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Historical Background

The first record of gold in the Caballo Blanco claim area dates to 1995 when Charlie Warren of Whitehorse, Yukon sampled a small quartz vein outcrop in a road cut along the Pan American Highway. Through his Mexican wife, he staked several mineral claims to cover what is known today as the Highway Zone.

The property was subsequently optioned to Almaden Minerals Ltd. in 1997 (Minera Gavilán S.A. de C.V.) who staked additional claims to cover the two other areas known as the Central Grid Zone and Northern Zone. Almaden completed a variety of geophysical, geochemical, and geological surveys and drilled 17 reverse circulation drill holes in the Central Grid Zone ‘porphyry’ target.

In 2001, Almaden optioned the property to Noranda who drilled nine core holes in the Highway and Central Grid zones and returned the property to Almaden later that year. Results were not encouraging.

In December, 2002, Almaden signed a joint-venture agreement with Comaplex Minerals Corp. proposing to spend US$ 2 million over four years to explore the Caballo Blanco claims. Comaplex carried out a variety of geological work throughout the property, targeting the Central Grid Zone, the Highway Zone, and the Northern Zone. From 2004 through 2006 Comaplex drilled ten core holes, and in 2005 discovered wide low grade gold mineralization in drill hole CB05-03 at La Paila in the Northern Zone. Comaplex completed the required expenditures of the joint venture agreement and went on to earn a 60 percent interest in the property. In February 2007, Almaden purchased Comaplex Minerals Corp’s 60 percent interest for a cash payment of US$ 1.25 million.

In April 2007 Almaden optioned Caballo Blanco to Canadian Gold Hunter Corp. of Vancouver, B.C who in turn completed a variety of surveys and additional drilling in the Northern Zone and Central Grid areas under its Mexican subsidiary, Mineral Cardel S.A de C.V. From 2007 to 2009, 42 core holes were drilled, with at least 30 holes targeting the new gold area at La Paila discovered by Comaplex in 2005.

In September 2009, Canadian Gold Hunter Corp changed its name to NGEx Resources Inc. and later in November signed a ‘share purchase agreement’ allowing Goldgroup Resources to earn a 70 percent interest in the Caballo Blanco Project.

In October 2011 Goldgroup completed the acquisition of the remaining 30 percent interest in the Caballo Blanco project held by Almaden Minerals Ltd. (Almaden) and became 100 percent owner of the Caballo Blanco project. Goldgroup did not do any work after 2012.

In December 2014 Goldgroup Mining Inc. sold 100 percent of the Caballo Blanco project to Timmins Gold Corp for US$10 million in cash and 16 million shares. Timmins did not do any work on the Caballo Blanco property.

In July 2016 Timmins Gold through its subsidiary Molimentales Del Noroeste SA de CV sold 100 percent interest in the Caballo Blanco project to Candelaria Mining Corp.

In 2017, Candelaria Mining Corp carried out a 2,000 meter in-fill drill program at the La Paila deposit & a detailed geochemical program to identify drill targets for a 15,000 meter drill program.

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