Majuba Hill

Project Overview

At Majuba Hill the property access, climate, and physical setting are all favorable. The site is remote from large population centers but not so much that it has wilderness value. Normal weather and climate of the area would not hinder year-round access or interfere with exploration and mining activities.

The project shows indications of a potentially large Cu – Ag +/- Au mineralized body with many features in common with both large porphyry copper and silver – tin type mineralization. Small scale historic mining concentrated on the Majuba fault zone and veins in subordinate structures. Drilling has identified a body of oxide copper-silver mineralization, but this body has not been fully defined or properly modeled to produce a mineral resource estimate. A few deeper drill holes, IP geophysical surveys, and surface geochemistry have tentatively identified target areas with potential to significantly expand the mineralization.

Location & Infrastructure

The Majuba Hill property is 113 road km (70 miles) southwest of Winnemucca, Nevada, and 251 km (156 miles) northeast of Reno. Access is by well-maintained county roads from the Imlay, Nevada exit on U.S. Interstate 80, and traveling westward 23 miles. The project is in north central Pershing County, about 172 km (107 miles) northeast of Reno, Nevada. The nearest supply center is Winnemucca, Nevada. Winnemucca offers food, lodging, fuel, and some exploration services. All mineral exploration services including supplies, analytical laboratories, and drilling service companies are available in Reno or in Elko, Nevada, about 210 road miles to the east of the project. Reno and Elko are the major supply centers for exploration and mining activities in Nevada. The nearest airport with commercial service is Reno, Nevada.The highways are sufficient for transportation of exploration-size heavy equipment. Development logistics would use the 4 lane Interstate 80 highway, Union Pacific railroad tracks and adjacent power, natural gas, and fiber optic transmission lines in the rail – highway corridor. A few four-wheel drive roads and ATV trails provide access to the main target areas. Mining is a common occupation in the area with several small to world class mines operating in the Winnemucca – Lovelock area over the past several decades. A well-trained and experienced mining workforce pool is available in Nevada that will flow to where it is needed.

Majuba Hill is a porphyry copper silver prospect located 70 miles southwest of Winnemucca, Nevada, 156 miles east-northeast of Reno
Previous drill results include: 113m at 0.45% Cu, 72.5m at 0.38% Cu, 86.8m at 0.27% Cu, 47.4m at 1.06% Cu
Majuba Hill has a history of production, a database of previous drilling, encouraging geochem results and good tonnage potential
A staged exploration program will target the original mine area and at depth below the historic workings

Historic Production

Exploration model

Between 2007 and the present, 64 holes with a total of 45,214.2 feet were drilled at Majuba. Prior to this, 29 holes with a total of 25,380 feet were drilled between 1920 and 1975. Drill logs and assays for the historic drilling are available in various formats. The modern (2007 and later) drilling records are in very good condition and have been converted to electronic format along with all assay certificates and results. Core and chips are stored in Elko, Nevada for the modern drilling. Drilling has shown significant intercepts of low grade copper and silver in both oxide and sulfide mineralization.

2021 DRILL PROGRAM

Core Holes Discovered High-Level Intrusive-Diorite/Granodiorite Porphyry

Well developed potassic, phyllic, and propylitic alteration
Widespread correlation with IP/Resistivity Geophysics
MHB-22: Anomalous Cu/Mo continually increasing from 1,679 ft (511.8 m) to end of hole at 1802 ft (549.4 m).
MHB-22 drilled several different high-level intrusive types from 658 ft 200.56 m) to end of hole with potassic alteration and scattered qtz-magnetite veins

RC Drill Holes extended near surface Copper Oxide/Enrichment Zones

MHB-23 returned a very encouraging 25 feet (7.6 m) at the end of the hole from 975 to 1000 feet @ 0.82% Cu Equivalent
MHB-21 extended the enrichment zone deeper with two intervals returning 80 feet (24.4 m) from 955 – 1035 feet @ 0.24% Cu Equivalent and 115 feet (35.1 m) from 1040 – 1155 feet @ 0.31% Cu Equivalent

Copper Equivalent % was calculated by converting length weighted silver, gold, molybdenum, lead, and zinc values to copper using USD$25.24/oz-Ag, $1932/oz-Au, $20/lb.-Mo, $1.01/lb.-Pb, $1.75/lb.-Zn and USD$4.71/lb. copper.

2020 drill program

Historic Drill Program Highlights

Most important hole prior to Majuba Hill Copper COrp to date is MMX-24: 366 meter hole that intersected 113m @ 0.45% Cu from 222.5 to 335.5 m
This high grade interval is within a thick zone of copper mineralization
The hole also had 123m @ 8.5 g/t Ag
Shallow oxide mineralization is prominent at Majuba Hill

Since 1941 there have been eight drill campaigns that drilled 74 holes at Majuba Hill. Six by exploration companies and one by the U.S. Bureau of Mines. Prior to 1970, 16 holes (1,114 m/3656 feet) were drilled by Freeport Sulfur Company (1942) and the U.S. Bureau of Mines (1948). Since 1970, 13,906 meters (45,622 feet) in 58 core and RC holes was completed at Majuba.

We have constructed a detailed geologic model using all of the drill data. This 3D GIS model gives us a solid spatial platform to visualize the Known Oxide Zone and expand it into the much larger Majuba Oxide Extension Area.

Historic surface drilling has delineated an outcropping copper and silver oxide zone. Historic core holes drilled by Max Resources and described in the technical report prepared for Galileo Exploration Ltd. in May 2017 (NI43-101 Technical Report, Majuba Hill Project, Pershing County, Nevada, A.J. Morris CPG QP) returned good oxide copper in a discrete area around the historic underground workings.

These include:

· MM-05: 89.2 m @ 0.27% Cu from 0 to 89.2 m

· MM-06: 47.4 m at 1.06% Cu from 0 to 47.4 m

· MH-7: 97.5 m at 0.33% Cu from 25.9 to 123.4 m

· MG1703: 20.4 m at 0.71% Cu from 102.9 to 123.3 m

All drilling combined suggests that the total Majuba Hill Potential is for 350-500 million tons in sulfide and oxide mineralization at grades estimated to be 0.3 to 0.4% Cu, 9 to 14 ppm Ag, and 0.175 to 0.25 ppm Au.

Majuba Geophysics

When all of the geological and drilling data is integrated with the magnetic and IP surveys it presents extremely compelling evidence that the sulfide copper porphyry mineralization known from MMX-24 and other historic deeper holes extends southwesterly.

There is a distinct association between the Magnetic Survey results and high copper values in historic drilling and underground mining. Three-dimension grade modeling of the known oxide copper mineralization shows copper values increasing to the south. The oxide copper mineralization is along the edge of the eastern magnetic low.