Ecuador

Pegasus

From 2018 to present Anglo American has been the operator of the project:

• Spent US$26M since 2018 including cash payments
• Drilled 1,800 metres at the Medusa North target at Pegausus A
• Anglo American currently owns 25% of the project and can earn up to 60% by spending additional US$15M
• Ownership can increase to 70% if Luminex is carried to construction decision on a project
• See Dec 20, 2023 news release for more info: NR23-19

Geology & Location

• The Pegasus project is located in the Western Cordillera of Ecuador, encompassing a 66,250 ha portion of the Macuchi Formation; a well demonstrated host of Volcanic Massive Sulphide (VMS) deposits among other styles of base and precious metal mineralization
• The host rocks comprise Cretaceous to Paleocene age island arc ensembles of submarine volcano-sedimentary sequences and lavas of basaltic to dacitic compositions
• Several mineralized targets have been identified to date as follows:
  • Porphyry/epithermal/skarn transition (Pegasus A1)
  • Endo-skarn (Pegasus A2)  
  • Porphyry (Pegasus A6)
  • Of these the La Envidia target had been drill tested in 1997 by a third-party company
• Pegasus A is located 2 km south of the historic Estero Hondo gold mine
• Pegasus B is loacted adjacent to Salazar Resources’ Curipamba Project which hosts the El Domo deposit (Indicated: 313 Mlbs Cu, 409 Mlbs Zn, 38 Mlbs Pb, 0.58 Moz Au)
• In Summary, Pegasus represents an under-explored VMS/Skarn district with possible porphyry roots

Qualified Person

Leo Hathaway, P.Geo, a “qualified person” within the definition of that term in NI 43-101, has reviewed and approved the scientific and technical information contained on this page.