Fabled Copper Samples 4.83% Copper on the 2a Copper Incidence on the Neil Property

As a part of Lundin Mining’s ongoing exploration program geared toward rising the Mineral Useful resource estimation at Chapada, diamond drilling was initiated at Saúva within the third quarter of 2021 inside a not too long ago acquired exploration concession (Determine 1). Preliminary drilling was designed to check for the supply of a powerful soil copper anomaly (>1,000 ppm Cu) that was positioned alongside strike from the beforehand recognized Formiga prospect. The primary two drill holes at Saúva confirmed the presence of shallow high-grade copper-gold mineralization. Additional drilling was undertaken to judge the potential and to this point a complete of forty-seven (47) holes have been accomplished defining a mineralized space measuring roughly 750 meters by 650 meters, with assay outcomes obtainable for 29 holes (Desk 1). The mineralization at the moment stays open in all instructions.

Highlights from preliminary drilling embrace:

• Gap FOR-113 : 55.48 m at 0.88% Cu and 1.15 g/t Au or 1.72% CuEq ¹ , from 6.52 m
  together with: 27.26 m at 1.30% Cu and 1.89 g/t Au or 2.68% CuEq, from 33.74 m
• Gap FOR-115 : 65.45 m at 0.61% Cu and 0.70 g/t Au or 1.12% CuEq, from 23.55 m
  together with: 18.41 m at 1.26% Cu and 1.92 g/t Au or 2.66% CuEq, from 50.43 m
• Gap FOR-123 : 64.25 m at 0.72% Cu and 1.10 g/t Au or 1.51% CuEq, from 158.45 m
  together with: 43.25 m at 0.90% Cu and 1.52 g/t Au or 2.01% CuEq, from 158.45 m
  and: 70.40 m at 0.42% Cu and 0.11 g/t Au or 0.50% CuEq, from 248.70 m
  together with: 8.56 m at 1.04% Cu and 0.16 g/t Au or 1.16% CuEq, from 248.70 m
• Gap FOR-135 : 57.31 m at 0.79% Cu and 1.06 g/t Au or 1.56% CuEq, from 8.29 m
  together with: 17.95 m at 1.27% Cu and 1.98 g/t Au or 2.71% CuEq, from 32.05 m
  and: 12.80 m at 0.44% Cu and 0.11 g/t Au or 0.52% CuEq, from 189.20 m
• Gap FOR-148 : 74.06 m at 0.81% Cu and 1.27 g/t Au or 1.74% CuEq, from 116.00 m
  together with: 19.39 m at 1.80% Cu and three.61 g/t Au or 4.43% CuEq, from 149.61 m

Lundin Mining President and CEO, Peter Rockandel , commented “The shallow and high-grade copper-gold mineralization found at Saúva is a transparent instance of the expansion optionality that stems from Lundin Mining’s profitable monitor document of aggressive near-mine and brownfields exploration in any respect of our operations. Implications that this new high-grade mineralized system might have for our on-going growth research of Chapada will probably be evaluated as this discovery evolves throughout the 12 months.”

Ciara Talbot , Vice President, Exploration, added “We’re very happy with this early-stage discovery throughout the exploration concessions recognized and bought as a part of final 12 months’s federal public sale course of. This discovery helps our view that quite a few alternatives exist to extend the scale and high quality of our Mineral Useful resource base at Chapada.”

Saúva Discovery

In 2015, the Chapada exploration crew recognized the Formiga exploration goal, roughly 15 km north of the mine, based mostly on constructive chip sampling and regional mapping. The primary drill holes at Formiga intercepted skarn model alteration comprising hydrothermal assemblage of garnet-epidote-amphibole-diopside in metasedimentary rocks. Then, throughout soil sampling within the area in 2016, extra disseminated copper-gold targets within the Formiga sector had been recognized alongside strike in metadiorite with hydrothermal alteration comparable to what’s being mined at Chapada. This pattern of mineralized occurrences appeared to increase off the exploration concession to the west.

Following the acquisition of Chapada by Lundin Mining in 2019, a Mineral Stock Vary Evaluation examine was undertaken to refine the exploration technique, together with the prioritization of potential mineral concession acquisitions forward of the anticipated federal public sale. Within the first half of 2021, Lundin Mining acquired 37 new exploration concessions via the public sale course of, overlaying 58,048 hectares and rising the whole land place across the Chapada mine by over 120%. This included the concession instantly west of Formiga. Two preliminary drill holes, FOR-112 and FOR-113, had been designed to check for the supply of a powerful soil copper anomaly (>1,000 ppm Cu) on this newly acquired concession alongside strike from Formiga.  Each drill holes confirmed the presence of shallow high-grade copper-gold mineralization, which has develop into the Saúva prospect discovery.

Saúva Exploration Outcomes

Following the preliminary discovery of the Saúva in September 2021 , an aggressive exploration drilling marketing campaign was commenced with 5 drill rigs to higher outline the potential measurement of the invention. Forty-three (43) drill holes, totaling 12,850 meters, had been accomplished at Saúva as of December 2021 . Virtually all drill holes intercepted the mineralized layer containing excessive chalcopyrite with (±) bornite content material and with the bulk returning intersections with grades above 1.0% CuEq, confirming the potential for important, shallow and high-grade copper-gold mineralization. The placement of the drill gap collars are proven in Figures 2 and three, together with an approximate define of the place mineralized horizons have been intersected. The mineralization continues to stay open in all instructions.

Mineralization at Saúva is comprised of disseminated and vein-hosted bornite and chalcopyrite hosted by biotitic and quartz-feldspar altered rocks. The high-grade mineralization (>1.0% CuEq) is related to bornite better than chalcopyrite, or chalcopyrite better than bornite sulfide zones. Decrease grade mineralization (>0.3% CuEq) is related to chalcopyrite and pyrite + chalcopyrite sulfide zones. A consultant cross part of the mineralized horizons is introduced in Determine 4. The hydrothermal alteration zone is at the moment interpreted to usually observe a northeast pattern, however particular person high-grade orientations fluctuate and detailed modeling stays in progress.

2022 Exploration Program

Lundin Mining is evaluating and decoding the outcomes reported in Desk 1 and continues to probe for extensions to the mineralization. There are presently three rigs drilling within the Saúva sector testing areas to the northeast and west of the invention space. Aggressive and methodical exploration of the sector is deliberate for 2022 as a part of the $10 million exploration program at Chapada. Extra drill rigs and roughly fifty (50) holes are deliberate to check northeast alongside strike to in the direction of the Formiga sector, in addition to step out in different instructions, as seen in Determine 2.

Technical Data and High quality Assurance

The drill holes had been collared at HQ diameter from soil to altered rock and adjusted to NQ when contemporary rock was encountered. The drill rods had been three meters lengthy and the wireline core drilling methodology was employed. The vast majority of holes had been drilled at an azimuth of 120° and a 70° dip, perpendicular to interpreted strike and the mineralized horizon. Nonetheless, some holes had been drilled at different orientations the place very best floor entry was not doable on the time. Downhole surveys had been taken by the drilling contractor upon completion of the drill gap. All drill holes had been surveyed each three (3) meters downhole utilizing a Reflex GYRO SPRINT-IQ™ digital surveying instrument. Typically, the deviation was beneath 5%, and no important deviation points had been discovered to this point. Collar surveys had been taken by GPS with CenterPoint RTX in UTM coordinates, SAD 69 Brazil datum, 22 South Zone. Drill gap collars had been cased and guarded on the floor with a cement block affixed with a metallic tag stamped with the drill gap quantity, last depth, inclination, azimuth, and begin and end dates.

All Lundin Mining assay outcomes from drilling have been independently monitored via a top quality assurance/high quality management (“QA/QC”) program, together with the insertion of blind requirements, duplicates, blanks, and pulp and reject duplicate samples. The soil, saprolite, and altered rock had been drilled from HQ measurement core and the contemporary rock from NQ measurement core. Half of the core was collected, and the pattern interval was round one (1) meter for mineralized zones and two (2) meters for non-mineralized zones. Quarter core samples had been collected for duplicate evaluation. The samples had been securely transported by a domestically based mostly transport firm from our core preparation facility on the Chapada Mine, Brazil to the ALS Chemex pattern preparation facility in Goiania, Brazil . Pattern pulps had been despatched for evaluation to the identical lab in Lima, Peru , which is impartial of Lundin Mining. The samples had been analyzed by hearth assay/atomic absorption spectroscopy (AAS) (gold) and 4 acid digestion/ICP-MS (copper). The evaluation was carried out by ALS Chemex Lima, Peru , accredited by the Requirements Council of Canada ISO 17025:2005, and the secondary laboratory SGS GEOSOL, Vespasiano, Brazil accredited by ISO 9001:2008, each impartial laboratories.

Certified Individual

The scientific and technical data contained on this press launch has been reviewed and authorized by Mr. Jeremy Weyland, P.Eng., Senior Supervisor Research of the Firm, a non-Impartial “Certified Individual” as outlined by Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives. Mr. Weyland has verified the information disclosed on this press launch and no limitations had been imposed on his verification course of.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining firm with operations in Brazil , Chile , Portugal , Sweden and america of America , primarily producing copper, zinc, gold and nickel.

The data on this launch is topic to the disclosure necessities of Lundin Mining underneath the EU Market Abuse Regulation. The data was submitted for publication, via the company of the contact individuals set out beneath on February 10, 2022 at 17:00 Japanese Time .

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Desk 1 – Saúva Discovery Drilling Assay Outcomes Up to now

SOURCE Lundin Mining Company

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