Mantaro drills 5.15 g/t gold over 4.69 metres at Golden Hill, Bolivia

Mantaro Precious Metals Corp.’s [MNTR-TSXV; MSLVF-OTCQB; 9TZ-FSE] maiden diamond drill program at the Golden Hill property has returned strong gold grades from the first drill hole at La Escarcha gold deposit. Full assays are pending on the remaining 20 drill holes from the La Escarcha gold deposit as well as the Gabby, Westhill and Brownfield targets.

High-grade gold mineralization intercepted across the ‘C’ structure in GH0003 confirming down dip extensions of high-grade gold mineralization beneath La Escarcha mine to at least 100 metres below surface.

Gold assays from diamond drill hole GH0003 include 4.69 metres at 5.15 g/t gold from 171.51 metres, including 2.2 metres at 9.38 g/t gold, intercepting the “C” shear zone.

Gold grades present in each of the five primary gold bearing quartz shear zones at the La Escarcha Mine. Mantaro Chairman and Chief Geologist, Dr. Christopher Wilson, stated, “Our first assays have confirmed high-grade gold mineralization beneath the La Escarcha Mine to at least 100 metres below surface. It is extremely encouraging that the grade of these initial results are similar to our 2021 metallurgical study which was taken from a 10-tonne under ground bulk sample with a high average head grade of 5.53 g/t gold by fire assay. Unoptimized bench-scale gravity test work on the bulk samples reported recoveries of 74% gold and exceptional cyanide recoveries of up to 96%. Multiple gold intercepts in hole GH003, together with surface mapping of quartz vein outcrop and underground drives, support our analysis that multiple shear-hosted veins are located within the broader structure. We are looking forward to the steady flow of assay results in the near term.”

Dr. Wilson further commented, “Gold mineralization at Golden Hill is of an orogenic or greenstone-hosted type. Mineralization occurs within a regional structure that juxtaposed metavolcanics and metasediments (typical of gold mineralization in greenstone terranes worldwide). Four other gold deposits are located along this structure to the north of Mantaro’s concessions over a strike length of at least 25 km – confirming that the Golden Hill shear zone is very robust gold exploration target. Mineralization at Golden Hill is hosted within high-grade shoots and presents as free gold with quartz and quartz carbonate.”

Hole GH0003 was drilled to test the down dip extensions of gold mineralized quartz-carbonate shear zones that have been mined at surface and underground at La Escarcha gold deposit. Assay results have confirmed gold mineralization continues to depths of over 100 metres below surface with significant intervals including 4.69 metres of 5.15 g/t gold (including 2.2 metres of 9.38 g/t gold from 174 metres) across the ‘C’ shear zone from 171.51m downhole. Significant mineralization was also intercepted across the ‘C2’ and ‘C3’ quartz shear zones.

Additional drilling is required to determine true widths as all hole intercepted veins at an oblique angle. The assays are not capped.

Golden Hill is centered on a broadly north-south trending regional structure that hosts the La Escarcha underground mine and the Gabby, Garrapatillia and Brownfields workings and gold-bearing vein occurrences in its western hanging wall. The same structure hosts numerous saprolite gold and hard rock gold deposits to the north and south of Golden Hill over a strike length of at least 25 km – underpinning the significant control the structure exerts on gold mineralization.

A northwest-trending splay of this structure hosts areas of alluvial and saprolitic/hard rock workings within Golden Hill and immediately to the north. At least six strike km of these structures are known within Golden Hill in addition to the 4 km between La Escarcha and Brownfields which have been mapped in detail. Known mineralization and surface anomalism is open along strike on all structures.

Veins are well exposed in underground workings at La Escarcha where they comprise multiphase white quartz and slivers of wall rock which are fracture oxidized. Veins are up to 5 meters wide and contain significant visible gold. Mine staff have reported that gold grades increase downwards from surface to the 60-metre level which is currently under limited development. Most gold appears to be free hosted in fractures within quartz and pyrite.

Mantaro holds an option to acquire up to an 80% interest in the advanced Golden Hill Property in the underexplored, orogenic Bolivia Shield, Bolivia.