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Morumbi Resources Inc. Ni 43-101 Technical Report On MORUMBI RESOURCES INC. NI 43-101 TECHNICAL REPORT ON THE EL MOCHITO ZINC-LEAD-SILVER MINE, HONDURAS Report Date: September 9, 2016 Effective Date: December 31, 2015 Report By: Bogdan Damjanović, P.Eng. B. Terrence Hennessey, P.Geo. Christopher R. Lattanzi, P.Eng. David Makepeace, M.Eng., P.Eng. Jane Spooner, P.Geo. 900 - 390 BAY STREET, TORONTO ONTARIO, CANADA M5H 2Y2 Telephone +1 416 362 5135 Fax +1 416 362 5763 Page Table of Contents 1.0 SUMMARY ................................................................................................................... 1 1.1 RECOMMENDATIONS ............................................................................................ 3 2.0 INTRODUCTION......................................................................................................... 5 2.1 TERMS OF REFERENCE ......................................................................................... 5 2.2 INFORMATION SOURCES ..................................................................................... 5 2.3 QUALIFIED PERSONS, SITE VISITS, AND AREAS OF RESPONSIBILITY .................................................................................................... 5 2.4 UNITS AND ABBREVIATIONS .............................................................................. 6 3.0 RELIANCE ON OTHER EXPERTS.......................................................................... 7 4.0 PROPERTY DESCRIPTION AND LOCATION ..................................................... 8 4.1 ROYALTIES AND TAXES ..................................................................................... 11 4.2 ENVIRONMENTAL LIABILITIES ........................................................................ 11 4.3 PERMITS .................................................................................................................. 11 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ...................................................... 12 6.0 HISTORY .................................................................................................................... 13 6.1 EXPLORATION AND DEVELOPMENT .............................................................. 13 6.2 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES .................... 15 6.3 PRODUCTION ......................................................................................................... 16 7.0 GEOLOGICAL SETTING AND MINERALIZATION ......................................... 18 7.1 GEOLOGICAL SETTING ....................................................................................... 18 7.1.1 Regional Geology ............................................................................................. 18 7.1.2 Local Geology ................................................................................................... 19 7.2 MINERALIZATION ................................................................................................ 21 8.0 DEPOSIT TYPES ....................................................................................................... 24 9.0 EXPLORATION ......................................................................................................... 25 10.0 DRILLING .................................................................................................................. 27 11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY ................................. 29 11.1 UNDERGROUND CORE SAMPLING .................................................................. 29 11.2 SURFACE CORE SAMPLING ............................................................................... 29 11.3 QUALITY ASSURANCE AND QUALITY CONTROL ........................................ 29 11.4 SAMPLE PREPARATION AND ANALYSIS ........................................................ 30 11.5 OTHER SAMPLES .................................................................................................. 31 i Page 12.0 DATA VERIFICATION ............................................................................................ 32 13.0 MINERAL PROCESSING AND METALLURGICAL TESTING ...................... 33 14.0 MINERAL RESOURCE ESTIMATES .................................................................... 36 15.0 MINERAL RESERVE ESTIMATES ....................................................................... 40 16.0 MINING METHODS ................................................................................................. 41 16.1 EXISTING UNDERGROUND WORKINGS .......................................................... 41 16.2 STOPING METHODS ............................................................................................. 41 16.3 GEOTECHNICAL CONSIDERATIONS ................................................................ 41 16.4 VENTILATION ........................................................................................................ 45 16.5 DRAINAGE .............................................................................................................. 45 16.6 UNDERGROUND HAULAGE ............................................................................... 49 16.7 MINE EQUIPMENT FLEET AND PRODUCTION ............................................... 49 16.8 POTENTIAL FOR EXPANSION ............................................................................ 52 16.9 RESERVES .............................................................................................................. 52 16.10 CONCEPTUAL LIFE OF MINE PLANS................................................................ 53 17.0 RECOVERY METHODS .......................................................................................... 56 17.1 PROCESS OVERVIEW: .......................................................................................... 56 17.1.1 Introduction ....................................................................................................... 56 17.1.2 Crushing Circuit ................................................................................................ 56 17.1.3 Grinding Circuit ................................................................................................ 58 17.1.4 Flotation and Regrinding: ................................................................................. 58 17.1.5 Thickening and Dewatering .............................................................................. 59 17.1.6 Magnetite Production Circuit ............................................................................ 59 17.1.7 Ancillary Equipment ......................................................................................... 60 17.1.8 Mill Concentrate Storage .................................................................................. 60 17.2 CONCENTRATOR EXPANSION PLANS ............................................................. 60 18.0 PROJECT INFRASTRUCTURE.............................................................................. 64 19.0 MARKET STUDIES AND CONTRACTS ............................................................... 76 20.0 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT ........................................................................................... 77 20.1 ENVIRONMENTAL ISSUES ................................................................................. 77 20.1.1 Water Quality and Management ....................................................................... 77 20.1.2 Waste Management ........................................................................................... 78 20.1.3 Flora and Fauna Management ........................................................................... 78 20.1.4 TSF Management .............................................................................................. 78 20.1.5 Environmental Education Initiatives................................................................. 79 20.1.6 Inspections ........................................................................................................ 79 20.1.7 Environmental Legislation ................................................................................ 79 ii Page 20.1.8 Environmental Permits...................................................................................... 79 20.2 SOCIAL ISSUES ...................................................................................................... 81 20.2.1 Community Workforce ..................................................................................... 81 20.2.2 Unions ............................................................................................................... 82 20.2.3 Contractors ........................................................................................................ 82 20.2.4 Health Care ....................................................................................................... 83 20.2.5 Safety Programs ................................................................................................ 83 20.2.6 Security ............................................................................................................. 84 20.3 EDUCATION INITIATIVES ................................................................................... 84 20.3.1 Education and Training ..................................................................................... 84 20.3.2 Community Projects.......................................................................................... 85 20.3.3 Community Benefits ........................................................................................
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