CDPR.V · 2021-12-31 12:00:00

Cerro de Pasco Resources Announces Results of First 4,247M of Its 30,750M Drilling Program at Santander

Exploration Programs

CERRO DE PASCO RESOURCES ANNOUNCES RESULTS OF FIRST

4,247M OF ITS 30,750M DRILLING PROGRAM AT SANTANDER

MONTRÉAL, QUÉBEC, CANADA — (April, 27, 2022) Cerro de Pasco Resources Inc. (CSE:CDPR) (“CDPR”) is

pleased to provide an update to its exploration and infill drilling programs as outlined in their NI 43 -101

report “Cerro de Pasco Resources - NI 43-101 and Resource Estimate Update for Santander Mine Magistral

and Pipe Deposits, Huaral, Department of Lima, Peru, effective date 31st December 2021.”

The exploration drill program consists of 20,020 m (53 drill holes) along with an additional 10,730 m (81

holes) of underground resource infill drilling. The resource infill drilling program consists of 3,070 m in

Magistral North, 3,990 m in Magistral Central and 3,670 m in Magistral South which is currently drilling.

CDPR have allocated $3.5 M for the 2022 exploration and infill drilling programs. The drilling programs are

designed to increase Resource and Reserves in the existing Magistral deposit, drill test targets to the North

and South of the known Magistral orebodies, and drill test new areas in Blanquita, Santander Pipe North

and the Puajanca deposit.

To date, 4,247.60 m (10 drill holes) of surface exploration and 1,679.30 m (17 drill holes) of underground

infill drilling have been completed.

All infill drilling samples are assayed at CDPR’s onsite assay laboratory managed by SGS and all exploration

samples are sent to ALS Lima for assay, both drilling programs are accompanied by QA/QC programs.

The initial results provide CDPR with confidence that following an extended period of little exploration

activity at Santander, the company is now looking at the opportunity to enhance the resour ce, and the

possibility to increase head grades into the mining production schedule in the near-term.

Guy Goulet CEO of CDPR commented: “This initial set of drill results from our 2022 drill program are well

above current mining grades and highlight the potential for additional high-grade zinc mineralization at

our Santander property. Part of our theory during our acquisition of Santander was that lack of exploration

over the course of many years has created a great opportunity to significantly expand the resources and

grade at the mine, and results like these continue to inspire this confidence.”

Result Highlights

Surface exploration to date has targeted the Northern and Southern extents of the known Magistral

mineralized bodies as Shown in Figure 1.

Extension Magistral North - Approximately 200m t o the north of the Magistral orebody , CDPR has

intersected high grade mineralisation in 2 of the 5 boreholes drilled to date.

• SAN-0269-22 intersected:

o 2.55 m at 0.45% Zn, 0.88 % Pb, 0.01% Cu, 273.78 g/t Ag;

o 4.00 m at 1.83 % Zn, 1.44% Pb, 0.01% Cu, 68.13 g/t Ag;

o 5.00 m at 0.23 % Zn, 0.18% Pb, 0.01% Cu, 14.72 g/t Ag;

o 1.50 m at 4.14 % Zn, 2.12% Pb, 0.01% Cu, 443.83 g/t Ag.

• SAN-0271-22 intersected 4.30 m at 6.87 % Zn, 2.68% Pb, 0.10 % Cu, 120.67 g/t Ag.

The site geologists consider the style of minerali sation intersected to be similar to that of the Rosa and

Fatima bodies which are vein fault structures that crosscut the Magistral orebody. CDPR plan to continue

drilling this target which is only a short distance from the Magistral North orebody (around 200 m).

Extension Magistral South - CDPR drilled four surface exploration boreholes targeting minerali sation to

the immediate south of the Magistral South deposit. All boreholes successfully intersected mineralisation,

but only one (SAN-0267-22) cut economic-grade mineralisation. CDPR are following up the SAN-0267-22

intersects with additional infill drilling which will be undertaken from within the underground mine.

• SAN-0265-22 intersected 0.40 m at 1.87% Zn, 0.01 % Pb, 0.01% Cu, 2 g/t Ag.

• SAN-0266-22 intersected 0.70 m at 5.99 % Zn, 0.01% Pb, 0.05% Cu, 4.87 g/t Ag.

• SAN-0267-22 intersected:

o 4.25 m at 4.63 % Zn, 0.01% Pb, 0.06% Cu, 2.61 g/t Ag;

o 8.0 m at 2.26 % Zn, 0.01% Pb, 0.01% Cu, 2.78 g/t Ag.

• SAN-0268-22 intersected 0.35 m at 7.51% Zn, 0.01% Pb, 0.07% Cu, 2.0 g/t Ag.

Blanquita Target - The Blanquita target is located 0.7 km SE of Magistral South and 0.5 km NW of

Santander Pipe. The mineralisation intersected to date lies directly under a spur coming out of the large

project wide Magnetotelluric (MT) geophysical anomaly (Figure 2 ) and below an area of pervasive

jasperoid silica alteration (470 m x 20 m) and As, Mn, Sb, Mo, Cs and Sr geochemical anomalies. Assay

results returned to date include:

• SAN-0261-21 Intersected:

o 14.90 m at 0.90% Zn, 0. 82% Pb, 0.0 1% Cu, 121.64 g/t Ag, 0.16 g/t Au , of which 3.85 m

returned assay results of 2.51 % Zn, 2.52% Pb, 0.04% Cu, 346.12 g/t Ag, 0.39 g/t Au . An

additional intersect returned assay results of 3.15m at 0.18% Zn, 0.14% Pb, 0.02% Cu,

199.27 g/t Ag, 0.14 g/t Au.

• SAN-0271-22 Intersected - 5.25 m at 3.03% Zn, 2.12% Pb, 0.03% Cu, 214.38 g/t Ag.

The Blanquita target has been interpretated from the first boreholes to be a series of veins and faults with

mineralisation style and texture that suggest CDPR intersected the upper part of an epithermal vein

system. CDPR will continue to drill the Blanquita target whose location is close to both the Magistral and

Santander Pipe deposits.

Resource Infill Drilling – The resource infill drilling program started in the Magistral South orebody and

has targeted Magistral South (MS) and hanging wall structures T1 and T2. Drilling has successfully

intersected the identified targets with results shown in Table 1. Some of the top intersects are:

• MSD-0646-22 Intersected:

o (MS) 9.2 m at 3.16% Zn, 0.03% Pb, 6.32 g/t Ag;

o (MS–1T) 1.0 m at 4.76% Zn, 0.09% Pb, 21.62 g/t Ag;

o (MS-T2) 2.2 m at 2.24% Zn, 0.06% Pb, 15.89 g/t Ag.

• MSD-0647-22 Intersected:

o (MS) 9.6 m at 4.94% Zn, 0.01% Pb, 2.21 g/t Ag;

o (MS-1T) 0.8 m at 0.84% Zn, 0.35% Pb, 36.28 g/t Ag;

o (MS-2T) 1.4 m at 2.43% Zn, 0.21% Pb, 19.93 g/t Ag.

• MSD-0651-22 Intersected:

o (MS) 11.0 m at 4.45% Zn, 0.11% Pb, 17.69% Ag;

o (MS-1T) 1.1 m at 9.74% Zn, 0.04% Pb, 11.32 g/t Ag;

o (MS-1T) 3.7 m at 2.85% Zn, 0.02% Pb, 5.97 g/t Ag.

• MSD-0652-22 Intersected – (MS) 8.4 m at 7.41% Zn, 0.01%.

Note: * MS – Magistral South, MS 1T – Magistral South hanging wall structure 1, MS 2T – Magistral South

hanging wall structure 2.

Technical Information

Shane Whitty, CGeol and V.P. of Exploration and Technical Services for CDPR, has reviewed and approved

the scientific and technical information contained in this news release. Mr. Whitty is a Qualified Person

for the purposes of reporting in compliance with NI 43-101.

About Cerro de Pasco Resources

Cerro de Pasco Resources Inc. is a resource management company, founded in 2012 with the original

purpose of developing the El Metalurgista mining concession comprising mineral tailings and stockpiles

extracted from the Cerro de Pasco open -pit mine in cent ral Peru. Our strategic strength lies in our

extensive team experience and knowledge of the opportunities and challenges in and around Cerro de

Pasco. The company is founded on clear objectives, to engender long -term economic sustainability and

benefit for the local population, from an economic, social and health point of view. The company’s

approach at El Metalurgista entails the reprocessing and environmental remediation of mining waste and

the creation of numerous opportunities in a circular economy.

Contact Information

Cerro de Pasco Resources Inc.

Guy Goulet, President and CEO

Tel.: 1 579 476-7000

Email: [email protected]

Forward-Looking Statements and Disclaimer

Certain information contained herein may constitute “forward -looking information” under Canadian

securities legislation. Generally, forward -looking information can be identified using forward -looking

terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”,

“might”, “likely” or variations of such words, or statements that certain actions, events or results “may”,

“will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar exp ressions.

Forward-looking statements, including the expectations of CDPR’s management regarding the completion

of the Transaction as well as the business and the expansion and growth of CDPR’s operations, are based

on CDPR’s estimates and are subject to kn own and unknown risks, uncertainties and other factors that

may cause the actual results, level of activity, performance or achievements of CDPR to be materially

different from those expressed or implied by such forward -looking statements or forward -looking

information. Forward-looking statements are subject to business and economic factors and uncertainties

and other factors, such as Covid-19, that could cause actual results to differ materially from these forward-

looking statements, including the relevant assumptions and risks factors set out in CDPR’s public

documents, available on SEDAR at www.sedar.com. There can be no assurance that such statements will

prove to be accurate, as actual results and future events could differ materially from those anticipated in

such statements. Although CDPR believes that the assumptions and factors used in preparing the forward-

looking statements are reasonable, undue reliance should not be placed on these statements and

forward-looking information. Except where required by applicable law, CDPR Disclaims any intention or

obligation to update or revise any forward -looking statement, whether as a result of new information,

future events or otherwise.

Figure 1: Plan view of Magistral and Santander Pipe mineralized bodies and drilling program executed to

date

Figure 2: Blanquita drill target within Magnetotelluric (MT) geophysical anomaly

Figure 3: Infill drill program with drilled and programed holes

Magistral North Magistral South

Magistral Central

Drilled

Programed for Drilling

Table 1: Magistral South Orebody Infill Drilling Results

Note: @ Pot. Real means true width of drillhole intersect

Drillhole Name Structure @ Pot. Real

(m) Zn % Pb% Ag g/t Target: M.Sur

Level

MS 9.2 3.16 0.03 6.32

MS-1T 1.0 4.76 0.09 21.62

MS-2T 2.2 2.24 0.06 15.89

MS 9.6 4.94 0.01 2.21

MS-1T 0.8 0.84 0.35 36.28

MS-2T 1.4 2.43 0.21 19.93

MS 3.9 4.36 0.03 3.53

MS-1T 0.6 0.38 0.15 7.34

MS-2T 3.2 4.63 0.02 3.03

MS 4.1 4.76 0.03 2.65

MS-1T 0.9 8.11 0.01 2.00

MS-2T 6.0 1.92 0.68 48.63

MS 5.6 4.96 0.01 2.18

MS-1T 1.2 7.34 0.01 2.00

MS-2T 2.7 4.21 0.01 2.00

MS 11.0 4.45 0.11 17.69

MS-1T 1.1 9.74 0.04 11.32

MS-2T 3.7 2.85 0.02 5.97

MS 8.4 7.41 0.01 2.46

MS-1T 0.9 0.04 0.03 8.79

MS-2T 1.9 0.22 0.01 2.00

MS 1.5 7.69 0.22 14.81

MS-1T 1.0 8.34 0.01 2.00

MS-2T 1.6 3.74 0.01 2.00

MS 3.0 3.67 0.04 8.04

MS-1T 1.4 1.54 0.05 18.49

MS-2T 1.7 3.68 0.08 16.78

MS 4.7 3.03 0.47 33.27

MS-1T 2.4 1.99 0.11 19.37

MS-2T 2.5 0.90 0.12 17.76

MS 3.5 3.46 0.10 20.17

MS-1T 0.9 3.02 0.17 15.74

MS-2T 0.6 0.13 0.01 2.00

MS 4.8 7.12 0.01 3.43

MS-1T 1.4 0.09 0.01 2.00

MS-2T 0.4 1.48 0.02 5.60

MS 3.1 5.45 0.01 3.60

MS-1T 2.8 3.44 0.01 3.26

MS-2T 4.2 3.42 0.01 3.87

MS 3.8 3.47 0.01 2.81

MS-1T 1.8 5.22 0.01 2.00

MS-2T 2.2 3.39 0.02 3.20

MS 2.8 2.80 0.02 5.07

MS-1T 1.5 6.65 0.01 2.00

MS-2T 2.9 4.47 0.01 2.92

MS 1.0 4.74 0.01 2.00

MS-1T 0.9 2.07 0.01 2.00

MS-2T 2.2 0.12 0.00 2.00

MS 1.0 2.22 0.04 2.52

MS-1T 0.5 0.01 0.01 2.00

MS-2T 0.93 0.01 0.01 2.00

DDH EXECUTED_M.Sur - Nv 4090

MSD-0646-22 Nv 4090

MSD-0647-22 Nv 4090

MSD-0648-22

MSD-0661-22 Nv 4090

MSD-0662-22

MSD-0658-22

Nv 4090

MSD-0656-22

MSD-0657-22

Nv 4090

MSD-0652-22

MSD-0653-22

MSD-0654-22

MSD-0649-22

MSD-0650-22

MSD-0651-22

MSD-0659-22

MSD-0660-22

MSD-0655-22

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