Minsud Resources Corp. announced receipt of assay results from the initial eight drillholes completed in the ongoing Phase IV scout drilling program at Chita Valley Project, San Juan province, Argentina. The company commenced Phase IV drill program in May and plans to complete a 26,000 m program by first quarter of 2023.

Fifteen drillholes were completed to date this year, encompassing a total of 10,000m. Assay results have been received for the first eight (8) drill holes totaling 5,480m, including drillholes CHDH22-43 to CHDH22-50. The remaining seven drillholes are still awaiting assay results.

The principal objectives of the current program include further delineation of the mineralized body discovered during the Phases I to III programs (2020 and 2021), test additional centers of polymetallic mineralization at the Chinchillones area and to probe the down-dip continuity to the South Chita Porphyry (PSU) deposit. The drillholes completed to-date at the eastern sector of the Chinchillones target confirmed the presence of a highly prospective NNE-trending corridor of coalescing epithermal and porphyry mineralization. Chinchillones Target: The drilling phases completed in 2020 and 2021 confirmed a productive advanced argillic alteration (pyrophyllite-quartz-pyrite) hosting high sulfidation mineralization zone (tennantite-chalcopyrite- sphalerite-galena-enargite), encroaching down to 300m below surface and occupies almost the entire eastern edge of the Chinchillones porphyry-epithermal complex.

The drillholes in this sector intersected slivers of the mineralized porphyry amongst advanced argillic-altered dacitic lithologies. It is interpreted that these porphyry Cu-Mo bodies progress to a much bigger and higher-grade mineralization at depth or along strike. Thus, the results to date of the Phase IV drilling at Chinchillones confirmed that continuity to the NE of the high sulfidation Cu-Au-Ag affiliated to a porphyry mineralization type, previously intersected by drillholes CHDH21-30 and CHDH21-40.

The drillholes CHDH22-43 and CHDH22-50, yielded high-grade high sulfidation Cu-Zn-Pb-Ag mineralized intervals occurring in a broad advanced argillic (pyrophyllite-kaolinite-pyrite-secondary silica) altered dacitic lithologies. This important NNE-trending porphyry and epithermal corridor comprise an area of at least 1 km-long and 350m-wide. Drilling demonstrated that the high sulfidation mineralization extend down-dip to at least 500m.

CHDH22-50: This drillhole yielded mineralized dacitic porphyry affected by strong pyrophyllite- dominated advanced argillic alteration and traversed by highly sulfidic intra-mineral hydrothermal breccias. This hole, together with CHDH22-47, confirmed a mineralized dioritic Cu-Mo porphyry at depth. The best intervals are from 77 to 719m, 642m at 0.41% CuEq (0.27% Cu) which include high sulfidation structures of about 20m thick at 1.51% Cu, 0.20 ppm Au, 31ppm Ag.

CHDH22-43: Yielded 90m of advanced argillic altered phreatic hydrothermal breccia. Mineralization is largely as disseminated Cu sulfides with 112m at 0.42% Cu from 30m to 142m, emplaced along the contact of a dacite porphyry with the quartzites of Aguas Negras Permian Fm. CHDH22-47: Intersected advanced argillic-altered dacitic porphyry cut by late, lower-grade dacites.

The most interesting sections range from 278m to 474m with 196m of 0.22% Cu; and from 574m to 782 m, 208m at 0.20% Cu and 178ppm Mo. This section heralded the commencement of porphyry-type mineralization towards the end of the drillhole. Although the Cu values are of moderate grade, a mineralized dioritic porphyry was confirmed.

South Porphyry Target (PSU): Drillholes CHDH22-48 and CHDH22-49 tested the Chita South Porphyry (PSU) at depth. Cu-Mo mineralization was confirmed below 120m, at least up to 250 m depth. The low-level As-Sb and Zn-Pb- Ag-Au values are thought to indicate deeper erosional level compared to the emplacement level at Chinchillones, where high sulfidation veins and replacement are more pervasive.

Drillhole CHDH22-48 intersected 212m from 32m to 244m at 0.37% CuEq (0.25% Cu, 200 ppm Mo). It cuts the NE-trending 10m to 15m veins and vein network (interpreted to be intermediate sulfidation type veins) hosting Zn-Pb-Ag-Au. This drillhole ended at 578 m due to drilling difficulties and could not reach the programmed depth.

Drillhole CHDH22-49 ends at 750.3 m. A moderate to strong potassic alteration is confirmed until the end of the drilling.