Mantaro Silver Corp. Receives Positive Preliminary Metallurgical Test Results for both Bulk Flotation and Sequential Flotation recovery options, with the Bulk Flotation demonstrating recoveries of 88.1% Silver, 80.9% Gold, 64.4% Zinc and 79.3% Lead into a rougher

Mantaro Silver Corp. Receives Positive Preliminary

Metallurgical Test Results for both Bulk Flotation and

Sequential Flotation recovery options, with the Bulk

Flotation demonstrating recoveries of 88.1% Silver,

80.9% Gold, 64.4% Zinc and 79.3% Lead into a rougher

concentrate

VANCOUVER, BC, Aug. 9, 2021 /CNW/ - MANTARO SILVER CORP. (TSXV: MSLV) (FSE: 9TZ) (the "Company") is

pleased to announce it has received positive preliminary metallurgical test results from SGS Canada at Lakefield ("SGS").

The work completed by SGS is the first metallurgical test-work completed at Santas Gloria and demonstrates robust gold

and silver recoveries above 80% are achievable. Samples were taken from the historical underground workings on the San

Jorge vein.

The metallurgical test work supports both bulk flotation flow-path and sequential flotation flow-path, with the bulk flotation

flow-path producing a single gold, silver, lead and zinc rougher concentrate (15 minutes of flotation and 8.6% mass pull)

with 10,545 g/t silver, 5.38 g/t gold, 5.17% zinc and 13.8% lead and recovering 88.1% of the silver, 80.9% of the gold,

64.4% of the zinc and 79.3% of the lead.

Dr. Chris Wilson, Mantaro Chief Executive Officer and Director, states, "The rougher flotation recoveries are extremely

encouraging. Mineralization at Santas Gloria is silver and gold-rich, as such, producing a silver-gold dore is an ideal option.

Nevertheless, the sequential flotation flow-path through a circuit cleaner produced high-grade lead-gold-silver concentrate.

SGS has provided two potential viable flow-paths for recovery of high-grade silver, gold and lead."

Sequential Flotation Flow-Path

Results under the sequential rougher flow-path included a lead-silver rougher concentrate grading 18,003 g/t Ag, 8.23 g/t

Au, 26.5% Pb and 2.17% Zn that recovered 81.1% of the silver, 81.5% of the gold, 77.2% of the lead. A zinc-silver rougher

concentrate grading 3.56% Zn and 802 g/t Ag was produced that recovered 52.8% of the zinc and 8.1% silver.

The lead and zinc concentrates were then submitted to open circuit cleaner tests. These tests produced lead-silver-gold

and zinc-silver cleaner flotation concentrates:

The lead-silver-gold cleaner concentrate graded 39,744 g/t Ag, 56.8% lead, 14.6 g/t Au, 3.11% Zn that recovered

64.1% of the silver, 56.6% of the gold and 62.8% of the lead.

The zinc-silver cleaner concentrate graded 7,327 g/t Ag, 41.9% Zn, 2.97 g/t Au and 5.7% Pb that recovered 36.9% of

zinc and 4.7% silver.

Importantly, the results confirmed a high-grade lead-silver-gold cleaner flotation concentrate can be produced for market

evaluation, which confirms Mantaro's understanding of the high-grade nature of the deposit.

Future locked cycle flotation tests are planned to recycle the middlings to improve the grade of the silver-lead and zinc

cleaner concentrates and overall recovery.

Bulk Sample Information

The bulk sample used by SGS in the testing described above was taken from representative intervals of underground

channel sampling at the San Jorge vein system on the Santas Gloria Silver Property.

Table 1 – Rougher Bulk Concentrate

Assay Recovery (%)

Product Mass (%) Au (g/t) Ag (g/t) Pb (%) Zn (%) Au Ag Pb Zn

Rougher Concentrate (15 min) 8.6 5.38 10,545 13.8 5.17 80.9 88.1 79.3 64.4

Rougher Tailing 91.4 0.12 134 0.34 0.27 19.1 11.9 20.7 35.6

Table 2 – Rougher Sequential Flotation Flow Sheet Lead and Zinc Concentrate

Assay Recovery (%)

Product Mass (%) Au (g/t) Ag (g/t) Pb (%) Zn (%) Au Ag Pb Zn

Lead Rougher Concentrate 4.7 8.23 18,003 26.5 2.17 81.5 81.1 77.2 14.3

Lead Rougher Tailings 95.3 0.09 208 0.39 0.64 18.5 18.9 22.8 85.7

Zinc Rougher Concentrate 10.6 0.29 802 0.80 3.56 6.4 8.1 5.2 52.8

Zinc Rougher Tailings 84.7 0.07 134 0.34 0.28 12.1 10.8 17.5 32.9

Table 3 – Cleaner Sequential Flotation Flow Sheet Lead and Zinc Concentrate

Assay Recovery (%)

Product Mass (%) Au (g/t) Ag (g/t) Pb (%) Zn (%) Au Ag Pb Zn

Lead 2nd Cleaner Concentrate 1.7 14.6 39,744 56.8 3.11 56.6 64.1 62.8 6.8

Lead Rougher Tailings 93.7 0.13 231.3 0.41 0.66 29.3 21.1 25.9 81.8

Zinc 3rd Cleaner Concentrate 0.7 2.97 7,327 5.70 41.9 4.6 4.7 2.5 36.9

Zinc Rougher Tailings 86.6 0.10 136.6 0.35 0.31 19.5 11.5 20.1 35.2

Methodology, Quality Assurance and Quality Control

The bulk sample was collected by Mantaro geologists. The sample was placed into individually labelled polythene sample

bags and sealed with a single use clip-lock seal. Chain of custody was maintained by Mantaro until the bulk samples was

delivered to DHL for courier to SGS.

SGS submitted the sample to QEMSCAN and XRD analysis. The sample consisted of mainly quartz (55.6%) and moderate

amount of muscovite (15.9%). Other gangue minerals in minor and trace levels included: kaolinite (5.8%), calcium

manganese oxide (4.1%), rhodochrosite (2.9%), orthoclase (2.7%), stilpnomelane (2.7%), albite (1.8%), pyrite (1.5%),

plagioclase (0.77%), amphibole/pyroxene (3.4%), chlorite/clays (2.34%), calcite (3.3%), and ankerite (1.2%). Sulphides

consisted of pyrite (1.5%), sphalerite (1.3%) and galena (0.5%). Chalcopyrite and other sulphides were trace.

For the rougher bulk concentrate, a single test was conducted using soda ash as pH modifier, copper sulphate (sulphide

activator), potassium amyl xanthate (sulphide collector), Aero 241 (dithiophosphate promoter) and methyl isobutyl carbinol

(frother). Timed concentrate samples were collected and assayed to monitor the recoveries.

For the sequential flotation flowsheet, tests were conducted using soda ash or sulphuric acid as pH modifiers, copper

sulphate (sulphide activator), potassium amyl xanthate (sulphide collector), Aero 241 (dithiophosphate promoter), in the

lead circuit, Aero 5100 (allyl alkyl thionocarbamate promoter) in the zinc circuit, and methyl isobutyl carbinol (frother).

The SGS analysis included a quality assurance / quality control (QA/QC) program. Mantaro detected no significant QA/QC

issues during review of the data. Mantaro is not aware of any drilling, sampling, recovery or other factors that could

materially affect the accuracy or reliability of the data referred to herein. SGS Canada Lakefield is ISO/IEC 17025

accredited. SGS is independent of Mantaro.

Figure 1: Map of Santas Gloria vein system and silver grades from surface channel sampling. etallurgical samples were

taken from the San Jorge UG workings. (CNW Group/Mantaro Silver Corp.)

Figure 2: Long section of the San Jorge vein showing underground workings and summary silver grades for surface and

underground channel samples taken by Mantaro. Metallurgical samples were taken from both levels of the San Jorge vein.

(CNW Group/Mantaro Silver Corp.)

Qualified Person

The technical content of this news release has been reviewed, verified and approved by Dr. Chris Wilson, B.Sc (Hons),

PhD, FAusIMM (CP), FSEG. Chief Executive Officer and Director of Mantaro, a qualified person as defined by NI 43-101.

About SGS

SGS is the world's leading testing, inspection and certification company, recognized as the global benchmark for quality and

integrity. SGS's 89,000 employees operate a network of 2,600 offices and laboratories, working together to enable a better,

safer and more interconnected world.

About Mantaro Silver Corp.

Mantaro Silver Corp. is a British Columbia company that holds a 100% interest in its flagship Santas Gloria Silver Property

as well as a 100% interest in the San Jose, La Purisima, Cerro Luque and Huaranay Properties.

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 Resulting Issuer

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.

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For further information: Leo Karabelas, Phone: (647) 689-6041, E-mail: [email protected]

CO: Mantaro Silver Corp.

CNW 08:00e 09-AUG-21