Gelum Completes Initial Reconnaisance and Sampling of Las Tinajas Gold Project, Northern Maricunga Belt, Chile

• Gelum completed initial reconnaissance and rock geochemical sampling at the 100%‑optioned Las Tinajas Gold Project (Atacama, Chile) covering 2,600 ha.
• Surface chip sampling (157 samples) identified a high‑grade SE anomaly: 5m silicic breccia adjacent to a rhyolite dike assayed 6.68 g/t Au. Broader NE Breccia target returned 80m of 0.22 g/t Au; historical hole TDH‑10 had 84m at 0.96 g/t Au.
• Copper‑molybdenum anomalies recognized in a dacite porphyry plug, hinting at porphyry potential.
• Concurrently, Gelum announced a non‑brokered private placement of up to 13,513,514 units at $0.37/unit for gross proceeds of up to $5,000,000. Each unit includes a half‑warrant exercisable at $0.52 for 24 months.
• A settlement agreement was reached with Horizonte Mining SpA: issuance of US$2M in common shares in two tranches tied to the option agreement timeline (48 and 60 months from start).
• CEO Henk van Alphen reiterates the bulk‑tonnage, open‑pit potential.

The most recent release is a routine, incremental step following the April 30 formalisation of the Las Tinajas acquisition. The 6.68 g/t Au surface sample is a single, unverified chip line; it does not materially de‑risk the project nor alter the pre‑existing narrative of disseminated bulk tonnage potential. The $5M raise at $0.37 represents a 61% premium to the March placement ($0.23) and signals stronger demand; however, the stock had already re‑rated to $0.46, and the terms include a discount to market. No first‑time strategic investor anchor is announced, and the Horizonte share issuance merely formalises part of the option consideration. Overall, the news is marginally positive but fully consistent with the company’s announced exploration program.

• Company: Gelum Resources Ltd. is a Canadian‑listed (CSE) junior explorer focused on gold in South America.
• Flagship: Las Tinajas Gold Project, located in the northern Maricunga Gold Belt (Atacama Region, Chile), ~120 km NE of Copiapó. Area 2,600 ha, accessible via Codelco‑maintained roads.
• Geology: Epithermal disseminated gold associated with silicified porphyry intrusions, diatreme breccias, and skarn zones. The project targets a large bulk‑tonnage open‑pit deposit.
• Historical drilling: 64 holes (10,990 m), with multiple >1 g/t Au intercepts including 58 m @ 1.42 g/t Au, 82 m @ 0.93 g/t Au, and holes that ended in mineralization. An IP survey identified chargeability anomalies.
• Phase 1: Validate historical data, surface sampling, preliminary metallurgy. Phase 2: Drilling to support a maiden NI 43‑101 resource.
• Option terms: Staged cash payments of up to US$11.5M and minimum US$3M in exploration work (4,000 m drilling). Final payment of US$2.5M triggered by sale of 51%, commercial production, or defined 2 Moz Au resource. 2.5% NSR (1.25% buyable for $3.5M within 5 years).