CDPR.V · 2021-03-18 12:00:00

Cerro de Pasco Resources files NI 43-101 Technical Report on Maiden Mineral Resource Estimate for Excelsior Stockpile Containing an Inferred Mineral Resource of 42.9 Million Ounces of Silver

Resource Estimates Technical Reports (NI 43-101)

Cerro de Pasco Resources files NI 43-101

Technical Report on Maiden Mineral Resource

Estimate for Excelsior Stockpile Containing an

Inferred Mineral Resource of 42.9 Million

Ounces of Silver

CSE: CDPR

MONTRÉAL,

March 18, 2021

/CNW/ -

Cerro de Pasco Resources

Inc. (CSE: CDPR) (OTCMKTS:

GPPRF) (Frankfurt: N8HP) ("CDPR" or the "Company") is pleased to announce the filing of a NI 43-

101 Technical Report under the Company's profile on SEDAR at

www.sedar.com

with the results of

a maiden Mineral Resource estimate for the Excelsior Stockpile in Cerro de Pasco,

Peru

. The

Mineral Resource estimate (MRE) was prepared in accordance with Canadian Institute of Mining,

Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves,

adopted by the CIM Council on

May 10, 2014

The Excelsior Stockpile covers a surface area of 67.92 ha and contains approximately 70 Mt of

material mined from the open pit at the world-renowned Cerro de Pasco mine, approximately

between the years 1952 and 1996. The polymetallic material was stockpiled as it was, at the time,

considered to be low grade and uneconomic. This maiden Mineral Resource estimate accounts for

the portion of the Excelsior Stockpile which falls within CDPR´s 100% owned El Metalurgista mining

concession as stated below:

Mineral Resource Estimate of the Excelsior Stockpile with the Effective Date of August 31, 2020

Classification

NSR

Cut-off

Tonnes

NSR

Grade

Contained Metal

(US$/t)

(Kt)

(US$/t)

(g/t)

(%)

Koz

Inferred

30,100

0.6

1.5

42,900

184

437

Notes:

The Mineral Resource estimate was prepared by Dr. Adrian Martínez Vargas, P.Geo., Senior

Resource Geologist, and employee of CSA Global Consultants Canada Limited, an ERM

Group company, and an independent Qualified Person for the purposes of NI 43-101.

Numbers have been rounded to reflect the precision of a Mineral Resource estimate, therefore

numbers may not total.

The reporting cut-off is calculated as the marginal NSR that equals total estimated mining (

US$

/t for stockpiles), processing (

8 US$

/t), and administration costs (

2 US$

/t), assumed

metallurgical extraction by multiple stage flotation, and metal prices of Zn

2,650 US$

/t, Pb

2,125 US$

/t, and Ag

16 US$

/oz. Metallurgical processing recoveries were modelled using test

work and production data provided to CDPR by Volcan from its current operations at Cerro de

Pasco which are processing similar material to that within the Excelsior Stockpile.

A bulk density of 1.98 t/m

is used.

Block model grade interpolation was undertaken using ordinary kriging

The average grade estimates reflect resources in-situ and do not include modifying factors

such as external dilution, mining losses and process recovery losses. However, resources

were reported based on a regularized model that included dilution with low-grade material.

The Mineral Resource estimate for the surface stockpile is constrained by the vertical lateral

limits of the El Metalurgista concession boundaries and the physical limits of the stockpile

surfaces within the concession.

Mineral Resources are estimated and classified in accordance with CIM Definition Standards

for Mineral Resources and Mineral Reserves, adopted by the CIM Council on

May 10, 2014

using the Estimation of Mineral Resource and Mineral Reserves Best Practice Guidelines,

adopted by the CIM Council on

November 29, 2019

Mineral Resources are not Reserves and, as such, do not have demonstrated economic

viability.

One troy ounce (oz) equals 31.10348 g

Subsequent to the Company's

February 2, 2021

press release of the Excelsior Stockpile MRE

highlights, new information became available in the form of an update of the El Metalurgista

concession boundary location, which is used, together with the limits of the stockpile surfaces within

the concession, to constrain the MRE. The new data is now incorporated into the MRE for

disclosure in accordance with NI 43-101 and has resulted in an increase in tonnes, grade and

contained metal from the MRE initially reported in the

February 2, 2021

press release. This release

provides, below, a side-by-side summary comparison of the of the previously reported and updated

MRE reported in this press release.

Change in Reported Excelsior Stockpile MRE from February 2, 2021 to March 18, 2021 Press Releases

Classification

NSR

Cut-off

Tonnes

NSR

Grade

Contained Metal

(US$/t)

(Kt)

(US$/t)

(g/t)

(%)

Koz

2021/02/02

Press Release

Inferred

23,195

0.6

1.4

31,483

139

331

Current

2021/03/18

Press Release

Inferred

30,100

0.6

1.5

42,900

184

437

% Change Previous to Current

+30%

+4%

+5%

+2%

+36%

+32%

Notes:

Numbers have been rounded to reflect the precision of a Mineral Resource estimate, therefore numbers may not total.

The Mineral Resource estimate was completed by independent Qualified Person, Dr. Adrian

Martínez Vargas, P.Geo., Senior Resource Geologist and employee of CSA Global Consultants

Canada Limited (CSA Global), an ERM Group company. CDPR provided the block model, the

informing data used for interpolation, relevant wireframes with geological interpretations and

topographic surfaces, and the accompanying reports with the assumptions and parameters used for

interpolation. Validations were completed by CSA Global on the model, informing data, geological

interpretation and estimation domains, and interpolation parameters and assumptions. CSA Global

also updated the density, topography and NSR cut-off used for reporting.

The maiden Mineral Resource estimate incorporates six diamond drill-holes completed in 2008,

sampled at

2 m

intervals, composites of approximately

6 m

depth collected from 146 test pits

(trenches) completed in 2008, and 74 Reverse Circulation (RC) drill-holes drilled in 2009, sampled at

intervals. A set of surface grab samples collected prior to 2009 was used only to inform

geological modelling. A total of 2,555 samples were used for Mineral Resource estimation: 2,191

from RC drill-holes, 207 from diamond drill-holes, and 146 from test pits. Samples were assayed

for Pb and Zn in percent and Ag in g/t.

Surface rights to the Excelsior Stockpile are owned by Activos Mineros S.A.C. a company created in

June 2006

and wholly owned by the Peruvian Government. CDPR has initiated certain procedures

with the Ministry of Energy and Mines with the intention of acquiring the surface rights from AMSAC

or obtaining their temporary permission to use them.

Technical Information

The scientific and technical information contained in this news release has been reviewed and

approved by Dr. Adrian Martínez Vargas, P.Geo., Senior Resource Geologist with CSA Global, and

an independent Qualified Person with respect to the Company's Excelsior Stockpile for the purposes

of NI 43-101.

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 NI 43-101

About Cerro de Pasco Resources

Cerro de Pasco Resources Inc. is a resource management company, with a focus on applying the

latest technology in the production of commodity metals through the treatment and reprocessing of

all material resources, dumps, tailings, mining waste etc. at Cerro de Pasco to secure long-term

economic prosperity. CDPR strives to meet to the highest level of environmental, social, and legal

compliance. CDPR provides extensive knowledge of Cerro de Pasco's challenges and potential,

based on first-hand experience and a team of top experts.

About CSA Global

CSA Global, part of the ERM group of companies, is an international mining consultancy that has

been providing services to its clients across all mineral commodities and regions globally for over 35

years, with offices located in

Vancouver

Toronto

Perth

Brisbane

Jakarta

Singapore

Johannesburg

, Horsham (UK), and

Dublin

. CSA Global and ERM provide expert multidisciplinary

advisory services across the mining life cycle from exploration, resource estimation, development

studies, and mining to closure, working with large and small mining companies, investment banks,

financial and legal services groups and private investors.

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 expressions. 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

known 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.

SOURCE

Cerro de Pasco Resources Inc.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/March2021/18/c5023.html

%SEDAR: 00020073E

For further information:

Guy Goulet, CEO, Telephone: +1-579-476-7000, Mobile: +1-514-294-

7000, [email protected]

CO: Cerro de Pasco Resources Inc.

CNW 07:45e 18-MAR-21

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