Mr. Gregory Duras reports

WESTERN METALLICA REPORTS RESULTS FROM THE 1ST PHASE DRILL PROGRAM AT ITS NUEVA CELTI COPPER PROJECT

Western Metallica Resources Corp. has finalized a first-phase drill program, which included four drill holes for a cumulative approximately 1,500 metres of drilling, completing half of the planned two-phase, approximately 3,000-metre drill program aimed at investigating the mineralization at depth below mine levels as well as the northern and southern extensions (refer to press release dated May 11, 2023). Results of first phase of drilling include 7.40 metres at 0.6 per cent copper in NCDDH003 and 1.65 metres at 1.7 per cent copper and 5.95 metres at 0.7 per cent copper in NCDDH004, among previously reported results from the first two holes, NCDD001 and NCDD002. Moreover, these results prove the on-strike continuity of the mineralization for approximately 300 metres thus far and intersected multiple intervals of significant copper mineralization in massive sulphides. Results of all four holes are meaningful as they equally indicate intersections of copper sulphide mineralization, over multiple intervals, predicting a broader high-grade copper mineralized trend and substantiating the vast historic data that position Nueva Celti as a highly prolific copper project.

The results of the first phase confirmed the presence of the mineralized zones previously reported by the Asturian de Zinc (Glencore) drilling program and predict a high-grade copper mineralized trend. The mineralization is mainly represented by a semi-massive, greater-than-50-per-cent assemblage of pyrite, chalcopyrite and magnetite and approximately 2.3 per cent disseminated chalcopyrite, defining strata-bound-like bodies generally hosted by the mica-schist units. The control on the early-Cambrian mineralization is typical of the copper-zinc-lead occurrences on the Northern Central belt (NCB) of the Ossa Morena geological province, with copper sulphides mainly coinciding with layers of muscovite and biotite schists, locally fragmental (metavolcaniclastics) within an amphibolite unit (metavolcanics).

There remains vast potential for further discovery as the first-phase program only investigated the known mineralization approximately 100 metres below the deepest historical mine level and has also intercepted other mineralized zones closer to surface and at depth, not indicated by previous historic exploration/exploitation.

Gregory Duras, chief executive officer and director of Western Metallica Resources, commented: "Western Metallica's exploration team are encouraged by the first-phase drill program results that imply the continuity of the sulphide trend on strike and at depth and confirm the presence of higher-grade copper mineralized zones within the broader resource envelope, which furthermore includes credits of zinc, lead, gold and silver, as well as the potential northern extension delineated by NCDD003. Considering that this is only a modest 100 metres extension to the mine levels, the potential at depth remains unknown and highly prospective given the intervals historically reported, which were, to a certain extent, validated throughout phase 1 of this drill program."

Drill hole NCDD003, sited on the northernmost section drilled to date, proved that the historical mining ended in correspondence with the Penaflor normal fault system that seems to have lowered a northern block for approximately 100 metres, giving the potential for the mineralization to extend north below the Miocene marlstone and calcarenites.

Following this deduction, Western Metallica intends to execute a 30-kilometre ground mag, coupled with 300 gravimetric measurements, programs that are aimed at testing the possible continuity of the mineralization toward north and the possible repetition of the same mineralization style to the east.

New opportunities

In parallel to conducting a geophysics program at the Nueva Celti copper project, the company is evaluating other prospective projects for acquisition in new jurisdictions, leveraging the company's strong cash position during an opportunistic period in the market and delineating assets of interest that would further strengthen its portfolio of gold and polymetallic projects.

Quality assurance and quality control

Sample preparation and analyses will be conducted according to standard industry procedures. Drill core samples are crushed, split and pulverized prior to analysis of gold by fire assay and atomic absorption and multielements by ICP-AES after four-acid digestion. Analytical performance is monitored by means of certified reference materials (CRMs), coarse blanks, and coarse and pulp duplicate samples. Samples have been prepared in ALS Chemex's preparation lab in Seville, Spain, and analyses have been completed in ALS Rosia Montana, Alba, Romania (fire assays) and ALS Loughrea, Galway, Ireland (ICP).

Qualified person

The technical and scientific information in this press release has been reviewed and approved by Giovanni Funaioli, EurGeol, vice-president, exploration, of Western Metallica, who is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Funaioli is an employee of the company and is not considered independent under NI 43-101.

About Western Metallica Resources Corp.

Western Metallica is an Ontario company with its head office in Toronto, Ont., trading on the TSX Venture Exchange under symbol WMS. Western Metallica is in the business of mineral resource exploration and development; its principal asset is its 100-per-cent-owned Nueva Celti copper property in the Ossa Morena belt in Andalusia, Spain. Western Metallica also holds interests in three other Spanish gold projects in the Navelgas gold belt in Asturias, Spain (Penedela, Valledor and Sierra Alta).

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