Anacortes Mining to Aggressively Advance High Grade Tres Cruces Gold Deposit in 2022

Drilling high-grade feed zones to build ounces in prolific mining camp, while advancing PEA and FS on high-grade heap leachable oxide resources in 2022

Vancouver, British Columbia – (Newsfile Corp. – January 10, 2022) – Anacortes Mining Corp. (TSXV: XYZ) (“Anacorte” or the “Society”) is pleased to provide a company update, including guidance on its 2022 goals, as the Company progresses towards its ambitious goal of becoming a low-cost, mid-tier gold producer.

In 2021, Anacortes was formed by a transformational merger between CPC company, First Light Capital, and New Oroperu Resources, which owned 100% of the highly promising Tres Cruces gold deposit in northern Peru, 10 km to the south. west of the ancient Lagunas. North mine. As part of the transaction, the Company closed a $ 22 million financing, led by institutional investors and industry leaders, built its management team and began trading as Anacortes Mining Corp . on the TSX Venture Exchange on October 12, 2021.

Tres Cruces is located in a very prolific belt of rocks spanning over 600 km in northern Peru, where ~ 100M ounces of gold have been discovered (~ 50M ounces produced) from operations long-standing, including Newmont / Buenaventura’s Yanacocha mine (South America’s largest and most profitable gold mine), the former Lagunas Norte operation of approximately 14 million ounces and the former Pierana high-grade gold and silver mine of approximately 6 million ounces, among others.

Tres Cruces is one of the highest grade oxide deposits in the world and harbors indicated oxide and sulphide resources of 2,474,000 oz at 1.65 g / t gold and inferred resources of 104,000. oz at 1.26 g / t gold, including 630,000 oz high grade gold leach at 1.28 g / t gold. (The current mineral resource estimate was prepared by Jeffrey D. Rowe, James N. Gray and Ruperto Castro Ocampo with an effective date of March 16, 2021). The surrounding infrastructure includes the Trujillo National Road, national grid electricity, an airstrip, a deep-water port, mining infrastructure near old production operations and a highly skilled workforce in the area. region.

The property was under option to Barrick Gold from 2003 to 2020 and most of the exploration work on the property was carried out by Barrick, operating out of the neighboring Lagunas Norte operation. Barrick’s option expired on December 31, 2020 and ownership was returned to New Oroperu while Barrick was in the process of selling Lagunas Norte.

Jim Currie, CEO of Anacortes Mining, said: “2022 will prove to be a very exciting year for Anacortes as we move the Tres Cruces project forward. We are in the process of preparing an application for an accelerated drilling permit to test the extension at depth of Tres Cruces, where a number of drill holes have resulted in mineralization. It is hard to believe that an asset like Tres Cruces, with 371 drill holes, has ever been properly tested within 250 meters of the surface when so many holes have resulted in excellent mineralization. Large areas of gold mineralization suggest an exceptional exploration opportunity for our shareholders to prove that Tres Cruces can be a world class asset in a great jurisdiction as we begin our journey to become a mid-tier gold producer. “

2022 corporate objectives:

  • Complete a Preliminary Economic Assessment (PEA) on Tres Cruces to demonstrate the robustness of the high grade leachable oxide resource (end of Q1);
  • Authorize and begin the first drilling program in 14 years at Tres Cruces, which will include infill drilling, provide further samples for metallurgical testing and test the deep extension of high grade feeder zones (start Q2);
  • Conduct continued regional exploration with mapping, surface sampling, as geological interpretation suggests potential for other oxide resources in the 3,000 hectare project;
  • Report on the results of the drilling of the first phase;
  • Authorize and begin a second phase exploration, fill, metallurgical and condemnation drilling program to support a feasibility study (FE);
  • Launch an FS on its leachable resource of approximately 630,000 ounces near the surface (Q4);
  • Continue to work with government and the community to build strong working relationships with local and regional stakeholders;
  • Apply for a quote in the United States to help expand your shareholder base
  • Continue to review additional projects to complement the Tres Cruces asset and work towards its goals of becoming a low-cost, mid-level gold producer

For reference, some of the more interesting drill hole intersections from previous drill programs are listed in the tables below.

Select the holes ending with the mineralization:

Borehole From (m) To M)1 Interval (m) Au (g / t)
RTC 237 312 350.0 (EOH) 38 1.07
RTC 255 37 265.0 (EOH) 228 2.95
Incl. 197 265.0 (EOH) 68 5.38
DTC 202 297.5 346.9 (EOH) 49.4 1.47
Trouble code 268 199.5 230.0 (EOH) 30.5 2.08
DTC 280 210.5 225.3 (EOH) 14.8 1.31
Trouble code 278 144 210.0 (EOH) 66 4.3
Incl. 190.5 210.0 (EOH) 19.5 11.01
DTC 285 0 130.0 (EOH) 130 1.84

Select drill holes with high thickness intervals:

Borehole From (m) To M) Interval (m) Au (g / t) At g / txm
RTC 255 37.0 265 228.0 2.95 672.6
DTC 056 79.5 271.5 192.0 3.4 652.8
RTC 052 76.5 271.5 195.0 1.81 353.0
Trouble code 279 57.0 144.0 87.0 3.4 297.5
Trouble code 278 144.0 210.0 66.0 4.3 283.8
Trouble code 252 41.5 77.5 36.0 7.51 270.4
DTC 258 0.0 130.0 130.0 1.8 239.2
JCC 003 61.00 150.5 89.5 2.7 238.1
RTC 015 108.0 272.5 164.5 1.3 210.6
RTC 004 79.5 163.5 84.0 2.5 210.0

For more information visit: www.anacortesmining.com

Twitter: @anacortesmining
LinkedIn: Mines of Anacortes

On behalf of the Board of Directors:
James A. (Jim) Currie
President and CEO

Investor Relations Contact:
Kin Communications Inc.
604-684-6730
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About Anacortès

Anacortes is a new growth-oriented gold company in the Americas, which owns a 100% interest in the Tres Cruces gold project located in northern Peru. Tres Cruces is one of the highest grade oxide deposits in the world and harbors indicated oxide and sulphide resources of 2,474,000 oz at 1.65 g / t gold and inferred resources of 104,000. oz at 1.26 g / t gold, including 630,000 oz high grade gold leach at 1.28 g / t gold. Anacortes is well capitalized and intends to aggressively advance the oxide resource at Tres Cruces through feasibility and production under an open pit heap leach scenario. Additionally, Anacortes will continue to seek new growth opportunities in the Americas, with the goal of creating the next mid-level multi-asset gold producer.

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 in this document, 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. those reflected in forward-looking statements.

Forward-looking statements contained in this press release may include, without limitation, statements about the services to be provided to the company by Kin and ITG and the company’s plans to aggressively advance Tres Cruces to feasibility and production. Often, but not always, these forward-looking statements can be identified by the use of words such as “anticipated”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used” , “detailed”, “has been”, “gain”, “expected”, “reflecting”, “will”, “expected”, “estimated”, “containing”, “remaining”, “to be”, or statements that events “could” or “should” occur or be achieved 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, performances or achievements. expressed or implied by forward-looking statements. These risks include changes in general economic conditions and financial markets; political risks; the risks associated with the current and potential negative impacts of the COVID-19 pandemic on the economy, financial markets and operations of the Company; and the risks inherent in mineral exploration. Although the forward-looking statements contained in this press release are based on what each party considers 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. update any forward-looking 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 these forward-looking statements will prove to be correct, as actual results and future events could differ materially from those anticipated in such statements. Therefore, the reader should not place undue reliance on forward-looking statements.

The TSX Venture Exchange has in no way approved or disapproved of the contents of this press release.

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