13,799 HA.

The Especularita project, located approx. 170km to the south of the San Lorenzo project and within the same coastal metallogenic belt, comprises 13,799 ha of exploitation and exploration concessions both granted and in the process of being granted. GSC owns rights to 100% of the projects via a US$2m Purchase Option Agreement payable over 6-8 years with no additional royalty payments or consideration to vendors.

Geology and Exploration Targets

The geology of Especularita is dominated by an extensive lithocap alteration zone formed at the intersection of several sets of crustal-scale structures and the contact margin of the Quilitapia Granodiorite and overlying andesitic volcanics.

Remote sensing studies by GSC suggest that the lithocap alteration, which comprises an inner advanced argillic core enveloped by a more extensive halo of silica-argillic alteration (silica cap) is larger and more intense than that associated with the large Andacollo copper mine located in the same coastal metallogenic belt some 90km to the north. Such lithocap systems are common above and/or lateral to porphyry Cu mineralizing s ystems and may themselves be mineralized or barren.

Evidence of small-scale and artisanal copper mining is extensive in the district and particularly concentrated both at the contact of the granodiorite with the overlying volcanics as well as preferentially located around the base of the lithocap alteration zone providing strong evidence for the potential of discovering porphyry copper style mineralisation beneath the lithcap.

The company undertook and completed magnetics surveys at Especularita over the last six months. This identified high grade Cu-Au prospects, Abundante and Teresita, as magetic anomalies. It also identified mutliple NE-trending targets within the Teresita magnetic anomaly corridor, as well as bullseye anomalies that potentially represent breccia-pipe or pencil-porphyry type Cu deposits. In addition, rock chip samples returned high grade Cu-Au grades up to 3.39% Cu at Abundante and 13.7g/t Au and 7.22% Cu at Teresita.

In September 2023, the company received results of its recently completed stream sediment sampling survey which commenced in February 2023 and was designed to provide broad-scale gold, base metal, and trace element geochemistry across the Especularita project area. The results from the survey defined multi-element zonation patterns within and surrounding the extensive area of lithocap alteration and has identified targets for follow-up prospect-scale Cu-Au exploration.

Especularita Project North Alteration Zones

Exploration Programme

The company is now planning to conduct Scout RC drilling at both the Teresita (IRGS quartz-carbonate vein-breccia system) and Abundante (breccia-pipe system) prospects. In addition, the company will conduct detailed work on the Colorada lithocap designed to define prospects for later drill-testing.