RNS - Operations Update: Bonanza Vein23 Mar 2026 07:11
Highlights
· Underground operations restarted on 13 February 2026 led by mining and fragmentation specialists Constructora e Inversiones Andina Kuboc C&P SAC ("Kuboc") and Frasser SAC .
· Early intersection of gold-bearing vein material within the first 6m of a newly advanced development heading.
· Company is prioritising a high-confidence gold target zone, enhancing near-term recovery potential.
· Advancing with high-precision underground development
· Active recovery of mineralised material during development, with selective handling and stockpiling underway.
o Approximately 6 tonnes with Poruña sampling based grade analysis of between 0.5 to 6 g/t Au (see Table 1).
o As the material was collected during development of the mine, high-grade zones were not targeted.
· Comprehensive sampling programme in progress, supporting grade control and metallurgical optimisation.
Operational Execution - Precision Mining
The Company continues to demonstrate strong operational control, which is critical in narrow-vein gold mining:
· A recent development round delivered:
o 1.10 metres advance from 32 drill holes and 65 devices;
o A clean face with minimal outbreak; and
· Achieved a 100% Half-Cast factor, indicating:
o High drilling accuracy;
o Effective blast control; and
o Minimal dilution of mineralised material.
This level of execution supports higher selectivity, improved recovery potential, and better cost efficiency as development progresses.
Each cycle (drill-fragment-clear-recover) is contributing both to advancing the mine and to building a growing inventory of mineralised material.
The mining contractor is forecasting being able to deliver up to four blasts per day, as it develops and initiates production at the mine - an increase from the current 1-2 blasts per day being executed. This is expected to result in approximately 4-5 m of progress per day once operating at optimal performance levels.
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