Tocvan completes six drill holes at Gran Pilar to date

Executive Summary

• Tocvan Ventures completed six new RC drill holes across four high‑priority targets in the South block of its Gran Pilar gold‑silver project.
• A high‑resolution drone magnetic survey and two water‑monitoring wells were finished, supporting pilot‑mine development and environmental compliance.
• The company is deploying capital from a recently closed $10 million bought‑deal financing to fund continued drilling (20,000 m planned this year), pilot‑plant construction and infrastructure for a 50,000‑tonne per annum pilot facility.

Key Details

• Drilling Activity: Six RC holes drilled to planned depths in four new target areas of the South block; samples submitted for assay.
• Geophysical Survey: Completed high‑resolution drone magnetic survey over principal target zones; data being integrated with surface geochemistry and structural mapping.
• Environmental Work: Two water‑monitoring wells installed as part of baseline program for pilot mine permitting.
• Capital Deployment: $10 M bought‑deal financing proceeds allocated to South Block drill campaign, restart of North Block drilling, site infrastructure for 50 kt pilot plant, and preparatory work for pilot‑scale mining later in the year.
• Planned Drilling Program: Minimum 20,000 m at Gran Pilar and an additional 6,000 m at El Picacho project scheduled for 2024.
• Historical Highlights (for context):
• South Block historic intercepts: 19.4 g/t Au over 3.1 m; 5.4 g/t Au over 6.1 m; 136 g/t Ag over 10.7 m, etc.
• Recent 2025 RC highlights include 106.8 m @ 0.6 g/t Au (incl. 3.1 m @ 19.4 g/t Au) and 41.2 m @ 1.0 g/t Au (incl. 6.1 m @ 5.4 g/t Au).
• Metallurgical Results: Bulk sample testing showed 62 % gold recovery over a 46‑day leach; head grade 1.9 g/t Au & 7 g/t Ag, extracted grade 1.2 g/t Au & 3 g/t Ag. Agitated bottle‑roll tests gave 80 % Au and 94 % Ag recovery in 24 h. Additional studies reported 95‑99 % Au and 73‑97 % Ag recoveries on composite samples.
• Quality Assurance: Samples processed by ALS Ltd. (ISO 9001, ISO/IEC 17025) using fire assay for gold and ICP methods for silver; QA/QC protocols applied throughout.

Notable Quotes

“This is excellent operational momentum… Completing six holes across four new targets in such a short time highlights the team’s execution capability…” – Brodie Sutherland, CEO

The release contains forward‑looking statements regarding future drilling, pilot‑plant construction and production timelines.