Pampa Metals Reports Positive Assay Results from Its Cerro Buenos Aires Drill Program Confirming Zonation Towards a Porphyry System

VANCOUVER, BC / ACCESSWIRE / December 7, 2021 / Pampa Metals Corp. ("Pampa Metals" or the "Company") (CSE:PM)(FSE:FIRA)(OTCQX:PMMCF) is pleased to provide an update for its 7,600-hectare Cerro Buenos Aires copper-gold exploration project located in northern Chile, where all assay results from the wide-spaced, 9-hole, 2,738m reverse circulation ("RC") drilling program completed in September have been received. Drilling was focused on the Cerro Chiquitin target in the northern third of the Cerro Buenos Aires project area. Assay results confirm the interpretation of a porphyry-related hydrothermal system from the previously reported geological observations of the drilling, which were announced in a news release dated September 15, 2021.

"We are very pleased with these positive results," commented Julian Bavin, CEO of Pampa Metals. "Pampa owns one of the largest prospective property packages in Chile comprising a 62,000-hectare portfolio of eight projects for copper and gold located along proven mineral belts. We look forward to updating shareholders with a solid flow of news as we advance these projects in the coming months."

Highlights from Cerro Buenos Aires Project 2021 RC Drilling

• All holes drilled around the small Cerro Chiqutin outcrop, in the northern third of the Cerro Buenos Aires project area, have returned a variety of anomalous precious metals and multi-element intersections, indicative of a fertile porphyry-type hydrothermal system in the vicinity.
• Three drill holes closest to the outcropping tourmaline breccia and quartz-veined diorite porphyry at Cerro Chiquitin have the most anomalous geochemistry, with intersections in gold and silver and significant anomalies in copper, molybdenum, zinc, lead, arsenic, and antimony, which suggest the inner periphery of a fertile hydrothermal system, with the target copper-rich core likely at depth.
  • Includes 14m @ 0.18 g/t Au (including 6m @ 0.22 g /t Au - RC hole CBA-08) within a magmatic-hydrothermal breccia with a tourmaline or quartz-tourmaline matrix and pyrite disseminations. This intercept correlates with strongly anomalous values in zinc and arsenic.
• Drill holes to the north have comparatively fewer metallic indications, consistent with their location on the propylitic outer periphery of a fertile system.
• Drill holes to the south are also on the inner periphery of the system, but appear to be transitioning away to propylitic alteration further to the southwest and west.

Geological and geochemical results to date from wide-spaced drilling at Cerro Buenos Aires have clearly vectored towards a fertile porphyry-type hydrothermal system to the south and southeast of the Cerro Chiquitín tourmaline breccia. The 9 holes drilled to date extend over a north-south oriented prospective corridor some 4.5 km x 1 km, largely obscured by 40m to 80m of post-mineral gravel cover, and results have narrowed the target area to a 1 km x 1 km core area of interest. In view of this, additional follow-up work comprising detailed induced polarisation (IP) profiles and deeper diamond drilling is currently being planned for the area.