Los Cerros Limited (ASX: LCL) (Los Cerros or the Company) is pleased to advise that an ongoing detailed geological review of the Company's 100% owned Quinchia Project in Colombia has revealed an area of interest at the Ceibal porphyry target not previously tested and necessitating follow up field work. The Ceibal review includes recent guidance and insights from Los Cerros' Principal Geologist, John Dobe. John is a globally recognised porphyry expert, who joined the Company recently, as part of the recent acquisition of PNG focussed Footprint1 .

The review considered surface geology, geochemistry and geophysical data along with critical assay, mineralogical and alteration pathfinders from core produced in the 2021 Ceibal drilling program. Of particular value was information extracted from diamond drill holes CEDDH001, '002 and '005 which indicates the direction of increased alteration and heat signatures (and hence the direction of increasing mineralisation).

These drill holes reported extensive low grade gold mineralisation however the causative porphyry was not intersected: * 500m @ 0.52g/t Au from surface in CEDDH001 drilled towards the new area of interest2 * 586m @ 0.51g/t Au from surface in CEDDH002 drilled towards the new area of interest2 * 512m @ 0.36 g/t Au from surface in CEDDH005 drilled away from the new area of interest3 Interpretation of available data reveals an area in the SW of the Ceibal drilling, an area that has not been previously drilled (Figure 2). Field work will now focus on a program of channel sampling from trenches to gather additional vectoring data to better target the causative porphyry.

Los Cerros' Principal Geologist, John Dobe added

'The Ceibal target displays several key characteristics that warrant follow up. Importantly, the mineralisation intersected to date is all hosted within wallrock/host rock to a yet to be discovered causative porphyry. The host basalts and andesite have extensive moderate to strong SCC (sericite-chlorite and clay) alteration with overprinting lower temperature phyllic and propylitic alteration extending to the NE. This alteration zonation pattern is consistent with peripheral alteration to similar gold-rich porphyries in the district and other gold-rich porphyries globally. Also, intense quartz-magnetite and magnetite vein (M type veining) densities recorded in the drillholes with associated gold mineralisation is an encouraging sign of a nearby mineralised causative porphyry. The confluence of geophysics and geochemical pathfinders and its structural similarity to the Company's Tesorito 1.3Moz4 porphyry all bode well for another fertile porphyry source occurring at Ceibal. None of the drilling to date has intercepted a causative 'early mineral' intrusive which would be the likely source of the expansive Ceibal gold mineralisation intersected so far'. The Ceibal target is located less than 1km from the Company's at surface, high grade, Tesorito gold porphyry discovery (Figure 1). Both Tesorito and Ceibal sit within structural intersections of the Marmato Fault corridor with NW trending lineaments. It is believed these structural controls are instrumental in the formation of the Tesorito porphyry and might also therefore apply at Ceibal.

Miraflores EIA Submitted

The Company has submitted the Environmental Impact Assessment (EIA), based on the 2017 Miraflores DFS, to local authorities for review. The EIA is the final submission ahead of the grant of Miraflores development approvals. The timeline of approval is variable ranging from a minimum 6 months to considerably longer. Miraflores is an advanced sub-section of the Quinchia Project with a 457koz Reserve grading 3.3g/t Au7 and describing an underground mining operation. Commencing with small scale production, such as described in the DFS, is just one of the production scenarios considered in the abovementioned pre-scoping assessment.

Contact:

Jason Stirbinskis

Managing Director

Los Cerros Limited

3/35 Outram Street

WEST PERTH WA 6005

E: jason@loscerros.com.au

FORWARD LOOKING STATEMENTS

This document contains forward looking statements concerning Los Cerros. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on Los Cerros' beliefs, opinions and estimates of Los Cerros as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or undertaking, express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur

(C) 2023 Electronic News Publishing, source ENP Newswire