HIGHLIGHTS
- Infill and extensional drilling at La Negra SE confirms broad, shallow zone of oxide silver-gold mineralisation over 850m strike and 175m vertical extent, open to the SE and at depth.
- New standout drill results (from the SE of La Negra SE) include:
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JDD0113-25 |
107m at 165gpt AgEq (1gpt Au, 70gpt Ag) from 18m, including: 55.6m at 245gpt AgEq (1.7gpt Au, 81gpt Ag) from 67.9m |
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JDD0118-25 |
74m at 134gpt AgEq (0.7gpt Au, 67gpt Ag) from 6m 35.6m at 207gpt AgEq (1.3gpt Au, 81gpt Ag) from 38.4m |
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JDD0108-25 |
81m at 107gpt AgEq (0.5gpt Au, 60gpt Ag) from 2m 15m at 183gpt AgEq (1.4gpt Au, 49gpt Ag) from 62m |
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JDD0112-25 |
46.2m at 117gpt AgEq (0.3gpt Au, 91gpt Ag) from 6.8m 27m at 145gpt AgEq (0.4gpt Au, 106gpt Ag) from 21m |
|
JDD0111-25 |
58m at 100gpt AgEq (0.6gpt Au, 39gpt Ag) from 89m 7.45m at 1G3gpt AgEq (1.4gpt Au, 55gpt Ag) from 135m |
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JDD0123-25 |
56m at 106gpt AgEq (0.4gpt Au, 66gpt Ag) from 5m 10.7m at 1G5gpt AgEq (1.2gpt Au, 79gpt Ag) from 33.3m |
- True thickness ranges from 15 to 75 metres, supporting bulk open pit mining potential.
- Drilling resumed 5 January 2026 and includes three diamond rigs and one Reverse Circulation (RC) rig. At La Negra SE, infill drilling on a 50m by 25m grid is nearing completion with 8 holes remaining to support a high confidence Indicated Resource.
- Based on timing and new results, the Company will proceed directly to a Pre-Feasibility Study (PFS)-level Mineral Resource Estimate (MRE), covering La Negra, La Negra SE and La Morocha. Infill drilling at La Morocha SE will commence in February and is upside for future resource estimates and mining studies.
- PFS workstreams completed during December 2025 include baseline environmental studies, geotechnical drilling (9 holes) and comminution drilling (3 holes) with full HQ samples shipped to Nevada for ore hardness testing.
- Regional exploration and soil geochemical sampling SE of La Morocha defines the 650m by 150m “La Rubia” silver anomaly (>2500ppb) confirming the potential for additional shallow discoveries along strike from La Morocha (Figure 3 to 4).
Figure 1: La Negra SE cross section, including standout holes JDD113-25, JDD118-25 and JDD123-25
Managing Director Todd Williams states:
“Infill drilling at La Negra SE continues to deliver wide, shallow zones of oxide silver-gold mineralisation with excellent continuity across the full 850-metre strike length. These results confirm the scale and geometry required for conventional open-pit development and support our decision to move directly to a Pre-Feasibility Study Mineral Resource Estimate.
With infill drilling nearing completion, geotechnical and comminution programs already underway, and three key prospects – La Negra, La Negra SE and La Morocha – advancing to Indicated Resource status, Joaquin is rapidly transitioning from exploration to development while remaining open to further growth.”
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