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Taraira Gold Belt · Exploration History

Historical Work at the Taraira Gold Belt

Cosigo Resources' exploration of the Taraira Gold Belt did not start recently. Since 2005 the Company has built a technical record on its Machado Project in the Vaupés region of Colombia: district-scale geochemistry, hundreds of channel samples, large bulk samples and gravity testwork, a 20-hole reverse-circulation drill program, and two NI 43-101 technical reports — the original dated January 16, 2011, and an amendment with effective date August 8, 2024.

2
NI 43-101 technical reports (2011 · 2024)
2005
Cosigo begins work in the Taraira district
~6,000
MMI geochemistry samples
20
RC holes in the 2013 drill program
Summary

Historical Work at a Glance

NI 43-101 technical reports
Two — "Technical Report, Machado Project" dated January 16, 2011 (Raymond M. Ashley, B.Sc., P.Geoph.), and an "Amendment to Technical Report" with effective date August 8, 2024 (Erik A. Ostensoe, P.Geo.). Both are published on this site as PDFs.
Exploration record
Cosigo has worked in the Taraira district since 2005, was granted its concession in 2007, and is still drilling there in 2026.
Concession
Concession IH3-16001X covers 9,973 hectares about 4.5 km west of the town of Taraira in southern Vaupés, Colombia. In 2024 Cosigo applied to reduce it to 4,611 hectares to lower its annual fees.
Regional geochemistry
About 6,000 Mobile Metal Ion (MMI) soil samples, each analyzed for about 45 elements — roughly 300,000 data points collected from 2008 to 2011.
First modern drill program
20 reverse-circulation (RC) holes at Cerro Rojo in 2013, to a maximum depth of about 95 metres, assayed by screen-fire at ALS Minerals, North Vancouver.
Best 2013 intercepts
3.04 m at 17.19 g/t Au (13MR007), 13.72 m at 2.53 g/t Au (13MR018) and 21.34 m at 1.11 g/t Au (13MR002). Down-hole widths.
2010 gravity tests
Two Knelson gravity grade tests on bulk samples of tunnel rock recovered 67.9% to 91.5% of the gold by gravity, with calculated head grades of 6.47 to 37.6 g/t Au.
District scale
Cosigo described Machado in 2014 as a 35 km long ridge within a district-scale metasedimentary system. The 2011 technical report notes favourable ridge strata cropping out over a cumulative strike length of about 100 km in the Taraira district.
Resource status
Exploration stage. Neither technical report defines a mineral resource or mineral reserve.
NI 43-101

Two NI 43-101 Technical Reports

Yes — there is an NI 43-101 technical report on the Machado Project. In fact there are two. The original was completed in January 2011, and an amendment updating it took effect more than a decade later, in August 2024. Together they span the project's history from its first systematic exploration through the modern program, and both are available to read below.

2011Original report

Technical Report, Machado Project, Vaupés Department, Colombia

Date
Author
Raymond M. Ashley, B.Sc., P.Geoph.
Where to find it
This page (PDF below) and SEDAR+

The first NI 43-101 technical report on the Machado Project. It was prepared for Horseshoe Gold Mining Inc. to meet British Columbia Securities Commission and NI 43-101 requirements when Horseshoe combined with the private Cosigo Resources Inc. in 2010. It describes the property's geology, MMI geochemistry, channel sampling and 2010 bulk sampling, includes the Knelson gravity test results as Appendix III, and recommended a program of drilling, bulk sampling and further geochemistry estimated at about $4.25 million. The author's consent was filed on April 21, 2011.

Read the 2011 report (PDF, 13.7 MB, 92 pages)
2024Amendment · update

Amendment to Technical Report — Machado Project, Vaupés Department, Colombia

Date
Author
Erik A. Ostensoe, P.Geo.
Where to find it
This page (PDF below) and SEDAR+

An update to the 2011 Ashley report, prepared for Cosigo Resources Ltd. by Erik A. Ostensoe, P.Geo., a Qualified Person independent of the Company, who was on site at Machado from July 11 to 18, 2024 while drilling was under way. It brings Cosigo's NI 43-101 disclosure current to August 8, 2024, describes the July 2024 drilling at Cerro Rojo, reproduces the 2010 Knelson gravity results, and states that there are no mineral resource estimates for any part of the Machado Project.

The author concluded that the Machado Project, "of which Cosigo has only investigated a small portion, presents a high value exploration property."

Read the 2024 report (PDF, 2.5 MB, 23 pages)

What a technical report is — and is not

An NI 43-101 technical report is the Canadian standard document describing a mineral property's geology, exploration history and recommended work, prepared by a Qualified Person. It is not the same thing as a mineral resource estimate. Both of Cosigo's reports are exploration-stage reports, and Cosigo has not defined a mineral resource or mineral reserve.

Timeline

Decades of Work on the Ridge

  1. Discovery and gold rush

    The Taraira placer and bedrock gold district was discovered in 1985–86 and became the site of a "Klondike-style" rush. Artisanal miners worked the Cerro Rojo area in the centre of the Machado property, leaving numerous tunnels and an open pit; the wider district hosted more than 100 gold mining operations.

    Source: Amendment to Technical Report — Machado Project, Vaupés Department, Colombia · Cosigo Resources Ltd. – Machado Drill Program Update · Cosigo Announces Machado Public Audience

  2. Government surveys and drilling

    Colombian government agencies surveyed the district in 1992 and 1996–1998, including geological mapping, geophysics and 13 drill holes; Ingeominas (now the Colombian Geological Survey) drilled 12 holes on the Taraira ridge in 1996–97. Regional airborne surveys were also flown in 1993, 1996–1997 and 2019 over the block that includes all of Cosigo's Taraira land holdings.

    Source: Amendment to Technical Report — Machado Project, Vaupés Department, Colombia · Cosigo Core Results During Hydrogeological Advancement Drilling · Cosigo Resources Provides Drilling Update

  3. Cosigo enters the district

    In 2005 Andy Rendle, now Cosigo's President & COO, filed prospecting licence applications over 9,973 hectares covering gold occurrences previously worked to shallow depth by artisanal miners. Following a bidding process in which two South African companies and one Canadian company also took part, Ingeominas granted Cosigo the concession (IH3-16001X) in 2007. Early work focused on Taraira South (Cerro Piedra and Cerro Bomba).

    Source: Amendment to Technical Report — Machado Project, Vaupés Department, Colombia

  4. District-scale geochemistry

    Cosigo collected about 6,000 Mobile Metal Ion (MMI) soil samples, each analyzed for about 45 elements — roughly 300,000 data points. The dataset remains part of the Company's district-scale targeting database.

    Source: Cosigo Resources Provides Drilling Update

  5. Bulk sampling and Knelson gravity tests

    By 2010 the Machado program had built a 30-person camp and completed line cutting, MMI geochemistry, reconnaissance mapping, stream-sediment, rock and soil sampling, and several hundred diamond-saw channel samples. Bulk samples of tunnel rock went to the Knelson Research & Technology Centre, where gravity grade tests in March and July 2010 recovered 67.9% to 91.5% of the gold, with calculated head grades of 6.47 to 37.6 g/t Au.

  6. Business combination with Horseshoe Gold Mining

    Under a Business Combination Arrangement Agreement signed October 25, 2010, the listed Horseshoe Gold Mining Inc. acquired all shares and warrants of the private Cosigo Resources Inc. The combined company carried on business as Cosigo Resources Ltd.

    Source: Amendment to Technical Report — Machado Project, Vaupés Department, Colombia

  7. First NI 43-101 technical report

    "Technical Report, Machado Project, Vaupés Department, Colombia" by Raymond M. Ashley, P.Geoph., dated January 16, 2011, was prepared for Horseshoe Gold Mining Inc. to meet the NI 43-101 requirements of the business combination. It established the exploration-stage technical foundation for the project.

    Source: Technical Report, Machado Project, Vaupés Department, Colombia

  8. Public Environmental Audience

    Colombia's Ministry of Environment and Sustainable Development held a Public Environmental Audience in Taraira — one of the final steps in the Forestry Reserve Subtraction process required to drill at Machado.

    Source: Cosigo Announces Machado Public Audience

  9. First modern drill program — 20 RC holes

    Twenty reverse-circulation holes, up to about 95 metres deep, tested the Cerro Rojo area under the conditions of the Forestry Reserve Subtraction.

    Source: Cosigo Resources Ltd. – Machado Drill Program Update

  10. Assays for all 20 holes reported

    Screen-fire assays returned gold from multiple holes and stratigraphic levels, including 3.04 m at 17.19 g/t Au, 13.72 m at 2.53 g/t Au and 21.34 m at 1.11 g/t Au.

    Source: Cosigo Intersects Gold in Initial Two Drill Holes at Machado · Cosigo Drills High Grade Gold-Bearing Strata at Machado · Cosigo Reports Further Gold-Bearing Intercepts at Machado

  11. Focus on Cerro Rojo; return to active trading

    From 2020, Cosigo directed all of its field work to Cerro Rojo in Taraira North, and in 2022 the Company returned to active trading.

    Source: Amendment to Technical Report — Machado Project, Vaupés Department, Colombia

  12. Prospecting and test core holes

    Reconnaissance prospecting located outcrops of conglomerate over a 1,019 metre strike length at Cerro Rojo. The camp's Northspan RC drill was refitted for core and drilled two short test holes near camp (Gallinero 1 and 2, 41 m in total), which found a previously unrecognized conglomerate layer.

    Source: Cosigo Resources Announces Acquisition of Conglomerate Layer Bulk Sample for Gravity Concentration Tests and Private Placement · Amendment to Technical Report — Machado Project, Vaupés Department, Colombia · Cosigo Drill Conversion Test and Results

  13. Cerro Rojo drilling and updated NI 43-101 report

    Hole 24TAR-RC-021 drilled through 80 m of broken ground by RC, and hole 22 was core-drilled to 87 m. Qualified Person Erik A. Ostensoe, P.Geo., was on site July 11–18, and his "Amendment to Technical Report" (effective date August 8, 2024) brought the project's NI 43-101 disclosure up to date.

    Source: Amendment to Technical Report — Machado Project, Vaupés Department, Colombia · Cosigo Core Results During Hydrogeological Advancement Drilling

  14. Graduation to the TSX Venture Exchange

    Cosigo received final approval to graduate from the NEX board to the TSX Venture Exchange.

    Source: Cosigo Resources Approved to Graduate to TSX Venture Exchange

  15. On-site gravity lab, bulk samples and deeper drilling

    Cosigo assembled a camp-level pulverization mill and gravity lab, ran Knelson gravity tests on a conglomerate bulk sample, and drilled holes 26 to 28 to about 140 metres — deeper than any hole in the 2013 program.

    Source: Cosigo Resources Announces Private Placement and Assembles a Pulverization Mill and Camp-Level Metallurgical Gravity Lab · Cosigo Resources Announces Results of Conglomerate Layer Bulk Sample for Gravity Concentration Tests · Cosigo Resources Provides Drilling Update

2010

Bulk Sampling and Knelson Gravity Work

By 2010, exploration at Machado already went well beyond surface prospecting. A November 1, 2010 regulatory filing describing the Machado Project listed a program that included:

  • construction of a 30-person exploration camp
  • line cutting and trail construction
  • MMI multi-element partial-leach soil geochemistry
  • reconnaissance geological mapping
  • stream-sediment, rock and conventional soil sampling
  • limited petrographic studies
  • several hundred diamond-saw-cut channel samples
  • large bulk samples

The same filing confirmed that an NI 43-101 technical report had been commissioned for the project.

In a March 2012 profile, International Mining quoted then-President and CEO Dennis Milburn describing Taraira gold as occurring both in fine detrital form and as larger irregular grains.

Why bulk samples matter in a coarse-gold system

  1. Gold deportment. Whether gold occurs as free particles, fine disseminations, or within other minerals.
  2. Gravity response. Whether part of the gold can be physically concentrated using density differences.
  3. Sample representativity. Whether small conventional assays adequately represent an uneven, coarse-gold population. One small split can contain a gold particle while an apparently identical split contains none.
  4. Metallurgical direction. Whether gravity concentration deserves further testing alongside conventional analysis.

2010 Knelson gravity grade tests

Cosigo sent two bulk samples of tunnel rock to the Knelson Research & Technology Centre in Langley, British Columbia. Instead of assaying a few hundred grams, a gravity grade test processes each 10–14 kg sub-sample in its entirety, so coarse gold is measured rather than missed.

Knelson gravity grade test results, 2010. Recovery and head grade are back-calculated from the metallurgical balance of each sub-sample.
Sub-sampleMass (kg)Gravity recovery (%)Calculated head grade (g/t Au)Knelson concentrate (g/t Au)
KRTS 20542 · March 29, 2010Three barrels (840 kg) of broken vein rock from the Chile Bajo adit, an artisanal working at Cerro Rojo, hand-selected from freshly blasted rubble. The vein there is about 15 to 90 cm wide. Grind P80 127 µm.
KRTS 20542-A12.2670.77.11780.7
KRTS 20542-B12.8467.96.71759.2
KRTS 20542-C13.8069.86.47787.8
KRTS 20542-D13.1769.46.59738.6
Visible gold was observed in all four gravity concentrates, and both recovery (67.9–70.7%) and head grade (6.47–7.11 g/t Au) showed very good repeatability.
KRTS 20564 · July 9, 2010617 kg of tunnel rock from two randomly selected barrels of an 18-barrel bulk sample taken at Agamenon's adit, Cerro Rojo. Grind P80 ~100 µm.
KRTS 20564-A10.1691.537.604406.0
KRTS 20564-B10.5184.427.203040.7
Of the gold not recovered by gravity, 64.1% was finer than 25 µm.

"Gold within the sub-samples were highly amenable to gravity concentration."

Knelson Research & Technology Centre — summary of reports KRTS 20542 and KRTS 20564

The Knelson results are part of the filed NI 43-101 record: the 2011 technical report describes both bulk samples and includes the Knelson test results as Appendix III, and the 2024 amendment reproduces the March 2010 results. The 2011 report concluded that processing the bulk samples gave Cosigo "concrete evidence to show that Cerro Rojo is a coarse gold (nuggety) mineral occurrence."

How the tests were run

  • Each bulk sample was crushed in its entirety to about −¼ inch, blended, and rotary-split into 10–14 kg sub-samples.
  • Each sub-sample was rod-milled and run through a laboratory Knelson KC-MD3 concentrator at 60 G with 3.5 L/min of fluidization water.
  • The Knelson concentrate was panned; the pan concentrate and pan tails were fire assayed to extinction, and the tailings were sub-sampled and assayed in duplicate.
  • Gravity recovery and gold head grade were back-calculated from the metallurgical balance of each sub-sample.
Gold pan holding a dark heavy-mineral concentrate speckled with many fine particles of visible gold, beside a handwritten label reading KRTS 20564 Pan Conc Ai.
Visible gold in the panned Knelson concentrate from sub-sample KRTS 20564-A, which returned 91.5% gravity recovery and a calculated head grade of 37.6 g/t Au. Photo: Knelson Research & Technology Centre, 2010.
2011 – 2012

Environmental Access for Drilling

Drilling at Machado required more than geological targeting. The priority areas lie within a Forestry Reserve, and access required Colombia's formal Forestry Reserve Subtraction process. On March 12, 2012, Cosigo announced that the Ministry of Environment and Sustainable Development had scheduled a Public Environmental Audience for April 12, 2012, at the Polideportivo Principal in Taraira — one of the final steps in that process.

The resulting access conditions were restrictive and shaped where the first program could drill. The 2013 campaign was therefore an initial test of accessible targets inside the approved area, not a property-wide drill test. Cosigo later applied for extensions and worked with the authorities to demonstrate that the program had been completed in an environmentally sustainable manner.

2013

The First Modern Drill Program — 20 RC Holes

Cosigo completed its first modern drill campaign at Machado in 2013, focused on the Cerro Rojo area in the centre of the property, where artisanal miners had dug numerous tunnels and an open pit during the gold rushes of the 1980s and 1990s.

Holes
20 reverse-circulation (RC)
Maximum depth
~95 m
Hole diameter
~90 mm nominal
Sample interval
5 ft (1.52 m), continuous
Target area
Cerro Rojo
Assay method
Gold screen-fire assay + multi-element
Laboratory
ALS Minerals, North Vancouver
Qualified Person (2014)
Dr. Joseph H. Montgomery, P.Eng.

Sampling and QA/QC

  • RC samples were collected continuously and processed off-site.
  • Blanks and standards were systematically inserted into the sample stream.
  • Duplicate sample material was retained in storage.
  • Drill-chip samples were split, sealed and shipped to ALS Minerals in North Vancouver for gold screen-fire assay and multi-element analysis.

Screen-fire assaying was chosen with coarse gold in mind: it assays the coarse fraction separately, so a few large gold grains are measured rather than missed.

Drill highlights

Hole 13MR002
21.34 m @ 1.11 g/t Au
including 6.10 m @ 2.21 g/t Au and 1.52 m @ 5.56 g/t Au

Broad near-surface mineralization from 7.62 m, west of a historic open-pit working.

Hole 13MR007
3.04 m @ 17.19 g/t Au
from 68.58 m; plus 3.04 m @ 2.18 g/t Au from 18.29 m

The highest-grade interval of the 2013 program. The hole ended in mineralization.

Hole 13MR011
3.04 m @ 4.44 g/t Au
including 1.52 m @ 8.32 g/t Au

A separate higher-grade intersection within the Cerro Rojo program.

Hole 13MR018
13.72 m @ 2.53 g/t Au
including 1.52 m @ 18.50 g/t Au

The strongest grade-width combination, in metasedimentary strata historically targeted by artisanal miners.

All widths are down-hole lengths. True widths were not determined.

2013 – 2014 Assays

Complete 2013 Drill Results

Assays for all 20 holes were reported between December 2013 and February 2014. At the end of the program Cosigo stated that the Machado property is underlain by gold-bearing strata, with several holes intersecting high-grade gold.

Machado Project 2013 reverse-circulation drill intercepts (screen-fire gold assays, ALS Minerals). Indented rows are "including" sub-intervals.
HoleFrom (m)To (m)Width (m)*Au (g/t)NotesReported
13MR001Minor gold mineralization in three zones (vertical hole, 64 m)December 20, 2013
13MR0027.6228.9621.341.11Drilled at −60° to 68.5 m; west of a historic open-pit gold recovery areaDecember 20, 2013
incl. (13MR002)9.1415.246.102.21
incl. (13MR002)12.2013.721.525.56
13MR00332.0035.043.041.08January 27, 2014
13MR00462.4864.001.521.56January 27, 2014
13MR00557.9164.006.091.76January 27, 2014
13MR006Several zones of weak gold mineralizationFebruary 4, 2014
13MR00718.2921.343.042.18Hole ended in mineralizationJanuary 27, 2014
13MR00768.5871.623.0417.19
13MR00873.1588.3915.240.50January 27, 2014
13MR00950.2951.811.520.66January 27, 2014
13MR01036.5839.633.050.98Interval extends to end of holeFebruary 4, 2014
13MR01142.6745.713.044.44January 27, 2014
incl. (13MR011)44.1945.711.528.32
13MR0123.044.561.521.14January 27, 2014
13MR01248.7750.291.521.11
13MR013No significant valuesJanuary 27, 2014
13MR014No significant valuesJanuary 27, 2014
13MR015No significant valuesJanuary 27, 2014
13MR0160.001.521.520.74January 27, 2014
13MR0170.003.043.041.08January 27, 2014
13MR0180.003.043.041.70Intersected metasedimentary strata historically targeted by artisanal gold producersJanuary 27, 2014
13MR0189.1422.8613.722.53
incl. (13MR018)15.2416.761.5218.50
13MR01927.4328.951.521.26January 27, 2014
13MR0206.1013.727.620.73February 4, 2014
incl. (13MR020)9.1412.193.051.59

* Down-hole interval widths; true widths were not determined. Download these intercepts as CSV.

Interpretation

What the Historical Drilling Established

01

Gold was not confined to one hole

Significant intervals came from 13MR002, 13MR005, 13MR007, 13MR011, 13MR018 and 13MR020 — more than one isolated anomaly.

02

Both broad and high-grade zones

Broader zones such as 21.34 m at 1.11 g/t Au and 15.24 m at 0.50 g/t Au, and narrower higher-grade zones such as 3.04 m at 17.19 g/t Au and 1.52 m at 18.50 g/t Au.

03

Stratabound mineralization

Cosigo interpreted several zones of stratabound gold mineralization within the metasedimentary sequence — a concept that guides today's effort to correlate mineralized horizons across the ridge.

04

Only the shallow ridge was tested

No 2013 hole went deeper than about 95 metres, and drilling was confined to the permitted access area. Most of the system remains lightly drill tested.

Then and now

How today's Taraira exploration program builds on the 2010–2014 work.
Historical program (2010–2014)Current program (2023–2026)
Drilling20 shallow RC holesRC and core drilling; holes 26–28 reached ~140 m
AssayingScreen-fire assays (ALS)Conventional fire assay, metallic-screen and Chrysos PhotonAssay (ALS, SGS, MSALABS)
Gravity workKnelson laboratory gravity grade tests (2010)Camp-level gravity lab, plus laboratory Knelson bulk-sample testing
DataHistoric 2D sectionsConsolidated digital database: 25-hole master set of 1,035 samples for 59 elements
FootprintRestricted to the Forestry Reserve Subtraction areaBroader geological targeting as approvals and access allow

The purpose of the current program is not to rediscover the historical data. It is to use that data to test continuity, correlate mineralized horizons, and determine whether the gold-bearing strata identified in earlier work can be traced into a coherent three-dimensional system.

Questions

Historical Work FAQ

Does Cosigo Resources have an NI 43-101 technical report?

Yes. Cosigo Resources has two NI 43-101 technical reports on its Machado Project in the Vaupés region of Colombia: "Technical Report, Machado Project, Vaupés Department, Colombia" by Raymond M. Ashley, P.Geoph., dated January 16, 2011, and "Amendment to Technical Report — Machado Project" by Erik A. Ostensoe, P.Geo., with effective date August 8, 2024. Both are published as PDFs at cosigo.com/historical-work and filed on SEDAR+.

What is the latest NI 43-101 technical report on Cosigo Resources' Machado Project?

The latest NI 43-101 technical report on Cosigo Resources' Machado (Taraira North) Project is "Amendment to Technical Report — Machado Project, Vaupés Department, Colombia", with effective date August 8, 2024 — more than thirteen years after the original report dated January 16, 2011. It updates the 2011 report with the July 2024 drilling at Cerro Rojo and is published at cosigo.com/reports/machado-project-ni-43-101-technical-report-amendment-2024.pdf.

Who wrote the 2024 NI 43-101 technical report on the Machado Project?

Erik A. Ostensoe, P.Geo., a consulting geologist in Vancouver and a member of Engineers and Geoscientists British Columbia since 1991, wrote the 2024 "Amendment to Technical Report" on Cosigo Resources' Machado Project. He certifies that he is a Qualified Person under NI 43-101 and independent of the Company, and he was on site at Machado from July 11 to 18, 2024 while drilling was under way.

Who wrote the original NI 43-101 technical report on the Machado Project?

The original NI 43-101 technical report on the Machado Project — "Technical Report, Machado Project, Vaupés Department, Colombia", dated January 16, 2011 — was written by Raymond M. Ashley, P.Geoph., for Horseshoe Gold Mining Inc., the listed company that combined with the private Cosigo Resources Inc. in 2010. His consent as author was filed on April 21, 2011.

Does having an NI 43-101 technical report mean Cosigo Resources has a mineral resource?

No. An NI 43-101 technical report documents a property's geology and the exploration completed on it; a mineral resource estimate is a separate, specific type of disclosure. Cosigo Resources' 2011 and 2024 technical reports are exploration-stage reports, and the 2024 report states that there are no mineral resource estimates for any part of the Machado Project.

What did the 2024 NI 43-101 technical report conclude about the Machado Project?

The 2024 NI 43-101 technical report by Erik A. Ostensoe, P.Geo., concluded that Cosigo Resources' Machado Project, "of which Cosigo has only investigated a small portion, presents a high value exploration property." It recommended that Cosigo continue the exploration program set out in the 2011 technical report, which it considered still valid, and noted that further drilling is needed to confirm and outline gold distribution at Cerro Rojo.

How long has Cosigo Resources been exploring the Taraira Gold Belt?

Cosigo Resources has worked in the Taraira district since 2005, when Andy Rendle, now President & COO, filed the prospecting licence applications; the concession was granted in 2007. Since then the Company has completed about 6,000 MMI soil samples (2008–2011), bulk sampling and Knelson gravity tests (2010), an NI 43-101 technical report (2011), a 20-hole reverse-circulation drill program (2013), an updated NI 43-101 technical report (2024), and renewed drilling that continues in 2026.

What is the relationship between Cosigo Resources and Horseshoe Gold Mining?

Under a Business Combination Arrangement Agreement signed on October 25, 2010, Horseshoe Gold Mining Inc. acquired all shares and warrants of the private company Cosigo Resources Inc. The combined company carried on business as Cosigo Resources Ltd. The first NI 43-101 technical report on the Machado Project (2011) was prepared for Horseshoe Gold Mining Inc. as part of that transaction.

Are the Machado Project, Taraira North and the Taraira Gold Belt the same thing?

They are nested names. The Taraira Gold Belt is the gold district around the town of Taraira in southern Vaupés, Colombia. Cosigo Resources' Machado Project is its concession within that belt — IH3-16001X, 9,973 hectares, about 4.5 km west of Taraira. The concession includes Taraira North (Cerro Rojo, Peladero and Mata de Aji) and Taraira South (Cerro Piedra and Cerro Bomba); since 2020 Cosigo's work has focused on Cerro Rojo, and the 2024 technical report refers to the property as "Machado (aka Taraira North)".

What type of gold deposit is Cosigo Resources exploring for at Taraira?

According to Cosigo Resources' NI 43-101 technical reports, the Taraira district has the potential to host paleoplacer or modified paleoplacer gold (the Witwatersrand-type deposit model) and/or epigenetic vein- and shear-related gold, and Cosigo targets both styles. Gold grains at Machado may exceed 5 mm and the reports describe a coarse-gold ("nuggety") environment. These are geological deposit models; no mineral resource has been defined.

What did Cosigo Resources' 2013 Machado drill program find?

Cosigo Resources' 2013 drill program at Machado — 20 reverse-circulation holes at Cerro Rojo, assayed by screen-fire at ALS Minerals — intersected gold in multiple holes and at multiple stratigraphic levels. Highlights included 3.04 m at 17.19 g/t Au in hole 13MR007, 13.72 m at 2.53 g/t Au (including 1.52 m at 18.50 g/t Au) in 13MR018, and 21.34 m at 1.11 g/t Au in 13MR002. Widths are down-hole; true widths were not determined.

What is the highest-grade historical drill intercept at Machado?

The highest-grade composite interval from Cosigo Resources' 2013 Machado drill program is 3.04 m at 17.19 g/t Au from 68.58 m in hole 13MR007, which ended in mineralization. The highest-grade reported sub-interval was 1.52 m at 18.50 g/t Au in hole 13MR018, within 13.72 m at 2.53 g/t Au. Widths are down-hole.

How deep was Cosigo Resources' historical drilling at Machado?

The 2013 reverse-circulation holes at Machado reached a maximum depth of about 95 metres, so they tested only the shallow part of the ridge. In 2026 Cosigo Resources drilled holes 26 to 28 to about 140 metres.

What is the Cerro Rojo area at Machado?

Cerro Rojo is an area in Taraira North, in the centre of Cosigo Resources' Machado Project, where artisanal miners dug numerous tunnels and an open pit during the gold rush that followed the district's discovery in 1985–86. It was the focus of Cosigo's 2010 bulk sampling and 2013 drill program, and all of Cosigo's field work since 2020 has been directed there.

What historical bulk sampling has been done at Taraira?

In 2010 Cosigo Resources took two bulk samples at Cerro Rojo and sent them to the Knelson Research & Technology Centre in Langley, BC, for gravity grade tests. An 840 kg sample of vein rock from the Chile Bajo adit recovered 67.9% to 70.7% of the gold by gravity across four sub-samples, with calculated head grades of 6.47 to 7.11 g/t Au. 617 kg from two randomly selected barrels of an 18-barrel sample from Agamenon's adit recovered 91.5% and 84.4%, with calculated head grades of 37.6 and 27.2 g/t Au.

What did the 2010 Knelson gravity tests on Cosigo Resources' samples show?

The Knelson Research & Technology Centre concluded that gold in Cosigo Resources' 2010 bulk samples was highly amenable to gravity concentration. Across six sub-samples of 10 to 14 kg each, laboratory gravity recovery ranged from 67.9% to 91.5%, visible gold was seen in the gravity concentrates, and the best sub-sample (KRTS 20564-A) had a calculated head grade of 37.6 g/t Au with 91.5% gravity recovery. The 2011 NI 43-101 technical report includes these results and describes Cerro Rojo as a coarse gold (nuggety) mineral occurrence.

Why does Cosigo Resources use bulk samples and screen-fire assays?

Gold at Taraira occurs partly as coarse, irregular grains, which makes small assay samples unreliable — one small split can contain a gold particle while an identical split contains none. Cosigo Resources uses large bulk samples, gravity concentration and screen-fire or metallic-screen assays to measure this coarse gold more representatively.

Where can investors read Cosigo Resources' NI 43-101 technical reports?

Both of Cosigo Resources' NI 43-101 technical reports are published as PDFs on the Company's website: the 2011 report at cosigo.com/reports/machado-project-ni-43-101-technical-report-2011.pdf and the 2024 amendment at cosigo.com/reports/machado-project-ni-43-101-technical-report-amendment-2024.pdf. They are also filed on SEDAR+ (www.sedarplus.ca) under the issuer profile for Cosigo Resources Ltd.

More answers about listings, management and contacts are in the Investor FAQ.

References

Sources

See the work being built on this foundation.

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Forward-Looking Statements: This website contains forward-looking statements subject to risks and uncertainties. Actual results may differ materially from those anticipated. Scientific and technical disclosure has been reviewed by a Qualified Person (P.Geo. Erik Ostensoe) in accordance with National Instrument 43-101. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Grab samples are selective and may not be representative of average mineralization.