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The Pinos Mine project lies within a highly prospective licence area along the Zacatecas mineralisation trend, yet only 20% of the licence area has to date been subject to modern exploration. There are also numerous abandoned historical mines scattered throughout the territory. Candelaria has a prioritised exploration program for the Pinos district, with the aim of expanding resources and extending mine life and increasing throughput at the Pinos mill. The targets include high-grade historical “bonanza” ore shoots, new vein trends not previously recognised, and potentially lower grade bulk mineable gold-silver targets (eg. San Matias).

The plan below illustrates the define targets within the concession area, and the exploration priorities.

Pinos Exploration Map

Category “A” targets are well defined and have the potential to generate an additional 250-300koz Au.

Category “B” targets are also well defined and have the potential to generate an additional 50-100koz Au.

Category “C” targets require target generation field work.

The Near-Mine Extensions (Peñitas, P. South, San Fran., Arrandas S.M., etc) aim to extend Resources at depth and along strike of known structures, and to upgrade existing Inferred Resources. Vein widths typically 1.5 – 6m. All are high grade, low sulphidation epithermal targets.

The Africano target consists of quartz veins of 1-10m width, and are typically high-grade, low sulphidation veins. This area lies on a faulted boundary of a Red Beds block.

The San Matias target is highly prospective, consisting of veins and stockworks with Au-Ag mineralisation within silicified porphyry’s and breccias and represents a potential bulk mining target.

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