NEWS

VANCOUVER, BC, March 7, 2022 /CNW/ - MANTARO PRECIOUS METALS CORP. (TSXV: MNTR) (OTCQB: MSLVF) (FSE: 9TZ) (the "Company" or "Mantaro") is pleased to announce that it has completed reconnaissance mapping and sampling at the Golden Hill Property and has identified over two kilometers strike of additional vein structures.

Highlights:

  • 500 surface rock chip samples collected across the property, submitted for assay to ALS Loughrea in Ireland.
    • Numerous samples with visible gold noted from previously untested veins.
    • Results will further define high priority targets for the Company's upcoming drilling campaign.
  • Mantaro has identified several significant quartz veins across an additional 2 kilometers strike length on previously unexplored property.
    • Mineralized footprint now extends to over 6 kilometers strike length.

Field work at Golden Hill was designed to identify, define, and test the gold grade of vein extensions and previously unsampled veins on the property. The sampling focused on the known prospects to confirm grade and outline high priority targets for the upcoming drill program. The program also aimed to extend the known mineralized trend along structure, resulting in the discovery of several significant new quartz mineralized zones.

Through reconnaissance geological mapping, Mantaro's geological team identified several undocumented N-S striking vein structures, north of the previous bounds of known mineralization on the property. Extending the known mineralized footprint along structure by over two kilometers.

The Company collected 500 rock chip samples across the Golden Hill Property. The results from this sampling will further define high priority targets ahead of drilling across historically mined veins at La Escarcha, Gabby and Garrapatillia. The results will also test the continuity of gold mineralization across vein extensions and prioritize newly mapped veins for additional exploration. Sample assay results are expected before the end of March 2022.

Dr. Chris Wilson, Mantaro CEO and Executive Chairman, ''The addition of the newly discovered veins north of La Escarcha significantly expands the known mineralized footprint on the property to over 6 kilometers strike length and represent attractive targets for more detailed exploration during 2022.  We are encouraged with the presence of visible gold in a number of rock chip samples.  This confirms the potential of high prospectively of the primary targets."

Golden Hill is centered on a broadly north-south trending regional structure (see Figure 1) that hosts the La Escarcha underground mine and the Gabby, Garrapatillia and Brownfields workings and gold-bearing veins 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 kilometers — underpinning the significant control the structure exerts on gold mineralization.

Figure 1 – Surface Sample Assays Collected and New Vein Extensions at the Golden Hill Property (CNW Group/Mantaro Precious Metals Corp.)

Figure 2 – Visible gold in rock chip samples taken from La Escarcha vein extensions. The larger flecks of gold are almost 2 mm in diameter. The gold is with pyrite — indicating that it is primary gold associated with a quartz-sulphide mineralizing event. (CNW Group/Mantaro Precious Metals Corp.)

Second order faults splays host areas of alluvial and saprolitic/hard rock workings to the north of La Escarcha — where Mantaro geologists are currently rock-chip sampling and mapping. At least six strike kilometers of these structures are known within Golden Hill — in addition to the four kilometers between La Escarcha and Brownfields which have been mapped in detail. Known mineralization and surface anomalism is open along strike on all structures.

Mineralization between La Escarcha and Brownfields is characterized by a series of broadly parallel, north-south trending, very steeply dipping quartz veins that are between 1 to 5 meters wide. Mineralization is hosted in mafic metavolcanics, at the contact of metavolcanics and metasediments, and within metasediments.

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 m level which is currently under limited development. Most gold appears to be free hosted in fractures within quartz and pyrite.

Figure 3 – Surface exposure of a quartz vein extension at the Westhill drill target. (CNW Group/Mantaro Precious Metals Corp.)

Qualified Person

Dr. Christopher Wilson, Ph. D., FAusIMM (CP), FSEG, a Qualified Person under National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Mantaro Precious Metals Corp.

Mantaro Precious Metals Corp. is a British Columbia company that holds a diversified portfolio of gold and silver focused mineral properties in Bolivia and Peru.  The Company's holds an option to acquire up to an 80% interest in the advanced Golden Hill Property ("Golden Hill"), located in the underexplored, orogenic Bolivia Shield, Bolivia.

The Company also has an 100% interest in high-grade Santas Gloria Silver Property as well as a 100% interest in the San Jose, La Purisima, Cerro Luque and Huaranay Properties (the "Silver Properties").  The Silver Properties are all located in Peru.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information. 

The forward-looking statements contained in this news release are made as of the date of this news release.  Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Mantaro Precious Metals Corp.