Western Metallica Resources Corp. Announces Update to Penedela Drill Program
WESTERN METALLICA RESOURCES CORP. ANNOUNCES
UPDATE TO PENEDELA DRILL PROGRAM
TORONTO, ONTARIO - September 28, 2022 – Western Metallica Resources Corp. (TSXV:
WMS) (“Western Metallica” or the “Company”) is pleased to report the re-start of the Penedela
Project drill program, following the announcement of the Vice President of Exploration
appointment, which led to the reprioritization of drill targets and advanced program planning. The
current phase of the 2,000-metre diamond drilling program, initially announced in May 2022, will
focus on significantly stepping out along trend from previous targets with the aim of testing
underexplored regions of the property. This phase of the Company’s drill program a t Penedela
intends to prove the property has the potential to host a million -ounce resource by prospectively
confirming higher grades and wider intercepts, and to fill-in data intervals within the current
structure.
The primary objective of the Company’s May-July 2022 drill program was to confirm the presence
of mineralization , prove its extension along strike and potential beyond previous exploration
programs. This phase had previously been paused to relog drill core produced from 2020 to 2022,
also involving the consolidation of a new coding system with detailed descriptions of the infill and
structures to reduce any risk of data loss throughout the logging process. The program planning
involved detailed mapping, rock sampling and a total of 640 metres drilled at a total depth of 291
metres achieved, refer to initial results in press release dated August 8 th, 2022. The program
successfully confirmed that the exploration potential remains open in both North and South
directions and at depth, with an indicated opportunity to intercept projected breccia veins, and
with five areas of specific interest moving forward (refer to Figure 1) . The diam ond drill holes
IB024, IB025 and IB026, although not indicators of high -grade results other than IB025 which
intercepted a low-angle core axis pyrite-arsenopyrite vein with 0.5 metre at 17.4 g/t Au, combined
with the reinterpretation of historical data, confirmed the below noted targets of significance.
Highlights of Drill Program Targets (refer to Figure 1):
1. Penedela Structure: the main breccia vein mineralization occurring at the sheared
contact between the Luarca shales and the Los Cabos quartzite was object of the previous
drilling and will not be object of the current drilling phase.
2. Saddle Reef and N-S Fault Target: Massive quartz veins traditionally coined ‘saddle reef
structures’ occur on the hinges of anticlines, this occurrence on the Penedela property
remains an untested region where recent field work indicated a folding style characterized
by a ‘short wave-length’ chevron structure, analogous to the regional San Martin anticline.
The chevron folding style combined with the presence of mineralization constrained by
lithological contact assumes the prospective presence of saddle reef mineralization, in
addition to recent 3D interpretation which infers the presence of a N10° fault as a possible
structure feeding the system. The initial planned drill hole F3IB -02 is intended to test this
hypothesis with a series of contingent holes, F3IB -05 and F3IB -006, to be drille d
southward on strike.
3. Cerro-East Target: Aimed to test the breccia contact in the western flank, a possible N-
S extension and evaluate at depth. Structural mapping, roman vestiges and geochemical
assay results support the untested target as a zone of potential interest which historically
returned 1 metre at 2 g/t Au (Drill Hole IB12 by Rio Narcea Gold Mines Ltd. , 1995). A
prominent >200ppb Au, N10°-striking soil anomaly, could be interpreted as a hidden N-S
fault to be targeted by the planned drill hole F3IB-01A, and drill hole F3IB-01B at depth.
4. E-W Structure Target: These N110 structures are observed to crosscut the chevron-style
fold hinges and may be related to a N -S extension. The related vein system will be the
object of selective channel sampling aimed to investigate its role within the gold
transportation and deposition, these veins could have been bypassed by previous drilling
that was oriented E-W. To evaluate the possible N-S extension of the E-W striking target,
saddle reef and N -S structures, a sector to the south across the Rio Linares defined as
the Zona Sur Del Rio target will be interested by holes F3IB-03 and F3IB-04, with the
secondary purpose to prove the occurrences of the N110° system observed in this region.
Indications of a gentle southern plunge of the fold axis confirmed from recent field observations
infer the Cerro -East, Saddle Reef, N -S Fault and E -W Structure targets may continue on a
southern trend. The drill program is anticipated to continue into November and will involve a step-
out aimed to evaluate previously identified but untested targets, with a strategy that involves
priority drill holes designed to test these targets and secondary holes contingent to the geological
evidence gathered from the prioritized target holes.
Management continues to view Penedela as a project of exceptional importance, notably due to
it being surrounded by significant Roman workings, in the robustly mineralised Navelgas Gold
Belt, and structurally comparable to other pro lific saddle reef and historical models. Gold
occurrences in the Asturias region are indicated across three belts, the Navelgas, Oscos and Rio
Narcea, and occurring in high -grade epithermal veins, skarns and as intrusive related gold
deposits. The Asturias region has been a significant producer of gold and hosts two of the largest
currently known deposits in the Iberian Peninsula, Salave and El Valle -Boinas Carles, both of
which are in close proximity to all three Western Metallica properties; Penedela, Val ledor and
Sierra Alta. Penedela remains a project of focus for the Company, being positioned in a prolific
region formed by multiple gold mineralizing events, with historical production estimated in excess
of 3 million ounces of gold.
Figure 1: Map of Penedela Project Planned Drill Targets
As part of the reprioritization of the Company, Sierra Alta has been defined as a secondary focus
with preliminary mapping, drill scouting and targeting program planned in parallel to work
conducted at Penedela . The Company is fortunate to build off compelling historical work at the
Sierra Alta Project, where l imited exploration was conducted in the area by Rio Narcea Gold
Mines Ltd. circa 1990s, during 2005-2006 and 2014-2015, where geological mapping identified
numerous ancient Roman workings that align across a 10-kilometre NE-SW strike length and
historical pits such as the Freita pit from which 29 million tonnes of material is estimated to have
been mined. Rio Narcea Gold Mines Ltd. furthermore conducted soil sampling which identified a
series of gold anomalies over a n 8-kilometre strike length, the largest described as 3 kilometres
long and 300 metres wide located to the North and a second region of gold anomalies to the
South across an approximate 1.5 kilometres long and 200 metres wide area, as reported by
Emerita Resources Corp in 2016. Subsequent rock sampling conducted by Emerita Resources
Corp. in 2014 returned grades of up to 10.65 g/t Au, where decades prior, a 1 metre rock chip
sample reported by Rio Narcea Gold Mines Ltd. returned a striking grade of 338 g/t Au and results
of 48.96 g/t Au within an area of geochemical anomalies , proving that gold mineralization in the
Sierra Alta system has the potential for very high grades. There remains an untested strike length
of the Sierra Alta system which extends for more than 4 kilometres based on the distribution of
historical workings and soil anomalies . Readers are cautioned that the Rio Narcea Gold Mines
Ltd. and Emerita Resources Corp. historical records have not been verified by a qualified person
and should not be relied upon as current. Additional work is required for the historical work to be
verified and incorporated into a current mineral resource estimate.
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
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. Giovanni Funaioli, Eur.Geol., Vice President Explora tion of Western Metallica, who is a
“Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral
Projects. Mr. Giovanni Funaioli 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
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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 achievemen ts, or developments to differ
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 and 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 o r 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.