Summary

Mine Type	Underground
Study Completed	Feasibility
Study in Progress	Feasibility Update
Stage	Permitting
Commodities	Zinc Lead Gold Silver Copper Tin
Mining Method	Sub-level stoping Cut & Fill Transverse stoping
Backfill type	...
Project Timeline	...
Mine Life	...
Snapshot	The Lagoa Salgada VMS project has been recognized by the Portuguese Government as a Project of National Interest (“PIN”). This recognition provides expedited procedures and shorter implementation periods for permitting and construction also strong local and Government support. Lagoa Salgada is the first mining project to receive recognition of this kind in Portugal. On December 21, 2023 the Company through its subsidiary, Redcorp, submitted the Environmental Impact Assessment (EIA) for the Lagoa Salgada Project to the Portuguese Environmental Authority, APA ("Agência Portuguesa do Ambiente"). The Company is also submitting as a complementary project, plans to construct a 30MW PV (photovoltaic) plant as part of the environmental licensing process. The Lagoa Salgada project has a potential for material expansion with future exploration work to increase resources and extend mine life.

Deposit type

• VMS
• Breccia pipe / Stockwork

Summary:

From a genetic point of view the Lagoa Salgada deposit is considered a polymetallic Volcanogenic Massive Sulfide (VMS).

Mineralization
The mineralization types are different for each sector of the Lagoa Salgada deposit. They all show different typologies and modes of occurrence although all the mineralization domains are polymetallic.

North sector
The north sector of this deposit shows four distinct mineralization domains, namely the gossan, the transition massive sulfides, the primary massive sulfides, and the stringer zone. The gossan (Gos) mineralization results from the supergene alteration of the primary massive sulfides after intense oxidation and weathering when the primary mineralization was exposed to the paleosurface. The net effect of the supergene effect is the enrichment of less mobile elements such as Au Ag, Sn and Pb.
The transitional massive sulfides (tMS) zone is also the result of a supergene process. Some of the metals leached in the relatively shallower oxidizing levels and precipitated immediately below more reductive conditions (below the paleo water table). This domain is particularly rich in Cu, Pb and Ag.

The primary massive sulphides (pMS) result from the extraction of metals from deeper volcanic rocks that, by dissolution in the aqueous solutions through the interaction between water and rock. These were transported and subsequently cooled, causing the precipitation of metals such as Cu, Pb, Zn and Sn in the case of the Lagoa Salgada and creating massive sulphide lenses due to the circulation of hydrothermal fluids.

The stringer (Str) domain is characterized by stockwork polymetallic mineralization occurring in intermediate-basic volcanic rocks at the bottom of the primary massive sulphides. From a metallogenetic point of view, these were the corridors that fed the massive sulphide lens.

South sector
The mineralization style at the south sector of the Lagoa Salgada deposit is different from the north showing two distinct domains, the semi-massive sulphides (sMS) zone, and the fissure remobilization (FR) mineralization zone.

The first sMS mineralization which is only present in the esV lithologies is characterized by semi massive pyritic intercalated with volcanic rocks. It is believed that the esV lithology is the lateral equivalent of the north sectors massive sulphides, representing a distal volcanogenic massive sulphide related facies. Both units have been tectonically packed into sub-vertical lenses following the latest stage of deformation.

The second mineralization style of the southern sector is fissural remobilization (FR) mineralization. This polymetallic occurrence is hosted in the base southwestern iV rocks with the mineralization corridors following a main trend with an azimuth that varies between 140° to 160° and dipping between 70° to 85° NE. Three main corridors have been defined in this domain, all dipping to the NE and are open along strike to the north.

An important fact to retain about the FR domain is that the hosting rocks between the three corridors still carry some lower grade but potentially economic mineralization. The 3 corridors represent some higher-grade zones within a broader envelope of mineralized iV rocks. The FR domain is polymetallic with Cu, Zn, Pb, and Ag; however, Cu (chalcopyrite) and Zn (in sphalerite) are predominant. From a genetic point of view, the occurrence of this mineralization occurred through a post-orogenic percolation of the mineralized fluids induced by an epigenetic hydrothermal alteration in the iV rocks. This analysis was one of the facts that helped to define the main corridors of mineralization as all the samples of the corridors have a CCPI index above 85.

Mining Methods

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Comminution

Crushers and Mills

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Processing

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Commodity Production

Operational metrics

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Personnel

Job Title	Name	Profile	Ref. Date
.......................	.......................		Jul 24, 2023
.......................	.......................		Jul 28, 2023
.......................	.......................		Jul 28, 2023