Mantaro Precious Metals Corp. announced a Mineral Resource Estimate for its Golden Hill Property, Bolivia. The Mineral Resource Estimate was prepared by P&E Mining Consultants Inc. on behalf of the Company.

Maiden Mineral Resource Estimate: Gold mineralization at Golden Hill is of an orogenic or greenstone-hosted style. This style of mineralization has been a major source of the world's gold production over the last 100+ years as illustrated by prolific production from such deposits in the Abitibi of Canada, the West Africa Shield and Western Australia. A common theme links orogenic deposits: multiple large deposits form along crustal-scale to regionally extensive gold mineralized structures.

Individual deposits typically comprise multiple high-grade shoots within a lower grade gold mineralized envelope, that extend over several kilometres of strike to depths that often exceed +1000 metres. Mantaro completed 3,010 m of angled diamond drilling, of which 14 drill holes totaling 2,405 m focused on the near surface depth extension of mineralization in La Escarcha open pit to depths of generally less than 90 vertical metres. The maiden Mineral Resource Estimate is hosted within several closely-spaced, sub- vertical to vertical, gold-mineralized shear zones with true widths of up to 13 m. Mineralization at La Escarcha is open in all directions and Mantaro has a number of high reward relatively shallow step-back and step-out drill holes around the Mineral Resource Estimate.

The deep potential at La Escarcha is also highly prospective, there are multiple quartz vein targets hosted along the main controlling structure that are yet to be drill tested, and an additional 6 kilometres of the regional structure shedding alluvial gold that is yet to be mapped and sampled. Golden Hill: Key Benchmarks: The Golden Hill property is a fully permitted 5,976 hectare mining concession. Gold mineralization is of an orogenic or greenstone-hosted type, controlled by a regional structure that hosts at least six other gold deposits along a 25 km strike length, which have all been mined by open pit to shallow levels.

Since the Company's option of Golden Hill in August 2021, it has acquired remote sensing data as a foundation for geological and structural mapping, completed a focused geochemical sampling program for input into drill targeting, collected a 10 tonne underground bulk sample for metallurgical testing, and completed a detailed petrographic study to assist with deposit modelling, drill targeting and input to process metallurgy. As the initial step, the Company took a 10 tonne bulk sample from the -45 m level of the C3 vein at La Escarcha providing a 170 kg sub-sample which was sent to SGS Lakefield (Canada) for metallurgical testwork. Testwork confirmed a head grade of 5.53 g/t gold by 50 g fire assay and 5.96 g/t gold by cyanide leach bottle roll, and demonstrated that unoptimized recoveries of 73.6 % gold are achievable by gravity separation and 94 % gold by cyanidation.

These results provided insight into gold grade and distribution at La Escarcha ahead of the maiden diamond drill program. See news release dated December 2, 2021 for complete results from of the metallurgical testwork. In 2022, the Company completed the next phase of its targeted approach with a maiden 21 hole diamond drill program totaling 3,010 m at Golden Hill, of which 14 drill holes totaling 2,405m were drilled at La Escarcha.

Results from the maiden program at La Escarcha included: 3.57 g/t gold over 14.00 m (including 4.91 g/t gold over 8.80 m) from 105.0 m in GH0005. 8.27 g/t gold over 3.40 m (including 11.82 g/t gold over 2.02 m) from 67.60 m in GH0005. 7.57 g/t gold over 5.00 m (including 10.16 g/t gold over 3.66 m) from 87.00 m in GH0005.

2.70 g/t gold over 15.02 m (including 8.47 g/t gold over 3.10 m) from 64.53 m in GH0008. 6.46 g/t gold over 4.0 m (including 12.73 g/t gold over 2.00 m) from 76.00 m in GH0006. The maiden drill program demonstrated the presence of high-grade gold mineralized shoots within broader gold mineralized halos which define gold mineralized shear zones -- typical of peer group deposits worldwide.

As a final step in the Company's initial exploration plan, a detailed petrographic study was carried out on the drill core. The petrographic study noted the absence of near-surface supergene enrichment and confirmed the gold grades are primary or hypogene. Exploration Potential and Upcoming Programs at Golden Hill: Mantaro allocated 14 drill holes of the 21 hole 3,010 m maiden diamond drill program to test a small panel beneath the La Escarcha open pit.

Drill holes were completed in a series of fences over a strike length of only 400 m to vertical depths of generally less than 90 m. Mineralization is open in all directions at La Escarcha and the Maiden Mineral Resource Estimate is proof of concept. In addition there are multiple high reward targets beneath surface quartz veins and a larger untested regional trend. Specifically: High reward step-back and step-out drilling around the maiden resource at La Escarcha is a priority.

Mantaro is presently designing a 5,000 m Phase 2 angled diamond drill program to test the along strike extension and deeper extension of mineralization to depths of approximately 300 m vertical. The depth potential below 300 m is extremely robust and will be the focus of subsequent drill programs. Five scout diamond drill holes were completed at Gabby (for 473 m). Gabby is located approximately 500 m to the south of La Escarcha and is characterized by a number of gold-bearing quartz veins in outcrop.

The veins extend a further two kilometres to the brownfield target where one drill hole was completed. There are over two kilometres of auriferous quartz veins approximately 500 m to the west of La Escarcha and Gabby which have only been tested by a single shallow drill hole. The exploration potential of Gabby, Brownfields and Westfield is extremely robust and warrants significant further drilling.

In addition to the known prospects, there are over 6 km of unmapped regional structures that have shed alluvial gold into drainages either side. Significantly, the main controlling structure runs northwards from La Escarcha, before hosting the Puqui Norte deposit one km to the north of the concession boundary. The exploration potential of this structure is robust and will be the near-term focus of mapping and sampling by Mantaro.

Since Golden Hill is a permitted mining concession, the Company is able to commence these activities without the need of further permits.