Mr. Ramiro Massa reports

MINSUD ENCOUNTERS ADDITIONAL MINERALIZATION AT CHINCHILLONES, 670M AT 0.30% CU, 0.13 G/T AU, 4.17 G/T AG INCLUDING 78M AT 0.94% CU, 0.45 G/T AU AND 9.48 G/T AG

Minsud Resources Corp. has received assay results from nine 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.

Forty drill holes have been completed to date in the phase IV program, encompassing a total of 28,674 metres. Assay results have been received from drill holes CHDH23-73 through CHDH23-81, which total 6,691.2 metres. Key highlights and associated figures are provided herein.

Chinchillones HS target: High-grade body with mineralization extending below 1,000 metres depth

Drill hole CHDH23-73 was drilled to test the continuity of the NNE (north-northeast) trend containing high-sulphidation mineralization and strong advanced argillic alteration in the east Chinchillones area. It was drilled with an orientation of 135 degrees/negative 85 degrees and reached a depth of 1,141 metres. The results of this drill hole are very significant, having intersected a continuous 670-metre interval of dacites and high-grade polymetallic (Cu-Ag-Au-Pb-Mo) (copper-silver-gold-lead-molybdenum) hydrothermal breccia bodies.

Drilling intersected porphyritic dacite bodies with disseminated and early veinlet-hosted mineralization, with marked advanced argillic alteration. These dacites are traversed by high-grade hydrothermal-intrusive breccias. This dominant Cu-Au mineralization occurs disseminated in the porphyritic dacite and largely within the breccia matrix. The geometry and extent of this hole have not yet been fully established, but this confirms the high-grade mineralization found at depth in hole CHDH23-62.

Significant mineralized intervals for drill hole CHDH23-73 include:

• Drill intercepts:
  • 670.0 m at 0.30 per cent Cu, 0.13 gram per tonne Au and 4.17 g/t Ag, from 360 to 1,030 m (open at depth);
    • Including 78.0 m at 0.94 per cent Cu, 0.45 g/t Au, 9.48 g/t Ag, from 382.0 to 460.0 m.
• Geology:
  • This hole was comprised of intercalated phreatomagmatic breccia and fine to medium grained porphyritic dacite. Rocks exhibit moderate sericitic alteration with superimposed silicification and mineralization appearing as 5 per cent sulphides (dominantly pyrite plus chalcopyrite) in zoned disseminations and veinlets.

These important mineralized dacites and breccia bodies, together with drill holes CHDH22-47, CHDH21-30, CHDH22-50 and CHDH22-62, confirm an area of mineralization measuring 500 m by 400 m, elongated in a NNE direction and open at depth in the eastern sector of the Chinchillones area.

Chinchillones HS target: SSE (south-southeast) high-grade sector

During the 2022 season, an important shallow zone was identified in the south-southeast sector of the east Chinchillones area, bearing high-grade, polymetallic mineralization up to 200 metres deep, confirmed by CHDH21-40 to CHDH22-43.

Recently, CHDH23-75, CHDH23-76, CHDH23-78, CHDH23-79 and CHDH23-80 were drilled in this area with a total of 2,684 metres drilled. The results of these holes confirm the continuity and geometry of this zone of shallow, high-grade mineralization.

Significant mineralized intervals for drill hole CHDH23-75 and CHDH23-79 include:

CHDH23-75 was drilled with an orientation of 135 degrees/negative 75 degrees to a depth of 483.2 metres:

• Drill intercepts:
• 296.0 m at 0.36 per cent Cu, 0.10 g/t Au, 6.85 g/t Ag, 0.16 per cent Zn, from 54.0 to 350.0 m:
  • Including 38.0 m at 1.40 per cent Cu, 0.17 g/t Au, 12.81 g/t Ag, 0.13 per cent Zn, from 258.0 to 296.0 m;
  • The above subinterval also includes 6.0 m at 6.37 per cent Cu, 0.26 g/t Au and 59.4 g/t Ag from 258.0 to 264.0 m.
• Geology:
  • Intercalated, matrix-supported phreatomagmatic breccia and dacite bodies. Breccia is comprised of subangular dacite and quartzite fragments. Medium to strong advanced argillic alteration (kaolinite plus pyrophyllite) and 5 to 7 per cent sulphides. HS (high sulphidation) zone comprises pyrite plus enargite plus chalcopyrite plus tennantite.

CHDH23-79 was drilled with an orientation of 315 degrees/negative 75 degrees to a depth of 305 metres:

• Drill intercepts:
  • 263.0 m at 0.28 per cent Cu, 0.15 g/t Au and 8.92 g/t Ag, and 0.16 per cent Zn from 35.0 to 298.0 m:
    • Including 54.0 m at 0.48 per cent Cu, 0.07 g/t Au and 6.44 g/t Ag from 66.0 to 120.0 m;
    • Including 18.0 m at 1.18 per cent Cu, 0.75 g/t Au and 24.13 g/t Ag from 242.0 to 260.0 m.
• Geology:
  • Intercalated phreatomagmatic breccia and dacite. Matrix-supported breccia comprises rounded to subrounded quartzite and dacite fragments of variable size in a dacitic rock flour matrix. Moderate advanced argillic alteration (dickite-pyrophyllite) and cavity-fill.

See a map in the original release and the attached table for details of drill holes CHDH23-73 through CHDH23-81.

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 kilometres by two kilometres. The zone is open to more than 1,000 m depth.

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.

Qualified person (QP) statement

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 the early stage La Rosita project comprising 6,000 hectares in Santa Cruz province, Argentina.

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