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News Update


Junior Miner Announces Mineral Resource Estimate for Ontario Gold Project
News Update

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Caldas Gold Corp.'s estimate for its Juby Gold Project in northeastern Ontario is based upon results from a recently filed NI 43-101 technical report.

In a news release, Caldas Gold Corp. (CGC:TSX.V; ALLXF:OTCQX) announced that it has completed an updated mineral resource estimate (MRE) for its Juby Gold Project (Juby), prepared in accordance with NI 43-101 standards.

The company highlighted that the updated MRE results for the Juby Gold Project demonstrate an Indicated resource of 773,000 ounces gold and an Inferred resource of 1.488 million ounces (Moz) gold.

The project data is a combination from two open pits. The first, the Juby Main Zone - Golden Lake Zone, is the larger of the two that shows an Indicated resource of 20.2 million tons (Mt) of 1.12 g/t gold totaling 728 Koz gold and an Inferred resource of 41.5 Mt of 0.99 g/t gold totaling 1.319 Moz gold.

The second, smaller pit, the Hydro Creek-LaCarte Zone - Big Dome Zone, shows an Indicated resource of 1.1 Mt of 1.31 g/t gold totaling 45 Koz gold and an Inferred resource of 5.6 Mt of 0.93 g/t gold totaling 169 Koz Au.

The company's Chairman and CEO Serafino Iacono remarked, "The Juby Gold Project is an advanced-exploration stage property situated on a major highway with access to infrastructure in a historic mining district in Northern Ontario. The Shining Tree Gold District is an under-explored area in the southern part of the Abitibi Greenstone Belt and we are encouraged by the increase in the level of interest and investment in this area including recent news related to the development of a new mine at IAMGOLD's Cote Gold deposit and exploration programs commencing on neighboring properties owned by Orefinders and Platinex."

"The completion of this Mineral Resource estimate, updated to reflect current NI 43-101 requirements to include only 'within-pit' Mineral Resources and the results of additional drilling completed by Tahoe Resources in 2018, provides us with a solid foundation on which we can build our exploration program for resource expansion beginning with a drilling campaign in 2021," Iacono added.

Caldas Gold indicated that the Juby Gold Project is located in northeastern Ontario within the Shining Tree Gold District south of the Abitibi Greenstone Belt. The project consists of 308 unpatented mining claims and five mining leases which covering 5,288 hectares.

The firm reported that the July 14, 2020, updated MRE for Juby involved the assessment of a historical drill hole database of activity completed through fall 2018, updated 3D grade-controlled wireframe models and available written reports. The database contained data from 379 surface drill holes totaling 105,861 meters and seven trenches for 577 meters. The database included a total of 65,984 assay samples obtained from 74,160 meters of drilling.

According to the technical report findings, the project's deposits contain within-pit Indicated and Inferred mineral resources associated with well-defined gold mineralized trends and models, and all deposits are open along strike and at depth.

SGS-GeoVector have constructed a proposed work plan that would kick off initially with technical, permitting and logistical planning later this year necessary to prepare for a 2021 drill program totaling 10,000 meters. Caldas Gold commented that it will review and evaluate these recommendations and then finalize its 2021 drill program after the program priorities are nailed down and all necessary approvals and permits are in place.


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