Latin Metals Reports High-Grade Gold & Silver Intercepts and Confirms Large Epithermal System at Cerro Bayo, Argentina
Latin Metals Reports High-Grade Gold & Silver Intercepts and
Confirms Large Epithermal System at Cerro Bayo, Argentina
NR26-11 May 21, 2026
Vancouver, B.C. – Latin Metals Inc. (“Latin Metals” or the “Company”) - (TSXV: LMS and
OTCQB: LMSQF) is pleased to report initial drill results from the partner-funded Phase I drill
program completed by Daura Gold Corp. (“Daura”) at the Cerro Bayo Project (“Cerro Bayo” or
the “Project”) in Santa Cruz Province, Argentina.
The initial 1,850-metre drill program successfully intersected multiple zones of gold and silver
mineralization across several target areas, including high-grade intervals grading up to
8.83 g/t gold and 739 g/t silver. Results confirm the presence of a large, fertile low-sulphidation
epithermal system within the Deseado Massif — one of the world’s premier silver-gold districts.
Importantly, drilling intersected broad zones of silver mineralization beginning at surface in
multiple holes, highlighting the scale and strength of the hydrothermal system at Cerro Bayo.
Near-surface mineralization of this nature may indicate potential for broader bulk-tonnage
mineralized zones surrounding higher-grade feeder structures.
Mineralization was intersected in multiple drill holes across several target areas during the first
systematic drill campaign completed on the property, suggesting Cerro Bayo could potentially
host a district-scale hydrothermal system.
Highlights Include:
Drill Hole CBD26-001
• 16.35m @ 0.37 g/t gold and 88.96 g/t silver from 28.85m (1.72 g/t gold equivalent),
including 3.60m @ 1.43 g/t gold and 321.7 g/t silver (6.3 g/t gold equivalent)
Drill Hole CBD26-005
• 15.00m @ 0.07 g/t gold and 120.8 g/t silver from 58.7m (1.90 g/t gold equivalent),
including 2.00m @ 0.11 g/t gold and 427.4 g/t silver (6.6 g/t gold equivalent), and
1.70m @ 0.16 g/t gold and 120.72 g/t silver (2.0 g/t gold equivalent)
• 3.60m @ 0.18 g/t gold and 389.8 g/t silver from 86.4m (6.08 g/t gold equivalent),
including 1.80m @ 0.33 g/t gold and 739.53 g/t silver (11.53 g/t gold equivalent)
Drill Hole CBD26-012
• 11.95m @ 2.0 g/t gold and 6.8 g/t silver from 11.45m (2.1 g/t gold equivalent),
including 1.95m @ 8.83 g/t gold and 18.86 g/t silver (9.1 g/t gold equivalent))
Notes. Daura calculated Gold Equivalent using Gold + (Silver / 66*), assuming a recovery
of 80% silver and 100% gold. *Daura’s silver conversion uses a factor of 66. Intersect
NR26-11 Continued 2 May 21, 2026
lengths are recorded core lengths and true widths are not known at this time due to the
early stage of the exploration at Cerro Bayo. Additional highlights of drill results presented
in Table 1 below.
Stuart Mills, Daura’s VP Exploration commented;
“Daura’s strategy has been to drill early while continuing to systematically refine and
generate new targets across the district. Drilling successfully intersected low
sulphidation epithermal veins and breccias associated with higher-grade gold and silver
intervals across multiple target areas, confirming several key aspects of our geological
model. Importantly, the scale and continuity of mineralization encountered suggest we
are vectoring into a well-developed hydrothermal system, significantly enhancing our
confidence in the broader discovery potential at Cerro Bayo”
Keith Henderson, Latin Metals’ CEO commented;
“These initial drill results represent an important milestone for Cerro Bayo and validate the
district-scale geological model developed by Latin Metals. What is particularly encouraging
is that mineralization was intersected across multiple target areas during this first-pass
program, including high-grade gold and silver intervals as well as broad zones of
mineralization beginning at surface.
The combination of high-grade structures and shallow mineralization significantly enhances
the potential scale of the system and supports the view that Cerro Bayo may represent a
large and fertile epithermal district within the Deseado Massif. Importantly for Latin Metals
shareholders, this work is fully funded by our partner under the terms of the option
agreement, allowing us to maintain exposure to discovery upside while minimizing
shareholder dilution.”
Detailed Drill Results
The 1,850-metre program comprised 18 diamond drill holes testing 10 priority targets across
the property including the Ingrid, Julia, Elena, and Eugenia targets (Figure 1). Significant gold
and silver mineralization was intersected in multiple drill holes, including several higher-
grade intervals that demonstrate the potential of the epithermal system.
Additionally, broad zones of silver mineralization were encountered directly from surface in
multiple holes including in CBD26-001, where the upper 43.1m grades 44.3 g/t silver, and in
CBD26-005, where the upper 34.1m grades 23.2 g/t silver. The presence of consistent
mineralization starting at surface is geologically significant, as it demonstrates that the
epithermal gold-silver system is active and well-developed in the near-surface environment
at Cerro Bayo — opening the door to potential shallow, bulk-tonnage style targets in addition
to higher-grade vein systems at depth.
These results confirm the presence of a fertile epithermal gold-silver system at Cerro Bayo
and validate the Company’s targeting strategy within this district-scale land package.
Multiple holes encountered zones of mineralization, including both broad lower-grade halos
and higher-grade intervals consistent with the style of mineralization seen in the
surrounding Deseado Massif, home to several major producing mines and advanced
projects. Mineralization remains open along strike at all targets.
NR26-11 Continued 3 May 21, 2026
Daura is currently completing full interpretation of the data and will provide further updates
to Latin Metals as additional targets and follow-up opportunities are refined.
Figure 1: Completed 2026 drill hole map showing targets tested with initial drilling
and drill hole names for drill holes included in Table 1
NR26-11 Continued 4 May 21, 2026
Table 1: Highlight of drill results from Daura’s initial 1,800m drill program.
Drillhole From
To
Thickness
Gold
Silver
Gold Equivalent
CBD26-001 16.0 19.75 3.75 0.063 31.5 .050
and 28.85 45.2 16.35 0.369 89.0 1.72
including 36.05 39.65 3.60 1.430 321.7 6.3
CBD26-005 0 14.0 14.0 0.037 30.7 05
and 15.95 17.2 1.25 0.100 30.7 0.6
and 23 24.95 1.95 0.330 15.2 0.6
and 30.6 34.1 3.5 0.092 46.0 0.8
and 58.7 73.7 15.0 0.074 120.8 1.9
including 63.7 65.7 2.0 0.110 427.4 6.6
including 68.3 70.0 1.7 0.160 120.72 1.99
and 86.4 90 3.6 0.175 389.8 6.08
including 86.4 88.2 1.8 0.330 739.53 11.53
CBD26-010 30.25 30.55 0.3 0.430 13.4 0.6
and 34.6 35.75 1.15 0.070 47.0 0.8
CBD26-011 103 103.7
0.75 0.600 39.0 1.2
CBD26-012 3.1 4.3 1.2 0.660 5.6 0.7
and 11.45 23.4 11.95 2.00 6.8 2.1
including 17.15 19.10 1.95 8.83 18.86 9.12
including 22.5 23.4 0.9 1.210 2.7 1.3
and 33.3 35.85 2.55 0.526 0.0 0.6
and 67.75 68 0.25 1.020 0.0 1.1
CBD26-015 75.8 76 0.2 0.140 165.0 2.6
and 114.8 117.3
2.55 0.063 32.6 0.6
CBD26-017 24 24.35 0.35 1.460 4.5 1.5
CBD26-018 69.2 70.15 0.95 0.470 0.0 0.5
Notes. Daura calculated Gold Equivalent using Gold + (Silver / 66*), assuming a recovery of
80% silver and 100% gold. *Daura’s silver conversion uses a factor of 66. Intersect lengths
are recorded core lengths and true widths are not known at this time due to the early stage
of the exploration at Cerro Bayo.
NR26-11 Continued 5 May 21, 2026
Next Steps
Daura is planning a Phase II drill program in Q3 2026, expanding exploration across both
Cerro Bayo and La Flora. At Cerro Bayo, Phase II will focus on follow- up drilling, including
step-out and extension holes designed to test continuity and further define zones identified
during Phase I as well as testing additional targets which have not been drilled to date. At
La Flora, the program will include initial drill testing of this emerging high-grade target.
La Flora is a recently defined high- priority, high- grade target, following Latin Metals’
identification of visible gold and high- grade epithermal mineralization at surface (news
release February 4, 2025). Previous surface sampling returned grades of up to 82 g/t gold
and 1,239 g/t silver. Visible gold occurs within silica-rich vein material, consistent with high-
grade epithermal systems. These structures are partially concealed beneath shallow
overburden, suggesting potential for mineralization extending along strike and at depth.
Cerro Bayo is fully permitted for drilling, allowing for continued advancement of follow-up work.
At La Flora, drill permitting is in progress and is expected to be completed in due course, enabling
initial drilling as part of the Phase II program.
Agreement with Daura
Under the terms of the option agreement, Daura may earn up to a 75% interest in the Project
(80% with a top-up right) by completing staged exploration, including aggregate payments of
US$1.7 million to Latin Metals (US$300,000 paid), aggregate payments of US$400,000 to the
underlying vendor (US$250,000 paid), completion of exploration work commitments including
28,000 metres of drilling (1,850 metres completed), and the preparation of a NI 43-101 technical
report containing a mineral resource estimate.
District-Scale Opportunity – Cerro Bayo and La Flora
The Cerro Bayo and La Flora projects are located within the Deseado Massif, one of the world’s
most prolific precious metals districts. Since 1990, the district has produced and defined more
than 600 million ounces of silver and 20 million ounces of gold.
At Cerro Bayo, exploration has outlined an 8 km-wide structural corridor hosting multiple low-
sulfidation ep ithermal vein targets. Phase I drilling represents the first step in systematically
testing this broader mineralized system, with Phase II expected to advance the most prospective
zones. At La Flora, the combination of visible gold, bonanza-grade surface samples, and
favourable geological setting highlights the potential for additional high-grade mineralization and
reinforces its priority for initial drilling.
The style of mineralization intersected is characteristic of low-sulphidation epithermal systems
found throughout the Deseado Massif, a prolific precious metals district hosting multiple
producing mines including Cerro Negro, San Jose, and Cerro Vanguardia.
Qualified Person
Eduardo Leon, QP, is the Company's qualified person as defined by NI 43 -101 and has reviewed
the scientific and technical information that forms the basis for portions of this news release. He
has approved the scientific and technical disclosure herein. Mr. Leon is not independent of the
Company, as he is an employee of the Company and holds securities of the Company.
NR26-11 Continued 6 May 21, 2026
About Latin Metals
Latin Metals Inc. is a copper, gold and silver exploration company operating in Peru and Argentina
under a prospect generator model, minimizing risk and dilution while maximizing discovery
potential. The company secures option agreements with partners to fund exploration. This
approach provides early -stage exposure to high -value mineral assets. Latin Metals is actively
seeking new strategic partners to advance its portfolio.
Upcoming Events
Latin Metals is pleased to announce its participation in several Q3 2026 industry conferences,
providing a platform to connect with investors, industry leaders, and potential partners:
• THE Mining Investment Event – Quebec City, Quebec, June 2-4, 2026
• Rule Symposium 2026 – Boca Raton, Florida, USA, July 6-10, 2026
These events offer valuable opportunities to share Latin Metals’ exploration progress in
Argentina and Peru, highlight the advantages of its low -dilution prospect generator model, and
explore strategic investment and partnership opportunities across its go ld, copper, and silver-
focused portfolio.
Stay Connected
Follow Latin Metals on YouTube , X, Facebook, LinkedIn and Instagram to stay informed on our
latest developments, exploration updates, and corporate news.
On Behalf of the Board of Directors of
LATIN METALS INC.
“Keith Henderson”
President & CEO
For further details on the Company, readers are referred to the Company's website (www.latin-
metals.com) and its Canadian regulatory filings on SEDAR+ at www.sedarplus.com.
For further information, please contact:
Keith Henderson
Suite 1920, 1188 West Georgia Street,
Vancouver, BC, V6E 4A2
Elyssia Patterson, VP Investor Relations
Email: [email protected]
Phone: 778-683-4324
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this news release.
NR26-11 Continued 7 May 21, 2026
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private
Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including,
without limitation, statements regarding the negotiation of the Option Agreements and exercise of the Option for the Properties,
the anticipated content, commencement, timing and cost of exploration programs in respect of the Properties and otherwise,
anticipated exploration program results from exploration activities, and the Company's expectation that it will be able to enter
into agreements to acquire interests in additional mineral properties, the discovery and delineation of mineral
deposits/resources/reserves on the Properties, and the anticipated business plans and timing of future activities of the Company,
are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance
that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words
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"believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions,
events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements
in this news release, the Company has applied several material assumptions, including without limitation, market fundamentals
will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals
in connection with the future development of the Company’s Argentine projects in a timely manner, the availability of financing
on suitable terms for the development, construction and continued operation of the Company projects, and the Company’s ability
to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to differ materially from any future results, performance or achievements expressed
or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical
difficulties in connection with mineral exploration and development and mine development activities at the Properties, including
the geological mapping, prospecting and sampling programs being proposed for the Properties (the "Programs"), actual results
of exploration activities, including the Programs, estimation or realization of mineral reserves and mineral resources, the timing
and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of
new deposits, the availability of a sufficient supply of water and other materials, requirements for additional capital, future prices
of precious metals and copper, changes in general economic conditions, changes in the financial markets and in the demand and
market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes
to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays or the inability of the Company
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policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance
coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint
venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading "Risk
Factors" in the Company's latest Management Discussion and Analysis and other filings of the Company with the Canadian
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Readers are cautioned not to place undue reliance on forward looking statements. Except as otherwise required by law, the
Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by
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