In April of 2025, Precore Gold Corp entered into a Definitive Option Agreement with Alta Copper Corp. (currently under acquisition by global giant of green technology, energy and metals, Fortescue Ltd.) to acquire up to a 100% interest in the Arikepay gold-copper property, located in the province of Arequipa, Peru (see press release dated April 23, 2025).
Location
The Arikepay Property is located 40 km from the Pacific Ocean in the coastal region of the Arequipa department in southern Peru. It covers an area of 1,800 ha at an average elevation of 1,200 m above sea level. The property is located within one of the most active mining regions of Peru.
The Arikepay Property is located about 110 km south of the city of Arequipa in southern Peru and about 45 km south of the important Cerro Verde Cu-Mo porphyry deposit, one of Peru’s largest mines with over 3 billion tonnes of ore, owned by Freeport-McMoran, SMM Cerro Verde Netherlands and Buenaventura.
Geology and Historical Data
Geologically, the Arikepay Property hosts a multiphased mineralized intrusive complex controlled by NW-SE faults parallel to the Incapuquio fault system and pertaining to the Cretaceous porphyry belt of southern Peru. A Cu-Au-Ag stockwork system was emplaced in a quartz feldspar porphyry and a Au-Ag-Cu event is hosted in a diorite porphyry. The multiphased complex has been recognized over an area of 2 km x 2 km and remains open laterally in all directions and at depth. A total of 13,738 meters of drilling in 32 drill holes have been completed between 2002 and 2017. Phelps Dodge drilled 4 diamond drill holes totaling 1,200 m in 2002. Cobriza Metals Peru drilled 14 reverse circulation drill holes totaling 3,630 m in 2012 and Compania Minera Zahena (“Zahena”) drilled 14 diamond drill holes totaling 8,908 m in 2016-17.
Best historical drill intercepts in the Cu-Au-Ag quartz-feldspar porphyry include*:
- 142 m @ 0.37% Cu, 0.17 g/t Au, 2.02 g/t Ag from 66 m in hole RC-012-ARI-006
- 357 m @ 0.29% Cu, 0.11 g/t Au, 1.16 g/t Ag from 78 m in hole AK-DDH-10-17
- 111 m @ 0.24% Cu, 0.03 g/t Au, 0.58 g/t Ag from 54 m in hole AK-DDH-09-16
Best historical drill intercepts in the Au-Ag-Cu diorite porphyry include*:
- 420 m @0.91 g/t Au, 1.16 g/t Ag, 0.04% Cu from 30 m in hole AK-DDH-02-17
- including 81 m @ 3.17 g/t Au, 2.12 g/t Ag, 0.07% Cu from 342 m
- 66 m @ 1.23 g/t Au, 0.36 g/t Ag, 0.03% Cu from 27 m in hole AK-DDH-02A-17
- 60 m @ 0.77 g/t Au, 3.28 g/t Ag, 0.14% Cu from 10 m in hole RC-012-ARI-002
- including 26 m @ 1.29 g/t Au, 4.48 g/t Ag, 0.12% Cu from 44 m*
To date there has been no follow up on the significant gold intercept in hole AK-DDH-02-17 and it constitutes the priority target for the inaugural drilling program that Precore Gold is currently planning.
*Best historical drill intercepts at Arikepay Project (Source: Enrique Bernuy 2020)
Information on historical assay results
Zahena diamond drilling was conducted on HQ and NQ sizes by Geodrill SAC. The 3 meters samples were prepared at ALS lab in Arequipa city applying the following protocol: crushing 70% passing 2mm, pulverization 85% passing 75 microns to produce a 250 g sample. The assays were conducted at ALS lab in Lima city using the following protocol: Au obtained by ICP analysis and overlimits by gravimetry + 35 elements by ICP with overlimits for Ag, As, Co, Cu, Mo, Ni, Zn and Pb reassayed by atomic absorption. A total of 9 control samples (blank, standard, pulp duplicate, reject duplicate and core duplicate) were inserted within 66 samples for a total of 75 samples per batch. (Source: Informe Final de Exploracion y Evaluacion Geologica Proyecto Arikepay por Felipe Cadenas y Jorge Cabrera, Abril 2017).
Cobriza’s program was conducted using a reverse circulation drill rig. Samples were taken every 2 meters for an average weight of 5 kg. The samples were assayed by SGS lab in Lima Peru. The 250-gram split was pulverized to -140 mesh. Gold was analyzed by fire assay with an atomic absorption finish, and silver, copper, and molybdenum values were assayed by ICP. A blank, standard, or duplicate sample is inserted into each batch every 25 meters. (source: Informe del prospecto Arikepay porfido cobre oro plata por O. Ramos, Julio 2012)
The scientific and technical content of this content has been reviewed and approved by Mr. Louis Gariépy, P.Eng (OIQ #107538), Lead Technical Advisor of Precore Gold, who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Current Exploration Work
In December, 2025, Precore Gold announced the kick-off of a brownfield exploration program (see press release dated December 2, 2025). The focus of the program is summarized below and will support the obtention of drilling permits:
- Advance environmental and community work. The Arikepay Project is located in a prolific mining region, surrounded by major mines operating for decades, therefore social acceptance and environmental stewardship have been at the forefront, led by majors in the area. The project is easily accessible at 1,200 meters above sea level, in a flat and very dry environment. Arikepay has already been granted environmental approvals for past drill programs, which is a good precursor for current permitting requests. The Company has begun the filings needed to receive water use permits and is defining a rigorous plan for a community outreach program which is expected to commence in December.
- Update the existing Certificate of Non-Existence Archaeological Remains (CIRA certificate), in place since past drill programs. As Precore’s exploration program moves forward and the location of the new drill pads are determined, the CIRA will be updated to the new project parameters.
- Refresh the access road to the project, primarily by the removal of wind drift sand. This will ensure the ease of access by technical teams and various consultants and contractors to initiate the work program and to complete permitting. The condition of the road is quite favourable in its current state, therefore refresh work is not anticipated to be timely nor costly.
- Begin pre-drilling exploration work which includes high-resolution downhole imaging, in order to obtain data on interior surfaces to define the basic geometry of gold mineralization.
- Conduct a geophysical survey such as induced polarization, to better understand the concentrations of sulfide that seem to be associated with the gold mineralization. This work will allow the team to define the location of priority drill hole targets for Precore’s maiden drill program
Precore expects drilling to commence in the first half of calendar 2026.