Exhibit 99.49

DATE AND SIGNATURE PAGE

This report entitled NI 43-101 Technical Report, Soracaya Project, effective as of January 1, 2024, was prepared and signed by the following authors:

Original document signed and sealed by:

Original document signed and sealed by:

NOTICE

Kirkham Geosystems Ltd. prepared this National Instrument 43-101 Technical Report, in accordance with Form 43-101F1, for Santacruz Silver Mining Ltd. The quality of information, conclusions and estimates contained herein is based on: (i) information available at the time of preparation; (ii) data supplied by outside sources, and (iii) the assumptions, conditions, and qualifications set forth in this report.

Santacruz Silver Mining Ltd. filed this Technical Report with the Canadian Securities Regulatory Authorities pursuant to provincial securities legislation. Except for the purposes legislated under provincial securities law, any other use of this report by any third party is at that party’s sole risk.

TABLE OF CONTENTS

LIST OF TABLES

LIST OF FIGURES

Kirkham Geosystems Ltd. (KGL) was commissioned by Santacruz Silver Mining Ltd. (Santacruz or the Company) to prepare a Technical Report in accordance with the Canadian Securities Administrators’ National Instrument 43-101 and Form 43-101F1, collectively referred to as National Instrument (NI) 43-101 for the Soracaya Project (Soracaya or the Project) located in the Department of Potosí, Bolivia.

This report is the first declaration of resources for the Soracaya Project which has a reasonable prospect of eventual economic extraction via underground mining methods The project is fully permitted for exploration and development. The effective date of the resource estimate is January 1, 2024.

On October 11, 2021, Santacruz entered into the Definitive Agreement with Glencore whereby Santacruz agreed to acquire a portfolio of Bolivian silver assets from Glencore, including the following: (a) a 45% interest in the Soracaya Project and the Porco Mine, held through an unincorporated joint venture between Glencore’s wholly-owned subsidiary Contrato de Asociación Sociedad Minera Illapa S.A. (Illapa) and COMIBOL, a Bolivian state-owned entity; (b) a 100% interest in the Sinchi Wayra S.A. (Sinchi Wayra) business, which includes the producing Caballo Blanco mining complex; (c) the Soracaya exploration project; and (d) the San Lucas ore sourcing and trading business.

On March 21, 2022, Santacruz completed this purchase, including Glencore’s interest in the Soracaya Project.

Santacruz thus owns 100% of the two Bolivian operating companies Illapa and Sinchi Wayra, which in turn own 45% of the Soracaya Project, 45% of the Porco Mine, and 100% of the Caballo Blanco mining complex.

Sinchi Wayra is the operating company for all three active mining operations, including the Soracaya Project.

The Soracaya Project is located in the province of Sud-Chicas, in the department of Potosí in Bolivia. The Project has UTM WGS-84 coordinates of 784,896E; 7,645,567N at an elevation of 4,421 meters above sea level (masl). Paved and gravel roads connect the Soracaya Project to the capital city La Paz (676 km), the town of Uyumi (132 km) and the San Vicente mine site (12 km).

The Soracaya site has been worked since colonial times by the Spanish population, this argument is corroborated by the ruins of population and mining activity found in the sector. The quantification of silver production in the past is difficult to establish, however we can assume that in the years when the price of silver, lead and zinc were very important, mining activities were restarted. The first written records of mining activity are from approximately 1820, when the area was named Minas Guernica. The name Soracaya derives from the native Quechua language “Surikhoya”, which in Spanish means “mine with ostriches”.

Soracaya has been experienced modern mineral exploration since 1992 initiated by Compañía Minera del Sur S.A. (COMSUR S.A.).

In 2005, COMSUR S.A. sold Soracaya to Glencore which formed Sinchi Wayra S.A.

On October 11, 2021, Santacruz entered into the Definitive Agreement with Glencore whereby Santacruz agreed to acquire a portfolio of Bolivian silver assets from Glencore, including the following: (a) a 45% interest in the Bolivar Mine and the Porco Mine, held through an unincorporated joint venture between Glencore’s wholly-owned subsidiary Contrato de Asociación Sociedad Minera Illapa S.A. (Illapa) and COMIBOL, a Bolivian state-owned entity; (b) a 100% interest in the Sinchi Wayra S.A. (Sinchi Wayra) business, which includes the producing Caballo Blanco mining complex; (c) the Soracaya exploration project; and (d) the San Lucas ore sourcing and trading business (the Assets).

On May 10, 2023, Santacruz and Glencore entered into a framework agreement to amend certain terms of the transaction documents pertaining to the acquisition of the assets. On March 28, 2024, Santacruz and Glencore entered into the binding term sheet which amends the terms of certain deferred consideration and ancillary documents pertaining to the acquisition of the Assets.

Santacruz thus currently owns 100% of the Soracaya Project.

Regionally, the Paleozoic basement forms anticlines and synclines with preferential north-west orientation. The Soracaya property is located approximately 8 km west of the prominent north-south striking San Vicente thrust fault, which forms the eastern limit of the intermountain Bolivian Altiplano basin. Low-angle faults, parallel to the folded structures, confirm the presence of compressive stresses in an easterly direction and this is the case for the San Vicente fault, which causes the Ordovician sedimentary package to overlie the polymictic conglomerates of the San Vicente formation. As a result of the tensile phases which are reactivated, high-angle, typically mineralized, faulting and veining occurs in an east-west preferential direction.

The lithology comprises an alternation of shale-slate, followed by siltstone-sandstone and finally laminated sandstones. In the extreme west, outcrops of reddish conglomerates are observed, which are in discordant contact with Ordovician rocks bounded by a regional fault called the San Vicente fault.

Structurally, a series of anticlinal and synclinal folds with an almost north-south direction can be observed. The mineralization-filled fractures have a NEE strike and a second system transverse to the former but related to the vicinity of the Soracaya volcanic complex.

The predominant alteration is argillic followed by propylitization and/or chloritization. Alteration in sedimentary rocks is restricted to areas of possible mineralization. Most of the rocks are fresh.

Mineralization in the Soracaya deposit is structurally controlled, while lithological control plays a minimal role. Pre-existing faults, fractures, and zones of weakness served as conduits for the mineralizing solutions. Structural preparation is very important for the passage of mineralizing solutions. From what has been observed in the Project, the control for mineralization is basically structural and probably lithological in the Tuna Rumi sector.

In the deposit, there are two generations of mineralization; Polymetallic mineralization of the Philonian type, i.e. fissure and/or fracture filled with local dissemination of syngenetic pyrite transformed into iron oxides of probably meteoric character, located in the areas of (Potos Orkho, Tuna Rumi, Sud de Tuna Rumi and Cerro Evangelista).

Another low-grade, high-volume mineralization system where mineralization is likely to be in disseminated form, limonitic box work from pyrite and limonitic stockwork; this type of mineralization could be found in Cerro Evangelista and in volcanic breccia that outcrops in the form of a process on the hill (Potos Orkho) and could be important targets for exploration with drilling.

Surface mineralization is represented by oxides such as Limonite, Hematite, Jarosite; Sectors with barite and quartz, are generally observed in the traces of structures and point sectors dissemination of pyrite also related to nearby structures. The structures identified at the surface were recognized at depth as massive structures, branched with pyrite, possibly silver (tetrahedrite) and copper ores within the pyrite mass and chalcopyrite veins.

Based on the test data and comparison to San Vicente results, the following recovery factors are assumed as shown in Table 1-1.

Table 1-1: Recovery Factors

Source: Sinchi Wayra (2024)

The mineral resources were estimated in conformity with CIM’s “Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines” (December 2019) and are reported in accordance with NI 43-101 guidelines.

Mineral resources are classified under the inferred category according to CIM guidelines. The author evaluated the resource in order to ensure that it meets the condition of “reasonable prospects of eventual economic extraction” as suggested under NI 43-101. The criteria considered were confidence, continuity and economic cut-off in addition to considering constraining the resources within an underground mining volumes.

Using a cut-off grade of 10.0% ZnEq, the Soracaya Project resources are presented in Table 1-2.

Table 1-2: Base-Case Total Mineral Resources at 10.0% ZnEq Cut-off

Notes:

The Soracaya site is that of a typical exploration project with the existence of office, storage facilities and workspaces. In addition, the site has the underground portal along with small ore and waste stockpiles.

There is a relatively significant road network for site access and drilling.

There are three high voltage lines that may be potential sources of power at Soracaya. The closest connects to the 34.5 kV transmission line at the San Vicente mine currently terminates at 3.3 km NWW of Soracaya camp atop Pupusani hill, which is the location of the ENTEL communications antenna.

Responsible environmental management is a critical part of Santacruz’s license to operate and our responsible, compliant operation of Bolivian assets has continued for the last 30 years. Environmental Compliance with national laws and regulations is the basis of Santacruz’s environmental management system and is governed by a framework of oversight by the relevant Environmental Authority. Its environmental commitments are reported to the authorities annually in an Environmental Monitoring Report, which summarizes environmental management of its operations under applicable laws and regulations.

Environmental Licenses have been formally granted to allow operation for all mining activity, by the Ministry of Environment and Water. Table 1-3 shows the licenses held by Santacruz:

Table 1-3: Environmental Licenses Held by Santacruz

Source: Santacruz (2024)

The streams that feed into the Soracaya basin have permanent water, although in the dry season the flow tends to be infrequent and intermittent.

The Soracaya River is the main waterway which several streams contribute. One is a creek that is adjacent, transecting the Soracaya camp that exits the underground mine development. The other stream descends from a ravine that comes down from Cerro Pupusani. Both of these water egresses join to the main Soracaya ravine and stream. There is a third contributor to the ravine water input which is a spring that exits at the foot of Cerro Evangelista.

Bolivia’s central statute governing environment protection is Law 1333, of April 27, 1992; specific regulations for which are set out in Regulation of Environmental Prevention and Control, December 8, 1995. Special Decree No. 24782 of July 31, 1997 sets out specific environmental requirements related to mining. Breaching environmental obligations can result in criminal liability under the Bolivian Constitution, in addition to other administrative penalties (such as a loss of mining rights).

An Environmental Impact Assessment (EIA) would be required for a project on the scale of a mining and processing operation. As well, public consultation with any potentially affected indigenous communities and local populations may also be necessary. The granting of the operating permit allows the proponent to obtain the appropriate operating licenses, which must be updated with any relevant changes during the life of the operation.

Specialized environmental authorities control compliance. As required under the license, any impact on the environment must be reported to these authorities. Remediation measures and rehabilitation projects are compulsory, and financial reserve funds are maintained annually to cover closure costs. A final closing study on the effect on the environment will also be required, and restitution met.

The Soracaya Project is still an exploration stage project and as such does not yet require an operating permit or operating license.

The Project area includes land with no agricultural activity and only the presence of auchenids and small cattle. It is assumed that the potential environmental impacts of exploration work will be minimal; however, to carry out the exploratory activities, the Company has a Dispensation Certificate, dated June 6, 2005, issued by the Prefecture of the Department of Potosí. According to this certificate, the exploratory activities in Soracaya are classified as Category III, therefore it is exempt from the EIA.

Although to date there is only one environmental license for exploration, Sinchi Wayra has commenced the procedures for an environmental license for mineral extraction and development including creation of water treatment pits along with clearing of areas for potential mine development.

The communities that will likely be affected or otherwise impacted in Soracaya going forward, are organized within the structure of the “San Vicente Regional Committee”. The small communities that are part of this committee are the following: San Vicente, Chilco, Portugalete, Vetillas, Cieneguillas, Loma Colorada, Cocani, Viacha, Uyuni K, Guadalupe, Villa Loma and Cerrillos. These small communities are made up of family units that range from 10 to 30 families. The communities in closest proximity to Soracaya are Chilco, Vetillas, San Vicente and Cieneguillas.

The Soracaya Project is subject to all the risks normally associated with an operating mine, and some unique to its situation. These include:

Project opportunities include:

To advance the Soracaya Project and further evaluate the potential additional veins and increase resources thereby displacing depletion due to ongoing mining activities, the following is recommended:

These recommendations have not been costed, as they represent changes to current practices that can be funded by existing operating budgets.

Kirkham Geosystems Ltd. (KGL) was commissioned by Santacruz Silver Mining Ltd. (Santacruz or the Company) to prepare a Technical Report in accordance with the Canadian Securities Administrators’ National Instrument 43-101 and Form 43-101F1, collectively referred to as National Instrument (NI) 43-101 for the Soracaya Project (Soracaya or the Project) located in the Department of Potosí, Bolivia.

Santacruz is based in Vancouver, British Columbia and is engaged in the operation, acquisition, exploration and development of mineral properties in Latin America, with a primary focus on silver and zinc. Santacruz was incorporated on January 24, 2011, under the laws of British Columbia and is listed on the TSX Venture Exchange under the trading symbol “SCZ”.

On October 11, 2021, Santacruz entered into the Definitive Agreement with Glencore whereby Santacruz agreed to acquire a portfolio of Bolivian silver assets from Glencore, including the following: (a) a 45% interest in the Soracaya Project and the Porco Mine, held through an unincorporated joint venture between Glencore’s wholly-owned subsidiary Contrato de Asociación Sociedad Minera Illapa S.A. (Illapa) and COMIBOL, a Bolivian state-owned entity; (b) a 100% interest in the Sinchi Wayra S.A. (Sinchi Wayra) business, which includes the producing Caballo Blanco mining complex; (c) the Soracaya exploration project; and (d) the San Lucas ore sourcing and trading business.

On March 21, 2022, Santacruz completed this purchase, including Glencore’s interest in the Soracaya Project.

Santacruz thus owns 100% of the two Bolivian operating companies Illapa and Sinchi Wayra, which in turn own 45% of the Soracaya Project, 45% of the Porco Mine, and 100% of the Caballo Blanco mining complex. Sinchi Wayra is the operating company for all three active mining operations, including the Soracaya Project.

This report is the first declaration of resources for the Soracaya Project by Santacruz. The effective date of the resource is January 1, 2024.

The Qualified Persons (QPs) preparing this report are specialists in the fields of geology, exploration, mineral resource estimation, metallurgy and mining.

None of the QPs or any associates employed in the preparation of this report has any beneficial interest in Santacruz and neither are any insiders, associates, or affiliates. The results of this report are not dependent upon any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any future business dealings between Santacruz and the QPs. The QPs are being paid a fee for their work in accordance with normal professional consulting practice.

The following individuals, by virtue of their education, experience and professional association, are considered QPs as defined in the NI 43-101, and are members in good standing of appropriate professional institutions / associations. The QPs are responsible for the specific report sections as listed in Table 2-1.

Table 2-1: QP Responsibilities

In accordance with NI 43-101 guidelines, site visits are summarized in Table 2-2. Sinchi Wayra staff and management were cooperative and helpful during the course of each visit. Access to all requested information and physical sites was provided voluntarily.

Table 2-2: QP Site Visits

The units of measure used in this report are as per the International System of Units (SI) or metric, except for Imperial units that are commonly used in industry (e.g., ounces (oz.) and pounds (lb.) for the mass of precious and base metals).

All dollar figures quoted in this report refer to United States dollars (US$ or $) unless otherwise noted.

Frequently used abbreviations and acronyms can be found in Section 28. This report includes technical information that required subsequent calculations to derive subtotals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, the QPs do not consider them to be material.

This report may include technical information that requires subsequent calculations to derive sub-totals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, JDS Energy & Mining Inc. (JDS) and KGL do not consider them to be material.

This report is based on information collected by the QP during their site visits performed on March 28-30, 2023 (Garth Kirkham, P.Geo.) and on additional information provided by Santacruz and Sinchi Wayra throughout the course of the QPs investigations. Other information was obtained from the public domain. The QPs conducted adequate verification of the information and took responsibility for the information provided by Santacruz.

The QPs have relied on information provided by Santacruz on claims, ownership, property agreements, royalties, environmental liabilities, and permits as described in Section 4. The information appears reasonable but has not independently verified beyond the information that is publicly available.

The QPs have relied upon a legal opinion provided by Enrique Barrios of the firm Dentons Guevara & Gutierrez S.C., located in La Paz, Bolivia, in the documents “Local Counsel Legal Opinion on the Porco Mine”, “Local Counsel Legal Opinion on the Caballo Blanco Project”, “Local Counsel Legal Opinion on Empresa Minera San Lucas S.A.”, “Local Counsel Legal Opinion on Sociedad Minero Metalúrgica Reserva Ltda.”, “Local Counsel Legal Opinion on Sociedad Minera Illapa S.A.”, “Local Counsel Legal Opinion on Sinchi Wayra S.A.”, and “Local Counsel Legal Opinion on the Illapa Joint Venture”, all dated March 18, 2022 with regards to the Project’s location, title, and environmental licenses described in Section 4 of this report.

In accordance with the procedure and legal framework of the Mining Rights Adjustment Regulation approved by Ministerial Resolution No. 0294/2016 dated December 5, 2016, and Law No. 535 dated May 28, 2024, Sinchi Wayra has signed mining administrative contracts for five areas that together constitute the Sector called “Soracaya”:

The Soracaya Project (Figure 4-1) is located in the province of Sud-Chicas, in the department of Potosí in Bolivia. The Project has UTM WGS-84 coordinates of 784,896E; 7,645,567N at an elevation of 4,421 meters above sea level (masl). Paved and gravel roads connect the Soracaya Project to the capital city La Paz (676 km), the town of Uyumi (132 km) and the San Vicente mine site (12 km).

Figure 4-1: Project Location Map

Source: KGL (2024)

The Soracaya site has been worked since colonial times initiated by the Spanish, which is confirmed through the existence of archeological artifacts and evidence of mining activity found in the vicinity. No records exist that quantify or otherwise identify the silver and base metal production in the area.

The Soracaya property has been the subject of modern exploration activities by COMSUR S.A. from 1992 through 2005 with Sinchi Wayra S.A. performing mineral exploration and development activities from 2005 to present.

The Soracaya site, as shown in Figure 4-2, is typical for an early-stage exploration property with access and drill roads, limited infrastructure which includes offices, living quarters and related facilities, power generation and electrical distribution, water treatment, core logging and temporary warehousing facilities. In addition, an underground exploration drift and portal has been developed, but is not currently accessible for safety reasons. Surface exploration trenches have also been developed and remain open and accessible. Furthermore, there are small stockpiles of mineralized material and waste that have been extracted from the underground workings.

Figure 4-2: Soracaya Project Site

Source: Sinchi Wayra (2024)

On October 11, 2021, Santacruz entered into the Definitive Agreement with Glencore whereby Santacruz agreed to acquire a portfolio of Bolivian silver assets from Glencore, including the following: (a) a 45% interest in the Bolivar Mine and the Porco Mine, held through an unincorporated joint venture between Glencore’s wholly-owned subsidiary Illapa and COMIBOL, a Bolivian state-owned entity; (b) a 100% interest in the Sinchi Wayra business, which includes the producing Caballo Blanco mining complex; (c) the Soracaya exploration project; and (d) the San Lucas ore sourcing and trading business (the Assets).

On May 10, 2023, Santacruz and Glencore entered into a framework agreement to amend certain terms of the transaction documents pertaining to the acquisition of the Assets. On March 28, 2024, Santacruz and Glencore entered into the binding Term Sheet which amends the terms of certain deferred consideration and ancillary documents pertaining to the acquisition of the Assets.

Santacruz thus owns 100% of the two Bolivian operating companies Illapa and Sinchi Wayra, which in turn own 45% of the Bolivar Mine, 45% of the Porco Mine, 100% of the Caballo Blanco mining complex and 100% of Soracaya.

There are currently six mining concessions at Soracaya owned by Sinchi Wayra, as listed in Table 4-1 and shown in Figure 4-3.

Table 4-1: Sinchi Wayra Concessions

Source: Sinchi Wayra (2024)

Figure 4-3: Santa Cruz Soracaya Exploration Tenements

Source: Sinchi Wayra (2024)

Santacruz continues to manage its operations using a sustainability approach consistent with international standards. From the 2022 Sustainability Report:

We are: “A leading Business Group in the mining industry in Bolivia, sustainable, committed to the safety, health, and well-being of our Human Capital, and the preservation of the environment, with an entrepreneurial spirit, openness to change and innovation, and we strive to generate value and positive impact for society as a whole.”

This integrative approach is employed throughout all of the Santacruz Bolivian operations including Soracaya where the following key areas are addressed and monitored:

Bolivia’s central statute governing environment protection is Law 1333, of April 27, 1992; specific regulations for which are set out in Regulation of Environmental Prevention and Control, December 8, 1995. Special Decree No. 24782 of July 31, 1997 sets out specific environmental requirements related to mining. Breaching environmental obligations can result in criminal liability under the Bolivian Constitution, in addition to other administrative penalties (such as a loss of mining rights).

An Environmental Impact Assessment (EIA) would be required for a project on the scale of a mining and processing operation. As well, public consultation with any potentially affected indigenous communities and local populations may also be necessary. The granting of the operating permit allows the proponent to obtain the appropriate operating licenses, which must be updated with any relevant changes during the life of the operation.

Specialized environmental authorities control compliance. As required under the license, any impact on the environment must be reported to these authorities. Remediation measures and rehabilitation projects are compulsory, and financial reserve funds are maintained annually to cover closure costs. A final closing study on the effect on the environment will also be required, and restitution met.

The Soracaya Project is still an exploration stage project and as such does not yet require an operating permit or operating license.

The Project area includes land with no agricultural activity and only the presence of auchenids and small cattle. It is assumed that the potential environmental impacts of exploration work will be minimal; however, to carry out the exploratory activities, the Company has a Dispensation Certificate, dated June 6, 2005, issued by the Prefecture of the Department of Potosí. According to this certificate, the exploratory activities in Soracaya are classified as Category III, therefore it is exempt from the EIA.

Although to date there is only one environmental license for exploration, Sinchi Wayra has commenced the procedures for an environmental license for mineral extraction and development including creation of water treatment pits along with clearing of areas for potential mine development.

The communities that will likely be affected or otherwise impacted in Soracaya going forward, are organized within the structure of the “San Vicente Regional Committee”. The small communities that are part of this committee are the following: San Vicente, Chilco, Portugalete, Vetillas, Cieneguillas, Loma Colorada, Cocani, Viacha, Uyuni K, Guadalupe, Villa Loma and Cerrillos. These small communities are made up of family units that range from 10 to 30 families. The communities in closest proximity to Soracaya are Chilco, Vetillas, San Vicente and Cieneguillas as shown in Figure 4-4.

Figure 4-4: Communities Affected by Potential Development of the Soracaya Project

Source: Sinchi Wayra (2024)

The region is home to a population that includes a labor force with both skilled and unskilled workers. This is due to Soracaya being adjacent to the San Vicente mine in addition to the sector being home to the Tatasi-Portugalete Mine. Chilcobija, Abaroa, and Chorolque are important mining centers, therefore the availability of sourcing human resources with significant experience in exploration and mining activities, who have mining construction and operations experience, is readily available. In particular, the community of Chilco, has actively advocated the desire to supply labor and supporting services for exploration and mining activities.

The streams that feed into the Soracaya basin have permanent water, although in the dry season the flow tends to be infrequent and intermittent.

The Soracaya River is the main waterway which several streams contribute. One is a creek that is adjacent, transecting the Soracaya camp that exits the underground mine development. The other stream descends from a ravine that comes down from Cerro Pupusani. Both of these water egresses join to the main Soracaya ravine and stream. There is a third contributor to the ravine water input which is a spring that exits at the foot of Cerro Evangelista.

Measurements of flow rate have been taken and documented (Figure 4-5). In addition, a small number of measurements of pH of the water have been taken, which were sent to the Don Diego Laboratory for analysis and tests to determine the amount lime that may be expected for acid neutralization.

For the four water samples, pH values showed the water to be acidic with pH ranging from 3 to 4 therefore the application of lime will be necessary for the required water treatment. Preliminary results illustrated that approximately 1 kilogram (kg) of lime may be required per cubic meter of water needing treatment.

Figure 4-5: Soracaya Water Sampling

Source: Sinchi Wayra (2024)

The QP is not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform the proposed work program on the property.

The optimal routes for driving are via the capital city of La Paz, Bolivia in the north, or from Arica, Chile or Antofagasta, Chile to the west (Figure 5-1 and Table 5-1).

From La Paz, a paved highway leads south to Potosí (approximately 550 km) via Highway 1. Once at Potosí, head south on Highway 14 to Tupiza (approximately 265 km). From Potosí, take Highway 14 to Tupiza which is approximately 265 km to the south. Once in Tupiza, turn right at the Arandia exit across river bridge approximately 400 m to Avenida La Paz and head north approximately 500 m to the Puente de Villa Fatima bridge and continue north for approximately Avenida Los Alamos for 1.6 km. At this point take a left and head west on the Tupiza-San Vicente Road for approximately 120 km to the San Vicente mine.

An alternative route from La Paz is to take Highway 1 south to Oruco and continue south to the town of Challapata (approximately 350 km), then head south on Highway 30 to Uyuni. From Uyuni head south on Highway 21 for approximately 110 km (13 km south of Villa Providencia) to a three-way intersection at the junction of Highway 21 the San Vicente gravel access road. Care must be taken as the exit is not clearly marked. From the junction the San Vicente mine is accessed via a two lane, maintained, packed gravel road approximately 126 km south of the town of Uyuni.

Additionally, one may arrive in Uyuni via either Antofagasta, Chile or Arcia, Chile. From Antofagasta, take Chilean Highways 5 to Highway 25 north to Highway 21 north until crossing the Bolivian border which turns to Bolivian Highway 701 north and then Highway 5 north to Uyuni.

However, from Arica head north on Chilean Highway 5 until the Highway 11 junction and proceed east. Follow Highway 11 over the border to Bolivia where the highway becomes Bolivian Highway 27 and head east to Highway 601 south which connects to Highway 430 and proceed south on 430 to the junction or Highway 603 heading. At the intersection of Highway 603 and Highway 30, head south on Highway 30 to Uyuni and from there follow the same directions as per those detailed above.

All potential and possible routes listed above bring those wishing to access Soracaya to the San Vicente mine. So once at the San Vicente mine, Soracaya is accessible by way of a 12-km one lane, loose gravel extension road to the San Vicente mine access road. The road is maintained however during the rainy season and when snow is present, access may be difficult or even impassable due and safe travel practices must be exercised.

Figure 5-1: Access Routes to Soracaya

Source: Kirkham 2024

Table 5-1: Routes to Sinchi Wayra from La Paz

Source: Sinchi Wayra (2024)

Daily commercial flights operate between Uyuni and La Paz. Both Uyuni and Tupiza are connected to the rail system, which serves Bolivia and connects with the ports of Arica and Antofagasta, Chile. The closest railway stations to the Project are Tupiza, Atocha and Uyuni.

Santacruz has its primary office located in the city of La Paz and has regional offices in Potosí where the majority of the purchasing and logistics are arranged.

For potential future ore extraction at Soracaya, there is an access road that is 2.5 m wide and 6.5 km in length that would require rehabilitation and widening. In addition, there is the potential for the construction of a 7-km access road that would connect the San Vicente mine to the Chilcobija-Tupiza road.

Soracaya is located in a high plateau known as the Altiplano, which is characterized by its high elevation and arid climate. The topography is rugged and lies approximately 4,400 masl. Vegetation is sparse and the only use of the land, other than for mining activities, is as wild pasture for llamas.

Daytime temperatures range from 4°C in winter and 14°C in the summer. In the winter, nighttime temperatures are frequently below zero with extremes of -15°C. The average annual rainfall is 190 mm, with little to no rain falling between May and September as the rainy season takes place from December to March when up to 20 mm of rain can fall in a single day.

The region occupies one of the western foothills of the Cordillera Oriental. Geomorphologically, it is characterized by arid and steep terrain with elevations that vary between 4,700 masl and 4,000 masl formed into young valleys with steep slopes.

Year-round exploration activities are possible for the Soracaya Project.

There are three high voltage lines that may be potential sources of power at Soracaya. The closest connects to the 34.5 kV transmission line at the San Vicente mine currently terminates at 3.3 km NWW of Soracaya camp atop Pupusani hill, which is the location of the ENTEL communications antenna.

A power transmission line approximately 20 km in length connects the mine to the Bolivian national power grid at Portugalete which is 69 kV and supplies sufficient power for the plant and mining operations.

Alternatively, is a 34.5 kV transmission line which connects the San Vicente mine to Portusalete and the Tatasi mine. The line passes through Vetillas which is the location of a sub-station for connectivity located

5.2 km NNE of Soracaya.

Finally, a third option is a 34.5 kV transmission line located 10 km east of Soracaya. This line connects Telamayu with the Chilcobija mine however a substation for connectivity would require installation. The location and the potential high-voltage power sources are shown in Figure 5-2.

Figure 5-2: Location of High-Voltage Lines in Proximity to Soracaya

Source: Sinchi Wayra (2024)

The Soracaya site has been worked since colonial times by the Spanish population, this argument is corroborated by the ruins of population and mining activity found in the sector. The quantification of silver production in the past is difficult to establish, however we can assume that in the years when the price of silver, lead and zinc were very important, mining activities were restarted. The first written records of mining activity are from approximately 1820, when the area was named Minas Guernica. The name Soracaya derives from the native Quechua language “Surikhoya”, which in Spanish means “mine with ostriches”.

Soracaya has been experienced modern mineral exploration since 1992 initiated by Compañía Minera del Sur S.A. (COMSUR S.A.).

In 2005, COMSUR S.A. sold Soracaya to Glencore which formed Sinchi Wayra S.A.

On October 11, 2021, Santacruz entered into the Definitive Agreement with Glencore whereby Santacruz agreed to acquire a portfolio of Bolivian silver assets from Glencore, including the following: (a) a 45% interest in the Bolivar Mine and the Porco Mine, held through an unincorporated joint venture between Glencore’s wholly-owned subsidiary Illapa and COMIBOL, a Bolivian state-owned entity; (b) a 100% interest in the Sinchi Wayra business, which includes the producing Caballo Blanco mining complex; (c) the Soracaya exploration project; and (d) the San Lucas ore sourcing and trading business (the Assets).

On May 10, 2023, Santacruz and Glencore entered into a framework agreement to amend certain terms of the transaction documents pertaining to the acquisition of the assets. On March 28, 2024, Santacruz and Glencore entered into the binding term sheet which amends the terms of certain deferred consideration and ancillary documents pertaining to the acquisition of the Assets.

Santacruz thus currently owns 100% of the Soracaya Project.

Modern exploration activities have been performed on the Soracaya property since 1992, initiated by COMSUR S.A., which consisted of geological mapping and geochemical sampling of the main structures including the Esperanza and España veins within the historically explored areas. This resulted in anomalous silver, zinc and lead values.

In 1992, COMSUR S.A. carried out a systematic sampling of veins and rocks within the historic mining openings level-0 located near the Soracaya camp. The Esperanza mineralized structure was encountered and systematically sampled every 2 m. The most significant interceptions on this structure were 156 m of 525 g/t Ag, 38 m of 5.5% Pb, 52 m of 536 g/t Ag, 74 m of 968 g/t Ag, 34 m of 3.8% Pb and 22 m of 5.45% Zn. There is no database nor documentation available to validate and verify this information. A “Qualified Person” as per NI 43-101 has not done sufficient work to validate or verify this information and results. Santacruz is not treating this information however believes it to be relevant as a historical reference and illustrates location, extent and tenure of the deposit and mineralization. Twin drilling would be required to verify these results.

Exploration programs were suspended in 1993 due to depressed metal prices.

From 1995 to 1996, 72 samples of stream sediments were collected throughout the Soracaya Project area resulting in several gold and silver anomalies. In addition, geochemical sampling was performed on 645 soil samples that were collected throughout the area. For the most part, the program was focused on targeting low-grade but high-volume argentiferous and auriferous mineralization, primarily at and around Cerro Evangelista. This work resulted in the identification of an approximately 240 m long by 40 m wide, anomalous zone which was then investigated via excavated trenches as a precursor to drilling. The samples were only analyzed silver, zinc and lead. No records of the assay results are available.

In 1998, COMSUR S.A. restarted exploration activities, with the objective of evaluating the potential of extending the mineralization to depth which had been identified on the surface during the 1995 to 1996 campaign. This included a 36-hole diamond drillhole program totaling 8,896.7 m of drilling. Operations were again suspended in 2001 due to reduction of exploration budgets and depressed metals prices, particularly zinc. However, results from the exploration program were positive culminating in a preliminary resource estimate in addition to establishing the exploration potential in the adjacent Tuna Rumi and Cerro Evangelista sectors. The Cerro Evangelista sector had been previously prospected between 1995 and 1996, where work included regional mapping in addition to soil, stream sediment and rock sampling.

Furthermore, a 13.8 line-km induced polarization (IP) dipole-dipole geophysical survey was performed, however the results were not encouraging. In addition, a ground magnetic survey was performed on the Cerro Evangelista, which resulted in the interpreted location of the contact between the Paleozoic and the volcanic complex, the identification of structures which have a preferential EW and NS orientation and the classification of an intrusive as an apophysis of a major intrusion. No records of the raw data are available.

Between 1998 and 2001, sampling was carried out throughout the Soracaya property, mainly within the Tuna Rumi, Potos Orkho and Cerro Evangelista sectors. This work was primarily focused on exploring the extensions of the main structures, namely the Esperanza, España and 10 de Febrero veins. Trenching was performed followed by systematic sampling of mineralized material and vein structures. A total of 244 rock and/or vein splinter samples were taken, covering the central and eastern areas of the Soracaya property. No records of the assay results are available.

In 2005, COMSUR S.A. sold Soracaya to Glencore which formed Sinchi Wayra. From 2005 through 2008, exploration activities were resumed at Soracaya, including detailed geological mapping of the property particularly the volcanics, 41 trenches were created 495 surface samples being collected, performing a detailed 42.3 km2 topographic survey, and performing a 33.2 km2 geophysical survey including IP and ground magnetics.

Results of the sampling program showed anomalous gold, greater than 0.20 g/t, within the Cerro Evangelista sector and the breccias within the central areas of the Tuna Rumi sector. Anomalous silver values, greater than 81 g/t, were encountered at Cerro Evangelista which is the location of the Candelaria vein, Tuna Rumi which has the La Dulce, Española veins and south of Cerro Evangelista which is the location of the Carlita and Prometedora veins. Anomalous zinc values have only been encountered in the south-west sector of Cerro Evangelista. Anomalous lead throughout correlate with the anomalous silver.

In 2006, a topographic survey was performed that entailed the georeferencing of six geodetic points for horizontal control at the Soracaya Project. These points were tied into the CM-24 reference station, belonging to the Mining Geodetic Network of the National Technical Service of Mines (SETMIN). With these reference points, the 42.3 km2 topographic survey was performed, along with surveying 35 geophysical lines totaling 141.1 km.

In 2005, COMSUR S.A. contracted Arce Geofísica del Perú of Lima, Peru to carry out a 33.18 km2 IP geophysical survey. This program resulted in the identification of anomalous zones with possible sulfide mineralization. Figure 6-1 illustrates the results from the 2005 geophysical survey which identified anomalies which indicated potential mineralization at Cerro Evangelista and the volcanic and siliceous brecciated areas identified from the geological mapping in the Tuna Rumi sector.

Figure 6-1: Geophysical Survey Results – Soracaya

Source: Sinchi Wayra (2024)

In addition, two diamond drilling programs were implemented, the first in 2005 to 2006 which resulted in the completion of 14 drillholes totaling 4,903 m which was focused on targeting geophysical anomalies. A second program was performed in 2008 which resulted in the completion of nine drillholes totaling 2,605.6 m.

The outcomes of the first program were not particularly encouraging, however the results of the second program were the discovery of massive and disseminated structures with significant gold mineralization in the Cerro Evangelista area.

The detailed geological survey and mapping (Figure 6-2) that occurred during this phase of the program within the deposit area was carried out, placing more emphasis on volcanics within the Potos Orkh, Tuna Rumi and Cerro Evangelista. Within the Potos Orkho sector mapping was focused on the Esperanza vein system along with the España and 10 de Febrero structures; the San Vicente, Reyes, La Dulce veins and Tuna Rumi veins within the Tuna Rumi sector; and investigation of hydrothermal high sulfidation siliceous and radial structures within the Cerro Evangelista sector.

Figure 6-2: Geological Mapping at Soracaya

Source: Sinchi Wayra 2024

In the 2015 to 2016 period, exploration work resumed.

The regional geological setting and tectonic framework detailed herein, is primarily referenced from the definitive publications for Bolivian geology such as Redwood (2021) and Arce-Burgoa (2009). The local and property geology including structure and mineralization is sourced through local and site knowledge along with Company documentation.

The geologic-tectonic framework of Bolivia can be divided into six physiographic provinces. From east to west (Figure 7-1), these are the Precambrian Shield, the Chaco-Beni Plains, the Sub Andean zone, the Eastern Cordillera (or Cordillera Oriental), the Altiplano, and the Western Cordillera (or Cordillera Occidental). The latter four provinces are elements of the Mesozoic-Cenozoic Andean orogen in Bolivia (Arce-Burgoa, 2002, 2007), which hosts an abundance of mineral deposits (Figure 7-2). The landward Precambrian Shield, exposed far to the east of the Andes, represents an area of great mineral potential, but has had limited exploration.

Figure 7-1: Regional Geology Setting

Source: Arce-Burgoa (2009)

Figure 7-2: Regional Geology Setting with Deposit Types

Source: Arce-Burgoa (2009)

Rocks of the Precambrian Shield in easternmost Bolivia have commonly been hypothesized to represent the southwestern part of the Amazon craton, covering an area of approximately 200,000 km2, or 18% of Bolivia. The lithological units are mainly Mesoproterozoic medium and high-grade metasedimentary and meta-igneous rocks, which have been covered by Tertiary laterites and Quaternary alluvial basin deposits.

Earlier studies have referred to this as the Guaporé craton, but Santos et al. (2008) proposed that are not basement rocks belonging to the craton proper but rather, that they represent the 1.45–1.10 Ga Sunsas orogen, formed along the craton margin. Major tectonic events in the orogen are dated 1465– 1420, 1370– 1320, and 1180–1110 Ma. The subsequent Brazilian tectonism (ca. 600–500 Ma) only had minor effects on the orogen (Litherland et al., 1986, 1989). Subsequent Brazilian tectonism (ca. 600–500 Ma) had only minor effects on the orogen (Litherland et al., 1986, 1989).

The Chaco-Beni plains, located in the central part of the country, cover 40% of Bolivia. The topography is dominated by the southwestern Amazon basin wetlands. Lying below 250 m elevation the wetlands offer little relief or outcrop. These extensive plains are part of the foreland basin of the Central Andes and include a 1 km to 3 km thick sequence of Cenozoic foreland alluvial sediment in the west and much thinner accumulations atop a broad forebulge to the east (Horton and DeCelles, 1997). This sequence overlies Tertiary red-bed sediments that are >6 km thick which in turn rest unconformably on the Precambrian crystalline basement to the east and Paleozoic and Mesozoic sedimentary rocks to the west. The alluvial accumulations are products of several Neogene to Holocene episodes of post-kinematic and epeirogenetic isostatic adjustment in the Eastern Andes and its piedmont.

Rocks of the Bolivian Andean orogen include the Subandean zone, Eastern Cordillera, Altiplano, and the Western Cordillera, represent approximately 42% of Bolivia. These physiographic provinces form a series of mountain chains, isolated mountain ranges, and plains, with a north-to-south trend (Ahlfeld and Schneider-Scherbina, 1964). This part of the orogen has a length of 1,100 km, with a maximum width of 700 km, and an average crustal thickness of 70 km. The orogen displays a distinct oroclinal bend in the main fabric orientation at the Arica Elbow (18°–19°S).

The Subandean zone is the thin-skinned, inland margin of an orogen-parallel fold-and-thrust belt, which is partly covered by sediments of the western side of the active foreland basin. It is characterized by north- south-trending, narrow mountain ranges with elevations between 500 m and 2,000 m. Rock types in this province include Paleozoic siliciclastic marine and Mesozoic and Tertiary continental sedimentary rocks.

The Eastern Cordillera, the uplifted interior of the Andean thrust belt, includes poly deformed Ordovician to Recent shale, siltstone, limestone, sandstone, slate, and quartzite sequences. These mainly Paleozoic clastic and metamorphic rocks have an approximate area of 280,000 km2 and represent flysch basin sediments that were deposited along the ancient Gondwana margin and first deformed in the middle to late Paleozoic. After Permian to Jurassic rifting, they were uplifted to high elevation and folded and thrusted again during Andean compression, which may have begun as early as Late Cretaceous (McQuarrie et al., 2005).

The Altiplano is comprised of a series of intermontane, continental basins with a combined length of approximately 850 km, an average width of 130 km, and an area of approximately 110,000 km2. The basins have been uplifted to form a high plateau at elevations between 3,600 masl and 4,100 masl. Geomorphologically, the province consists of an extensive flat plain that is interrupted by isolated mountain ranges. Crustal shortening, rapid subsidence, and, with concurrent sedimentation accumulated a sequence thickness of as much as 15 km during the Andean orogeny (Richter et al., in USGS and GEOBOL, 1992). Basin fill was dominated by erosion of the Western Cordillera during Late Eocene-Oligocene, but Neogene shortening in the Eastern Cordillera and Subandean zone led to a subsequent dominance of younger sediments derived from the east (Horton et al., 2002).

The Western Cordillera consists of a volcanic mountain chain that is 750 km in length and 40 km in average width, with an area of about 30,000 km2. Late Jurassic and Early Cretaceous flows and pyroclastic rocks and marine sandstone and siltstone sequences dominate the Cordillera in Peru and Chile. Lesser Late Cretaceous continental sediment was deposited above the marine rocks and, simultaneously, large granitoid plutons, many of which are associated with large porphyry orebodies, were emplaced along the coasts of adjacent Peru and Chile. In Bolivia, the province is dominated by high andesitic to dacitic strata volcanoes, erupted since ca. 28 Ma, which define the narrow, main Central Andes magmatic arc.

The Soracaya deposit is located in the southern part of the Eastern Cordillera, a thick sequence of Paleozoic marine siliciclastic and argillaceous sedimentary rocks deposited on the western margin of Gondwana and deformed in a fold-thrust belt. There were two major tectonic cycles in the Paleozoic: The Lower Paleozoic Famatinian cycle (the Tacsarian and Cordilleran cycles of Bolivia), and the Upper Paleozoic Gondwana cycle (Subandean cycle of Bolivia).

The late Precambrian supercontinent broke up with the opening of the southern Iapetus Ocean and the spreading of Laurentia away from Gondwana in the latest Precambrian or early Cambrian (Figure 7-3, Figure 7-4 and Figure 7-5). Ocean closure and collision of Laurentia and the South American segment of Gondwana during the Ordovician formed the Famatinian orogenic belt of NW Argentina (Dalla Salda et al., 1992a) which has been correlated with its probable Laurentian equivalent, the Taconic event of the Appalachian orogen (Dalla Salda et al., 1992b). The Famatinian belt records extension in the latest Precambrian with establishment of subduction during the Cambrian and closure of the ocean basin and continent-continent collision in the Ordovician (480-460 Ma) (Figure 7-6). The Pre-Cordillera Terrane carbonate platform of western Argentina, which has faunal similarities with eastern North America, may be a sliver of eastern Laurentia detached in the late Ordovician when Laurentia separated from Gondwana again (Dalla Salda et al., 1992a; b) (Figure 7-7).

Figure 7-3: Plate Tectonic Reconstructions of the Neoproterozoic Subcontinent and the Late Precambrian Supercontinent after the Opening of the Southern Iapetus Ocean

Source: Hoffman (1991)

Figure 7-4: Plate Tectonic Reconstructions of the Neoproterozoic and Late Precambrian Subcontinents

Source: Story (1993)

Figure 7-5: Paleogeography of SW Gondwana Margin in the Early Ordovician

Source: Forsythe et al, (1993)

Figure 7-6: The Famatinian – Taconic Orogen in the Middle Ordovician

Source: Dalla Salda et al, (1992b)

Figure 7-7: The Ordovician of the Central Andes (Cunningham et al., 1994b)

Source: Forsythe et al, (1993)

During the Upper Cambrian to Caradoc Tacsarian Cycle a broad marine back-arc rift basin existed in Bolivia-Peru with its axis in the Eastern Cordillera. There was oceanic spreading in the southern part of the basin (Figure 7-6), the Puna Straits in NW Argentina, preserved as ophiolites, with intrusions of basic dikes and sills further north in the Bolivian basin. A possible magmatic arc on the Arequipa Terrane to the west of the basin, represented by calc-alkaline plutonic and volcanic rocks dated at 487-429 Ma (Mpodozis & Ramos, 1989), separated the back arc basin from a forearc. The Arequipa microplate swung about a hinge to the NW to form the Puna Straits and Bolivia-Peru back arc basin, as a Gulf of California-type basin (Sempere, 1991) or Japan-type basin (Forsythe et al., 1993). This was bordered to the east by another subduction-related magmatic arc in western Argentina, the Puna arc, and its southward continuation, the Sierras Pampeanas magmatic arc, represented by a granitoid belt (Mpodozis & Ramos, 1989). The Ocloyic Orogeny closed the Puna Straits Ocean basin during the Llanvirn-Caradoc, as evidenced by granitic magmatism.

In SW Bolivia, the sedimentary sequence begins with shallow marine clastic sediments of the basal Tremadoc transgression, which grade upwards into open marine thick graptolitic shales intercalated with subordinate turbidites and slumps of late Cambrian – Llanvirn age. The base of this super sequence outcrops in several localities along the Cochabamba-Chapare Road (central part of the Eastern Cordillera), which were described as part of the Limbo Group and of other Cambrian formations (Castaños & Rodrigo, 1978).

The majority of the sequence consists of thick and monotonous Lower to Middle Ordovician shale beds, with subordinate siltstones and sandstones are part of the Cochabamba Group, which from base to top includes the Capinota, Anzaldo, and San Benito Formations. In the southern part of Tarija, the sequence base includes shallow marine clastic rocks. These grade upward to thick, marine graptolitic shales with subordinate Cambrian turbidites of the Condado, Torohuayco, and Sama Formations (Castaños & Rodrigo, 1978). Further north, the sequence consists of thick graptolitic and cephalopodic shales: which have localized the main decollement zone during the Neogene, and consequently older rocks are rarely exposed in the Bolivian Andes.

In southern Bolivia the shales were affected by the Ocloyic deformation with development of folding, cleavage and schistosity. The effects of this orogeny diminished to the east and north, and are not identified north of 20°S. In the north and east, the basin developed as a marine foreland basin during deformation which was infilled with the deposition of a thick, monotonous sequence of shallowing upward, shallow marine siliciclastic interbedded sandstone and shale in the Middle to Late Ordovician (Llanvirn - Caradoc) (Sempere, 1990a, b, 1991, 1993).

During the Late Ordovician to Late Devonian Cordilleran Cycle (Chuquisaca Super sequence), the Bolivia- Peru basin occupied a back-arc setting, then from the late Llandovery formed a marine foreland basin. These basins lay east of the Puna arc on the Arequipa block, which continued south as the Sierra Pampeanas magmatic arc granitoid belt until the Early Carboniferous. These arcs were related to an eastward-dipping subduction regime east of the Precordillera. The cratonic Chilenia Terrane of the Cordillera Frontal collided with the continental margin in the latest Devonian to early Carboniferous, and the collision caused intense deformation in the western Precordillera. (Mpodozis & Ramos, 1989; Ramos et al., 1986; Ramos, 1988; Sempere, 1993).

The Cordilleran cycle began in Bolivia with rapid deepening of the basin as a back-arc with black pyritic- shale deposition (Tokochi Formation) followed by resedimented glacial-marine diamictites sediments in the Ashgill (Cancañiri Formation) with rare thin fossiliferous limestones. These are overlain by thickly bedded, thinning-upward turbidites (Llallagua Formation) and/or dark shales with minor turbidites (Uncía/Kirusillas Formation) from late Llandovery to Ludlow. Deposition in the basin was controlled by active normal faulting. Facies succession was induced by a major glacio-eustatic sea level low (the Ashgillian ice age) which developed between two maximum flooding episodes. The Uncía/Kirusillas Formation was the first of three main shallowing-up megasequences, which began with thick dark shales and ended with sandstone dominated units, of late Llandovery - Lochkovian, Pragian - early Giventian and late Giventian - middle Famennian ages. These were deposited in a large subsiding marine foreland basin covering the Bolivian Andes, Subandean zone and Chaco-Beni plains, reaching as far as the SW edge of the craton where they onlap the Chiquitos Supergroup (Litherland et al., 1986). This interval was a time of onlap towards the northeast and of deposition of major hydrocarbon source rocks in Bolivia. (Sempere, 1990a; b;1991; 1993).

The Cordilleran Cycle is generally considered to have been terminated by the Late Devonian to Early Carboniferous Hercynian Orogeny, which has been defined in Perú where the effects are much more evident. The presence of Hercynian orogenesis in Bolivia has been questioned however, due to Late Triassic U-Pb zircon age dates of 225 Ma (Farrar et al., 1990) for both foliated and weakly foliated facies of the Zongo-Yani granite, and by implication its wide metamorphic aureole, which was assigned an “Eohercynian” age by Bard et al. (1974).

The Upper Paleozoic Gondwana Cycle was characterized by establishment of eastward subduction along the new Pacific margin west of Chilenia (Cordillera Frontal) and development of a broad forearc accretionary prism, which contains blue schists and ocean floor fragments. A magmatic arc lay to the east of the subduction zone. This cycle was terminated by deformation during the lower Triassic Gondwanide orogeny, the effects of which southward. (Mpodozis & Ramos, 1989; Ramos et al., 1986; Ramos, 1988).

In Bolivia, the Upper Paleozoic Subandean Cycle is characterized by the Late Devonian (Late Famennian) - Early Carboniferous (Mississippian) Villamontes Supersequence, deposited in the Subandean zone, Chaco and Titicaca basin, is mainly marine and comprises mudstone, black shale, sandstone, coal, glacial- marine sediments, diamictites and slumps, the stratigraphy of which is conflictive due to rapid facies variations (Sempere, 1993). The Eastern Cordillera was emergent. This was a period of high epeirogenic activity and synsedimentary tectonic instability coeval with the Hercynian deformation in Peru. Sempere (1993) considers the Mississippian sedimentation to have been the culmination of the Silurian - Devonian evolution.

Subsequently the Late Carboniferous (Pennsylvanian) - Early Triassic Cueva Supersequence was developed during a period of low subsidence and subtropical climate. In western Bolivia there was a shallow carbonate platform in the Titicaca Basin (Copacabana Formation) with deposition of white littoral-fluvial- eolian sands and evaporites on the eastern platform in the Subandean zone. The compressional Gondwana (Late Hercynian) deformation in the middle Permian of the Eastern Cordillera of Peru had weak effects in the Eastern Cordillera of Bolivia. This deformation was accompanied by transgression of the marine carbonate platform to the east. Post-orogenic calc-alkaline magmatism in the Early - Middle Triassic evolved in the late Middle Triassic toward continental tholeiitic compositions, reflecting the extension which initiated the Andean Cycle (Sempere, 1990a; b; 1993; Soler & Sempere, 1993).

The Andes developed during the Mesozoic to Cenozoic Andean Orogenic Cycle. Distension in the Middle to Upper Triassic related to the initial break up of Gondwana marked the start of the Andean Cycle. In the first part of the cycle, from Triassic to mid Cretaceous, an eastward dipping subduction zone existed along the length of the Pacific margin of Peru and Chile with a magmatic arc and back-arc basin, which in some segments had oceanic crust. In Chile, the arc was superimposed on the Late Paleozoic accretionary prism and an eastward younging coastal batholith intruded. (Cobbing, 1985; Dalziel, 1986; Mpodozis & Ramos, 1989).

During the Middle Triassic - Middle Jurassic, the Andean region of Bolivia was part of a stable cratonic regime. An initial rifting process of late Middle Triassic age developed in several areas, and numerous narrow grabens were filled by fluvio-lacustrine red beds and evaporites, accompanied by tholeiitic to transitional basalts (Sempere, 1990a; 1993; Soler & Sempere, 1993). Cessation of rifting in Bolivia was probably a consequence of a regional tectonic reorganization at about 220 Ma, which probably marked the resumption of subduction along the Pacific margin. The subsequent Late Triassic - Middle? Jurassic onlapping sedimentation of fluvial and eolian sands was probably controlled by post-rift thermal subsidence. The environment was of sandy deserts on the craton, akin to the Arabian Shield (Sempere, 1990a; 1993). These deposits of the Serere Supersequence occur in the Eastern Cordillera and Subandean Zone.

Since the Late Jurassic, Bolivia has been part of the Pacific subduction regime. This was marked by a Kimmeridgian rifting event in Bolivia, the “Araucana Phase”, with extrusion of alkaline basalts which initiated the Puna Supersequence (Sempere et al., 1989; Sempere, 1993; Soler & Sempere, 1993). Bolivia was set in a back arc setting to the east of the Pacific margin arc and back-arc basin, with deposition of coarse clastic continental sediments and alkali basalts in the Potosí and Titicaca basins in a distensive regime related to a transtensional continental margin until the Aptian (Sempere et al., 1989).

The Upper Cretaceous and Cenozoic of Perú - Chile was characterized by a subduction-related continental magmatic arc with no back-arc basin. In Peru, the 110 - 60 Ma Coastal Batholith was emplaced into the Jurassic - Early Cretaceous back-arc basin volcanic pile between the Mochica and Incaic 1-fold phases (Pitcher et al., 1985). At the same time in the Central Andes the magmatic arc migrated eastwards. Large parts of the forearc zone and Mesozoic arc were removed during the Cretaceous and Tertiary, either by subduction erosion or by longitudinal strike-slip faults such as the Atacama Fault (Mpodozis & Ramos, 1989).

The mid Cretaceous compressive event inverted the Tarapacá back-arc basin of north Chile (Late Triassic - Early Cretaceous) to form the proto-Domeyko Cordillera fold-thrust belt (Mpodozis & Ramos, 1989). In Bolivia, sedimentation of the Puca Supergroup continued in a distal external foreland basin, with deposition controlled by rifting and eustatic marine transgressions from the NW. The sequence is transgressive with successively younger units covering greater areas and reaching a total thickness of up to 5,600 m in the Sevaruyo area. The strata consist of fine red-bed sediments, evaporites and alkali basalts, with marine red shales in the Aptian and marine carbonates in the Cenomanian, Campanian and Maastrichtian. (Riccardi, 1988; Sempere et al., 1989; Soler & Sempere, 1993). The end of the Puca Supersequence is marked by an important unconformity developed at the end of the Paleocene, followed by deposition of thick red beds in the Altiplano and Eastern Cordillera in an external continental foreland basin during the Eocene and Oligocene (53 - 27 Ma; Sempere 1990a).

The Cenozoic evolution of Bolivia was dominated by considerable horizontal shortening (Sempere, 1990). Cenozoic basins of the Corocoro Supersequence developed in the Cordillera and in the plains in that time are related to the uplift of the Andes. During the Lower Paleocene-Lower Oligocene, a foreland basin formed east of the Andes. A thickening of the crust enabled the accumulation of 2.5 km of red beds in the Altiplano and Eastern Cordillera (Sempere, 1995).

The first major deformation in the Andean Cycle in Bolivia occurred during the Late Oligocene to Early Miocene (27 - 19 Ma) when the orogenic front jumped from west of Bolivia to the Eastern Cordillera, and the Bolivian Andes started to develop as a mountain belt. Major crustal shortening by thrusting occurred in the Eastern Cordillera, and deformation of the Subandean Zone also began. Since the Late Oligocene, the Altiplano has functioned as an intermontane foreland basin with deposition of thick continental sediments, with smaller intermontane basins in the Eastern Cordillera.

The external foreland basin moved east to the Subandean - Llanura (Beni-Chaco) Basin. The second major period of thrusting occurred between 11 - 5 Ma. Thrusting is mainly eastward-verging towards the foreland, with an important west-verging back-thrust belt in the eastern Altiplano and western side of the Eastern Cordillera.

Extension-related granites were intruded in the Cordillera Real in the Triassic–Jurassic (227 - 180 Ma) (Everden et al., 1977; McBride, 1977; Grant et al., 1979; Farrar et al., 1990).

Alkaline volcanic activity was initiated in the Late Oligocene (28 - 21 Ma) in the Western Cordillera and western Altiplano, coincident with the first major period of deformation. At the same time granitoid plutons intruded in the southern part of the Cordillera Real (Illimani, Quimsa Chata, Santa Vera Cruz) with related tin-tungsten-silver-lead-zinc-polymetallic mineralization (28 - 20 Ma). Similar deposits also developed to the south as far as Potosí, such as Colquiri and Chicote Grande. These deposits are hosted by Paleozoic sediments and related to buried plutons of this age. The main period of magmatism was the Middle Miocene (17 - 12 Ma) with an eastward “breakout” of magmatism in an unusually broad arc across the Western Cordillera, Altiplano and Eastern Cordillera, generally forming small extrusive (domes) and intrusive (stocks, sills) bodies. Further magmatism occurred across this wide arc during the Late Miocene (10 - 5 Ma) during the second main period of crustal shortening. This was characterized by stratovolcanoes, ash-flow calderas, and major ignimbrite shields such as Los Frailes and Morococala in the Eastern Cordillera. (Baker, 1981; Baker & Francis, 1978; Evernden et al., 1977; Grant et al., 1979; McBride et al., 1983; Redwood, 1987; Redwood & Macintyre, 1989; Soler & Jimenez, 1993; Thorpe et al., 1982).

The oldest rocks in the area correspond to undifferentiated Ordovician Paleozoic sediments which are lithologically constituted by an intercalation of packages of dark gray micaceous slates, with alternating quartzite banks, in sectors they are quite deformed (folded) and with overturned stratification, due to the intrusion of small igneous bodies “domes”. The main area of interest in the area is the Potos Orkho volcanic complex, constituted in its lower parts by volcanic breccias (lithic tuff), then there are Tertiary age rocks of dacitic composition with porphyritic texture and probably related to domic intrusions. They are partly silicified, sericitized and propylitized, occasionally with quartz-alunite alteration.

The western part of the area (Figure 7-8) is covered by a polymictic conglomerate package corresponding to the San Vicente Formation, brown to reddish in color, formed by rounded to subrounded clasts of Paleozoic rocks and some archosic sandstones probably from the Cretaceous. These conglomerate rocks are home to the zinc-silver veins of the San Vicente Mine.

Regionally, the Paleozoic basement forms anticlines and synclines with preferential north-west orientation. The Soracaya property is located approximately 8 km west of the prominent north-south striking San Vicente thrust fault, which forms the eastern limit of the intermountain Bolivian Altiplano basin. Low-angle faults, parallel to the folded structures, confirm the presence of compressive stresses in an easterly direction as is the case for the San Vicente fault, which causes the Ordovician sedimentary package to overlie the polymictic conglomerates of the San Vicente formation. As a result of the tensile phases which are reactivated, high-angle, typically mineralized, faulting and veining occurs in an east-west preferential direction. This system houses mineralized structures such as the Esperanza, España and 10 de Febrero veins.

Figure 7-8: Regional Geology Map at Soracaya

Source: Sinchi Wahra (2023)

The lithology is comprised of an altered shale-slate, followed by siltstone-sandstone and finally laminated sandstones. In the extreme west, outcrops of reddish conglomerates are observed, which are in discordant contact with Ordovician rocks bounded by a regional fault called the San Vicente fault.

Structurally, a series of anticlinal and synclinal folds with an almost north-south direction can be observed. The mineralization-filled fractures have a NEE strike and a second system transverse to the former but related to the vicinity of the Soracaya volcanic complex.

The predominant alteration is argillic followed by propylitization and/or chloritization. Alteration in sedimentary rocks is restricted to areas of possible mineralization. Most of the rocks are fresh.

The lithology of the study area can be differentiated into four ages:

Quaternary – Generally composed of material which is the product of the disintegration of ancient rocks of Ordovician and Tertiary age. These materials are clays, sands and gravel that cover the slopes and plains called colluvium and alluvium, there is also material from moraines and friction mirrors as a result of the this decomposed material (Pupusani hills, Evangelista and Potos Orkho).

Tertiary Sedimentary – The rocks of the San Vicente Formation are polymictic conglomerates of reddish- brown coloration due to the amount of iron contained in their matrix, their clasts are rounded to subrounded from Paleozoic rocks and some archosic sandstones probably from the Cretaceous.

These rocks are located to the west of the Soracaya deposit however some of these outcrops are within the property of Sinchi Wayra. They host the mineralized structures of San Vicente and are in discordant contact with sedimentary rocks of the Ordovician and the volcanic complex of Soracaya. The discordant contact is a regional reverse fault of called the “San Vicente fault”.

Tertiary Volcanic – These are rocks that are part of the volcanic complex of Potos Orcko and Evangelista (Soracaya) and are classified as follows:

These rocks are very favorable for hosting mineralization and are seen in the Tuna Rumi, Evangelista Sur and Cerro Cantera areas.

Sedimentary Ordovician – These are rocks found at the edge of the volcanic complex.

They form part of a regional anticline with minor synclinal anticline folds. The hinge is composed of gray to olive-green slates and shale, with thicknesses that exceed 500 m, followed by a unit composed of laminated siltstones with a fairly compact greenish-gray sandstones of an approximate thickness of 300 m is also present on both flanks. It is again followed by a package of light gray slates and shales present only on the eastern flank and , laminated sandstones with very high siltstones outcrop on the west flank with an approximate thickness or 300 m. The Carlita, Promesa and Española veins, plus their branches, are hosted in these rocks.

Illustrated within in geological mapping and field observations, the deformation of the sedimentary strata and the presence of fractures are evident through the presence of major folds and minor folds which are due to compressive and tensional stresses that correspond to different orogenic epochs. Also, the presence of minor fractures and folds in the sedimentary rocks is due to the intrusion of volcanogenic magmatic bodies.

The most salient structural features of the area, in general, are the different orientations of the folds in the Palaeozoic rocks with respect to the structures.

Magmatism has played an important role in the architecture of the area. The Paleozoic strata are the ones that have undergone all the stresses since the first compressions of orogenesis. They have subparallel folds where the anticlines and synclines are well compressed and show marked symmetry. The general heading of the structures is from N 25º W to NS. According to the orogenic stresses suffered by these rocks, they correspond to the Andean Orogeny.

The remainder of the stress has developed reverse fractures, longitudinal faults and faults, shear fractures, which were filled by mineralizing solutions that gave rise to the mineralized structures.

There is evidence of a not very pronounced surface unconformity due to the Quaternary cover and puts the Tertiary in contact with the Paleozoic via a low-angle discordant contact with a general strike N 25° W (San Vicente Fault).

However, after averaging the variations in the heading of all structures, especially to the north, it follows that the compressive stresses are perpendicular to the axis of the folds formed by regional stresses.

Towards the south of the site, minor folds develop, where the influence of the Andean orogeny can be seen where the folds are faulted and show a subsidence towards the south, possibly due to the intrusion of the Potos Orkho Volcanic Complex of Soracaya.

The shape of the intrusive bodies within the volcanic complex plays a very important role in the architecture of the crust.

In some cases, fractures and faults are closely related to intrusive processes and flexures are related to regional stresses, but intrusive bodies have their influence on their neighboring rocks. As a result of these efforts, other intrusive bodies and conduits of volcanic rock may be located in areas of tectonic weakness.

Mineralization in the Soracaya deposit is structurally controlled, while lithology plays a minor role. Pre- existing faults, fractures, and zones of weakness served as conduits for the mineralizing solutions.

Structural preparation is very important for the passage of mineralizing solutions. Observations have shown that the control for mineralization is basically structural and probably lithological in the Tuna Rumi sector.

In the deposit, there are two generations of mineralization, the first being, polymetallic Philonian mineralization which presents as fissures and/or fractures filled with local disseminated syngenetic pyrite transformed into iron oxides found in the Potos Orkho, Tuna Rumi, Sud de Tuna Rumi and Cerro Evangelista areas.

Another low-grade, high-volume mineralized system s a disseminated, limonitic matrix of pyrite and limonitic stockwork. This type of mineralization may be found at Cerro Evangelista and within a volcanic breccia that outcrops in the form of a process on the hill at Potos Orkho and may be an important target for exploration.

Surface mineralization presents as oxides such as Limonite, Hematite, Jarosite along with sectors where barite and quartz are present, and there are traces of disseminated of pyrite also related to nearby structures.

The structures identified at the surface were recognized at depth as massive structures, branched with pyrite, possibly silver (tetrahedrite) and chalcopyrite within some veins.

For this purpose, four underground workings that were previously rehabilitated have been mapped, such as at level-0 and level+20 which were worked on the Esperanza vein.

In order to establish the formation temperatures of the reservoir, it is recommended that fluid inclusion and salinity studies be performed. This research would be of great contribution to establishing the mineral paragenesis and metallogeny of the deposit.

The hydrothermal alteration observed at the Soracaya deposit are sericitization, silicification, quartz- sericite-pyrite, quartz-alunite, and propylitization (chloritization).

In summary, it can be indicated that Cerro Evangelista includes a zonation of alteration from the middle to the periphery from silicification, medium argilization, advanced argilization and chloritization at the extremes.

The mineralized structures are philonian and hydrothermal, resulting from the filling of pre-existing fissures and/or faults and are related to volcanic rocks that are part of an igneous body from which the mineralizing fluids ascended, coming from a magmatic source.

The minerals were deposited under appropriate pressure, temperature and age conditions giving rise to epithermal veins with minerals of medium to low temperatures.

The main mineralized structures recognized in this deposit from the first studies to the present management, are grouped into five mineralized sectors, namely: Potos Orkho Sector, Tuna Rumi, Evangelista, Evangelista Sur and Tuna Rumi Sur that will be described below. All these veins and/or structures are identified in Figure 7-9.

Figure 7-9: Sectors Map at Soracaya

Source: Sinchi Wahra (2023)

It is the most recognized sector of the area, where mining works have been concentrated since colonial times. The main mineralized structures are Esperanza, España, sus Ramos and 10 de Febrero.

The Esperanza Structure is the main structure in the area, it has a general strike that varies between N 55° E and N 75° E with inclinations between 80° to north-west to almost vertical. Both the course and the dips become distorted when the structure is affected by faults. The mineralized width (set of veins and veinlets) ranges from 0.20 m to 4.0 m, composed of galena, silver sulfosalts, sphalerite, barite, pyrite, chalcopyrite, siderite, quartz, and iron oxides. On the surface, the structure can be recognized up to approximately 1,700 m. The south-west extension is truncated by faults and the north-east extension joins Spain.

The España Structure is parallel to the Esperanza structure and is located 150 m north of it, has an average orientation of N 70° E and in the north-east part has a direction of N 85° W. The dips are subvertical and tend to the south-east. The width of the crackle structure (set of veinlets) varies between 0.2 m to 2.6 m, its mineralogical composition is very similar to that of the Esperanza structure. On this structure there are also old works that consist of a 94-m cut and a reconnaissance of the depth of the vein. The recognized surface extension through the trenches is at least 3,300 m, although its extremes have not yet been established.

About 400 m north of the España structure, there is a mineralized structure called 10 de Febrero, in a direction N 60° E, inclined between 62° to 65° NW, with mineralized width (set of veinlets) ranging from 0.20 m to 0.50 m, with mineralization of galena, sphalerite, limonite, iron oxides, and occasionally barite. The results of the sampling of the central part report values of 0.11% Zn, 142 g/t Ag, 12.17% Pb. This structure can be recognized on the surface at least 500 m and was not evaluated by drilling. However, corroborative sampling has been carried out.

Esperanza Vein – It is the main vein that has a general strike of 53° NE-SW, a variable dip between 80° to 85° NW-SE, it is hosted in chloritized porphyry dacite; it has a width varying between 0.20 m to 1.70 m. On the surface it can be followed 2,600 m, it has been recognized in two levels and ntersected by drilling. Its mineralogy features barite, galena, sphalerite, pyrite, chalcopyrite and limonite on the surface.

This vein had already been worked in the past, but there is no information on how much ore was extracted.

Veta España – Its name is due to the fact that this vein had already been worked in colonial times by the Spaniards since there are vestiges of such mining work.

This vein has a general strike of 62° NE-SW, a dip of 65° to 87° NW-SE, the host rock is also a chloritized porphyritic dacite. It has a variable width from 0.40 m to 1.42 m. On the surface it can be followed for 2,400 m, it has been recognized by the level of the cut made by the Spaniards and was also recognized through drilling. Its mineralogy contains barite, galena, sphalerite, siderite and limonite.

Ramo Esperanza Vein – This is a structure that detaches from the SE side of the Esperanza vein, on the surface it can be recognized 300 m, has a bearing of 65° NE-SW, a dip of 81° SE. At level-0 it was developed on this vein for 30 m. Six boreholes intercepted this branch. The thickness of this branch ranges from 0.60 m to 0.80 m or more and the host rock being a porphyritic dacite. Its mineralogy is composed of barite, galena, sphalerite, quartz, pyrite, kaolin and limonite. In the same way, mineral resources were calculated for this vein.

Ramo Esperanza Vein 1 – This vein was intercepted at level-0 and has a development of 50 m, it was not intercepted by drilling, on the surface it is recognized in an extension of 50 m. It has a bearing of 75°SW- NE and a dip of 75° to 80° SE-NW, its thickness varies from 0.10 m to 0.80 m. It is also hosted in chloritized porphyritic dacite rocks. Its mineralogy is composed of barite, pyrite, galena marcasite, silver sulfosalts and limonite.

Veta Ramo España – It is a vein that was recognized by drilling, based on projection it was recognized in an extension of 600 m on the surface; seven drillholes intersected this vein, it has a general bearing of 73° NE-SW, a dip of 80°SE, its thickness ranges from 0.4 m to 1.0 m. The host rock is a porphyritic chloritized dacite and its mineralogy is composed of barite, galena, siderite and limonite.

Veta 10 de Febrero – This is a vein recognized on the surface in an extension of 800 m, on which reconnaissance trenches were dug, it has a general bearing of 57° NE-SW, a dip from 64° to 75° NW, its average thickness is 0.40 m. The host rock is a light gray dacite. Its mineralogy is composed of limonite, hematite, and kaolin.

Systematic sampling has been carried out on this vein in trenches, the results did not yield interesting values however, the maximum value is 11 g/t Ag, 0.58% Pb and 0.27% Zn.

This sector is located 2.5 km south of the Potos Orcko sector. There are five to six mineralized structures, subparallel and with a general orientation of N 75° E and dips that vary between 55° to 75° to the south- east. Likewise, some structures have subvertical dips. On the surface, the lengths are up to 250 m and with mineralized widths (set of veinlets) of up to 3.1 m. They have been named San Vicente, Reyes, Tuna Rumi and La Dulce structures. On these structures, there are several historic works, probably from the colonial era, which possibly testifies to the high contents of silver and lead in these structures.

In the northern part of Tuna Rumi, there are hydrothermal breccia process outcrops, with a silicified matrix and dark gray to greenish coloration and seritized volcanic clasts that, according to samples obtained, which indicate the presence of low-grade gold.

Veta San Vicente – It is a vein that was worked in colonial times, it can be recognized on the surface in an extension of 850 m, the rock that hosts this vein is dark gray dacitic tuff.

This vein was not recognized by drilling, the mining operations that exist are all collapsed; has a strike of 83°NW-SE, a dip of 75° to 80° NE-SW. Its surface thickness varies from 1.0m to 2.0 m. Its mineralogy is composed of limonite, jarosite, and kaolin.

Surface sampling of this vein yields anomalous silver values between 30 g/t and 73 g/t.

Veta Reyes – It is also a vein that was worked in colonial times, it has a bearing of 41° NE-SW, its dip is subvertical, it has an average thickness of 0.25 m, on the surface it is recognized in an extension of 200 m, the host rock is a dark gray dacitic tuff quite porous. Its surface mineralogy is composed of limonite, hematite, and kaolin.

This vein was also not recognized by drilling however sampling carried out in previous campaigns shows anomalous silver values in a range of 37 g/t to 96 g/t.

La Dulce Vein – It is considered as the main vein of the Tuna Rumi area, on the surface it has a strike length of 2,100 m, it was worked in the colonial era and two holes were drilled trying to intercept it, but they fell short.

It has a bearing of 66°NE-SW, a dip between 75° and 82° SE, a thckness that varies from 0.1 m to 1.0 m measured on the surface. The host rock is a dacitic tuff. Its mineralogy is composed of barite, galena, pyrite and limonite.

Samplings carried out on this vein at the surface yield anomalous values which are reflected in Table 7-1.

Table 7-1: La Dulce Vein Sampling

Source: Sinchi Wahra (2023)

Apart from these three veins, according to the geological mapping, it has been possible to identify another five veins subparallel to the La Dulce vein and some branches that could show an area of high-volume mineralogical interest for future exploration with drilling.

In the Cerro Evangelista sector, there is a series of siliceous structures banded and impregnated with pyrite and arranged radially to Cerro Evangelista. The widths of these structures are up to 20 m and lengths of up to 500 m. Sampling of these structures by EMICRUZ (1995-1996) reported anomalous gold and silver values. Undoubtedly, it is a high sulfation system and it is assumed that the siliceous structures are related to a possible mineralizing epicenter, associated with the emplacement of hydrothermal breccias.

It has also been possible to identify four structures with possible gold-silver mineralization, namely: Candelaria, Karina, Crucera and Camila. The Candelaria vein is the most prominent.

The Candelaria vein is the most geologically significant mineralized structure in the area, with a strike ranging from N 45° E to N 70° E dip 70° SE, thickness ranging from 0.20 to 0.80, with a recognized strike length of 976 m, with a vertical extension inferred from 350 m diamond drillhole intercepts.

Structurally, it is a vein classified as a “RAMEADA” type due to the different branches it presents as it deepens.

Mineralogically on the surface, it consists of a limonitized breccia, with traces of disseminated pyrite, in sectors with the presence of barite. The samples collected along the structure report anomalies of up to 306 g/t Ag, 0.35% Pb and in extreme NW strong anomalies of Au 1.78 g/t are recorded, while the values in zinc are very low < 0.01%.

Mineralogy at depth is represented by pyrite and possibly silver ores (Tetrahedrite) within the pyrite mass. However, core samples collected from drillholes reported grades of up to 402 g/t Ag, 2.63 g/t Au, 0.15% Cu with low anomalies in Pb and Zn and varying widths from 0.20 m to 1.85 m.

The host rock is defined as quartziferous sandstones, interbedded with slates and siltstones. These rocks have few hydrothermal alteration processes such as silicification, sericitization and are restricted to the structure.

The Karina Structure outcrops as siliceous stringers and in trenches it was recognized as a limonitised, silicified breccia with traces of barite.

This structure was formed from Cerro Evangelista and was located in volcanic rocks where it takes a NW direction towards the San Vicente Mine which is located in Paleozoic rocks, and is possibly one of the structures currently being worked on in the San Vicente Mine.

Generally, the host rock is slightly silicified and with pyrite dissemination, in sections the seritization is very restricted to the structure while argillization is observed in the volcanic rock with halos of alteration of 2 m to 5 m.

This structure was recognized on the surface by trenches, and finally by boreholes, where it is defined as a horizontal length of 800 m, vertical extension of approximately 267 m, with a thickness that varies between 0.40 m and 1.40 m. and a bearing that ranges from EW to S 80° E, inclination from 65° to 72° to the SW. Anomalies reported from surface sampling range to 218 g/t, 1.44% Pb, 0.16% Zn and 0.012 g/t Au.

The Crucera vein has a NS direction with a dip of 70° W with a recognized surface length of 370 m and depth of up to 123 m with a variable thickness of up to 2.00 m.

The extent of the outcrop, is diminished by the fact that it has an almost flat topography covered by Quaternary material.

Mineralogically on the surface it is made up of silica, pyrite dissemination and oxide impregnation, while at depth it is a siliceous structure, crackled with pyrite dissemination and veins, (Ag sulfosalts?). Drill core taken from the structure reported grades of 48 g/t Ag, 1.45% Pb, 3.34% Zn and 0.14 g/t Au with a width of 0.63 m. The host rock is defined as porphyritic dacite, silicified with slight dissemination of pyrite. In this sector, below the siliceous layer (cryptocrystalline to microcrystalline), massive mineralization could be located that is susceptible to potential open-pit exploitation.

Candelaria Vein – It is a vein that intersects the Evangelista hill, and possibly continues to San Vicente since there are vestiges of having been worked in the Republican era. On the surface it can be recognized for 400 m, has a general bearing of 65° NE-SW, a dip of 80° NW, a variable thickness of 0.25 m to 0.40 m. The host rock is sandstones with dacites (discordant contact). Its mineralogy consists of pyrite, silver sulfosalts, limonite, hematite, barite and gold according to drillhole data.

Karina Vein – This vein is transverse to the Candelaria vein, and has low values that are in a range of 20 g/t Ag to 70 g/t Ag. This vein was not exploited in the past.

It has an EW strike, a dip of 65° to 72° SW, a surface measured thickness of 0.40 m to 1.40 m. Like the Candelaria vein, it develops in both types of lithology (sandstones and dacites). Its mineralogy consists of breccia with limonite, silica, pyrite and silver sulfosalts.

Crucera Vein – It is a vein that has a NS strike, a dip of 70° W, a thickness of 0.50 m to 2.00 m measured at the surface, this vein was intercepted by a drillhole whose results are shown in previous work.

It has an identified surface area of 370 m and is developed in dacites. Its mineralogy is composed of silica, pyrite, silver sulfosalts. This vein was also not worked.

Soledad Vein – It is a vein that develops in the extreme south of the area, and there are traces that it would have been worked for gold in colonial times.

This vein has a strike of 35° NE-SW, a dip of 70° SE, a variable thickness of 0.10 m to 0.30 m. The host rock is a highly argillized and silicified dacite. Its mineralogy is composed of limonite, hematite, barite, and quartz.

Samples taken on this vein show very low values however there are periodic high grades such as an underground sample with a width of 0.40 m, 0.573 g/t Au, 9.2 g/t Ag, 0.001% Zn and 0.07% Pb.

The soil geochemistry carried out in this area shows a deep gold anomaly, which is interesting for future exploration since no drilling was carried out in this area.

Carlita Vein – It is a vein that develops in sedimentary rocks (sandstones and siltstones). This vein would have been worked on in the colonial past and on the surface it is can be tracked along strike for 400 m. It has a bearing of 66° NE-SW, a dip of 80° SE and a variable thickness of 0.10 m to 0.30 m.

This vein was not recognized by drilling. Its mineralogy is composed of quartz, barite, pyrite and galena. Surface samplings yield anomalous values as shown Table 7-2.

Table 7-2: Carlita Vein Sampling

Source: Sinchi Wahra (2023)

Veta Carlita Norte – It is a vein recognized on the surface for the alteration it presents and can be followed along strike for 300 m. To date it has not been exploited, it has a bearing of 58° NE-SW and dip 70°SE and its thickness varies between 0.20 m to 0.30 m. It also develops in sedimentary rocks (sandstone and siltstones). Its mineralogy is composed of barite, limonite, and quartz.

Surface sampling of this vein does not show interesting values, however there is an anomalous value of 61 g/t Ag.

Veta Carlita Sur – This vein has a strike length of 400 m, there are features of exploitation in the colonial era, it has a bearing of 65° NE-SW, a dip of 75° to 77° SE and its thickness is variable from 0.20 m to 0.50

m. It is a siliceous breccia, and its mineralogy consists of quartz, limonite and hematite only on surface.

According to surface sampling, only two samples yielded anomalous silver values of 258 g/t Ag and 19 g/t Ag while Zn and Pb did not yield values of significance.

Promising (Pormetedor) Vein – It is the main structure in this area, it has a strike of 47° NW-SE, a dip of 48° to 77° SW. This vein develops in laminated sandstones and siltstones and has a strike length of 1,800 m. Its thickness varies between 0.25 m to 0.50 m and its mineralogy is composed of barite, quartz, limonite and hematite. Grab samplings show interesting silver values as shown Table 7-3.

Table 7-3: Pormetedor Vein Sampling

Source: Sinchi Wahra (2023)

Ramo Promising (Pormetedor) Vein – This is a vein that detaches from the main vein, has a strike length of 500 m and it was also worked during the colony. It has a bearing of 77° NW-SE, a dip of 58° SW and a a variable thickness of 0.20 m to 0.30 m. Its mineralogy is composed of barite, limonite, hematite, and quartz. It also develops in sedimentary rocks. A grab sample yielded 783 g/t Ag, 0.10% Zn and 0.47% Pb.

Española Vein – This vein is interesting because it was worked in colonial times by way of shafts which have unknown depth due to flooding.

The Española vein has a strike length of 400 m and is orented at a strike of 67° NW-SW, a dip of 55° SW and has a variable thickness of 0.30 m to 0.75 m. This is a fault vein and its mineralogy is composed of limonite, hematite, quartz, and barite. The host rock of is a laminated alternation package of compact, massive sandstones and siltstones.

Samplings carried out on this vein-fault show anomalous values as shown in Table 7-4.

Table 7-4: Española Vein Sampling

Source: Sinchi Wahra (2023)

The Project’s mineralization is a intermediate to high sulfidation epithermal system with silver, lead, and zinc deposits hosted in stock works, breccia veins, faults and fractures. The above combinations are indicative of the epithermal mineralization that is sometimes associated with distal zoning around a volcanic intrusion (Figure 8-1).

Figure 8-1: Conceptual Model of the San Vicente and Soracaya Deposits (blue dashed = faults, red dashed = veins)

Source: Sinchi Wahra (2023)

Based on the geological mapping and surface sampling there are two types of mineralization and that are related to two volcanic events. The first volcanic event is of primary importance since it gave rise to the mineralization of the area which is best characterized within the Cerro Evangelista sector. The rocks here display hydrothermal alteration through advanced argillization (quartz-alunite), silicification, in the central area while the surrounding rocks have experienced a degree of low-grade metamorphism. However, this first volcanic event may also be displayed in other sectors such as Tuna Rumi which is characterzed by brecciated volcanic intrusions composed of a matrix of silicas and argillized dacitic clasts, which emerges as an apophysis. The predominant and most important mineralized structures at Soracaya are the Veta Esperanza and España, were likely pre-existing faults filled by magmatic solutions from this first volcanic event.

The second volcanic event is represented by isolated volcanic domes such as El Potos Orkho, Ñuño Orcko and Nuño Orcko Loma along with others of lesser importance, which are of unaltered dacitic to andesitic composition. This event can also be evidenced in Cerro Evangelista with small of greenish-gray dacitic domes that are weakly chloritized. Most of these domes present in their central part as and concentric pseudo-stratified (like onion layers). In some sectors it is observed that the dacitic flows of these domes superficially cover and displace the pre-existing siliceous structures, originated in the first volcanic event.

The Potos Orkho, Tuna Rumi, Tuna Rumi Sur, and Evangelista Sur sectors are considered to be vein type deposits related to pre-existing faults. The Evangelista sector appears to house a deposit of massive low- grade deep-sea mineralization, although there are vein-type structures that transect this sector.

No exploration has been carried out on behalf of Santacruz.

The Soracaya Project is an “exploration property” and has experienced exploration activity since 1992. Sinchi Wahra has performed exploration and resource expansion drilling of 95 surface drillholes totaling 29,554.3 m and 79 underground channel samples at the Soracaya Project since 1999.

Table 10-1 summarizes the historical drilling on the property from 1999 through 2018.

Table 10-1: Soracaya Drilling Programs from 1999 through 2018

Source: Sinchi Wahra (2023)

The drilling has been primarily focused upon the extension of the veins to depth particularly for definition and delineation of inferred resources. Figure 10-1 and Figure 10-2 shows a plan view of drillhole locations along with the underground channel sample data.

Figure 10-1: Plan View of Drillhole Locations at Soracaya

Source: KGL (2024)

Figure 10-2: Plan View of Drillhole Locations at Soracaya with Vein and Topographic Contours

Source: KGL (2024)

Table 10-2 and Table 10-3 summarizes the drilling programs on the property from 1999 through 2018 and 2008 to 2021 respectively.

Table 10-2: Soracaya Drilling Programs from 1999 through 2008

Source: Kirkham 2024

Table 10-3: Soracaya Drilling Programs from 2008 through 2021