33 47 0.01 0.01 0.01 0.000 2.87
       219.55    220.70 1.15    1.91 131 0.04 0.45 0.46 0.001 3.66
and      253.50    270.50 17.00    0.69 6 0.01 0.14 0.15 0.001 0.75
                     
VICE_002      214.60    233.50 18.90    1.06 36 0.18 0.18 0.12 0.005 1.83
Incl      214.60    216.60 2.00    3.55 208 0.17 0.17 0.99 0.012 6.51

Victory Target

Drilling to Commence in 2023

The Victory target is an outcropping copper and gold porphyry system with a maiden drill program to begin in 2023.

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