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Edmonton, Alberta–(Newsfile Corp. – January 15, 2024) – Peruvian Metals Corporation (TSXV: PER) (OTCQB: DUVNF) (“Peruvian Metals” or the “Company”) is pleased to announce the purchase of Rio Silver’s 50% interest in the Palta Dorada Gold-Silver-Copper property (“Palta Dorada” or the “Property”) located in Northern Peru, resulting in 100% ownership. The Company previously earned 50% ownership in the Property in 2020 by investing USD $250,000 and continued to fund project costs into 2021 and after.The acquisition of the remaining interest in Palta Dorada provides the Company with a strategic advantage due to the unique high-grade gold-silver mineralization that occurs in both oxides and sulphides. Peruvian Metals’ 80% owned Aquila Norte flotation plant is located 120 km northwest of the Property and can process the sulphides creating a highly marketable Cu-Au-Ag concentrate. The oxide material will be treated differently, and the Company will seek to build a Carbon-in-Pulp (“CIP”) gold ore processing circuit either at Aquila Norte or near the project site at Palta Dorada. Further updates regarding the proposed gold process circuit, size and location will be issued as they become available.”Peruvian Metals has demonstrated the ability to operate efficiently and effectively in Peru and we are now ready to expand operations from a position of strength due to our experience and improved financial situation” commented Jeffrey Reeder, C.E.O., and Director of the Company. “After several recent site visits to our operations and others, the management team is convinced that there is an ample supply of gold-bearing material in northern Peru. Our proposed move into the Peruvian gold space will be bolstered by the consolidation of Palta Dorada and will be one of many catalysts and sources of material for the CIP circuit. In addition, the Company holds other assets in Peru whereby negotiations are taking place with artisanal miners that need capital for their operations and space for processing. We will always retain the first right to purchase or process minerals from the miners.”Palta Dorada Work History and GeologyThe Palta Dorada Au-Ag-Cu property is in the Ancash mining department in northern Peru and covers an area of approximately 2,250 hectares. The Property is accessible from the Aguila Norte plant by approximately 120 km of mainly paved roadway. The development of the Property has been delayed since April 2023 due to extensive damage to the access road from El Niño flooding. The construction of a new access road will be a priority moving forward.The development work by Peruvian Metals at Palta Dorada concentrated on the main San Juan vein which surface exposure shows at least an 840-metre strike length. Work to date includes a 160-meter access drift on the lower 895-metre level. The Company has also opened and widened a 53-metre shaft where artisanal miners had extracted hundreds of tonnes of highly mineralized ore that was sold to local toll mills.Seven chip samples were taken at various depths in the shaft from a quartz vein containing sulphides. Previously reported assay results from these samples range from 3.06 g/t Au to 24.1 g/t Au, 36 g/t Ag to 865 g/t Ag and 0.31 % Cu to 4.94 % Cu over an average width of 0.60 metres. The weighted average of the assay results is 10.51 g/t Au, 329 g/t Ag and 1.74 % Cu.
The well obviously shows the transition from the oxide zone to the sulfide zone. In-hole oxide zone assay effects range from 0. 87 to 55. 3 g/t Au. In 2022, 31 tons of oxidized gold ore were mined in the pit area, which was shipped and sold to a local factory in southern Peru. The mineral assayed an average of 8. 83 g/t Au with a recovery of 90%. A second well-mineralized layout to the north of the main layout, the subject of twelve patterns taken from rusty curtains over approximately 480 metres. All standards were highly oxidized and assay effects ranged from 1. 40 g/t Au to 17. 3 g/t Au, 10. 8 g/t Ag to 456 g/t Ag in widths of 0. 20 to 0. . 80 meters. The weighted average of the effects is 7. 92 g/t Au and 102 g/t Ag. A mini bulk standard taken for metallurgical paints from bags containing gold oxide. A bottle metallurgical review was carried out with a head grade of 13. 0 g/t Au and 102 g/t Ag which returned a recovery of 92. 15% gold and 65% silver in 36 hours. Acquisition conditions
To obtain the remaining 50% stake in Palta Dorada, Peruan Metals will pay Rio Silver $250,000 over five months. An upfront payment of $25,000 has been made, and Rio Silver will retain a 3% NSR capped at $2 million. Peruvian Metals will also need to ensure that the royalty pays a minimum of US$50,000 per year for a consistent five-year period.
Jeffrey Reeder, P. Geo. , is the Qualified Person, under National Instrument 43-101, who reviewed and approved the technical content of this version.
About Peruvian Metals Corp.
Peruan Metals Corp. es a Canadian mineral exploration and processing company. Our business style is to supply our consumers with contract milling and produce high quality marketable sulfide concentrates from mineral purchases. The Águila Norte processing plant has a consistent environmental commitment (“IGAC”) from the Peruvian government that provides the company with the ability to expand its operations beyond the current point of one hundred tons per day. The Company continues to gain and expand valuable and basic steel properties in Peru.
ON BEHALF OF PERUVIAN METALS CORP.
(Signed) Jeffrey Reeder
For information, contact:
Jeffrey Reeder, CEO Phone: (647) 302-3290 Email: jeffrey. reeder@peruvianmetals. com
Evan Eadie, Business DevelopmentTel. : (647)-370-5268E-mail: evan@peruvianmetalsir. com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is found in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclosure Regarding Forward-Looking Statements: This press release contains certain “Forward-Looking Statements” within the meaning of applicable securities legislation. We use words such as “might”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate”, “forecast” and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions, and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions, and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements and forward-looking information.
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