Mr. Terry Walker reports

SAN LORENZO PROVIDES RESULTS FROM SALVADORA FOLLOW UP DRILLING PROGRAM - PORPHYRY STYLE MINERALIZATION WITH GOLD GRADES ENCOUNTERED IN ALL 4 HOLES INCLUDING INTERCEPT OF 74M OF 1.20 G/T AU + 0.10% CU

San Lorenzo Gold Corp. has provided assay results from the recently completed drilling program on the Cabello Muerto zone of its flagship Salvadora property in Chile. The program was conducted to follow up the gold-copper porphyry discovery hole drilled in 2022.

The 2023 phase 4 program was undertaken to offset hole 3 of the 2022 program -- a discovery hole that established the existence of a significant gold-copper porphyry system (see San Lorenzo's press release dated Oct. 17, 2022). The objective of the 2023 drill program was to establish an extension to the system.

Holes 1, 2 and 4 of the 2023 phase 4 program, direct east-west offsets to hole 3 of the 2022 program, did confirm extensions to the higher grades and widths of porphyry-style alteration that were hoped. The mineralization and alteration encountered in hole 3-23 also appears to indicate the existence of an adjacent, slightly older, porphyry system, which is in keeping with the cluster of mineralized systems found at the El Salvador deposit.

Terry Walker, San Lorenzo's vice-president, exploration, stated: "We are excited that the mineralization and associated phyllic-potassic alteration in the copper-, gold- and molybdenum-enriched zone of holes 01-23, 02-23 and 04-23 match those of the copper-gold porphyry deposits found in the Andean Mega porphyry belt."

Commenting on next steps, Mr. Walker continued: "While there are several more porphyry targets at Salvadora evident from surface alteration, copper-gold enrichment in soil and rock samples and IP [induced polarization]/resistivity geophysical anomalies, we will evaluate these new results in more detail to determine next steps given the potential in the Cabello Muerto zone of the Salvadora property."

Gordon Aldcorn, vice-president of corporate development, added: "We are extremely pleased with the results from the recent four-hole drill program at Salvadora. We have established continuity of the gold mineralization in the CM zone across several drill holes. The system is open to the east, north and northwest, as well as to surface and at depth. With these drill results in hand, we are confident that additional exploration efforts are warranted on the CM zone at Salvadora."

Regarding the nearby El Salvador mine, Mr. Walker expanded on his previous comments, "It appears that mineralized intercepts encountered in hole 03-22, in addition to the intercepts encountered in holes 01-23, 02-23 and 04-23, have cut the top or the outer edge of a gold-rich porphyry system similar to that at El Salvador -- located 15 kilometres to the northeast."

From the period that the El Salvador mine commenced production in 1959 up to 2000, over 13 billion pounds of copper and over 3.1 million ounces of gold have been produced. The El Salvador mine has continued in production since that time and has had its mine life recently extended to 2064.

Qualified person

Eric Hanson, PGeo, senior exploration geologist and qualified person within the meaning of National Instrument 43-101, has reviewed the contents of this news release.

During the drilling program all samples were cut from the drill core using a diamond saw by experienced San Lorenzo staff under the supervision of Mr. Hanson. Each sample, consisting of one-half of the core interval selected, was bagged and sealed on site and delivered by San Lorenzo staff to the ALS prep lab in La Serena, Chile, for processing. ALS subsequently shipped a small subsample of pulp to its laboratory in Lima, Peru, where the subsamples were analyzed for gold by fire assay preconcentration (AA finish) and 35 other elements, including copper and silver, by the ICP technique following aqua regia digestion.

About San Lorenzo Gold Corp.

San Lorenzo Gold is in the business of exploring for and advancing mineral properties. The corporation currently has three 100-per-cent-owned properties in Chile: Salvadora, Nancagua and Punta Alta. The Salvadora property is being explored for large-scale copper-gold porphyry targets and high-grade epithermal gold-silver-copper vein systems. Nancagua is a high-grade mesothermal gold-silver prospect. Punta Alta is an IOCG (iron oxide copper/gold) prospect with related disseminated and vein-style copper-gold-silver-cobalt mineralization.

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