Mr. Robert Eadie reports

STARCORE UPDATES ON EXPLORATION AT KIMOUKRO GOLD PROJECT IN COTE D'IVOIRE - SOIL GEOCHEMISTRY AND AUGER DRILLING CAMPAIGN

Starcore International Mines Ltd. has released results of the auger drilling soil sampling and soil geochem follow-up on its Kimoukro gold project in the central Ivory Coast, about 30 kilometres south of the country's capital, Yamoussoukro.

The field activities completed in 2024 include:

• Installation of the main camp and opening of a private access road stretching 3.5 km from the paved road A4 near the village of Kimoukro into the permit boundary;
• Pole-dipole induced polarization geophysical survey and ground magnetic survey for a total of 55 line kilometres, spaced 100 metres apart, covering a surface of 5.5 square kilometres;
• A 3,000-metre auger drilling campaign in saprolite and soil, covering the untested areas in the central part of the permit; auger drilling was carried out essentially over the lines opened for the IP survey, avoiding the artisanal mining zone where access was not possible for adverse terrain.

Presentation of the auger drilling exploration results

The auger drilling campaign was completed in November, 2024, using the local contractor Geo-Explo Services Sarl. The program was designed to confirm the previously identified topsoil gold anomaly and to test the remaining central part of the project, where alluvial clay cover returned barren samples in surface. This auger drilling campaign is a first-pass exploration in the full soil profile, following historic surface sampling over a 25-by-25-metre soil sampling grid in the mineralized area, while the surface sampling grid remained first pass, 200 by 200 metres, in barren surface samples.

A total of 355 holes were drilled with auger on a 100-by-100-metre grid, amounting to 2,988 metres of drilling.

Site preparation, carried out with the assistance of local labourers, spanned one month. Drilling commenced in late August and concluded in late November, with a one-month suspension from Oct. 4 to Nov. 4 due to heavy rainfall. Two drilling rigs were employed: a motorized, trail-mounted rig with a 2.5-metre column height and a 16-centimetre auger diameter, used for most holes. A lightweight, manually operated rig was used for drilling in rugged terrain, particularly near artisanal mining areas. Drilling was subdivided in five different phases according to logistics and weather conditions. The initial phase covered the zone closer to the access road: It was away from the continuing geophysical survey to avoid any signal noise, and aimed to test possible gold anomalies under the alluvial cover. Phase 2 to phase 3 drilling continued mostly in alluvial cover, in the central and western parts of the permit. Drilling restarted after the rainy season with phase 4, approaching the area of active artisanal mineworks, which was tested with portable auger due to ground conditions. Phase 5 included infill of an unsampled area, to complete the approximately 3,000-metre program. Some areas remain untested between the blocks of phase 1, 2 and 5.

Except for weather conditions and problematic access in the days right after rain, the drilling continued with no major issues during the 35 days of effective drilling. Daily production of drilling averaged 10 holes, 85 m; and drilled depth ranged between 2.0 m and 16 m, averaging 8.4 m. Both rigs were able to reach and sample the top of the bedrock most of the time. Accordingly, the inferred depth to the bedrock varies between two m and 16 m.

Logging while drilling, although basic, allowed collecting representative composite samples of maximum length of three metres for the cover and argillic saprolite, while the base of saprolite and the saprock were sampled each metre. A total of 1,367 samples were collected in the field.

Ten-per-cent quality assurance/quality control samples were introduced, namely 74 field duplicates, 55 blanks and eight standards, for a grand total of 1,504 samples. Samples have been assayed for gold at the MSA lab in Yamoussoukro with fire assay and AA finish. Preparation for all samples was PRP-915 consisting of dry, crush to two millimetres, split approximately 500 grams and pulverize to 85 per cent to minus 75 micrometres. The assay methods were FAS-121 (0.005 to 100 parts per million gold) for 748 samples and FAS-221 (0.01-100 ppm Au) for 756 samples. The quality control and assessment were positive with no issues to report.

Methodology

For each hole, sampling commenced after bypassing the topsoil, which was not collected during auger drilling. Samples were taken based on lithology and material consistency:

• Alluvial cover: One or two composite samples were typically collected.
• Rock and saprock: Continuous sampling was conducted at one-metre intervals.
• Saprolite and other lithologies: Composite samples were collected if no changes were observed in the material description, with a maximum sample length of three metres.

Drilled material from each metre was retrieved as the auger was lifted. The material was then mixed and homogenized in a plastic container. An approximately two-kilogram sample was collected from the homogenized material using a scale. For larger or composite samples, the material was placed on a plastic sheet during the process to minimize contamination and material loss. Field duplicates were prepared in the field at the same time of the parent sample.

Cleaning of used tools was done mechanically and using a brush to minimize cross-contamination. The drilling technique included rimming and cleaning the hole per each sample, and removing the fallen material. Usually, colour and consistency change were obvious indicators of reworked versus fresh material.

Field samples, as well as their duplicates, were labelled with unique identification numbers at the drilling site. A corresponding tag was inserted into the sample bag, and an additional tag was retained as a reference in the sampling matrix for future verification. At the end of each hole, at least one picture was taken at the spot, with co-ordinates, hole name and sample interval. This was to have proof of evidence, but, more importantly, to introduce best practice operational procedures. A sample number is left every 40 samples for blank samples or standard sample.

At the end of the working day, all the samples were transported with a motor tricycle and stored in the village at the place of the geology team. When enough samples were ready for shipment, the sample bags were aligned in the ground and physically checked for preparing sample shipment. Quality assurance and quality control samples (blank and CRM) were inserted in this phase.

Larger bags containing approximately 20 sample bags (totalling about 40 kilograms in weight) were prepared at the storage facility. The sample list was completed in the lab's shipment form and delivered to the MSA labs in Yamoussoukro for preparation and assay.

Key findings:

• The overburden mainly consists of alluvial clay or transported material forming small pockets of sand and gravels. No significant gold intercepts were recorded, except for a few anomalous samples with peak values of 0.37 part per million gold in clay and 0.42 ppm Au in sand and gravel.
• Auger drilling was not conducted within the artisanal mining area due to unfavourable ground conditions (bumpy terrain and frequent open holes together with water and mud ponds). However, the area was encompassed within the survey, confirming and expanding the previously defined in-soil gold anomaly greater than 50 parts per billion gold. Peak values were 1.7 ppm Au in saprock, 0.7 ppm Au in saprolite and 0.53 ppm Au in residual laterite.
• Based on the assay results from auger and surface soil samples, an updated delineation of the gold anomaly in the overburden has been compiled. The in-soil gold anomaly greater than 20 ppb Au stretches approximately 2.5 km in length and 500 to 800 metres in width, continuously covering more than 1.3 square kilometres. Additionally, scattered anomalies have been identified over an area of 1.8 by 600 metres in the central part of the project.
• The in-soil gold anomaly correlates with IP anomalies with good continuity at depth and reflects primary mineralization.
• Depth to saprock, groundwater level and thickness maps of the cover units have been compiled to provide input for interpretation of the geophysical data, as well as for best planning the subsequent exploration activities, particularly trenching and drilling.

Two IP anomaly zones, in the central part of the permit, and in the eastern part, remained relatively uncovered by the auger drilling program. The gap will be filled in a next phase of exploration. Infill of selected lines could be performed as well.

Follow-up

In first quarter 2025, a field office was established at Oume, about 15 kilometres west of the permit. Geology fieldwork continued with reconnaissance mapping and geochemical soil sampling, aiming to cover the remaining area of the permit.

The continuing activities include completion of a superficial soil sampling program with a manual auger at a depth of about one m, aiming to test about 5.5 square kilometres over a grid of 100 by 100 m, counting approximately 1,300 field samples. Sampling is continuing in the northwestern side of the permit to complete the planned program.

A total of 653 samples were returned from the lab. Sparse anomalies are found in the alluvial and eluvial material in the northern part of the permit, east of the Bandama river, without clear pattern identification. In the southern portion of the permit, west of the Bandama river, the in-soil gold anomaly greater than 50 ppb Au spans 700 m by 400 m. The anomaly is open to the west. Samples from the opposite, east side of the Bandama, mostly in alluvial and pisolitic cuirasse, returned sparse mineralized samples. Further sampling will fill the gaps in the undersampled areas.

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.

Other news

In other news, the company reports that it has appointed Baker Tilly WM LLP, chartered professional accountants, of Vancouver, B.C., as auditor of the company. The appointment follows the resignation of the former auditor Davidson & Company LLP, chartered professional accountants, at the request of the company. The company reports that there have been no reservations in the report of Davidson & Company for the audit of the most recently completed fiscal period, and, in the opinion of the company, prior to the appointment of Baker Tilly WM, there were no reportable events. A reportable event is an occurrence in relationship between the reporting issuer and the former auditor which may have been a contributing factor in the change. A notice of change of auditors has been filed by the company on SEDAR+ pursuant to National Instrument 51-102.

A reporting package has been filed with the regulators and will be included in the management materials sent to shareholders for the next annual general meeting of the company.

About Starcore International Mines Ltd.

Starcore International Mines is engaged in precious metal 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.

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