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July 2020

Lourdes Gold-Silver ProjectGuanajuato State, Mexico

A Drill-Ready Low Sulfidation Epithermal Vein System

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LOURDES OVERVIEW

• Well located property, excellent road access, good local infrastructure

• Historic gold-silver mining district, multiple vein structures

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LOURDES PROPERTY LOCATION AND ACCESS

• The Lourdes project is located 40 km

NE of Guanajuato City near the town of

Buenavista del Cubo, Guanajuato,

about 18 km SE of San Felipe.

• Access from Guanajuato City is by

highway 55 km NE to Dolores Hidalgo,

continuing by highway N to San Felipe

and then dirt road Buenavista del Cubo.

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LOURDES CONCESSIONS

• Three concessions totaling 509 hectares

• Endeavour owns a 100% interest in the Lourdes property,

subject to a 3% net smelter return (NSR) royalty of which 2%

can be purchased at any time for US$2 million.

Concession NameTitle

NumberTerm of Mineral Concession Hectares

Lulu 5 215353 19/02/02 to 18/02/52 82.00

Lulu 7 215354 19/02/02 to 18/02/52 139.00

Buenavista 222243 18/07/04 to 17/07/54 288.00

Total 509.00

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LOURDES HISTORY

• 1906 to 1923, small scale mining occurred with interruptions due to the Mexican Revolution.

• 1976 to 1989, the CRM (Mexican Geological Survey) carried out several geological

reconnaissance visits in the district, mineralized structures were recognized and

exploration work was carried out at La Providencia, Arcelia (today Buenavista, Lulú 5

and Lulu 7 concessions) and El Fraile.

• Pre-2000, Minas de San Luis Co. carried out exploration, drilled two holes, one in El Tigre,

the other in Minas Viejas, results did not meet expectations.

• 2003 to 2004, Mauricio Hochschild Corp. conducted exploration including 7 core drill holes,

2 in the El Tigre vein, 1 in the El Tigre del Alto vein, 2 in the El PP vein, 1 in the La

Ordeñita vein and 1 in Minas Viejas, low grade assays, low core recoveries

• 2012, Endeavour acquired the Lourdes silver-gold property, carried out exploration mapping

and sampling, identified drill targets

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LOURDES REGIONAL GEOLOGY

LOURDES PROJECT

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LOURDES REGIONAL MINERALIZED AREAS

El Tigre

Area

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LOURDES LOCAL GEOLOGY

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LOURDES MINERALIZATION

• The Lourdes property covers a silver-gold low sulfidation epithermal vein system more than5 km long. The vein system includes three main veins, El Tigre, La Blanca and PP,and several secondary veins. Although Lourdes is considered to be an early stageexploration property, there are several small historic mines located on the property

• The main El Tigre vein is marked by strong argillic alteration of the Upper Tertiary rhyolitehost rocks, and quartz veins up to 5 meters thick. The quartz is mainly chalcedonic,sericitic in places, with colloform banding and locally abundant calcite replacementtextures.

• While surface assays of the veins are generally low, Endeavour's rock chip samples of theEl Tigre and La Blanca veins assayed up to 3.9 grams per tonne (gpt) Au and 299 gptAg in places. The spotty high gold and silver grades, rhyolite host rocks andchalcedonic quartz veins all indicate that the Lourdes system is exposed at a highlevel and holds potential for bonanza grade mineralized zones at depth.

• The mineralized structures correspond to fillings of faults or fractures with a general strike of40 ° to 75 ° NW-SE dipping greater than 60 ° SW.

• The direction of the structures fits the regional structural pattern of the area

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LOURDES ROCK SAMPLING

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LOURDES EL TIGRE VEIN

Area Structure Direction/DipLength

(m)Width (m)

Grade

Min-Max

Au gpt

Characteristics

Buenavista-Lulú 7 El TigreNW 45° SE/ 64°

SW770 0.35 – 6.0

0.014 –

39.9

Alto.- Presenta una franja de cuarzo calcedonico,

amorfo. En algunos puntos se observa cuarzo gris-

verdoso bandeado.

Centro.- Brecha de fragmentos de silica gris,

volcánicos de composición riolítica, cementados en

matriz de cuarzo blanco. Pirita diseminada de 1-2%,

de manera aislada llega a presentar texturas de

peine.

Bajo.- Zona silica de stockwork, con Pirita

diseminada principalmente en vetillas de cuarzo.

Lulú 7 El LinceNW 40° SE/ 63°

SW75 0.20 – 1.6 0.08 – 3.91

Cuarzo textura esquelética y amorfo; presencia de

brecha con fragmentos de riolita y silica gris, en una

matriz riolítica con intensa silicificación; trazas de

Pirita diseminada.

El Tigre Vein (looking at NW) Sigmoid in El Tigre Vein (looking at NW). El Lince Breccia

El Tigre Vein

Footwall Stockwork of El Tigre Vein

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LOURDES OTHER VEINS

La Ordenita

El PP

La Blanca

* Abundant boiling textures

such as bladed quartz after

calcite, colloform banding and

brecciation indicate the

bonanza level is well below

surface and largely untested

by previous drilling

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LOURDES HISTORIC DRILLING

HoleID Structure Coordinates Direction DipTotal Depth

(m)

HBP-1 El PP286,478 E

N35°E -55° 192.42´367,528 N

HBP-2 El PP286,557 E

N35°E -70° 249.962’368,955 N

HBT-1 EL TIGRE288,488 E

N41°E -50° 195.072´367,993 N

HBT-2 EL TIGRE288,541 E

N41°E -50° 250.732´367,883 N

HBT-3 TIGRE DEL ALTO288,730 E

N49°E -55° 213.372´367,528 N

HBO-1 LA ORDEÑITA286,989 E

N20°E -55° 161.542´368,961N

HBV-1 MINAS VIEJAS285,152 E

N68°E -55° 160.52´370,579 N

Total 1423.57

Hole Structure From ToCore

Length

True

Width

Au Ag Cu Pb Zn

(gpt) (gpt) (ppm) (ppm) (ppm)

HBO-1La Ordeñita Vein 99.3 100.1 0.9 0.6 0.6 7 24 5 23

Including 99.3 99.7 0.4 0.3 0.7 9 42 5 19

HBT-1 El Tigre Vein 140.3 140.7 0.4 0.3 0.7 82 17 2 15

HBT-2 El Tigre Vein 220.5 221.2 0.7 0.5 0.0 1 5 2 24

HBT-3El Tigre del Alto Vein 171.3 172.0 0.7 0.5 0.1 33 27 4 27

Including 171.7 172.0 0.3 0.2 0.2 8 35 8 51

HBP-1 El PP Vein 133.3 134.6 1.3 0.9 0.0 7 14 4 26

HBP-2 El PP Vein 165.0 165.5 0.5 0.4 0.0 3 3 2 9

HBV-1 Minas Viejas Vein 120.8 121.0 0.2 0.1 0.1 1 6 2 9

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LOURDES DRILL TARGETS

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LOURDES CONCLUSIONS

• The El Tigre vein exhibits gold-silver mineralization in outcrop over a 2 km length

• Mineralization not only occurs in tabular vein structures, it is also present in alteration zones that

correspond to areas of stockwork with disseminated pyrite, a clear example is the footwall zone

of the El Tigre vein where gold values range from 0.015 to 3.91 gpt.

• The highest grade zone varies from 0.30 to 1.50 m thick and from 1900 – 1926, the grade must have

exceeded 10 gpt gold according to the dimensions of the mines El PP, La Ordeñita, Minas

Viejas and El Tigre.

• Endeavour sampling confirmed higher grade mineralization in the upper rhyolites, the main drill

targets are deeper in the lower andesites

• MHC drilled 7 shallow holes looking for mineralization to 100 m below the surface but the results did

not meet their expectations, core recoveries were less than 50% and core sampling was

sporadic at best

• An 8 hole, 2,000 m drill program is recommended to test for bonanza mineralization below the 100 m

depth