# Xali Gold Advances PEA Team and Updated Resource and Development Programs at Pico Machay in Peru

Source Brief: https://evesgoldminers.com/research/source-briefs/xali-gold-corp-xali-gold-advances-pea-team-and-updated-resource-and-development-p-9877c56f
Original source: https://xaligold.com/site/assets/files/6572/xgcnr_20260917_pm_update_final.pdf
EGM generated: 2026-09-27
Company: Xali Gold Corp. (XGC)

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# Xali Gold Advances PEA Team and Updated Resource and Development Programs at Pico Machay in Peru

Source: https://xaligold.com/site/assets/files/6572/xgcnr_20260917_pm_update_final.pdf
Fetched: 2026-09-23T02:24:36.806+00:00
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# Xali Gold Advances PEA Team and Updated Resource and Development Programs at Pico Machay in Peru
NEWS RELEASE
Xali Gold Advances PEA Team and Updated Resource and Development
Programs at Pico Machay in Peru
Vancouver, British Columbia, September 17th, 2026. Xali Gold Corp. (TSXV:XGC) (“Xali Gold” or the
“Company”) is pleased to announce the advancement of environmental, metallurgical and exploration
programs at its Pico Machay Gold Project (“Pico Machay” or the “Project”) in Peru, together with the
planned commencement of work on an updated mineral resource estimate and Preliminary Economic
Assessment (“PEA”). These coordinated programs are designed to support the continued evaluation
of Pico Machay and prepare the Project for future engineering, permitting and development.
Highlights:
• An experienced multidisciplinary engineering team has been assembled, with work now
underway to simultaneously commence both an updated mineral resource estimate and a
PEA;
• The Ficha Técnica Ambiental (“FTA”) approval process for the planned drilling program
continues to advance following two technical meetings with Peru’s Ministry of Energy and
Mines (“MINEM”), while preparations are underway for a public workshop with the local
community;
• Three drilling contractors have submitted bids for the planned 3,000 metre (“m”) diamond drill
program, which includes approximately 2,000 m of resource confirmation drilling; the
Company is reviewing the bids and narrowing the field ahead of contractor selection.
• As part of initiating the EIA-d (“Detailed Environmental Impact Assessment”), a research-grade
meteorological station has been purchased and installation is underway. This will support
engineering and environmental studies and provide long-term monitoring through potential
construction, operations and post-closure;
• A Phase 1 metallurgical program is planned to commence shortly, representing the first stage
of a broader program designed to build on previous met work to support an updated feasibility
study and potential development; and
• Fieldwork has resumed to follow up on high-grade gold results and priority exploration targets
identified during the Company’s earlier 2026 sampling program.
“These programs demonstrate that we are moving Pico Machay forward with a clear focus on potential
development,” stated Joanne Freeze, President and CEO of Xali Gold. “Our field team is launching a
detailed mapping program to follow up on the encouraging high-grade results and new exploration
targets generated earlier this year. The team has also recently completed the relogging of all previous
reverse-circulation drill chips and is now building a 3D model of the mineralization. PEA work will
advance in tandem with the resource confirmation drilling, allowing the new results and updated
mineral resource estimate to be incorporated into the study as soon as they become available. The
PEA will draw on the Feasibility Study released by Aquiline Resources in 2008, updated with the results
of the Company’s current technical programs.”
1
Xali Gold has assembled a multidisciplinary team to advance the PEA and support subsequent
engineering work through feasibility, potential development, construction and production. Team
members each bring more than 25 years of experience in mine development or operations in Latin
America, including Peru. Their expertise spans mineral resource estimation, mining, metallurgy and
processing, project economics, project finance, environmental studies and environmental, social and
governance (“ESG”) considerations. This approach allows key components of the PEA to advance
before and during the planned drilling program.
The multidisciplinary team already working on the Project includes Adam Johnston, FAusIMM, CP
(Met), a metallurgist with Transmin Metallurgical Consultants; David Thomas, P.Geo., a mineral
resource geologist; and Aran Gough, R.P.Bio, a registered professional biologist.
Xali Gold has also recently engaged Brent Cochrane, M.A., ICD.D., and Gordon Zurowski, P.Eng. Mr.
Cochrane brings more than 40 years of international mining finance experience and has worked in
Peru’s mining industry since 2001, including as Vice President, Finance and Administration of
Compañía Minera Antamina S.A. His project financing experience in Peru includes the Antamina and
Mina Justa copper projects.
Mr. Zurowski, Principal Mine Engineer with AGP Mining Consultants, has more than 30 years of mine
operations and consulting experience focused on open-pit mine planning, financial evaluation and
economic studies. His project experience includes Cuajone, Cañariaco Norte, Cerro Lindo, Magistral
and Marcona in Peru, as well as Los Azules, Filo del Sol and Aurizona elsewhere in South America.
“By assembling the full team now, we can advance much of the mining, metallurgical, environmental
and economic work before and during the resource confirmation drilling,” continues Ms. Freeze. “The
updated resource will form the basis for the PEA, and doing the studies in parallel should shorten the
timeline to complete the PEA. The long-term meteorological monitoring station and planned staged
metallurgical program are also important steps in preparing the Project for its next phases of evaluation
and advancement.”
Updated Mineral Resource Estimate and PEA
Approximately 2,000 m of the Company’s planned 3,000 m diamond drill program will twin selected
historical reverse-circulation holes within the historical resource area. The drill hole twinning, together
with the completed historical data compilation, drill-chip relogging and sampling, is intended to
provide the additional information required to prepare an updated mineral resource estimate.
Development of an initial three-dimensional geological model using Leapfrog software is currently
underway and is expected to be completed by the end of September 2026. The model will integrate the
historical drilling, geological, analytical and topographic information with our team’s relogging work
and approximately 40 interpretive cross sections. Detailed mapping will help refine the interpretation
of the controls on mineralization and guide the upcoming resource confirmation drill program. The
model will subsequently be updated as new drilling results become available and will support the
preparation of the updated mineral resource estimate and PEA.
Exploration Permitting and Community Engagement
The FTA approval process for the planned drilling program at Pico Machay continues to advance. The
Company has participated in two technical meetings with the Mining Environmental Directorate of
2
MINEM, which provided additional guidance regarding recent modifications to the FTA process. These
modifications include more deliverables from the Company, implemented to speed up the evaluation
process.
Following those meetings, Xali Gold engaged Embellie Advisory LLC (“Embellie”) to assess
considerations relating to indigenous or native members of the Santa Ana community, including any
potential impacts of the planned drilling program on collective rights. Embellie will assist the Company
to incorporate those findings into its FTA submission.
In parallel, the Company is organizing a MINEM-facilitated public workshop for the local community
regarding the planned exploration program. The workshop is planned for early October and will provide
an opportunity to explain and discuss the proposed work and laws and practices in place to protect
community interests. This fits well with Xali Gold’s ongoing transparent engagement with the
community surrounding Pico Machay. The Company plans to submit its FTA application approximately
one week after the workshop is completed and, based on current guidance, expects a review and
approval period of approximately 10 days following submission.
Initiation of EIA-d
Xali Gold is beginning environmental data collection to support the preparation of the EIA-d, the longest
lead-time component of the permitting process for mining operations in Peru. As an initial step, the
Company has purchased and is installing a new wireless Vantage Pro2 Plus meteorological station at
Pico Machay. The research-grade station will collect site-specific information on wind speed,
temperature, humidity, barometric pressure, rainfall, solar radiation and ultraviolet radiation, as well
as related meteorological measurements.
The data will be used to validate and supplement regional information available from Peru’s National
Service of Meteorology and Hydrology (“SENAMHI”). Correlating site-specific observations with the
longer-term regional record will also help the Company estimate historical meteorological conditions
at Pico Machay for the years preceding installation of the station.
The station is intended to form part of the Project’s long-term environmental monitoring infrastructure,
supporting detailed environmental assessment and engineering design and, subject to the Project
advancing, continuing through construction, operations, closure and post-closure monitoring.
Exploration Follow-up Underway
Ground exploration has resumed at Pico Machay, with the field team conducting detailed mapping and
additional sampling to follow up on high-grade gold results and priority exploration targets identified
during the Company’s surface and underground sampling program completed earlier in 2026.
Results from that program included 2.92 grams per tonne (“g/t”) gold (“Au”) over 31.5 m from Surface
Channel 1, including 13.76 g/t Au over 4.5 m, within the historical resource area. In addition, 67 of 119
surface samples returned more than 0.50 g/t Au, helping the Company define and refine multiple
exploration targets. Gold mineralization and alteration characteristic of a high-sulphidation
epithermal system were also identified in underground workings across an area measuring
approximately 1.35 kilometres by 0.83 kilometres. Refer to Xali Gold news release dated July 28th, 2026
and titled “Xali Gold Continues to Demonstrate the Scale and Grade of Gold Mineralization at Pico
Machay” for further details.
3
The current work is focused on further evaluating selected high-priority areas and improving the
Company’s understanding of the distribution and controls of higher-grade mineralization. Results will
be incorporated into the evolving geological model and used to support planning for the next phase of
work at Pico Machay.
About Pico Machay
Located within the Southern Peru Epithermal Gold-Silver Belt, Pico Machay sits in a historically
productive mining district in the Western Cordillera of the Andes (click here for location map). The
Project benefits from existing infrastructure and a mining-friendly community eager to partner on
sustainable development.
Xali Gold remains confident in the significant upside potential at Pico Machay, which hosts a historical
resource and several untested exploration targets on the Project. Various historical engineering
studies at Pico Machay were completed through 2009 and evaluated the potential for a low-cost, low
strip-ratio, open-pit heap-leach operation. Given that those studies were based on a long-term gold
price of $700/oz and several exploration targets remain untested, Xali Gold considers the upside
potential to be very strong.
About Xali Gold
Xali Gold is a gold and silver exploration company focused on advancing opportunities in the Americas.
The Company is focused on the exploration and development of Pico Machay, an advanced
exploration-stage gold project in Peru with a near-term production goal.
The Company's approach to community engagement and responsible development is guided by strong
governance principles and Board

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