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TECHNICAL REPORT on the HUACHI PROPERTY San Juan Province

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TECHNICAL REPORT on the HUACHI PROPERTY San Juan Province Technical Report on the Huachi Project TECHNICAL REPORT on the HUACHI PROPERTY San Juan Province, Argentina Latitude: 29° 55' 23" South Longitude: 68° 51' 15" West Prepared for: Centenera Mining Corporation 2300-1177 West Hastings Street Vancouver, British Columbia Canada, V6E 2K3 Prepared by: William R. Gilmour, PGeo Thomas H. Carpenter, PGeo Discovery Consultants 2916 29th Street Vernon, BC, V1T 5A6 Mail: P.O. Box 933 Vernon, BC, V1T 6M8 Tel: 250-542-8960 [email protected] Date: March 6, 2017 Effective Date: March 6, 2017 LC062251-1 Discovery Consultants Technical Report on the Huachi Project Table of Contents 1.0 SUMMARY ........................................................................................... 1 2.0 INTRODUCTION .................................................................................. 3 3.0 RELIANCE ON OTHER EXPERTS ........................................................... 3 4.0 PROPERTY LOCATION AND DESCRIPTION 4.1 Location ........................................................................................ 4 4.2 Overview of Argentina .................................................................... 4 4.3 Metal Mining in Argentina ................................................................ 4 4.4 Mining Industry and Legislation ........................................................ 4 4.5 Mineral Tenure ............................................................................... 7 4.6 Royalties and Taxes ........................................................................ 7 4.7 Surface and Private Property Rights .................................................. 8 4.8 Environmental Regulations .............................................................. 8 4.9 Property Mineral Tenure .................................................................. 9 4.10 Agreements ................................................................................ 12 4.11 Permits ...................................................................................... 13 4.12 Environmental Liabilities ............................................................... 13 5.0 ACCESSIBILTY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE and PHYSIOGRAPHY ................................................................................ 13 6.0 HISTORY............................................................................................ 16 6.1 Mapping and Rock Sampling: Cardero 2005 – 2007 ........................... 17 6.2 Mapping and Rock Sampling: Rio Diablillos 2010 ............................... 17 6.3 Mapping and Rock Sampling: Kestrel 2010 – 2011 ............................ 18 6.4 Induced Polarization Geophysics ..................................................... 18 7.0 GEOLOGICAL SETTING and MINERALIZATION 7.1 Regional Geology .......................................................................... 22 7.1.1 Lithographic Units .............................................................. 22 7.2 Local and Property Geology ............................................................ 25 7.2.1 Lithologies ......................................................................... 25 7.2.1.1 Volcanic Rocks ............................................................. 25 7.2.1.2 Gabbro Complex .......................................................... 25 7.2.1.3 Huachi Intrusions ......................................................... 25 7.2.2 Structure .......................................................................... 28 7.2.3 Hydrothermal Alteration ...................................................... 28 7.3 Mineralization .............................................................................. 30 7.3.1 La Sentazón ................................................................... 30 7.3.2 Oro Rico Stock ............................................................... 31 7.3.3 Canyon Stock ................................................................. 31 7.3.4 Huachi Canyon North ...................................................... 31 7.3.5 Agua Dulce .................................................................... 31 7.3.6 Sanjuanina .................................................................... 32 i Discovery Consultants Technical Report on the Huachi Project 8.0 DEPOSIT TYPES ................................................................................. 32 8.1 Epithermal Deposits ........................................................................ 32 8.2 Porphyry Copper Deposits ................................................................ 32 9.0 EXPLORATION ................................................................................... 34 10.0 DRILLING .......................................................................................... 34 10.1 Cardero Drilling ............................................................................. 36 10.1.1 Oro Rico Drilling .............................................................. 38 10.1.2 Canyon StockOro Rico Drilling ............................................ 38 10.1.3 Huachi Canyon North Drilling.............................................. 39 10.1.4 La Sentazón Drilling .......................................................... 39 10.2 Kestrel Drilling .............................................................................. 43 11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY 11.1 Historic Sampling for Period 2006 – 2011 ......................................... 48 11.2 Recent Sampling ........................................................................... 49 12.0 DATA VERIFICATION ......................................................................... 50 13.0 MINERAL PROCESSING and METALLURGICAL TESTING.....................50 14.0 MINERAL RESOURCE ESTIMATES ....................................................... 50 23.0 ADJACENT PROPERTIES ..................................................................... 51 24.0 OTHER RELEVANT DATA and INFORMATION ...................................... 51 25.0 INTERPRETATION and CONCLUSIONS ............................................. 51 25.1 Porphyry Copper Mineralization ....................................................... 52 25.2 Epithermal Gold Mineralization ........................................................ 52 26.0 RECOMMENDATIONS and BUDGET ..................................................... 54 27.0 REFERENCES ...................................................................................... 56 DATE and SIGNATURES ................................................................................................................................ 58 CERTIFICATES of QUALIFICATION .............................................................. 59 ii Discovery Consultants Technical Report on the Huachi Project TABLES Table 4.1: Mineral Title Huachi Property ............................................................ 10 Table 4.2: Payments to Vendor ........................................................................ 12 Table 7.1: Stratigraphic Units .......................................................................... 23 Table 10.1: Summary of Cardero Drill Results .................................................... 37 Table 10.2: Summary of Kestrel Drillhole Intercepts. .......................................... 44 FIGURES Figure 4.1: Location .......................................................................................... 6 Figure 4.2: Mineral Titles, 1:25,000 .................................................................. 11 Figure 6.1: Rock Geochemistry – Copper Values 1:10,000 .................................. 19 Figure 6.2: Rock Geochemistry – Gold Values 1:10,000 ..................................... 20 Figure 6.3: Rock Geochemistry – Silver Values 1:10,000 ..................................... 21 Figure 7.1: Regional Geology 1:100,000 ........................................................... 24 Figure 7.2: Property Geology, 1:10,000 ............................................................ 26 Figure 8.1: Conceptual Model of Porphyry and Epithermal Mineralization ............... 34 Figure 10.1: Historical Drilling Index Map:10,000 .............................................. 35 Figure 10.2: Alteration & 2007 Drilling, Oro Rico Stock 1:2,500 ........................... 40 Figure 10.3: Alteration and 2007 Drilling, Canyon Stock and South Sentazón Fault Area 1:3,000 ................................................................................ 41 Figure 10.4: Alteration and 2007 Drilling, Huachi Canyon North area 1:3,000 ........ 42 Figure 10.5: Alteration and 2011 Drilling, North Ridge Area 1:3,000 ..................... 45 Figure 10.6: Alteration and 2011 Drilling, Cerro Los Bronces Area 1: 2,000 ........... 46 Figure 10.7: Alteration and 2011 Drilling, Sentazón - Sanjuanina Areas 1:2,000 .... 47 PHOTO Photo 5.1: View looking south down Huachi Canyon............................................ 15 iii Discovery Consultants Technical Report on the Huachi Project 1.0 SUMMARY In January 2017, Mr. Keith Henderson, President and CEO of Centenera Mining Corporation (“Centenera”), a British Columbia corporation, commissioned William R. Gilmour, PGeo and Thomas H. Carpenter, PGeo, of Discovery Consultants to undertake an independent review and produce a National Instrument 43-101 Technical Report (the “Report”) on the Huachi property (“Huachi” or the “Property”), located in San Juan Province, Argentina. Co-author Carpenter visited the Property on February 9, 2017, accompanied by
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