Minsud Resources Corp. announced the commencement of Phase IV drilling program at the Chinchillones target area, part of the Chita Valley Project, located in the province of San Juan, Argentina. The program approved by Minsud and South32 Limited ("South32") comprises a total of 26,000 m. The initial stage of the program will consist of 7,800 m, encompassing twelve (12) drill holes, each between 650 to 800 m depth.

The principal objective is to continue testing the apparent NNE-trending epithermal and porphyry corridors delineated from the 2021-2022 drilling and mapping exploratory activities. The results of the 21,345 m drilled between 2020 and 2021, together with the historical results, have unequivocally confirmed the presence of a substantial Zn-Pb-Cu-(Au-Ag) system characterized by coalescing Cu-Au-Ag-Zn-Pb epithermal mineralization superimposed on a porphyry Cu-Mo-Au. The spectrum of mineralization styles are generally affiliated with a Miocene intrusion complex encompassing diorite porphyry through to dacites emplaced into Permo-Carboniferous sediments.

This intrusion complex is largely concealed below a late laccolith body and characterized by the emplacement of multi-stage phreatic and phreatomagmatic breccias. Chinchillones target: Phase IV drilling program at Chinchillones target will commence with 6,500 meters. These drillholes, with variable depths between 650 and 750 m, have been defined to test the NE and SE extensions of high sulphidation mineralization hosted within a pervasive advanced argillic alteration zone interpreted to be related to the CIC.

These were intersected by drillholes CHDH21-30 and CHDH21-40. Link Zone target: Initially two (2) drillholes will be drilled in this zone, with a total of 1,300 m. This area is considered to be potentially another NE-trending corridor of porphyry-high sulphidation mineralization. It is an area that is largely untested, but it presents compelling similarities to the Cu-Au high sulphidation-porphyry characteristics of the principal Chinchillones system.