Mr. Doug Fulcher reports

CENTENARIO GOLD ANNOUNCES RESULTS FROM THE FIRST DRILL PROGRAM ON EDEN PROJECT

Centenario Gold Corp. has released the results from its maiden drill program on the Eden property. Between Dec. 7 of 2023, and Jan. 21 of 2024, the company completed the first drilling program on its Eden gold-silver property, located just north of Prime Mining Corp.'s Los Reyes project, near Cosala, Sinaloa. The program completed 1,506 metres of drilling distributed in 11 HQ-core holes, testing the strike and down-dip extensions of the mineralized structure along a section of the Buenavista corridor. Assay results have been received on nine of the 11 holes. Assays are pending for holes ED24-09 and ED24-11 and will be released when received.

The holes completed during this first phase of drilling tested a 650 m long section of the Buenavista corridor, centred along the old mining workings where previously sampled surface rock sampling returned high-grade gold and silver values as high as 239.9 grams per tonne Au and 1,390 g/t Ag. Drill holes varied between 100 m and 150 m in depth and were spread out across eight drill pads, three of which hosted a pair of holes. All 11 holes intersected the Buenavista vein-breccia structure at depths ranging between 50 and 110 m. Hole ED23-01, on the other hand, also intersected a second parallel quartz-rich structure, 50 metres farther to the west-northwest.

Although the Buenavista vein-breccia structures returned only anomalous gold and silver values, the drilling program confirmed the continuity of the strike, and down-dip extensions of the mineralized Buenavista system. The low-temperature quartz textures found on surface, such as amethyst and chalcedonic quartz, are also abundant across the structures intersected at depth (down to 110 metres). This occurrence, found both at surface and at depth, suggests that the company is still at a high level in the epithermal column and that a gold and silver system could exist farther down dip.

Moreover, the interpretation results from the semi-detailed geological mapping and geophysical survey that were completed in 2022 across the 1.3-kilometre-long, north-northeast extension of the Buenavista corridor show that the quartz-rich (resistive) mineralized zone found across the old mine workings area is continuous to the north-northeast, and dipping gently along strike.

Apart from the 2.8 km long Buenavista mineralized corridor, there are three other subparallel, fault-controlled mineralized vein-breccia systems within and around the Eden property: the Paloma, the northern portion of the Guadalupana structures branching out southeast and southwest of the Buenavista old mine workings (extension confirmed by geophysical anomaly), and the La Provedora structure located 1.5 km to the east of Buenavista. Old mine workings and occurrences of visible gold were found along all three of these subparallel, north-northeast-trending, regional fault structures.

The company's geological team is currently completing the review, analysis and interpretation of the drilling results. Once finished, the team will prepare a follow-up program of exploration, including more drilling, mapping and sampling across the Buenavista extensions and along the other three structures mentioned above. The company believes that the Eden property, as a whole, hosts a significant gold-silver system as proven by the exploration work completed so far. With this in mind, it is firmly determined to continue exploring and initiate the second-phase drill program.

Alain Charest, chief executive officer, comments: "Although we were unable to repeat the results obtained on surface, the information we got from this first drilling program confirmed that the Buenavista mineralized system is continuous at depth and along strike. The drill information will further help us to better vector in on the mineralized zones within the system. Only a very small portion of the Buenavista corridor has been drill tested so far, so there remain plenty of targets to drill along this structure and along the others."

The drilling contractor was Bylsa Drilling SA de CV of Hermosillo, Sonora. The core was cut, logged and sampled on site at the company's base camp in the town of Tasajeras, 15 km from the drilling site. The selected samples were then shipped to the ALS Lab facilities in Hermosillo, Mexico.

The company would like to thank Bylsa Drilling from Hermosillo, Mexico, for completing this phase of drilling. The drilling was completed in a very professional and timely manner, averaging over 35 metres per shift and under budget.

Quality assurance/quality control sample preparation and analytical procedures

Centenario employs industry-standard QA/QC and data verification protocols. Drilling was performed by Bylsa Drilling of Hermosillo, Sonora, Mexico. The drilling and sampling program at the El Eden project was supervised by a company's senior geologist. On site, the drill core was placed in marked core boxes, transferred to a company truck then driven out of the drill sites to the company's base camp located in the town of Tasajeras, approximately 15 km from the project area.

In Tasajeras, the drill core was cut lengthwise into halves using a diamond-bladed saw, with one-half used for the assay sample and the other half retained in core boxes and archived at site. Mineralized zones were generally sampled between 0.5 m and three m intervals. Quality control samples including standards, blanks and duplicates were inserted between core samples using the same numbering sequence. Each core sample was then placed in a resistant plastic bag with a unique numbered sample identification tag, and the sample number written on the bag.

The samples were then grouped into batches and transferred to large cotton bags with sample numbers written on the outside and sealed. The large sample bags, holding between seven and nine samples each, are then loaded on a company truck and transported to the laboratory facility. Chain-of-custody records are maintained for sample shipments and the custody is transferred from Centenario Gold's to the laboratory upon delivery.

Samples were shipped to and assayed by ALS Chemex Labs of Chihuahua, Chihuahua, Mexico, a laboratory whose quality control system complies with international standards OHSAS 18001, ISO14001 and ISO 9001. Standard sample preparation of drill core includes crushing 70 per cent less than two millimetres, riffle split off 250 grams then the split is pulverized to better than 85 per cent passing 75 microns. Sample rejects are stored in a secure warehouse, for future reference. ALS takes a 50-gram representative sample, for gold analysis by fire assay and atomic absorption. Thirty-four elements were analyzed by four-acid digestion and inductively coupled plasma mass spectrometry finish. The ALS global quality program meets all requirements of ISO/IEC 17025."

About Centenario Gold Corp. and the El Eden gold-silver project

Centenario Gold is a natural resource exploration company that was formed to focus on exploring and generating high-quality mineral prospects in Mexico. During 2020, the exploration team of Centenario visited and evaluated more than 12 mineral prospects before finding the Eden gold-silver property located in Durango state of Mexico. On March 24, 2021, after completing the preliminary evaluation work and due diligence review, Durango Gold Corp SA de CV, the 100-per-cent-owned Mexican subsidiary of Centenario Gold, signed a four-year option agreement to acquire 100 per cent of the mineral rights to the Eden Au-Ag property subject to a 1-per-cent net smelter return. The Eden project consists of three adjoining mineral concessions totalling 5,689 hectares in size hosting a series of high-grade north-to-northeast-trending, epithermal Au-Ag vein structures. The Eden property's northern border is adjacent to Americas Gold & Silver's Nuestra Senora producing mine while the Eden property's southern border is adjacent to Prime Mining's Los Reyes property.

Qualified person

Antonio (Tony) Loschiavo, PEng, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.

Reader caution: The qualified person has not verified the information on the adjacent properties nor mineralization found on adjacent and/or geologically similar properties which is not necessarily indicative of mineralization found on the property.

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