Snapshot

Quiulacocha Highlights

The Quiulacocha Tailings Storage Facility (TSF) covers approximately 115 hectares and is estimated to hold approximately 70 million tonnes of tailings deposited from 1920s to 1990s. Approximately 57 ha of the Quiulacocha TSF lies within the El Metalurgista mining concession.

The most recent Historical Mineral Resource Estimate for the Quiulacocha TSF by JA Brophy in 2012 were estimated at 2,500,000 tonnes grading 1.46% zinc per tonne, 0.85 % lead per tonne, 38 grams silver per tonne in the measured category*; and 4,900,000 tonnes grading 1.43% zinc per tonne, 0.76% lead per tonne, 38 grams silver per tonne in the indicated category*. This estimate was based on a shallow surface auger sampling program which is estimated to represent only 10% of the expected tonnes of the Quiulacocha tailings deposit.

* The resource estimates described above are historical in nature and cannot be relied upon for economic evaluations.

CDPR has an agreement with the local community of Quiulacocha to undertake exploration work on the Quiulacocha TSF.

The Company received the Government Land Easement in May 2024.

The Company has completed the first phase of Geophysical Studies to outline the bottom surface of the tailings deposit.

At the end of August 2024, CDPR began its 40-hole drill program at the Quiulacocha Tailings to discover the true value of the tailings with the goal of producing a master plan for the entire Quiulacocha Tailings resource area.

On October 15, 2024, CDPR annonce that  Phase 1 drilling program at the Quiulacocha Tailings Project was nearing completion.  Initial results returned silver grades 52% higher than historic samples. Drill hole SPT04 intersected 19 m at 59 g/t Ag, 1.80% Zn, 0.77% Pb, 0.07% Cu and 0.07 g/t Au

Quiulacocha Overview

The Quiulacocha tailings deposit covers approximately 115 hectares with tailings deposited in the Quiulacocha Tailings Storage Facility (TSF) from the early 1920´s to 1992. According to historical records, the Cerro de Pasco mine processed approximately 73 million tonnes of sulphide material between 1952 to 1997 from the open pit and underground workings, which was deposited into this facility during this time.

Cerro de Pasco mining operations started in 1630 and are still operational today. The tailings stored in the TSF, comprised of processing residues, come from the Cerro de Pasco open pit and underground mine. Initially these tailings resulted from the mining of copper-silver-gold mineralization with reported historical head grades of up to 10% Cu, 4g/t Au and over 300g/t Ag and later from the mining of zinc-lead-silver mineralized material with average historical grades of 7.41% Zn, 2.77% Pb and 90.33g/t Ag.

Quiulacocha Exploration

In 2004, Cory Gold Mining SAC (later known as Cerro de Pasco Resources SA) completed a program of auger sampling of the Quiulacocha TSF. A total of 268 samples were taken from 105 vertical auger holes drilled to depths ranging from 2.0 to 13.6 metres. The survey covered approximately a third of the TSF surface area, and perhaps a quarter to a sixth of the depth of the TSF deposit (approximately 5% to 10% of the TSF volume). Sampling was divided into a northern zone and a southern zone which were separated by an area of approximately 350 m wide where no samples were taken. Results for Ag and Zn assays were similar for both the northern and southern sample areas with Ag values ranging from 32 to 50 g/t for the northern zone and 37 to 60 g/t for the southern zone and Zn values ranging from 0.9 to 2.25% for the northern zone and 1.03 to 2.4% for the southern zone.

In 2012, Cerro de Pasco Resources S.A. completed a program of 31 auger holes to verify the data collected in 2004. The auger drilling samples returned values ranging between 40 to 74 g/t Ag, 0.94-3.67% Zn, 0.55 to 2.33% Pb, 230-830 ppm Cu and 0.030-0.078 ppb Au. A comparison of the assay results was undertaken which showed that average 2012 assay results were slightly higher than those taken in 2004, but not substantially.