Mr. Ramiro Massa reports

MINSUD ENCOUNTERS 767M AT 0.25% CU, 0.05 G/T AU, 4.91 G/T AG INCLUDING 18M AT 0.95% CU, 0.21 G/T AU AND 10.06 G/T AG AT CHINCHILLONES, PLANS MINERAL RESOURCE ESTIMATE

Minsud Resources Corp. has received assay results from nine additional drill holes, which were completed as part of the continuing phase 4 drilling program at the Chita Valley project, San Juan province, Argentina.

Fifty-two drill holes have been completed to date in the phase 4 program, encompassing a total of 38,991 metres. Assay results have been received from drill holes CHDH23-82 through CHDH23-90, which total 8,186 metres. Four additional drill holes, CHDH23-91 through CHDH23-94, are currently awaiting assay. Key highlights are provided below.

Chinchillones HSE target north-northeast: High-grade body with mineralization extending between 800 m and 1,000 m depth

Continued drilling in phase 4 was mainly concentrated in the southwest-northeast corridor at the eastern end of the Chinchillones target. Drilling tested the lateral and depth continuity of the previously reported drill holes CHDH23-73 and CHDH23-62, the high-grade sector of the main mineralized bodies.

Drilling intersected porphyritic dacite bodies with disseminated and early mineralization hosted in veinlets, with marked advanced argillic alteration, superimposed on quartz-sericitic alteration of the early bodies at depth. These dacites are crosscut by high-grade hydrothermal-intrusive breccias. Cu-Au (copper-gold) mineralization occurs disseminated in the porphyritic dacite and largely within the breccia matrix. The geometry and extent of this zone has not yet been fully established, but this confirms the high-grade mineralization found at depth in previously reported holes.

CHDH23-82 was drilled with an orientation of 315 degrees/minus-75 degrees to a depth of 921 metres:

• Significant drill intercepts:
  • 767 m at 0.25 per cent Cu, 0.05 gram per tonne (g/t) Au and 4.91 g/t silver (Ag), from 154 m depth, including 18 m at 0.95 per cent Cu, 0.21 g/t Au and 10.06 g/t Ag from 684 m depth.
• Geology:
  • The drill hole was composed of intercalated phreatomagmatic breccia and fine-to-medium-grained porphyritic dacite, with moderate to strong advanced argillic alteration with pyrophyllite and kaolinite. Few local pyrite veins with moderate (3 per cent to 5 per cent) disseminated chalcopyrite, chalcocite and pyrite. Five centimetres to 10 cm HS veins between 380 m and 400 m, with chalcopyrite, tennantite and sphalerite.

CHDH23-87 was drilled with an orientation of 315 degrees/minus-75 degrees to a depth of 850 metres:

• Significant drill intercepts:
  • 700 m at 0.23 per cent Cu, 0.08 g/t Au and 5.47 g/t Ag from 112 m, including:
    • 18 m at 1.77 per cent Cu, 0.40 g/t Au, 101.2 g/t Ag and 0.32 per cent zinc (Zn) from 112 m;
      • The above subinterval also includes eight m at 2.06 per cent Cu, 0.18 g/t Au, 42.3 g/t Ag and 0.25 per cent Zn from 443 m.
• Geology:
  • Medium-grained porphyritic dacite with argillic alteration and pyrophyllite in fractures, moderate sulphides (pyrite, chalcopyrite and sphalerite) and few fine HS veins. Highlights included abundant Cu-Zn in a fracture zone (pyrite-chalcopyrite-tennantite-sphalerite plus/minus galena). At depth, medium-to-fine-grained porphyritic diorite with large, abundant quartz eyes, moderate quartz-sericite alteration, and pyrophyllite in fracture fill and HS veins. Highlight stockwork zone with 18 to 20 vein/metre frequency comprising B-A and molybdenite veins. Abundant molybdenite in quartz veins, with early microveins associated with chalcopyrite and digenite. Thin, zoned HS veins with chalcopyrite, sphalerite and tennantite. Finely disseminated mineralization in cavity fills and veins. Moderate (5 per cent to 7 per cent) sulphides comprising pyrite, chalcopyrite, digenite and molybdenite. HS veins with chalcopyrite and sphalerite increase in intensity near the bottom of the hole from 766 m to 776 m.

CHDH23-88 was drilled with an orientation of 315 degrees/minus-75 degrees to a depth of 801 metres:

• Significant drill intercepts:
  • 715 m at 0.24 per cent Cu, 0.11 g/t Au and 4.92 g/t Ag from 86 m to end of hole, open at depth, including:
    • 34 m at 1.33 per cent Cu, 0.71 g/t Au and 6.13 g/t Ag from 582 m to 616 m.
• Geology:
  • Intercalated, fine-to-medium-grained porphyritic dacite. Moderate to strong quartz-sericite alteration and pervasive silicification. Abundant, finely disseminated mineralization, in addition to cavity fills and microveins. Moderate pyrite and chalcopyrite. From 746 m, medium-grained porphyritic diorite with moderate chloritic/sericitic alteration, and advanced argillic alteration in fractures and veins. Moderate frequency A-B veins, molybdenite veins and HS veins. Moderate (3 per cent to 5 per cent) sulphides, dominantly pyrite with chalcopyrite, sphalerite, tennantite and molybdenite, finely disseminated and in early vein mineralization.

Chinchillones target: MSA begins to outline infill drilling in its high-grade body with mineralization extending up to 800 m depth

MSA has begun to prepare an infill drilling program covering an area 1,550 m long by 1,200 m wide, for the purpose of generating a mineral resource estimate on the property. This area represents the primary north-northeast-trending zone of mineralization within the Chinchillones target, as delineated through drilling.

Grid interval/hole spacing is currently set at approximately 150 m, and at least 70 per cent of holes completed at Chinchillones are anticipated to be included in the model. Drilling results so far have indicated continuity of all metallic domains. The average depth of the planned drilling is approximately 685 m.

The initial program includes 25,000 metres of diamond drilling, distributed in 30 drill holes. This phase of drilling is expected to be completed by mid-2024.

CHDH23-82 to CHDH23-85 correspond to the scouting phase, while CHDH23-86 to CHDH23-90 correspond to the infill phase in the Chinchillones target.

New targets

During the months of September and October, a survey of new areas on the south and west edges of the Chita Valley property began. The objective is to develop new areas to drill by mid-2024. The survey included surface geological mapping, sample collection for ASD spectrometry and a total of 300 rock chip samples. The company is currently awaiting laboratory results.

Ramiro Massa, Minsud's president and chief executive officer, said: "Drilling at the Chinchillones target on our Chita Valley project has yielded results beyond our initial expectations, demonstrating the project's scale and potential as significantly greater than previously anticipated. These findings have prompted us to commence an updated mineral resource estimate on the project, which will now include the Chinchillones target. The updated mineral resource estimate will allow us to implement this zone as part of the project's future development and overall value. As always, the Minsud team is focused on advancing the Chita Valley project to its full potential."

General outlook and exploration implications

The current results of the phase 4 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 1,000 m depth.

Quality assurance/quality control (QA/QC)

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 (atomic absorption) finish 50 grams, plus a 48-element ultratrace four-acid digest with ICP-MS (inductively coupled plasma mass spectrometry) and ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish. Minsud followed industry standard procedures for the work with a quality assurance/quality control 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 for 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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