HIGHLIGHTS
- Infill and extension drilling at La Negra SE confirms a broad, shallow zone of oxide silver-gold mineralization over a depth of 850 meters and a vertical extent of 175 meters, open to the southeast and at depth.
- New notable drill results (from the SE of La Negra SE) include:
| JDD0113-25 | 107m bee 165gpt AgEq (1gpt Au, 70gpt Ag) from 18m, including: 55.6m bee 245gpt AgEq (1.7gpt Au, 81gpt Ag) from 67.9M |
JDD0118-25 | 74m bee 134gpt AgEq (0.7gpt Au, 67gpt Ag) from 6 meters 35.6m bee 207gpt AgEq (1.3gpt Au, 81gpt Ag) from 38.4 million |
JDD0108-25 | 81m bee 107gpt AgEq (0.5gpt Au, 60gpt Ag) from 2 meters 15m bee 183gpt AgEq (1.4gpt Au, 49gpt Ag) from 62m |
JDD0112-25 | 46.2m bee 117gpt AgEq (0.3gpt Au, 91gpt Ag) from 6.8m 27m bee 145gpt AgEq (0.4gpt Au, 106gpt Ag) from 21 meters |
JDD0111-25 | 58m bee 100 gpt AgEq (0.6gpt Au, 39gpt Ag) from 89m 7.45m bee 1G3gpt AgEq (1.4gpt Au, 55gpt Ag) from 135m |
JDD0123-25 | 56m bee 106gpt AgEq (0.4gpt Au, 66gpt Ag) from 5 meters 10.7m bee 1G5gpt AgEq (1.2 gpt Au, 79 gpt Ag) from 33.3 million |
- Actual thickness ranges from 15 to 75 meters, supporting the potential for bulk open-pit mining.
- Drilling resumed on January 5, 2026 and includes three diamond drill rigs and one Reverse Circulation (RC) drill rig. At La Negra SE, infill drilling on a 50 by 25 meter grid is nearing completion, with 8 holes remaining to support a highly reliable Indicated Resource.
- Based on the timing and new results, the company will immediately proceed 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 positive for future resource estimates and mining studies.
- The PFS workflows completed in December 2025 include basic environmental studies, geotechnical drilling (9 holes) and reduction drilling (3 holes), with full samples sent from headquarters to Nevada for ore hardness testing.
- Regional exploration and soil geochemical sampling southeast of La Morocha defines the 650 by 150 meter ‘La Rubia’ silver anomaly (>2500 ppb), confirming the potential for additional shallow discoveries during the strike from La Morocha (Figures 3 to 4).
Figure 1: La Negra SE cross section, including prominent holes JDD113-25, JDD118-25 and JDD123-25
Managing Director Todd Williams says:
“Infill drilling at La Negra SE continues to yield broad, shallow zones of oxide-silver-gold mineralization with excellent continuity over the full 850 meter strike length. These results confirm the scale and geometry required for conventional open-pit development and support our decision to proceed immediately to a pre-feasibility study of the mineral resource.
With infill drilling nearing completion, geotechnical and reduction programs already underway and three key prospects – La Negra, La Negra SE and La Morocha – moving towards Indicated Resource status, Joaquin is undergoing a rapid transition from exploration to development, while remaining open to further growth.”
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