NEWS

VANCOUVER, BC, Feb. 9, 2022 /CNW/ - MANTARO PRECIOUS METALS CORP. (TSXV: MNTR) (OTCQB: MSLVF) (FSE: 9TZ) (the "Company" or "Mantaro") is pleased to announce that it has received positive results, including multiple high-grade silver assays, from recent channel sampling at the Santas Gloria Silver Property, located in Peru.  Field work at Santas Gloria was designed to map vein extensions and complete channel sampling for input into drill targeting. The work identified two new veins —the Nicolas vein and the Eulalia vein.

Highlights:

  • Over 400 surface channel assays returning silver grades and 220 channel samples pending results.
  • Eight (8) samples with greater than 100 g/t Ag, including 1,115 g/t Ag and 239 g/t Ag.
  • Multiple high priority drill targets, including 2 new veins systems, have been defined over at least 3 strike kilometres.
  • Awarded three (3) archeological certificates which cover almost all of the concession and key drill targets at Santas Gloria.

Channel sampling focused on the new Nicolas vein with silver assay results of 1115 g/t Ag over 0.14 m and 239 g/t Ag over 1 m. Mantaro also encountered strong silver results from the Eulalia vein with results that included 142 g/t Ag over 1.5 m.  See Figure 1 for a detailed results of the sampling program and Figure 2 for all channel sampling results carried out by Mantaro to date.

Dr. Chris Wilson, Chairman and Chief Executive Officer of the Company comments, "The most recent sampling program has further highlighted the robust exploration potential of Santas Glorias. All veins are extensively oxidized and leached at surface —elevated silver results are thus highly significant. Channel sampling has been very effective at defining highly gold-silver anomalous sections of the veins — providing multiple drill targets over at least 3 strike kilometres (Figure 2). Mantaro plans to drill test the highest grade parts of the veins at their thickest and most brecciated."

Through reconnaissance geological mapping, Mantaro's geological team identified a previously undocumented NE-SW striking vein structure with a variably exposed strike length traceable for nearly 600 m between the Tembladera and San Jorge veins. This newly identified structure is called the "Nicolas vein".

As already reported by Mantaro, the Tembladera and San Jorge vein systems previously reported high grade underground channel sampling results.   Underground channel samples at Tembladera level 1 report results of up to 7,860 g/t Ag and, at Tembladera level 3, up to 10,000 g/t Ag.  Further, underground assays at San Jorge included results of up to 4,100 g/t Ag.  The addition of the newly discovered high-grade Nicolas vein makes these vein systems extremely attractive for future drilling activities.

Mantaro is also pleased to report that it has received its three archaeological certificates (CIRA) at the Santas Gloria Silver Property, following various archaeology surveys completed by Geades and a site inspection by the Peruvian Ministry of Culture (Ministerio de Cultura).  The CIRAs represent an important step in the exploration and drill permitting process. CIRA's never expire and confirm that there are no archaeological impediments to surface exploration, drilling and development.

Figure 1 – Most Recent Channel Sample Assays Collected at Santas Gloria Silver Property (CNW Group/Mantaro Precious Metals Corp.)

Figure 2 – All Channel Sample Gold and Silver Assays Collected at Santas Gloria Jose Silver Property (CNW Group/Mantaro Precious Metals Corp.)

Quality Assurance and Quality Control

All assays were subject to quality control measures appropriate for assay of reconnaissance channel samples taken in surface outcrop and underground exposures of intermediate epithermal vein mineralization.  Samples were delivered to ALS Lima in individually numbered bags sealed with unique single-use clip-lock seals — ensuring that chain of custody was maintained. Sample preparation, sub-sampling protocol and analysis followed industry-recognized standards of best practice for the style of mineralization and type of sample.

Samples were submitted in batches of 20 comprising 18 samples, a field blank and a CRM (certified reference material). Samples were prepared and analyzed by ALS Lima. Field blanks and CRM's assayed within tolerance limits.

Silver was assayed by fire assay with a gravimetric finish (ALS code Ag-GRA21) using a 30 g nominal sample weight — with reportable range of 5-10,000 ppm Ag. Samples were also submitted for 33 element analysis by ICP-AES following a 4 acid digest — with reportable ranges silver (0.5 to 100 ppm), lead (2 to 10,000 ppm), zinc (2-10,000 ppm) and copper (1-10,000 ppm Cu). Over-range samples were resubmitted for analysis using a 4 acid digest and ICP-AES finish with the following ranges: Ag 1-1500 ppm (Ag-OG62), lead 0.001-20% (Pb-OG62), zinc 0.001-30% (Zn-OG62) and Cu 0.001-40% (Cu-OG62).

Qualified Person

Dr. Christopher Wilson, Ph. D., FAusIMM (CP), FSEG, a Qualified Person under National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Mantaro Precious Metals Corp.

Mantaro Precious Metals Corp. is a British Columbia company that holds a diversified portfolio of gold and silver focused mineral properties in Bolivia and Peru.  The Company's holds an option to acquire up to an 80% interest in the advanced Golden Hill Property ("Golden Hill"), located in the underexplored, orogenic Bolivia Shield, Bolivia.

The Company also has an 100% interest in high-grade Santas Gloria Silver Property as well as a 100% interest in the San Jose, La Purisima, Cerro Luque and Huaranay Properties (the "Silver Properties").  The Silver Properties are all located in Peru.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information. 

The forward-looking statements contained in this news release are made as of the date of this news release.  Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Mantaro Precious Metals Corp.