RIO JALAN - PLACER GOLD PROJECT

EXECUTIVE SUMMARY

1. 2013) Rio Jalan placer deposits – site visitation/inspection

   David Lawler (Economic Geologist) (Lawler Associates Geoscience) inspected Honduras, Olancho State, Rio Jalan gold placers during 2013. Lawler inspected artisanal placer gold operations and verified unofficial production. Placer gold production verified at 250 oz per month (2013-2015) at single mine site. Maximum artisanal gold production estimated at 400 oz gold per month at 2 mine sites. Annual artisanal gold production varied from 2500 – 5000 oz/year.

   However, the Honduran miners worked 2 “hot spots” or placer gold enrichment zones with coarse gold (nuggets) only and lost nearly 100% of the fine gold.

   The proposed development project will efficiently extract and process both fine and coarse gold to obtain a higher gold production rate by the second year.

2. (2014-15) Establishment – Olancho Resources Group/Grupo Olancho Recursos

   Olancho Resources Group Corp. (USA Parent Corp.) and Grupo Olancho Recursos Corp. (Honduran subsidiary corporation) established during 2014-15. Honduran law requires establishment of a Honduran corporation to hold title to the Rio Jalan placer mining concessions.

3. (2014-2016) Establishment – Rio Jalan Mining Concession Group

   Lawler Geoscience Group directs INGMA and attorney Vladimir Suarez to apply for placer mine concessions with INGEOMIN (Honduran Mining Ministry) for (5) mine concessions on the upper Rio Jalan River in Olancho State were available to establish Honduran approved obtained in late 2016.

4. (2016-18) Technical Studies (Exploration Phase – Rio Jalan Concessions

   Technical studies were undertaken during 2016-2018 to provide required supporting documentation for the Environmental License and Exploration Permit applications.

5. (2018-20) Environmental License/Exploration Permits – Rio Jalan Concessions

   INGMA and Attorney Olbin Sarmiento collaborate on the processing of the (5) Environmental License with MI AMBIENTE and Exploration Permit applications with INHGEOMIN Environmental License bonds issued by Banco Occidente to Grupo Olancho Recursos.

6. (2020-21) Environmental License/Exploration Permits – Rio Jalan Concessions

   INGMA and Attorney Rafael Garcia collaborate on the processing of the (5) Environmental License with MI AMBIENTE and Exploration Permit applications with INHGEOMIN. Environmental License bonds issued by Banco Occidente to Grupo Olancho Recursos.

7. (2021) Exploration Program – Bulk Sampling Operations – (June to October)

   $125,000 expended on Bulk Sampling Program that was conducted during June to October. Placer ore grade and tonnage data calculated during October-December 2021 for (4) of the (5) placer mine concessions on the basis of field bulk sampling.

8.  (2022) Proposed “Advanced Exploration” Operations

   The proposed “Advanced Exploration” mine operations will be conducted during the 2022 “dry season”,  based on favorable exploration results obtained during FY2021.

9. (2023) Proposed Mine Development (Exploitation) Operations

   The Mine Development (Exploitation Phase). –Proposed mine operations will be conducted during 2022, based on favorable exploration results obtained during 2021-2.

 

David Lawler

Economic Geologist

Rio Jalan Project Manager