Mr. Ramiro Massa reports

MINSUD CONFIRMS HIGH GRADE POLYMETALLIC BRECCIA ZONE YIELDING 786M AT 0.43% CU, 0.23 G/T AU, 15.78 G/T AG INCLUDING 166.3M AT 1.35% CU, 0.54 G/T AU AND 26.63 G/T AG

Minsud Resources Corp. has received assay results from four additional drill holes, which were completed as part of the continuing phase IV scout drilling program at the Chita Valley project, San Juan province, Argentina.

Thirty-three drill holes have been completed to date in the phase IV program, encompassing a total of 23,420 metres. Assay results have been received from the additional four drill holes totalling 3,153 metres, which include drill holes CHDH23-69 through to CHDH23-72. Key highlights are provided herein.

Chinchillones breccia target: high-grade breccia body with mineralization extending below 1,200 m depth

Hole CHDH23-69 was drilled to test the continuity of the polymetallic trend in the Chinchillones West Area. It was drilled with an orientation of 135 degrees/negative 80 degrees and reached a depth of 1,242 metres. The results from this drill hole are highly significant, having intersected a 456-metre interval of continuous high-grade polymetallic (Zn-Pb-Cu-Ag-Au-Mo (zinc-lead-copper-silver-gold-molybdenum)) breccia.

The drill hole intersected a high-grade breccia body emplaced within precursor diorites that host early mineralization A and B veins. This high-grade mineralization is largely hosted within a steep-sided magmatic-hydrothermal breccia body, at least 120 metres wide and remains open along strike. The geometry and extent of this body are yet to be fully established.

This important breccia body exhibits broad textural and mineralogical zonation, characterized by zinc-rich, sulphidic, hydrothermal shingle breccias from along the contact zone with the country rocks and transitions down dip to copper-rich mosaic breccias and then to molybdenite-rich fragment-supported breccias. This zoning pattern is interpreted here to reflect the accumulation of overpressured, volatile gases which has led to an eruptive column above a porphyry Cu-Mo intrusion, without breaching the paleosurface.

Significant polymetallic (Zn-Pb-Au-Cu-Mo) mineralization intervals for drill hole CHDH23-69 includes:

• 786.0 m at 0.43 per cent Cu, 368 ppm Mo, 0.23 g/t Au and 15.78 g/t Ag, from 456 to 1,242 m (open at depth):
  • Including 160.0 m at 0.35 per cent Cu, 0.34 g/t Au, 45.72 g/t Ag, 3.58 per cent Zn, 1.25 per cent Pb, from 456 to 616 m;
  • Including 166.3 m at 1.35 per cent Cu, 0.54 g/t Au, 26.63 g/t Ag, 181 ppm Mo, from 616 to 782.3 m.

These hydrothermal breccia characteristics are affiliated with, and are thought to form part of the mineralized breccias found in drill holes CHDH21-37, CHDH21-38, CHDH21-23 and CHDH21-26. Thus, this zone of higher-grade breccias has a drill-demonstrated strike length of at least 250 m and a vertical column of at least 600 m. Follow-up drill holes are testing the breccia's north-northeast-continuity.

Link zone target

The Link zone target is located between the South Porphyry (also known as PSU) and Chinchillones targets. Scout drilling in this area has confirmed the presence of high-grade mineralized structures hosted in the sedimentary Agua Negra formation and Tertiary-aged domes.

CHDH23-72 is located on the eastern edge of the Link zone. It was drilled with an orientation of 135 degrees/negative 65 degrees to a depth of 762 metres.

• Drill intercepts:
  • 166.0 m at 0.11 per cent Cu, 180 ppm Mo, 515 ppm Zn, from 132.0 to 298.0 m;
  • 34.0 m at 0.12 per cent Cu, 8.39 g/t Ag, 0.15 per cent Zn, from 684.0 to 718.0 m.
• From 246 m to 509 m intercalated early dioritic and andesitic porphyries were intersected;
• Strong potassium alteration, biotite plus/minus K-feldspar with moderate superimposed sericite-chlorite alteration;
• It is considered that the porphyry intercepts could correspond to the west extension of the Chita primary porphyry (PSU).

New target to the NE of Chinchillones

During late 2022, the company identified and drilled a new one km by one km target area to the NNE of the principal Chinchillones system.

The new target area is covered by the Agua Negra sedimentary sequence, with quartzites and shale, traversed by small andesitic/dacitic bodies hosting porphyry-related B and A veinlets. Scout drill holes at this location included CHDH23-70 and CHDH23-71.

Hole CHDH23-70 was drilled to a depth of 618.2 metres. Highlights are outlined:

• Drill intercepts:
  • 8.0 m at 0.49 per cent Cu, 0.19 g/t Au and 10.45 g/t Ag from 372.0 to 380.0 m;
  • 16.0 m at 0.40 per cent Cu, 1.14 g/t Au and 4.56 g/t Ag, from 564.0 to 580.0 m.
• Intersected narrow, high-sulphidation structures measuring eight and 16 metres containing chalcopyrite, pyrite and sphalerite;
• The drill hole intersected a sequence of sandstones and quartzites of the Agua Negra formation hosting weak illite and sericite plus/minus chlorite alteration. A few early andesite dikes cut through this sequence.

General outlook and exploration implications

The current results of the phase IV exploratory activities, together with previous drilling phases, have confirmed an expanded Chinchillones porphyry-epithermal system, now estimated to cover a minimum area of two km by two km. The zone is open to more than 850 m depth, which was the limit of previous drilling equipment utilized on the project.

Ramiro Massa, Minsud's president and chief executive officer, said: "Drill hole CHDH-23-69 has delivered our best drill hole intercept to date and suggests that significant additional potential could be discovered at the Chita Valley project. We are extremely pleased with these new drill results, which further confirm the presence of extensive mineralization at the Chinchillones target, as well as presenting a porphyry system with greater depth and lateral extent to anything else encountered on the project to date, with a new target zone of two km by two km. The scale of this discovery continues to expand and is highlighted by at least two different mineralized bodies of significant thickness and length."

Quality assurance/quality control

All core samples were submitted to the ALS Global Laboratories in Mendoza, Argentina, for preparation and analysis. All samples were analyzed for Au by fire assay/ AA finish 50 grams, plus a 48-element ultratrace four-acid digest with ICP-MS and ICP-AES finish. Minsud followed industry standard procedures for the work with a quality assurance/quality control (QA/QC) program. Field duplicates, standards and blanks were included with all sample shipments to the principal laboratory. Minsud detected no significant QA/QC issues during review of the data.

Case Lewis, PGeo, vice-president of exploration of the company, is a qualified person as defined by Canadian National Instrument 43-101. Mr. Lewis has visited the property and has read and approved the contents of this release.

About the Chita Valley project, San Juan province

The Chita Valley project is a large exploration stage porphyry system with classic alteration features, widespread porphyry style Cu-Mo-Au and polymetallic Ag-Pb-Zn mineralization hosted by Hydrothermal Phreatic breccias and associated gold- and silver-bearing polymetallic veins of intermediate sulphide composition that conformed an outcropping porphyry system at Chita and a lithocap of a porphyry system at Chinchillones. San Juan province of Argentina has a robust mining sector and recognizes the important economic benefits of responsible development of its substantial mineral resource endowment.

Current exploration activities on the Chita Valley project are being financed by a subsidiary of South32 in accordance with the earn-in agreement between the parties entered into on Nov. 1, 2019, and amendments.

On April 13, 2023, South32 exercised its earn-in right to acquire a 50.1-per-cent direct interest in the company's Argentinean operating subsidiary Minera Sud Argentina S.A. (MSA) at the earlier of: (i) the completion of the year 4 annual exploration program; and (ii) Feb. 14, 2024. At the time of completion, Minsud Argentina Inc. (MAI), a wholly owned subsidiary of the company, and South32 will enter into a shareholders' agreement to govern the management and operation of MSA.

About Minsud Resources Corp.

Minsud is a mineral exploration company focused on exploring its flagship Chita Valley Cu-Mo-Au-Ag-Pb-Zn project, in the province of San Juan, Argentina. The company also holds a 100-per-cent owned portfolio of selected early-stage prospects, including 6,000 hectares in Santa Cruz province, Argentina.

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