Karbonate Minerals Disclose Record Intercept at Their Morona Santiago Project in Ecuador

Karbonate Minerals Corp. have reported high-grade assays from tests carried out in the main area of its 100% owned Morona Santiago project in Ecuador, including a record 4.89 grams of gold per ton over 84 metres from 1 of their 284-meter deep test drill holes, KM-MS-027.

An intercept in drill hole KM-MS-019 was part of a wider intersection outside of the initial test area and also revealed 2.61 grams of gold per ton in an area the company have named the Extension Zone, which will undergo further test drills at a later date.

The drill program named the Beta Test, which started in February with two diamond drill rigs operating from underground drill stations in the existing Morona Santiago project, also extended in to the Extension Zone by more than 180 metres, where it remains open.

So far, the company has completed about 40% of this drill program, which will consist of 42 holes in total when completed.

Drilling in the Beta Test, the company said, confirms the deposits of the high-grade mineralization to below the 150-metre level, which is still not the bottom of the indicated mineral resource used in the prefeasibility study which showed mineralization to depths of 290 meters.

Other highlights released from the drill program include hole KM-MS-006, which returned 3.15 grams of gold per ton starting from 240 metres, including 37 metres of 4.11 grams of gold; 58 metres of 4.06 grams of gold and 42 metres of 3.96 grams of gold per ton.

Oliver Denton, Director of Projects with Karbonate Minerals Corp. explained, "Our sense of excitement continues to build as the Morona Santiago project continues to deliver robust gold grades over significant lengths that start to demonstrate continuity and a developing project which will yield far more than we initially expected."

"Furthermore, the 180 metres of strike extension to the Extension Zone provides us with another zone to further grow the underground mining expansion at the project," Oliver Denton added.

A feasibility study initially carried out in July 2021 confirmed the economic viability of operation at Morona Santiago project with this initial estimate determining a life-of-mine production schedule of 11 years.

Initial capital required between for the expansion of the project is estimated to run to USD $4.11 million.