Western Metallica Resources Corp. Announces Appointment of Vice President Exploration and Update ON Penedela Drill Program
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WESTERN METALLICA RESOURCES CORP. ANNOUNCES
APPOINTMENT OF VICE PRESIDENT EXPLORATION
AND UPDATE ON PENEDELA DRILL PROGRAM
TORONTO, ON, August 8, 2022 – Western Metallica Resources Corp. (TSXV: WMS) (“Western
Metallica” or the “ Company”) is pleased to announce the appointment of Giovanni Funaioli as
Vice President , Exploration, who will be overseeing and actively managing the Company’s
operations and properties based out of Spain. Mr. Funaioli previously held senior and executive
positions including project geologist with Bolivar Goldfields, MK Gold -Arlo Resources, Hecla
Mining and Bolivar Gold, and will be an asset to Western Metallica’s exploration programs moving
forward as the Company further develops its portfolio of gold and copper assets.
Giovanni Funaioli is a professional geologist with over 30 years of industry experience specializing
in exploration operations across precious and base metals, in a variety of geological environments
and mineral deposit systems, from grassroot to mine feasibility stages, across numerous regions;
South and Central America, North America, Europe, East and West Africa. Mr. Funaioli has had
an impressive career and previously acted as exploration manager for Gold Mines of Sardinia,
Medoro Resources, LGL, Newcrest Mining and Perseus Mining, as well as technical manager for
Gold Fields, strategic project manager for Gran Colombia Gold, and VP Exploration for Royal
Road Minerals. Mr. Funaioli has led the identification and discovery of multimillion ounce gold
resources, including the delivery of the Choco 10 in Venezuela, a world class resource, including
the discovery of its satellite VBK deposit.
"The Company is thrilled to have attracted a Vice President of Exploration the caliber of Mr.
Funaioli, a great addition to our existing exploration team. M. Funaioli brings significant technical
and leadership experience to the role and Company, during a pivotal time in our development ,
having recently launched a 2,000 -metre drill program at the Penedela Project. The VP of
Exploration will execute on the Company’s priorities to evaluate, prove, and potentially expand
our portfolio of assets, and delineate ways to provide value across our exploration programs, as
we progress through methodical exploration, a key pillar for creating shareholder value. Acquiring
skilled management is one if the rarest commodities in the mining industry, securing an
experienced executive and senior operator with the pedigree of Mr. Funaioli is a testament to the
quality of Western Metallica’s projects in Spain,” noted Gregory Duras, CEO of Western Metallica
Resources Corp.
Mr. Funaioli holds a Master’s degree in Geological Sciences (Volcanology and Geothermics) from
the University of Pisa, Italy, and furthermore is a registered Professional Geoscientist (EurGeol)
with the European Federation of Geologist (EFG), a Member of the Australasian Institute of Mining
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and Metallurgy (AusIMM), the Society Applied to Mineral Deposit s (SGA) and a Fellow of the
Society of Economic Geologists (SEG).
Penedela Project: Drill Program Update
Mr. Funaioli’s appointment comes at a crucial time in the Company’s exploration program, having
recently launched its 2,000-metre drilling program at its Penedela Project located in the Navelgas
Gold Belt (refer to news release dated May 25 th, 2022). Management is pleased to report, in the
initial 2 months of the program , the Company has completed over 640 metres of drilling, or
approximately 32% of the 2,000 -metres planned , at a total depth of 291 metres with initial
indicators of mineralization in a pyrite-arsenopyrite vein. Three holes that were drilled as part of
the 2,000-metre program exhibit gold mineralization, indicating the Au mineral is predominant in
the system. The structure of the system also remains open which is validated by the series of drill
holes conducted in the area. The system is structurally complex, but the geological potential
remains intact, and the system stru cture is comparable to other prolific models. The Company
has developed an exploration strategy and implementation plan led by an experienced technical
team, complemented by Mr. Funaioli’s appointment, with the logistics required to execute on the
program in place. Information collected from historical drilling and field geo-structural data exhibits
interesting findings to support new targeting and resume a scout drilling program anticipated for
early September. Hole IB025, which was located on the southern sect ion of the Penedela
structure with direction N160 ° has targeted a N60 ° vein system observed at surface , which
intercepted a low -angle core axis pyrite -arsenopyrite vein with 0.5 m etre at 17. 4 g/t Au. The
Company’s hypothesis is it may be related to a sulphide -rich system propagating from the
anticline structure core and dipping eastward.
Penedela Drill Program Results
Quality Assurance and Quality Control
Sample preparation and analyses are conducted according to standard industry procedures. Drill
core samples are crushed, split and pulverized prior to analysis of Gold by fire assay and Atomic
Absorption and multi -elements by ICP -AES after four acid digest ion. Analytical performance is
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monitored by means of certified reference materials (CRMs), coarse blanks, coarse and pulp
duplicate samples. Samples have been prepared in ALS Chemex preparation lab in Seville, Spain
and analyses have been completed in ALS Rosia Montana, Alba, Romania (Fire Assays) and
LAS Loughrea, Galway, Ireland (ICP).
Qualified Person
The technical and scientific information in this press release has been reviewed and approved by
Mr. Santiago Gonzalez -Nistal, P.Geo., Exploration Manager of Western Metallica, who is a
“Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral
Projects. Mr. Gonzalez-Nistal is an employee of the Company and is not considered independent
under NI 43-101.
About Western Metallica Resources Corp.
Western Metallica is a British Columbia company with its head office in Toronto, Ontario, trading
on the TSX Venture Exchange (TSXV) under symbol WMS. Western Metallica is in the business
of mineral resource exploration and development, its principal asset is its 100% owned Penedela
Gold Property in the “Navelgas Gold Belt” in Asturias, Spain. Western Metallica also has an
interest in two other Spanish gold projects in the “Navelgas Gold Belt” in Asturias (Valledor and
Sierra Alta) and one project located in Andalucia (Nueva Celti).
Further information of the Company can be found at: www.westernmetallica.com
For more information please contact:
Western Metallica Resources Corp.
Gregory Duras
Chief Executive Officer
Email: [email protected]
Investor Relations
Email: [email protected]
Cautionary Note Regarding Forward-Looking Statements
The TSXV has neither approved nor disapproved the contents of this press release. Neither the
TSXV nor its Regulation Service s Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this press release.
This press release contains statements that constitute “forward -statements.” Such forward
looking statements involve known and unknown risks, uncertainties and other factors that may
cause the Company’s actual results, performance or achievements, or devel opments to differ
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materially from the anticipated results, performance or achievements expressed or implied by
such forward-looking statements.
Although the Company believes, in light of the experience of its officers and directors, current
conditions an d expected future developments and other factors that have been considered
appropriate that the expectations reflected in this forward -looking information are reasonable,
undue reliance should not be placed on them because the Company can give no assurance that
they will prove to be correct. When used in this press release, the words “estimate”, “project”,
“belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of
these words or such variations thereon or comparable terminology are intended to identify
forward-looking statements and information. The forward -looking statements and information in
this press release include information relating to the planned drill program and the development
of the Penedela Project and other mining projects and prospects thereof. Such statements and
information reflect the current view of the Company. Risks and uncertainties that may cause
actual results to differ materially from those contemplated in those forward -looking statements
and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause our actual results, performance or achievements, or other future
events, to be materially different from any future results, performance or achievements expressed
or implied by such forward-looking statements.
The forward-looking information contained in this news release represents the expectations of the
Company as of the date of this news release and, accordingly, is subject to change after such
date. Readers should not place undue importance on forward-looking information and should not
rely upon this information as of any other date. The Company undertakes no obligation to update
these forward-looking statements in the event that management’s beliefs, estimates or opinions,
or other factors, should change.