Mr. Gordon Aldcorn reports

SAN LORENZO GOLD EXPLORATION UPDATE

San Lorenzo Gold Corp. has provided an update on its upcoming exploration plans.

San Lorenzo has completed a comprehensive review of the six high-priority targets identified on its flagship Salvadora property. The review was completed with the objective of establishing a go-forward exploration strategy that provides maximum impact for shareholders of San Lorenzo -- and the conclusion was that the Cerro Blanco and Tres Amigos targets are the highest priorities for the next phase of exploration as the company believes incremental spending there has the greatest potential to impact valuation, near term.

The Cerro Blanco target

Cerro Blanco is porphyry copper-gold target with similarities to the zones being produced at Codelco's El Salvador deposit located approximately 15 kilometres (km) to the northeast. Cerro Blanco is highlighted by over 250 vertical metres of exposed alteration visible from the river valley floor forming the northern border of the Salvadora property and also by a highly visible alteration cap on its surface. Zones of alteration are visible from the valley floor over a strike length of over two km with a main feature that is approximately 1.5 km wide.

The Cerro Blanco target is a large zone of strong porphyry style hydrothermal alteration enriched in gold and copper at surface and underlain by a significant IP chargeability anomaly .

Significantly, the Cerro Blanco target has never been drill tested, though it shows all the classic hallmarks of a large, mineralized porphyry system. San Lorenzo conducted two soil and rock geochemical sampling programs that were followed up with an induced polarization survey. Although six km of IP was preformed, the results from only four line kilometres of the two southern lines were usable as the northernmost line was in the river valley where the ground was too conductive to allow significant penetration due to surface salt accumulations from river flooding events.

A third campaign of soil sampling consisting of 57 samples was completed in December, 2023.

The assay results from the campaign confirm the southern extension of gold-copper (Au-Cu) anomalous zone identified by the previous soil and rock sampling programs.

San Lorenzo's previous drilling plans at Cerro Blanco were put on hold after receipt of assay results from a discovery hole on the Caballo Muerto target. Access to the Cerro Blanco target area has been limited by the absence of a suitable road with which to mobilize equipment. San Lorenzo is set to commence road preparation work in advance of a drilling program to be undertaken on Cerro Blanco and Tres Amigos targets in the very near future.

Today, the potential of the undrilled Cerro Blanco targets is self evident. Favourable drilling results will be required to determine its value. San Lorenzo looks forward to future drilling to unlock the multimillion-tonne resource potential of the Cerro Blanco target.

Cerro Blanco and the Salvadora property

The existence of significant alteration at the Cerro Blanco target, together with the mineralization that San Lorenzo has encountered in its drilling to date at Salvadora, continues to affirm to the management of San Lorenzo the existence of several hydrothermal systems that have produced significant porphyry and epithermal style mineral deposits over much of the Salvadora property.

The Salvadora property is characterized by the existence of numerous shallow depth artisanal workings.

The Tres Amigos and Caballo Muerto targets

The Tres Amigos target is the second high-priority target for next stage exploration. San Lorenzo anticipates providing detailed information on the Tres Amigos target within the next approximately two weeks.

The Caballo Muerto target was the subject of San Lorenzo's last two drilling campaigns and while it remains a high-priority target, management has determined that given the nature of the target (a large gold-copper porphyry system) and the company's limited cash resources, that further work be delayed in favour of allocating available funds to the most effective uses as follows:

1. Test the Cerro Blanco target which has never been drilled;
2. Determine the extent of the Tres Amigos system upon which significant grades from mineralized intercepts have already been obtained from previous drilling programs.

About San Lorenzo Gold Corp.

San Lorenzo Gold is involved in the exploration and advancement of mineral properties in the megaporphyry copper-gold (Cu-Au) Costal IOCG (iron oxide copper-gold) and Southern gold-silver-copper (Au-Ag-Cu) belts of Chile. The company's Salvadora property is located in the megaporphyry Cu-Au belt and is being explored for large-scale copper-gold porphyry deposits and high-grade epithermal gold-silver-copper vein system deposits.

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