Alerio Gold Corp. announced advancement of exploration activities on the Company's 100% owned Tassawini Gold Property, Guyana including a review of the historical resource using updated parameters which will be used for drill target definition, a Property-wide topographic survey, and camp upgrades in anticipation of the commencement of field activities. The Company's technical consultants Kangari Consulting LLC has engaged with mining engineers to conduct a review of the geological and historical mineral resource data that exists for the Tassawini Property using
updated mining parameters for the historical resource of 437,000 ounces of gold Indicated (10.8Mt @ 1.3 g/t Au) and the additional 62,000 ounces of gold Inferred (0.6Mt @ 1.7 g/t Au) estimated by SRK in 2010. This re-run will include updates on costs and gold price to better reflect the higher current gold pricing. These results, expected in April, will guide the confirmation and extension drill campaign on the Property in Third Quarter 2022. This work will allow for the upcoming exploration to be guided by current mining parameters. It is expected the Company will update the mineral resource model after the confirmation and extension drill program is completed. Work by previous owners includes 47,509 meters of drilling in 1,279 core and reverse circulation drill holes. The historical practices were in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines and followed CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014), that are incorporated by reference into National Instrument 43-101 ("NI 43-101"). The data and procedures employed by SRK are considered reliable and it was a valid resource estimation in 2010. The estimate used geological interpretation to prepare wireframes, data validation, and statistical analyses including variograms. Composites were capped for gold grades, block size was determined by drill spacing, and grades were estimated into the block model using ordinary kriging. Mineral resource classification was carried out using a combination of drillhole spacing, geological and wireframe confidence. Pit optimization studies were conducted to determine the depth to which resource estimates were reported. Since 2010, a qualified person has not done sufficient work to classify the historical estimation as current mineral resources and the Company is not treating the historical resource estimation as a current mineral resource. Additional confirmation drilling and updated topographic surveying is required to update the historic resource estimate.