Gold State Resources Inc. announced that the Company, on November 22, 2021, has signed a binding letter of intent with Peruvian Metals Corp. to acquire a 100% interest in the Panteria copper-gold (Cu-Au) porphyry project (the "Project"). The project is located approximately 210 kilometres southeast of Lima, Peru, in the Huancavelica department and is considered highly prospective for both Cu-Au porphyry style mineralization and high-level gold-silver (Au-Ag) epithermal mineralization. Approximately USD 5 million has been spent to date on the Project that has several untested exploration targets. The Project is comprised of several mineral concessions covering an area of 2,000 hectares and is believed to be situated in the northern extension of the Southern Coastal porphyry belt. Peruvian Metals acquired the Project in 2010 and conducted extensive surface sampling and mapping programs followed by a small geophysical program in 2014. Peruvian Metals recognized the porphyry potential of the area and through field work identified the Renaldo Au-Ag zone 4.5 kilometres east of the main Panteria zone. First Quantum Minerals Ltd. ("First Quantum") optioned the Project and explored the area from 2016 to 2018. A total of 8,699 metres were drilled by First Quantum in 11 holes. Five main mineralized zones were identified on the Project by Peruvian Metals and First Quantum: Kisosko, El Corral, NW Corral, La Quebrada and the Renaldo zones. The El Corral and NW Corral Zones have proven the most prospective for Cu-Au porphyry mineralization. The Renaldo and Kiosko zones are considered high-level Au-Ag precious metal target and have not been drill-tested.