Aura Minerals

In the district of Concepción del Oro, a tertiary intrusive complex ranging in composition from quartz monzonite to granodiorite intrudes Jurassic and Cretaceous limestones along the axial plane of the El Mascaron antiform. Associated with the intrusive complex and its structural system and alteration regime, copper, gold and silver mineralization occurs as chimneys, mantles, stockworks and disseminations hosted in exoskarn, endoskarn, quartz monzonite, hornfels and marbles. These were obliterated by a post-skarn hydrothermal alteration, consisting of proplitic, phyllic and potassic alteration styles. Both mineralized and non-mineralized skarns are considered.

The mineralized body has a strike of 1.5 km, with a width of up to 250 meters and a depth of 600 m. The ore consists of seven mineralized domains which are BW, AA, Mexicana Sul and Norte, GH Area Footwall (GHFW) and GH Area Hangingwall (GHHW) and Cabrestante.

These domains are multiple chimney structures dipping to the southeast, varying between 70-90 degrees.

Current reserves are concentrated in the underground mine, mainly in the Glory Hole quarry. Aura is focused on exploration drilling in the deep Glory Hole range, as well as key targets such as Cabrestante, Catarroyo, Esperanza and El Cobre. The latter is at a more advanced stage of exploration with mineralization in vertical chimneys associated with ruptures cemented by hydrothermal events and skarn zones in contact between limestone and intrusive rocks.

Aranzazu has 10,000 acres of mineral rights with evident potential due to its strategic position in the district, where rocks related to mineralization are presented. Exploration works such as mapping, sampling and geophysics are part of the program that Aura is conducting to increase the district’s resources and reserves.

The Matupá Project area is part of the granite bodies of the Suíte Intrusiva Matupá, which have an intrusive geological relationship with the gneisses of the basement of the Cuiú-Cuiú complex and with the Diorite/Gabbro bodies, the oldest regional event. The Matupá Intrusive Suite was intruded by feldspathic quartz porphyries and late mafic to fine-grained porphyry fine-grained late mafic porphyry to intermediate dykes. These sequences are in contact with volcanic and pyroclastic rocks of the Colíder Group located north of the city of Guarantã do Norte.

The widespread gold mineralization of the Ouro de Alta Floresta Province (AFGP) exhibits an envelope with strong phyllic alteration (sericite+quartz+pyrite) related to acidic porphyritic dykes or potassium alteration, represented by the enrichment of biotite or microcline, and substitution of the original K feldspar, with or without silicification, and associated with disseminated sulfides, mainly pyrite

Gold deposits in the AFGP are divided into two large groups: (1) Deposits in epithermal high-grade quartz veins and related to ±(Zn-Pb-Cu-Fe) intrusions with restricted sericite, with chloritic and carbonate alteration; and (2) disseminated deposits of low ±(Ag-Bi-Te-Pb-Zn) with “phililic” alteration controlled by faults (muscovite-quartz-pyrite) and strong to moderate silicification.

The X1 Deposit, Serrinhas and V6 targets represent the disseminated gold mineralization hosted in the Matupá Granite. The Guarantã Ridge Deposit represents the epithermal stokwork mineralization where the ore occurs in zones of hydrothermal breccias and epithermal veins hosted in sediments interspersed with volcanic rocks of the Colíder Group. In addition, vein quartz veins, sometimes associated with massive sulfide mineralization, are found in shear zones in the Alto Alegre Block, such as the Valdemar and Eron veins, generally showing high grades of up to 261.1 g/t Au and 0.91% Cu.

Deposit X1 has a slightly northeast/southeast oriented preferential dip and low angle southwest dipping before an abrupt boundary. More exploration activities will be undertaken to test the continuity of X1 mineralization and to verify untested magnetic and charge anomalies on the property.

Surface activities such as soil and rock sampling with geological recognition have been carried out since 2019. As a result, a significant amount of gold occurrences and anomalies have been identified within a 50 km radius of the X1 deposit within the Aura mineral rights. Part of these anomalous areas was then tested with diamond drilling or shallow RC drilling campaigns, which confirmed many positive results, generating exploratory drilling targets.

At the Serrinhas Deposit, exploration activities began with the review of the historical drilling database, the relog of drill holes carried out by the Rio Novo team of geologists and the scheduling of the initial extension drilling in the MP2 Central and MP2 ore bodies. East. In addition, there is Alvo Parazinho, an old primary mining well related to a quartz vein in the shear zone between the geological contact of a mafic shale and a granodiorite.

Paiol, Cata Funda and Vira Saia are not well drilled and there is an opportunity to increase mineral resources along the strike and at depth. Morro do Carneiro represents a good opportunity to increase resources with high grade veins.

Exploration work is being conducted by Aura on its mining rights along the Greenstone Belt. Gold occurrences, surface sampling results and historical drilling suggest great potential to develop new deposits in the medium to long term, including deposits with higher grades.

The San Andrés deposit is classified as an epithermal gold deposit associated with extensional structures within tectonic rifts. Gold occurs in quartz veins predominantly composed of colloidal banded quartz. The rocks that host the San Andrés deposit were oxidized close to the surface due to the weathering process. The oxidized zone ranges from 10 meters to over 100 meters in depth where pyrite has been altered to iron oxides such as hematite, goethite or jarosite. The oxide zone usually overlaps with a partial oxidation zone, called the mixed zone, which consists of both oxidized and sulfide material. The mixed zone may not occur continuously, but where it is present, it reaches thicknesses greater than 50 m. Below the oxidation zone; gold is commonly associated with sulfide minerals such as pyrite. The sulfide zone, or “cool zone”, is below the mixed zone.

Since Aura’s acquisition of Minosa, exploration activities conducted at the San Andrés Mine have consisted of detailed scale mapping, sampling of channel in road cutting and drilling. The exploration poll continued in the Minosa concession area, with the aim of extending current reserves in the Fault Zone A, converting inferred resources in the Buffa zone, and investigating potential zones of high content feeders of the system. In addition to extending current capabilities, Aura is performing surface work on regional targets such as SA IV and V.

The Ernesto and Pau a Pique complex deposits are located in the Aguapeí Group, composed of metasediments from a foreland basin folded and sheared under ductile-ruptile conditions commonly in tectonic contact with the basement. Strong hydrothermal alteration associated with gold mineralization occurs in fault zones associated with the lower contact of the Aguapeí Group with the basement.

Aura Apoena’s current reserves outline a 4-year mine life based on identified reserves at the Pau a Pique underground mine and at the Ernesto, Lavrinha, Japonês, Nosde mines. Aura is carrying out exploration work to extend the life of the mine as the ore bodies are opened up at depth. In addition to the extension of the current mines, Aura is testing priority targets such as Pombinhas and Japonês Oeste, which showed a similar mineralization system during initial exploration works.

The Aguapeí Gold Belt has several occurrences of gold along its 165 km wide area that have been little studied. Aura is carrying out greenfield exploration work and has identified several targets such as Bananal, Serra Quebrada, Guaporé-Sarararé, Area 3 and Area 5. The company will continue to work to bring these targets to the reserve level, in addition to identifying new targets.