Mr. Robert Eadie reports

STARCORE UPDATES ON GEOPHYSICAL SURVEY (IP AND GROUND MAG) AT KIMOUKRO GOLD PROJECT IN COTE D'IVOIRE

Starcore International Mines Ltd. has released the results of the induced polarization and resistivity and ground magnetic survey (the geophysical survey) carried out on its Kimoukro gold project in the central Ivory Coast, approximately 30 kilometres south of the country's capital, Yamoussoukro.

Sagax Afrique sarlu, under supervision of Jean David, completed the IP and ground mag program in early October, 2024; the survey covered an area of 5.3 square kilometres measuring 55 line kilometres over 34 lines, 100 metres apart and oriented north 105 degrees. An additional six lines were surveyed for mag but not for IP due to their short extension.

The geophysical survey was designed to identify IP and resistivity anomalies and highlight structural features to help the interpretation. Multiple moderate-to-strong chargeability anomalies were detected by the induced polarization survey from which high-priority drill targets will be generated, considering different degrees of resistivity, structural interpretation and geology information.

The final report and recommendation were received recently from Sagax.

Ground magnetic survey

The ground magnetic survey was carried out over the same lines of IP survey; acquisition conditions were good and no significant noise results in the data.

The magnetic survey highlights three main different domains.

The high-magnetic intensity recorded in the northeast part of the grid corresponds to a granite-tonalite intrusion and immediate surrounding; the shape of the intrusion is irregular; diffuse demagnetization in this area is likely the effect of cataclastic deformation and leaching.

The central part of the grid is interpreted as a strong deformation zone; according to field data, the zone characterizes for highly sheared metasediments and a network of felsic dikes, structurally controlled with north-northwest prevailing trend, well depicted by the vertical derivative map.

The southwest portion of the grid marks a lithology change, likely to more basaltic-andesitic rocks or to the alteration halo of the southwestern granitic intrusion.

The pattern of the magnetic lineaments shows different characteristics in the different domains, suggesting local structural complexity; dike swarms are highlighted by higher magnetic intensity. An apparent circular feature occurs in the central part of the permit and could potentially be interpreted as an intrusion. Although no evidence is yet available, this is a possible explanation for the circular feature as the area underwent intrusive episodes as demonstrated by the two granitoid intrusions, only three kilometres apart, and a set of felsic dikes, which characterizes the Kimoukro project.

Three major structural trends are depicted by magnetic anomalies: one prominent northeast-striking lineament is evident in the central part of the grid, and it could be related to a dike and a fault zone; the northwest-to-north-trending lineaments are consistent with remote-sensing structural interpretation, and same trend of structures is confirmed in the few outcrops. They are interpreted as shear zones, while east-west to northeast smaller lineaments are higher-order structures on this system. Shear quartz veins are at least locally parallel to the main shear direction or within foliation planes. In the northeast of the survey grid, at the contact zone and inside the granite bodies, the veins trend mostly N130 (northwest-southeast) and there are no straight corresponding magnetic signals.

Pole-dipole survey

The pole-dipole survey allowed the company to represent resistivity and chargeability along 2-D profiles; pseudo-3-D inversion technique was used to populate 3-D grids and image the spatial distribution of the electric parameters. The quality of the survey was good and with good penetration and allowed for imaging over 200 metres depth with good resolution.

In the resistivity map, a persistent resistivity corridor is evident in the central part of the grid, striking northwest to north-northwest; this zone is also surrounded by parallel conductive layers. This signature is interpreted as a structural corridor, likely a wide shear zone, whose flanks are coincident with hydrothermal alteration and host mineralized structures. The northeastern side of the grid corresponding to the granite-tonalite intrusive and its nearby surroundings has moderately high resistivity values from surface; in contrast, metasediments and basaltic rocks in the area are usually conductive down to approximately 50 metres depth. Linear, consistent high-resistivity values are tentatively correlated to strong silica alteration, hence promising for veining. The trend of most veins inferred in the field is consistent with north to north-northwest and northwest IP axes.

The chargeability (IP) map shows high chargeable values in the northern side of the grid, noticeably the northeastern side, where granite crops out and artisanal miner activity is intense. The high-chargeability values continue westward, with axes of the peak anomalies, northeast and north trending. A high-chargeable zone is present at the eastern edge of the permit and is open to south-southeast, and corresponds to perspective zone with artisanal mineworks. A prominent north-to-north-northwest-oriented high-chargeability zone marks the central part of the grid, within sheared metasediments; this insulated anomaly is on the west flank of the structural corridor and it may mark sulphide zone; hence, it is perspective for exploration.

Both the chargeable and resistive anomalies show good continuity and are open at depth. The distribution and orientation of the chargeable zones fit with a structural model with north-northwest-trending structural corridor, with apparent sinistral shear sense.

In similar Birimian terrains, the chargeable anomalies characterized by medium-amplitude to high-amplitude resistivity without direct magnetic association commonly indicate vein-hosted mineralization, or they mark the edge of the high-magnetic domain. Anomalies characterized by a moderate to high-chargeability response and a decrease in resistivity generally correspond to mineralization of the deformation zones.

Thirteen main chargeability lineaments have been highlighted by Sagax; they often correspond with resistivity axes, suggesting mineralization in the form of veins and associated silicification. Sagax's proposed exploration targets are at highest IP anomalies and at structural intersection, with priority for the stronger IP signature; chargeability values over the suggested targets range from 5.6 millivolts per volt to 10 millivolts per volt.

ArsTerra Exploration GmbH independent modelling

Independent processing and interpretation were also completed by Dr. Paolo Costantini, principal geophysicist at ArsTerra Exploration, who originally suggested the configuration for data acquisition. Modelling was performed from raw data after data check and application of corrections, filters and smoothening, and the final model was derived from inversion of corrected polarization and resistivity profiles. The derived maps and slices of the 3-D models differ in several details from previous modelling; however, the main lineaments, trend of structural corridors and moderate to high polarization are in reasonable agreement; and, in good part, the two models overlap.

The ArsTerra modelling also provides classifications by combining electric and magnetic properties, translated to rock groups or classes, having specific compaction index and metal factor indicators. In addition, the interpretation is corroborated by airborne radiometric data set and supported by geology data, including magnetic susceptivity measurements on 31 rock samples, progress in geology and assay. The structural interpretation from both magnetic and IP survey highlights northerly trending structural shear and several northwest-, northeast- and west-northwest-oriented structures, which in part are coincident with inferred trace of mineralized veins.

ArsTerra highlights six multilinear targets for further exploration; the targets are traced over the axes of IP anomaly; priority is based on persistence of the signal and rock classification by metal factor as well as magnetic response.

Besides the differences in details related to the different processing techniques, the data quality was confirmed to be very good; the two independent modelling and interpretation by Sagax's and ArsTerra's seasoned and renowned specialists ended with consistent conclusions in the identification of IP anomalies and structural interpretation as well as generation of targets for exploration. The latter is obvious at the northeastern intrusive contact zone and its alteration halo; a high IP anomaly stretches northeast-southwest for two kilometres and 400 metres width and is open at both extremities. The eastern limit of the permit is over a linear high-chargeability corridor approximately 150 metres wide and 1,800 metres long, starting from south of the granite-tonalite intrusion. The high IP anomaly is open to the south; exploration interest is supported by evidence of mineralized veins and artisanal prospecting and mineworks. The IP anomaly in the central part of the survey grid spans 750 metres by 600 metres; this anomaly feature looks associated to a north-northwest-trending large structural feature (tentatively, a sinistral shear zone), which is potentially mineralized and hence deserves further investigation. The southwestern side of the permit has a different magnetic and electric signature, with higher magnetic amplitude than the central part, but less prominent IP anomalies. Targets are suggested at structural intersections with IP crest values; in addition, exploration follow-up will consider intrusive contacts and gold occurrences, at little distance from the southwestern end of the geophysical survey.

By compiling the information available, priority zones have been narrowed to drill target areas to be used to refine a drilling program.

Qualified person

The scientific and technical disclosure in this news release has been supervised and approved by Dr. Riccardo Aque, PhD, Eurogeol, a qualified person as that term is defined in National Instrument 43-101. He is independent of the company.

About Starcore International Mines Ltd.

Starcore International Mines is engaged in precious metals production with focus and experience in Mexico. While this base of producing assets has been complemented by exploration and development projects throughout North America, Starcore has expanded its reach internationally with the project in Ivory Coast. The company is a leader in corporate social responsibility and advocates value-driven decisions that will increase long-term shareholder value.

We seek Safe Harbor.