Anacortes Mining Provides Update on Tres Cruces Drilling Program

Hole ATC-501 designed to test sulphides at a drilled depth of 496.3m

Vancouver, British Columbia–(Newsfile Corp. – June 22, 2022) – Anacortes Mining Corp. (TSXV: XYZ) (OTCQB: XYZFF) (“Anacorts” or the “Company”) is pleased to provide an update on the drilling program currently underway at its Tres Cruces gold project in the prolific Quiruvilca mining district in northern Peru.

As part of the previously announced initial 3,000-4,000 drill program at Tres Cruces, the drilling contractor, Remicsa Drilling SA (“Redrilsa”), completed four drill holes totaling 860.1 meters, as summarized in the table below.

It should be noted that hole ATC-501, designed to twin historic hole RTC 255 and test sulphides at depth, continued to a total depth of 496.3 meters, considerably deeper than any other hole drilled at this day on the project.








hole number Depth (m) Inclination and azimuth Goal of the hole
ATC-500 150.0 -55 10 Delineate the oxide/sulphide boundary at the north end of the pit
ATC-501 496.3 -85,270 RTC 255 Double Hole Confirmation and Deep Sulphide Test
ATC-502 120.0 -60 165 Fill Resource Hole
ATC-503 93.8 -80 90 Provide gold oxide samples for metallurgical testing

As noted in previous press releases, the drill program was designed to support a feasibility study on the Tres Cruces Oxide project as well as to test the potential at depth of the underlying sulphides, where many of the holes drilled by the former operator Barrick ended in promising gold. and silver mineralization.

To view a summary of selected historical holes that ended in mineralization, see Appendix 1 of the Company’s Investor Presentation here: Anacortes Mining Investor Presentation.

The drilling program is managed by the personnel of the Company’s wholly-owned Peruvian subsidiary, Aurifera Tres Cruces SA (“ATC“). Robust QA/QC protocols are in place and are followed by ATC.

The core was shipped to ATC’s warehouse in Trujillo for registration, cutting and preparation for shipment to ALS Global’s Peruvian subsidiary, ALS Perú SA, in Lima for analysis.

The Company expects to receive assays from these initial holes in the coming weeks and will report on these assays when available.

Qualified person

The technical content of this press release has been reviewed and released by James (“Jim”) Currie, P. Eng., a Qualified Person as that term is defined in NI 43-101. Mr. Currie is President and Chief Executive Officer of Anacortes Mining Corp.

About Anacortes

Anacortes is a new gold company focused on growth in the Americas, which owns a 100% interest in the Tres Cruces gold project located in Peru. Phase I at Tres Cruces will be the development of the oxide resource which was the subject of a recently released PEA indicating a robust open pit heap leach project. Phase II at Tres Cruces will focus on exploration of deeper sulphide resources which have considerable potential. Anacortes is well capitalized and intends to aggressively pursue its goal of becoming a mid-tier gold producer in the Americas.

For more information visit: www.anacortesmining.com
Twitter: @anacortesmining
LinkedIn: Anacortes Mining

On behalf of the board:

James A. (Jim) Currie
President and CEO

Contact with Investor Relations:

Kin Communications Inc.
604-684-6730
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Caution regarding forward-looking information

This press release contains forward-looking statements that constitute “forward-looking information” within the meaning of applicable Canadian securities laws (“Forward-Looking Statements”). All statements included herein, other than statements of historical fact, are forward-looking statements and are subject to a variety of known and unknown risks and uncertainties that could cause actual events or results to differ materially from those reflected in forward-looking statements.

Forward-looking statements in this press release may include, but are not limited to, statements about the company’s belief that Tres Cruces has exceptional exploration potential at depth, its intention to aggressively advance the development of the oxide resource, its expectation that its proposed drilling program can test the extent of the deposit and increase confidence in the resource, the design of the project as contemplated in the PEA, the Company’s plans to conduct a extensive metallurgical program in 2022 and its expectation that such a program would confirm recovery and ultimately the Company’s intention to aggressively advance Tres Cruces through feasibility and production under a scenario open heap leaching. Often, but not always, these forward-looking statements can be identified by the use of words such as “anticipated”, “estimated”, “potential”, “open”, “future”, “presumed”, “projected”, “used”. “, “detailed”, “has been”, “gain”, “expected”, “reflecting”, “should”, “anticipated”, “estimated”, “containing”, “remaining”, “to be”, or statements that events “could” or “should” occur or be realized and similar expressions, including negative variations.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s ability to control or predict and which may cause actual results, performance or achievements to differ materially from results, performance or achievements. expressed or implied by the forward-looking statements. These risks include changes in general economic and financial market conditions; political risks; risks related to the current and potential negative impacts of the COVID-19 pandemic on the economy, financial markets and the Company’s operations; and the risks inherent in mineral exploration and development. Although the forward-looking statements contained in this press release are based on what each party believes to be reasonable assumptions at the time they were made, such statements are made as of the date hereof and the company disclaims any obligation to update forward-looking statements. Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place undue reliance on forward-looking statements.

The TSXV has in no way approved or disapproved of the contents of this press release.

About William J. Harris

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