CDPR.V · 2022-01-25 12:00:00

Cerro de Pasco Resources Files NI43-101 and Resource Estimate for Santander Magistral and Pipe deposits

Resource Estimates

Cerro de Pasco Resources Files NI43-101 and

Resource Estimate for Santander Magistral

and Pipe deposits

CSE:CDPR

MONTRÉAL,

Jan. 25, 2022

/CNW Telbec/ -

Cerro de Pasco Resources

Inc. (CSE: CDPR)

(OTCMKTS: GPPRF) (Frankfurt: N8HP) ("CDPR" or the "Company") is pleased to announce the

results of a Mineral Resource estimate for the Santander Project Magistral and Pipe deposits, in

Huaral, Department of

Lima, Peru

, 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 Technical Report entitled "Cerro de Pasco Resources - NI 43-101 and Resource Estimate

Updates for Santander Mine Magistral and Pipe,

Peru

" is dated January 24, 2022 and supports the

disclosure made by the Corporation in its November 8, 2021 press release. The NI 43-101 was

completed by

DRA

AMERICAS

PERU

a subsidiary of DRA Global Limited (ASX: DRA | JSE: DRA),

a diversified global engineering, project delivery and operations management group.

The Mineral Resources for the Magistral (Santander Mine) and Santander Pipe deposits as of the

of December of 2021:

Magistral Deposits

Category

Tonnes

(000)

(%)

(g/t)

Indicated

1,791

7.18

0.10

0.03

14.8

Inferred

3,189

5.07

0.15

0.004

7.9

All Mineral Resources have been estimated in accordance with the CIM Definition Standards.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic

viability. Numbers may not add up due to rounding.

This Technical Report is the current technical report in support of Mineral Resource Estimates

for the Magistral and Santander Pipe deposits of the Santander property.

The Santander Magistral Underground Mine Mineral Resource estimate is reported based on

net smelter return cut-off grade of

$40

/tonne with metal prices of:

US$3,000

/tonne for Zn,

US$2,200

/tonne for Pb, and

US$25

/Oz for Ag.

For Magistral: NSR = (16.7 x %Zn) + (11.9 x %Pb) + (0.41 x g/tAg), assuming recoveries of

90% for Zn, 75% for Pb and 55% for Ag.

The Santander Magistral Underground Mine Mineral Resource model has been prepared by

the mine geology department. Qualified Person,

Mr.

Graeme Lyall

(FAusIMM), an

independent Resource geology consultant, has

restated the resource with adjustments and

depletion

with an effective date of

December 31, 2021

The Santander Pipe Underground Deposit Mineral Resource estimate is reported based on net

smelter return cut-off grade of

$40

/tonne with metal prices of

US$3,000

/tonne for Zn,

US$2,200

/tonne for Pb,

US$9,300

/tonne for Cu, and

US$25

/Oz for Ag.

The Santander Pipe Underground Deposit Mineral Resource model has been prepared by the

exploration geology department. Qualified Person,

Mr.

Graeme Lyall

(FAusIMM), an

independent Resource geology consultant, has

restated the resource with adjustments

with an

effective date of

December 31, 2021

For Santander Pipe: NSR = (17.5 x %Zn) + (11.1 x %Pb) + (40.8 x %Cu) + (0.37 x g/tAg),

assuming recoveries of 90% for Zn, 70% for Pb, 60% for Cu and 50% for Ag

Magistral Deposits

The current mineral resource figures for the Magistral Deposits, effective from

December 31, 2021

differ from those stated in CDRP's

November 8, 2021

press release due to a revised depletion that

has excluded Mineral Resources mined during 2021, and assumptions relating to the NSR cut-off

calculation.

CDPR plans to drill approximately 16,200 metres in 2022 to increase geological knowledge and

confidence in the Magistral deposit (Santander Mine) mineral resource classification which will

support mine planning and the Mineral Reserve Estimation process.

Santander Pipe Project

The current mineral resource figures for the Santander Pipe Project, effective as from

December 31,

2021

, differ from those stated in CDPR's

November 8, 2021

press release, due to revisions on the

classification of Mineral Resources and assumptions relating to the NSR cut-off calculation. DRA is

of the opinion that a significant portion of the deeper Inferred Mineral Resources could be upgraded

to Indicated following a more detailed revision of the model for this part of the deposit (DRA QP, Mr.

Graeme Lyall

(FAusIMM).

The company plans to proceed with a PEA on the Santander Pipe Project after completing a

detailed revision of the resource model.

Geology & Exploration

Santander is located within the Miocene-Eocene metallogenic belt of central and northern Perú. It

extends for at least 900 km along the Western Cordillera and adjacent Altiplano and is characterized

by several hydrothermal mineral deposits of significant importance of different types that formed

between about 6 million and 20 million years ago.

The Santander Project hosts intrusion-related, carbonate-hosted, distal 'passive' replacement

deposits, or carbonate replacement deposits (CRDs).

The Project consists of several exploration targets (

Figure 1

) most of which are located along the

Magistral and Santander Trends. CDPR will be focusing its attention on undertaking further work on

the Puajanca and Blanquita targets.

The Puajanca target is located approximately 3 kilometers NNW of the Santander Pipe and

approximately 2 kilometers east-northeast of the Magistral area. Mineralization is strongly controlled

by the axial plane of an anticline that also hosts the mineralization in the Santander Pipe. Puajanca is

characterized mainly by several thin structures and sporadic replacement mantos, both with Pb-Ag-

Zn-(Mo) mineralisation. The total outcrop reaches

300 m

wide and

400 m

long having the Jumasha

limestones as a host rock. The Puajanca target has been partially drill tested by previous owners

(27 boreholes,

7,803m

). CDPR plan to update the Puajanca geological model and undertake further

surface sampling and detailed mapping before updating the geological model and carrying out

resource estimate.

Blanquita is a CRD target, located in the same Magistral structural corridor, 0.7 km SE of Magistral

South and 0.5 km NW of Santander pipe. It has interesting IP geophysical anomalies and mapping

indicating a pervasive jasperoid silica alteration area (

470 m

20 m

) and As, Mn, Sb, Mo, Tl, Cs and

Sr geochemical anomalies.

CDPR plans to drill a further 4 holes in this target during Q2-Q3 of 2022 to evaluate geological

continuity.

Other interesting targets noted in the NI 43-101 include, Blato, Los Toros, Los Toros Norte, Naty,

Condor, Condor West, La Tapada, Capilla and Capilla West. CDPR will continue its evaluation of

these prospects to determine future exploration work programs.

To view

Figure 1:

Santander Exploration Targets and known mineral deposits

click here

Technical Information

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

approved by Mr.

Graeme Lyall

(FAusIMM) an independent consulting geologist with over 30 years

professional experience in precious and base metals exploration, geological modelling and mineral

resource estimation for the purposes of reporting in compliance with 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 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 central

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.

About

DRA

AMERICAS

PERU

DRA

AMERICAS

PERU

is a subsidiary of DRA Global Limited and is responsible for the NI 43-101

Technical Report entitled "Cerro de Pasco Resources - NI 43-101 and Resource Estimate Updates

for Santander Mine Magistral and Pipe,

Peru

" is dated January 24, 2022. DRA Global Limited (ASX:

DRA | JSE: DRA) is a diversified global engineering, project delivery and operations management

group, headquartered in

Perth, Australia

. It has more than 4,500 professionals and a proven track

record in undertaking independent assessments of Mineral Resources and Mineral Reserves, project

evaluations and audits, technical reports and independent evaluations on behalf of exploration and

mining companies, and financial institutions worldwide.

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/January2022/26/c6984.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 08:30e 26-JAN-22

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