Meli License

The Meli license, a joint venture with Ezana Mining, is a 100km² exploration area with a volcanic massive sulfide (VMS) trend extending over 10 kilometers in length. Ezana has mined the main VMS gossan, which was exposed for approximately 700 meters by 20 meters, with defined gold resources totaling 70,000 ounces at a grade of 6.23 grams per ton.

Previous Exploration

Sun Peak completed an initial program consisting of 19 diamond drill holes totaling 2,167 meters on the Terer and Meli exploration licenses in 2020. Drilling intercepted significant gold and copper mineralization in every drill hole

At the Meli Target, drill holes ML-001, ML-002, and ML-003 intercepted thicker VMS mineralized intervals and show the Meli Zone to be open down dip and along strike.

• ML-001 – 15.30 meters averaging 3.18 g/t gold, 25.0 g/t silver, 2.2% copper, and 1.4% zinc
• ML-002 – 37.23 meters averaging 2.45 g/t gold, 29.4 g/t silver, 2.4% copper, and 1.3% zinc
• ML-003 – 35.43 meters averaging 2.52 g/t gold, 22.3 g/t silver, 1.8% copper

2025 Exploration - Key VMS Targets on the Meli License  

Meli VMS Trend

Exploration work at Meli has primarily focused on a greater than 3km long, east-west oriented VMS trend, containing targets such as Meli Main, Meli Central, and Meli Far-West. The trend is anchored at each end by strong gold and copper drill intercepts (Meli Main and Meli Far West), which are part of an extensive VMS system containing intermittent gossans and hydrothermally altered zones. Detailed gravity surveys have revealed strong anomalies and are largely untested by diamond drilling. These strong anomalies will be a key focus of the upcoming drill program.

Meli Main Target

The Meli Main Target is located at the east end of the Meli trend and has been the focus of previous successful drill programs by the Company, resulting in some of the best copper-gold VMS intercepts on the Project. The target includes an area of massive sulphides below an exposed 600m long gold-rich VMS gossan (some of which has been mined to a depth of averaging 20 meters), with additional intermittent gossans along trend to the east and west. Drilling by the Company at Meli Main in 2020 demonstrated the potential of the Meli trend. The Meli Main Target remains open to depth and along trend.

Meli Central

The large Meli Central Target has a very strong gravity anomaly located within the Meli VMS Trend. The target is untested, and the signature of the gravity anomaly has strong similarities in size and magnitude to the signatures from the Emba Derho and Bisha VMS Deposits in the same region. The target is located only 2 kilometers west of Meli Main and the trend is defined by smaller gravity anomalies along the trend over known mineralization.

Meli Far-West Target

The Meli Far-West Target is located approximately 3 km west of Meli Main within the Meli VMS trend. In November 2020, two shallow drill holes for a total of 108 meters, were drilled at the target and designed to test the gold oxide gossan. MW-001 intercepted 15.84 meters averaging 1.90 g/t gold. Drilling confirms the presence of significant gold mineralization in the gossan and demonstrates the potential for the Meli Far-West Target to host gold and copper VMS sulphide below the gossan. The mineralization is open to depth and along strike, and future drilling at the Meli Far-West target will test the massive sulfide potential beneath the gossan.