Vancouver-based Copper Giant Resources Corp. (TSXV: CGNT) (OTCQB: LBCMF) (FRA: 29H0) has released analytical results from drill holes MD-056 and MD-057 at its Mocoa copper-molybdenum porphyry project in Putumayo, Colombia. The results include a 257-meter intercept grading 0.63% CuEq and identify higher-grade mineralization at depth along the southern margin of the existing resource footprint.

Figure 1. Plan view of the exploration targets and the Mocoa porphyry Cu-Mo deposit. *Black dots denotes drill pads. (CNW Group/COPPER GIANT RESOURCES CORP.)

The 2026 exploration program utilized “mother holes” to establish foundations for directional drilling. This technical approach allows multiple daughter holes to be initiated from a single platform, intended to improve drilling efficiency and minimize surface disturbance in the Amazonas region. Hole MD-056 was designed to test the southern edge of the Mineral Resource Estimate (MRE) toward the La Estrella target. It intercepted 386 meters grading 0.39% CuEq starting at 307 meters, including a final 77-meter interval grading 0.49% CuEq.

“Hole MD-057 confirms the predictability of our current resource model, which is a key step as we increase drill density in selected areas of the deposit with the objective of upgrading resources and advancing Mocoa toward PEA-level evaluation.” — Edwin Naranjo Sierra, Vice-President of Exploration at Copper Giant Resources Corp.

Geological mapping of MD-056 indicates the presence of a microdiorite porphyry phase with potassic alteration. This intrusive phase is interpreted by technical staff to be associated with a recently identified third high-grade zone within the Mocoa system. The mineralization in this sector was previously categorized as waste in the current MRE block model due to a lack of historical deep drilling, suggesting potential for resource expansion in under-drilled southern sections.

Figure 2. Plan view of holes MD-055, MD-056 and MD-057 mentioned in this release. White shadow denotes position of the cross-section shown in figure 3 and 5. *Collar for MD-055 and MD-057 are 314014E, 137979N and 1,720 m.a.s.l. Collar for MD-056 is 313689E, 136976N and 1,514 m.a.s.l. Coordinates are UTM system, zone 18N and WGS84 projection. For MD-055: azimuth of 45-degrees and dipping 85-degrees. For MD-056: azimuth of 15-degrees and dipping 45-degrees. For MD-057: azimuth of 295-degrees and dipping 70-degrees. Note: Hole 55 did not reach its planned target. (CNW Group/COPPER GIANT RESOURCES CORP.)

Hole MD-057 served as an infill drill hole to increase data density in areas characterized by wider historical spacing. The hole returned 257 meters of 0.63% CuEq starting at 275 meters and 191 meters of 0.72% CuEq starting at 341 meters. These results were contained within a broader interval of 476 meters grading 0.43% CuEq. The objective of the infill campaign is to upgrade portions of the Inferred Mineral Resource to the Indicated category to support a future Preliminary Economic Assessment (PEA).

Technical calculations for copper equivalent (CuEq) utilized metal prices of $4.00 USD per pound for copper and $20.00 USD per pound for molybdenum. The Mocoa project is situated approximately 10 kilometers from the town of Mocoa and consists of 132,499 hectares of tenure. The deposit is hosted within Middle Jurassic dacite and quartz-diorite porphyries that intrude the volcanics of the Cordillera Central.

Figure 4. Mineralization and hydrothermal alteration observed in hole MD-056. A). Strong sericite altered Intramineral porphyry with disseminated chalcocite and late iron oxides. B). Strong chlorite – sericite altered Intramineral porphyry with quartz-chalcopyrite-moly veining (B-type). C). Strong sericite altered brecciated porphyry with chalcopyrite as matrix in-fill. D). Potassic altered microdiorite porphyry with massive chalcopyrite and pyrite. (CNW Group/COPPER GIANT RESOURCES CORP.)

Copper Giant Resources Corp., part of the Fiore Group, reported that equipment malfunctions previously hampered hole MD-055, which was subsequently abandoned. However, two drill rigs remain active on-site to continue the 2026 program. The current Inferred resource at Mocoa stands at 1.12 billion tons grading 0.51% CuEq, containing an estimated 12.7 billion pounds of copper equivalent.

Figure 6. Mineralization and hydrothermal alteration observed in hole MD-057. A). Strong sericite altered microtonalite porphyry with quartz “eyes” texture, disseminated chalcocite and late chalcopyrite-pyrite veining. B). Strong sericite altered Intramineral porphyry with C-type veining (chalcopyrite dominant). C). Potassic altered Intramineral porphyry with molybdenite (Moly) disseminated and chalcopyrite veining. D). Strong sericite altered Intramineral porphyry with disseminated chalcopyrite and veining of molybdenite (Moly). (CNW Group/COPPER GIANT RESOURCES CORP.)

The Mocoa system was originally identified in 1973 through a geochemical survey by the United Nations and the Colombian government. It is part of a Jurassic porphyry belt that extends into Ecuador, containing other significant deposits such as Mirador and Warintza. Management maintains that the extended fertile magmatic window at Mocoa, spanning approximately ten million years, accounts for the scale of the system’s metal endowment.

Figure 5. Cross-section along the hole MD-057 and planned daughter holes with a section width of 100-meters, showing the 2026 MRE block model and the Cu and Mo grade intercepted. (CNW Group/COPPER GIANT RESOURCES CORP.)

Headline photo: Figure 3. Cross-section along the hole MD-056 and past holes mentioned in this release, with a section width of 100 meters, showing the 2026 MRE block model and the Cu and Mo grade intercepted. (CNW Group/COPPER GIANT RESOURCES CORP.)

Figure 1 – Molybdenite liberation on sample (CNW Group/COPPER GIANT RESOURCES CORP.)

The test work, conducted and supervised by SGS del Perú S.A.C., an independent ISO/IEC 17025-accredited laboratory, represents the first phase of a comprehensive metallurgical program. This program aims to establish a conceptual processing flowsheet to support a future Preliminary Economic Assessment (PEA). The company cautions that these results are based on a single 130 kg composite sample and may not be representative of the entire deposit. Further variability and locked-cycle testing are required.

The metallurgical program involved a series of staged tests, including comminution, flotation, and mineralogical characterization, on a composite sample sourced from three drill holes.

Mineralogical characterization confirmed that copper is predominantly hosted in chalcopyrite, a common and easily processed copper sulfide mineral. Molybdenum is present exclusively as molybdenite. Analysis using X-ray Diffraction (XRD) and a TESCAN Integrated Mineral Analyzer (TIMA-X) showed that minerals containing deleterious elements like arsenic were not detected in significant quantities, suggesting the potential for producing clean concentrates.

Liberation studies indicated that both chalcopyrite and molybdenite are effectively liberated at a relatively coarse grind size with a P80 (80% passing) of 150–180 micrometers (µm). At this grind size, 97% of the molybdenite was observed as free grains.

The flotation testing process was optimized for grind size, pH levels, and reagent suites.

Grind Size: A grind size of P80 150 µm was identified as the preferred condition, balancing recovery and processing costs. At this size, copper recovery reached 88.1% and molybdenum recovery was 96.2%.

pH Level: Tests conducted across a pH range of 9 to 11 showed robust flotation performance. A pH of 11 was selected as the base case for subsequent tests, yielding a copper recovery of 88.9%.

Reagent Optimization: The highest recoveries were achieved during reagent optimization tests. The addition of PAX (Potassium Amyl Xanthate) as a secondary collector (Test 01) resulted in a copper recovery of 92.2% and a molybdenum recovery of 97.4%.

Figure 2 – Copper-bearing mineral on sample. (CNW Group/COPPER GIANT RESOURCES CORP.)

The Mocoa project is situated approximately 10 kilometers from the town of Mocoa in southern Colombia. Copper Giant holds granted titles and applications for over 790 square kilometers in the region, which is part of the Jurassic porphyry belt, a geological formation that extends into Ecuador.

The deposit was first discovered in 1973 through a regional survey by the United Nations and the Colombian government. Subsequent exploration was carried out between 1978 and 1983, with additional drilling conducted by B2Gold Corp. (NYSE: BTG, TSX: BTO) in 2008 and 2012. The deposit remains open for expansion in all directions.

The results from this initial program will inform the design of the next phase of metallurgical testing. Copper Giant has outlined that future work will focus on developing an integrated flowsheet, optimizing regrind and reagent schemes to maximize recovery, and testing for concentrate quality and marketability. These advanced studies will provide the technical basis for a PEA.

The second mill was commissioned in late June, increasing the processing capacity from 2,000 tons per day (tpd) to 3,000 tpd. In July and August, milling rates averaged 2,415 tpd, a 22.5% increase from the average of 1,971 tpd in the first six months of 2025. Throughput reached approximately 3,000 tpd on multiple days in August.

Processed gold grades for July and August averaged 10.02 g/t Au. This rate reflects the use of the expanded processing capacity while maintaining gold grades.

Year-to-date gold production at Segovia as of August 31, 2025, totals 141,893 ounces, with 42,817 ounces produced in July and August. The company’s Marmato Narrow Vein zone contributed 4,936 ounces during the same period, bringing consolidated year-to-date gold production to 161,168 ounces. The company has maintained its full-year 2025 production guidance of 230,000 to 275,000 ounces.

Company and Project Information

Aris Mining, founded in September 2022, is a Latin America-focused gold mining company listed on the Toronto Stock Exchange (TSX) and NYSE American. The company operates two underground gold mines in Colombia: the Segovia Operations and the Marmato Complex, which collectively produced 210,955 ounces of gold in 2024.

With the Segovia expansion and the ongoing construction of the bulk mining zone at the Marmato Complex, Aris Mining is targeting an annual production rate of more than 500,000 ounces of gold.

Aris Mining also holds a 51% stake in the Soto Norte joint venture and owns the Toroparu gold/copper project in Guyana. A pre-feasibility study for Soto Norte has been completed, and a new Preliminary Economic Assessment (PEA) is underway for the Toroparu project.

Commissioning of the second ball mill at Segovia. Photo credit: Aris Mining/X.

The second mill is integrated with the existing plant infrastructure, utilizing shared circuits for crushing, flotation, leaching, and tailings filtration. The project was completed on schedule and within budget, with commissioning activities finalized in June 2025.

According to Neil Woodyer, CEO of Aris Mining, the expanded capacity at Segovia is anticipated to contribute to increased gold production in the second half of 2025. The company’s full-year 2025 gold production is projected to be between 210,000 and 250,000 ounces, an increase from 187,583 ounces produced in 2024. Aris Mining targets an annual production of 300,000 ounces from Segovia in 2026, contingent on underground development and an increase in mill feed from contract mining partners.

Aris Mining, established in September 2022, operates two underground gold mines in Colombia: the Segovia operations and the Marmato Complex. In 2024, these operations collectively produced 210,955 ounces of gold. With current expansion efforts, including the Segovia mill expansion and the construction of the Bulk Mining Zone at the Marmato Complex, Aris Mining is targeting an annual production rate exceeding 500,000 ounces of gold. Production at the Marmato Complex’s Bulk Mining Zone is expected to begin ramping up in the second half of 2026.

Additionally, Aris Mining operates the 51% owned Soto Norte joint venture, where studies are underway for a new, smaller-scale development plan, with results anticipated in Q3 2025. In Guyana, Aris Mining owns the Toroparu gold/copper project, for which a new Preliminary Economic Assessment (PEA) has been commissioned, with results also expected in Q3 2025.

Aris Mining states its intention to pursue partnerships within Colombia’s small-scale mining sector to facilitate what it describes as safe, legal, and environmentally responsible operations. The company also indicates a strategy to pursue acquisitions and other growth opportunities.

Second mill at the Segovia Operations. Photo and video credit: CNW Group/Aris Mining Corporation.

Serafino Iacono, Executive Chairman of Gran Colombia, commenting on the preliminary results of the Marmato technical study, said, “We are very pleased to have reached the point at which we can see a path forward to significantly expand production from our Marmato Project and, through the recently announced spin out, create value for our shareholders while protecting our capital structure and balance sheet. The PEA charts a course whereby the immediate implementation of an optimized mine plan in the upper existing mine at Marmato, much like we did a few years ago at Segovia, will increase production and free cash flow starting in 2020. Concurrently, we will commence the development and construction activities in the new Deep Zone, which should come on stream in 2023, further increasing total gold production which reaches more than 150,000 ounces annually from 2024 through 2027 and then averages more than 100,000 ounces annually over the next nine years of operation. We expect to complete the transaction with Bluenose and the equity private placement in December and we are proceeding with the prefeasibility study to be finalized by mid-2020.”

On October 7, 2019, Gran Colombia announced that it had entered into a letter of intent with Bluenose Gold Corp. (TSX-V: BN.H) in respect of the proposed acquisition by Bluenose of certain mining assets at Gran Colombia’s Marmato Project located in the Department of Caldas, Colombia. The mining assets principally comprise the existing producing underground gold mine, including the right to mine in the lower portion of the Echandia license area, the existing 1,200 tons per day (“tpd”) processing plant and the area encompassing the Deep Zone mineralization, all located within the mining license area referred to as Zona Baja. Gran Colombia will retain its existing ownership of the mining licenses in the areas known as Zona Alta and Echandia.

Mineral Resource Estimate (“MRE”) Update Effective July 31, 2019

The table below summarizes the updated MRE effective as of July 31, 2019 (the “2019 MRE”) for each of Zona Alta and Zona Baja at Marmato:

Highlights of July 31, 2019 MRE

• Total Measured Resources in Zona Baja of 2.1 million tons at a grade of 4.9 g/t totaling 0.3 million ounces of gold are limited to vein material within the current levels being mined by Gran Colombia.
• Total Indicated Resources in Zona Baja of 15.2 million tons at a grade of 3.5 g/t totaling 1.7 million ounces of gold have been delineated primarily between Levels 16 and 21 in the existing mine, including areas in the lower portion of the Echandia license accessible from the current mining operation, and includes 0.5 million ounces of gold in the new Deep Zone, reflecting the exploration drilling completed to the end of July 2019.
• Total Inferred Resources in Zona Baja of 44.9 million tons at a grade of 2.3 g/t totaling 3.3 million ounces of gold have been delineated primarily in the Deep Zone and will be the subject of further drilling to upgrade Inferred to Indicated Resources for the prefeasibility study (“PFS”) expected to be completed by mid-2020.
• The 2019 MRE incorporates an additional 12,765 channel samples since the last MRE in 2017 (the “2017 MRE”) as part of the ongoing validation and capture of historical sampling and current grade control practices. In addition, there has been an increase in the drilling database of 152 additional holes since the 2017 MRE, which is split between 35 exploration holes (16,076 m) and 117 mine holes (9,172 m) inclusive of grade control sampling.
• The 2019 MRE reflects a reduction in material from the porphyry domain as gold cut-off grades used to report the porphyry domain increased from 1.2 g/t in the 2017 MRE to 1.9 g/t in the 2019 MRE, which is in line with the current cut-off grades used for the veins within the same areas.
• Additional Deep Zone mineralization has been defined in the 2019 MRE as a result of infill drilling.
• The Deep Zone is continuous along strike for approximately 500 m and has a confirmed down dip extent that reaches up to 800 m with a thickness that varies between 35 m and 150 m. The Deep Zone remains open at depth and to the east.

The following table provides further detail regarding the Mineral Resource estimate for gold in the Marmato Project as of July 31, 2019:

• Mineral resources are not mineral reserves and do not have demonstrated economic viability.
• All figures are rounded to reflect relative accuracy of the estimate. All composites have been capped where appropriate.
• Zona Alta includes mineral resources from the Echandia license above 1,340 masl.
• Zona Baja includes mineral resources from the Echandia license below 1,340 masl and above 1,025 masl and are accessible from the current mining operation.
• Vein and Porphyry mineral resources are reported at a cut-off grade of 1.9 g/t. Cut-off grades have been based on a price of US$1,500 per ounce of gold, suitable benchmarked technical and economic parameters and gold recoveries of 95% for underground resources, without considering revenues from other metal.
• Deep Zone mineral resources are reported at a cut-off grade of 1.3 g/t. Cut-off grades have been based on a price of US$1,500 per ounce of gold, suitable benchmarked technical and economic parameters and gold recoveries of 95% for underground resources, without considering revenues from other metal within a limiting pit shell. The Deep Zone includes mineral resources an elevation of 1,025 masl.

Marmato PEA and Life-of-Mine (“LoM”) Plan

A mining study and schedule was prepared by both SRK’s and Gran Colombia’s technical professionals to create a LoM production schedule for the Mining Assets at Marmato. The Marmato mine in Zona Baja will ultimately comprise two distinct operations, the existing Upper Zone operation and a new Deep Zone operation which sits directly below the Upper Zone vein system. The Zona Baja contract was awarded to Gran Colombia’s wholly-owned subsidiary, Gran Colombia Gold Marmato S.A.S. (formerly Mineros Nacionales S.A.S.) in October 1991 and is valid for 30 years until October 2021. In October 2017, Gran Colombia commenced the process to renew the contract for another 30-year term, which is progressing well and is expected to be completed in 2020.

The PEA LoM production schedule foresees a total of 26.4 million tons of mineralized material being processed over a 19-year mine life resulting in a total of 2.2 million ounces of gold produced at an average LoM total cash cost of US$799 per ounce and an average LoM AISC of US$882 per ounce. The initial capital cost, to be incurred between 2020 and 2022, required for the Deep Zone mining operation is estimated to total US$269 million. At an expected long-term gold price of $1,300 per ounce, total LoM undiscounted after-tax free cash flow from mining operations amounts to US$448 million. At a 5% discount rate, the net present value of the total LoM after-tax free cash flow amounts US$207 million. Before financing, the project has a 20% internal rate of return and payback by 2026.

The annual production profile over the LoM in the PEA from both the Upper and Deep Zones is shown in the headline chart, above.

The Upper Zone is the existing operating gold and silver mine that extends from 1,350 m elevation down to 1,025 m elevation. The Upper Zone extends approximately 300 m vertically and approximately 900 m along the vein structure. The mine has been developed with level accesses proceeding horizontally from the main portal as the surface to horizontal cross cuts to provide access to the veins. There are currently six production levels, the highest being Level 16 and the lowest being Level 21. The mine uses the conventional cut and fill stope mining technique that supplies approximately 1,000 tpd of material to a 1,200 tpd capacity mill which uses a Merrill-Crowe process to produce gold/silver dore bars.

In the PEA, the Upper Zone is envisioned to produce 5.5 million tons of mineralized material, primarily from the vein system, over a 16-year life with an average LoM head grade of 3.8 g/t resulting in total gold production of 0.6 million ounces, or about 27% of total gold production from both the Upper and Deep Zones. This will be accomplished through the immediate implementation of an optimized mine plan, including the strict control of dilution and mine recovery, that will see annual production increase from the current approximately 25,000 ounces/year to a range between 35,000 and 40,000 ounces/year starting in 2020.

To accomplish the optimized mine plan, Gran Colombia will need to invest approximately US$12 million over the next two years in mine development and equipment. As a result of the implementation of the optimized mine plan, the PEA also envisions an approximately 25% reduction in total cash costs per ounce to a LoM average of $803 per ounce and a LoM AISC averaging US$872 per ounce of gold produced from the Upper Zone.

Deep Zone Mining Operation

The Deep Zone area is currently in the exploration phase and has not been developed. Mineralization is located approximately 600 to 1,200 m below surface (530 masl to 1,015 masl) and can be mined using an underground longhole stoping method. The stopes will be 10 m wide and stope length will vary based on mineralization grade. A spacing of 25 m between levels will be used. The deposit will be mined in blocks where mining within a block occurs from bottom to top with the use of paste backfill. Sill pillars are left in situ between bocks. The backfill will have sufficient strength to allow for mining adjacent to filled stopes. The mine will be accessed by a decline drift with mineralization transported from stopes to surface by underground trucks. Internal intake and exhaust raises will be developed using raisebore machines and air will flow into dedicated intake and exhaust ventilation drifts to surface.

A new 4,000 tpd plant facility using gravity concentration and cyanidation of the gravity tailing will be constructed to process material from the Deep Zone. In the PFS stage of the project, Gran Colombia will evaluate the potential to reduce capital costs by incorporating suitable elements into this new plant from the Pampa Verde processing plant currently in storage. In addition, a new “dry stack” tailings storage facility will be constructed to receive approximately 55% of the total LoM tailings from the plant. The other 45% of tailings will go back underground in cemented paste backfill into the mine.

In the PEA, the Deep Zone is envisioned to produce 20.8 million tons of mineralized material over a 16-year life commencing in 2023 with an average LoM head grade of 2.5 g/t resulting in total gold production of 1.6 million ounces, or about 73% of total gold production from both the Upper and Deep Zones.

The initial investment to be incurred in 2020 through 2022 totals approximately US$269 million comprising development of the Deep Zone (including the main decline drift and ventilation raises), mining and other equipment, construction of the new processing plant and the tailings storage facility. The PEA estimates the LOM total cash costs and AISC in the Deep Zone will average US$797 per ounce and US$885 per ounce, respectively.