Latin Metals Provides Update Regarding the Esperanza Copper-Gold Porphyry Project, San Juan Province, Argentina - Seite 2

Esperanza Project

Esperanza is a copper-gold porphyry exploration project where a copper-gold porphyry system has been partially defined by drilling and where a pyrite halo is exposed at surface over an area of 1,400m x 850m.

The Project has confirmed copper endowment within a multi-phase magmatic hydrothermal system. Historical exploration includes diamond drilling, rock and silt sampling, IP, and magnetic geophysics.

Drill hole 18-ESP-025 (previous news release May 8, 2018), completed by Latin Metals, returned the best results to date with 387m grading 0.57% copper and 0.27 g/t gold from surface, including 166m grading 0.84% copper and 0.37 g/t gold from surface (true width unknown) (Figure 1 and 2). Mineralization is open at depth and laterally, with multiple drill-ready, untested targets. The Project is road accessible and located in San Juan Province which is known to be a mining-friendly jurisdiction in Argentina.

Figure 1: Interpreted east-west cross section through Esperanza highlighting priority target areas.
The inset map shows the location of the cross section and drill hole 18-ESP-025 is highlighted

Figure 2: Core photographs from drill hole 18-ESP-025, which intersected 387m grading 0.57% copper and 0.27 g/t gold. Mineralization was intersected at surface and is open at depth. Photographs show intense potassic alteration; quartz-chalcopyrite vein stockwork, K-feldspar and secondary biotite.

Table 1: Revised Payment Schedule for the Underlying Option

Timing	US$ Cash Payments	US$ value of Latin Metals Shares
Payments to Date	US$910,000 (paid)	--
May 5, 2024 (irrevocable commitment)	US$100,000	--
30 days following receipt of a drilling permit*	US$250,000	--
12 months following receipt of a drilling permit	US$250,000	--
18 months following receipt of a drilling permit	US$250,000	US$250,000
24 months following receipt of a drilling permit	US$383,000	US$250,000
	US$2,143,000	US$500,000

* If a drill permit for the Project is not secured by Latin Metals on or prior to July 31, 2025, the Vendor has the right to terminate the Underlying Option.