NEWS

VANCOUVER, BC, Nov. 9, 2022 /CNW/ - MANTARO PRECIOUS METALS CORP. (TSXV: MNTR) (OTCQB: MSLVF) (FSE: 9TZ) (the "Company") is pleased to announce the Company's best diamond drill hole result to date with the intersection of multiple high-grade gold zones in diamond drill hole GH0005 at the Golden Hill Property, Bolivia.  To date, the Company has reported high-grade gold results across numerous structures from diamond drill holes GH0001, GH0002, GH0003, GH0004, GH0005, GH0006 and GH0007.

• GH0005 results include multiple high-grade gold intersections:
  
  • 5.0 meters @ 7.57 g/t Au from 87 meters downhole (including 3.66 meters @ 10.16 g/t Au from 88.34 meters).
    
    
  • 3.4 meters @ 8.27 g/t Au from 67.6 meters downhole (including 2.02 meters @ 11.82 g/t Au from 67.6 meters).
    
    
  • 14.0 meters @3.57 g/t Au from 105 meters (including 8.8 meters @4.91 g/t Au from 108.1 meters). Due the receipt of additional assays, this result updates and replaces the previous result of 8.00 meters @ 3.78 g/t Au from 111 meters downhole (including 5.90 meters @ 4.85 g/t Au from 111 meters) as announced on October 26, 2022.
    
    
• The single GH0005 diamond drill hole intercepted high-grade gold mineralization across the 'C2', 'C3', 'C' and 'C4' structures to depths of over 75 meters below La Escarcha Pit.

The result from diamond drill hole GH0005 is exceptional and demonstrates high-grade gold mineralization across multiple structures.  To date, the Company's results have demonstrated continuity of the share zones containing gold mineralization covering an area from diamond drill hole GH00005 (south) to GH0002 (north).

The Company received pending assay results from the 'C' structure resulting in an updated result of 14.0 meters at 3.57 g/t Au from 105 meters including 8.8 meters at 4.91 g/t Au.  These results replace the previously announce results of 8.0 meters at 3.77 g/t Au from 111 meters including 5.9 meters at 4.85 g/t.

The C3 structure returned high-grade results of 5.0 meters at 7.57 g/t Au from 87 meters including 3.66 meters at 10.16 g/t Au.  The C2 structure also returned high-grade results of 3.4 meters at 8.27 g/t Au from 67.6 meters including 2.02 meters at 11.82 g/t Au.

Full assays are pending from 12 of 21 diamond drill holes at the Golden Hill Property across the La Escarcha, Gabby, Westhill and Brownfields targets. Partial results received from GH0004, GH0006 and GH0007.

Table 1.  (Core Drill Results and Intercepts – Golden Hill)

Golden Hill is centered on a broadly north-south trending regional structure that hosts the La Escarcha underground mine and the Gabby, Garrapatillia and Brownfields workings and gold-bearing vein occurrences in its western hanging wall. The same structure hosts numerous saprolite gold and hard rock gold deposits to the north and south of Golden Hill over a strike length of at least 25 kilometers — underpinning the significant control the structure exerts on gold mineralization.

A northwest-trending splay of this structure hosts areas of alluvial and saprolitic/hard rock workings within Golden Hill and immediately to the north. At least six strike kilometers of these structures are known within Golden Hill in addition to the four kilometers between La Escarcha and Brownfields which have been mapped in detail. Known mineralization and surface anomalism is open along strike on all structures.

Mineralization between La Escarcha and Brownfields is characterized by a series of broadly parallel, north-south trending, very steeply dipping quartz veins that are between 1 to 5 meters wide. Mineralization is hosted in mafic metavolcanics, at the contact of metavolcanics and metasediments, and within metasediments.

Veins are well exposed in underground workings at La Escarcha where they comprise multiphase white quartz and slivers of wall rock which are fracture oxidized. Veins are up to 5 meters wide and contain significant visible gold. Mine staff have reported that gold grades increase downwards from surface to the 60 m level which is currently under limited development. Most gold appears to be free hosted in fractures within quartz and pyrite.

The Company follows industry-recognized standards of Best Practice and Quality Assurance/Quality Control. Samples are submitted to ALS in batches of 40 — comprising 35 half cut core samples, two field blanks, two certified reference material standards and one staged duplicate. Samples are sealed in plastic bags using single use tie-locks and delivered to ALS Oruro in Bolivia — thereby ensuring chain of custody. Since the ALS facility in Bolivia is only a preparation facility, sample pulps were sent to ALS Ireland for fire assay. To date, all batches have passed QAQC and blanks and CRM's were within acceptable tolerance limits. All diamond holes were drilled started in PQ diameter, occasionally downsizing to HQ in difficult drilling conditions past 150 meters. Core recovery across all veins was nearly 100%.

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.

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 a 100% interest in the high-grade Santas Gloria Silver Property as well as a 100% interest in each of the La Purisima, Cerro Luque and Huaranay Properties (collectively, the "Silver Properties").  The Silver Properties are located in Peru.

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.