Mr. Gregory Duras reports

WESTERN METALLICA LAUNCHES FIELD WORK AT RECENTLY ACQUIRED PERUVIAN COPPER PROJECTS

Western Metallica Resources Corp. has provided an update on current activities and near-term operational plans as it relates to the company's Peruvian acquisitions. The company has now retained a Peruvian-based team to oversee day-to-day operations and exploration work at its recently acquired Turmalina and Cana Brava projects, two highly prospective copper-molybdenum porphyry properties located in Northern Peru.

Gregory Duras, Western Metallica's chief executive officer and director, commented: "We are very excited to have secured the services of highly regarded professionals with the right combination of expertise and experience in the Peruvian mineral exploration industry. Although we only recently finalized the acquisition of the Turmalina and Cana Brava projects, we are keen to commence our field work as soon as possible and update the market on our upcoming activities. As Western Metallica repositions itself as a copper-focused mineral exploration firm operating within mining-friendly and highly prospective underexplored jurisdictions, management expects its various stakeholders to benefit from the accretive value generated from advancing its Peruvian programs and as it achieves operational milestones."

Western Metallica plans to commence its exploration field activities at Cana Brava during the second half of October, which will include mapping supported by short wave infra-red (SWIR) spectrometry analyses. These activities will be aimed at outlining the extent of the porphyry-related alteration, the potential lateral and vertical zonation, defining potential controlling structures and favourable host lithologies, as well as systematic rock sampling aimed at defining anomalies and vectors to the mineralized centres. Based on initial interpretation of collected data, Western Metallica believes there is potential at Cana Brava for a cluster of medium-sized porphyry copper-molybdenum systems of above average grade. The encouraging initial data coupled with the company's expertise in exploration and development, and strong cash position with about $3-million in capital to advance operations into 2024, puts it in a prime position to unlock the untapped potential of this newly-acquired copper project.

Background

Western Metallica recently announced the acquisition of 100 per cent of the issued and outstanding shares in Consolidated Copper Corp., which holds an option to acquire 100 per cent of the mineral claims, rights and interests in two Cu-Mo projects located in Northern Peru: Cana Brava and Turmalina (refer to press release dated Aug. 10, 2023). These prospective polymetallic projects lie within a copper-porphyry region that has seen notable exploration and production success, on the Miocene Cu-Mo porphyry belt which extends from Northern Peru into Ecuador, and hosts world-class deposits such as La Granja (First Quantum), Canariaco (Alta Copper) and Rio Blanco (Zijin Mining Group). Both projects are well located in proximity ports and major paved roads, and each project comprises large mineral concessions conducive to future project scalability.

Cana Brava is a highly prospective 4,900-hectare copper-molybdenum project (including newly staked extensions) located in the La Libertad Department of northern coastal Peru, only 35 kilometres inland from the Peruvian coast and at an elevation of 1,500 metres in the western Cordillera of the Peruvian Andes, neighbouring large emerging copper discoveries such as Hudbay's Llaguen Cu-Mo project. Cana Brava hosts three known partially eroded porphyry centres; Cana Brava 1, a well-defined 800-metre-by-600-metre-sized porphyry centre located on the northwestern sector of the project, preliminarily mapped by compania Minera Anaconda in the 1990s, in addition to Cana Brava 2 and Luz Maria located on the northeastern and southern sector of the project area, respectively. The Cana Brava 1 porphyry has also been the object of a reconnaissance sampling program conducted by Agregados Minerales Industriales SAC in 2015, consisting of 27 assayed samples that averaged 0.1 per cent Cu, with grades up to 0.8 per cent Cu; mapping which indicates the potential existence of a well-developed supergene enrichment profile. Recent processing of remote sensing data revealed the presence of wider advanced-argillic, phyllic and propyllitic alteration zones which have yet to be mapped. The company intends to conduct a drone-based airborne magnetic survey over an area of about 5,000 hectares, along 100-metre-spaced lines, which, coupled with the existing surface mapping data, will support field program targeting. Although the company is now strategically refocused on advancing its Peruvian exploration plans given compelling data and regional implications for future discoveries, Western Metallica's technical team has finalized the acquisition of gravimetric and magnetic data over its wholly owned Nueva Celti copper project, located in Andalucia, Spain (refer to press release dated July 11, 2023). The program delineated the possible extension of the known mineralized body to the north, beyond the regional normal-slip Penaflor faulting system, as well as indicated the presence of a new magnetic anomaly located immediately northeast from the know Nueva Celti deposit. Both anomalies merit further investigation with the execution of certain induced polarization (IP) pole-dipole lines aimed at investigating the possible source of these anomalies beneath a 150- to 200-metre depth Miocene marlstone cover.

Peruvian operations

The company is pleased to report that it has successfully built the core of its Peruvian team, filling the exploration, office and operations management positions, along with engaging a consulting firm experienced within the region of both projects. The exploration manager, Ramon Medina, is a proficient senior geologist with over 25 years of experience evaluating, exploring and developing greenfield and brownfield precious and base metals projects in Latin and North America, who previously held the position of exploration manager for Hochschild Mining in Peru. The office manager, Daniela Principe, an international business graduate with a diploma in logistics and operations, and 10 years of experience in the mining sector, including the position of management assistant for several mineral exploration companies in Peru. The operations manager, Julio Calderon, holds over 20 years of experience in the Peruvian mining industry as field, administration and logistic supervisor for various publicly listed firms, including vast experience managing field programs and managing community relations in rural parts of Peru. Western Metallica also engaged a social consultancy firm, experienced in both Piura and La Libertad departments, that recently concluded an on-site stakeholder map and will provide the company with updated information on surface rights as it relates to both projects. The initial step of establishing relationships with local communities and designing a social engagement plan is critical prior to launching fieldwork in Peru.

Qualified persons

The technical and scientific information in this press release has been reviewed and approved by Giovanni Funaioli, EurGeol, vice-president of 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.

The technical information relating to the Cana Brava and Turmalina projects is historical in nature and has not been independently verified by the company.

About Western Metallica Resources Corp.

Western Metallica is an Ontario-registered 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 being its 100-per-cent-owned Nueva Celti copper property in the Ossa Morena belt in Andalusia, Spain, and three other Spanish gold projects in the Navelgas gold belt in Asturias, Spain (Penedela, Valledor and Sierra Alta). Western Metallica also holds options to acquire a 100-per-cent interest in two copper projects in Peru; Cana Brava, in La Libertad province, and Turmalina, in Piura province.

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