Mr. Gregory Duras reports

WESTERN METALLICA PROVIDES UPDATE ON PLANNED DRILLING PROGRAM AT THE CANA BRAVA PROJECT

Western Metallica Resources Corp. has provided an update on its current exploration activities aimed at advancing the recently discovered Luz Maria and Cana Brava 1 prospects, two key copper-molybdenum porphyry targets located within its 100-per-cent-owned Cana Brava project, and situated in the La Libertad department of northern Peru.

Geophysical and field mapping crews are currently deployed at Luz Maria and Cana Brava 1, following up on previous work conducted as it relates to strong magnetic anomalies coincident with large alteration footprints, typical of Andean copper-molybdenum porphyry systems. The previous geophysical results and field mapping confirmed the potential for a large porphyry Cu-Mo cluster under the sedimentary and colluvial cover, providing valuable targets for further exploration, which the company is now working to further validate. Approximately 16 line-kilometres of pole-dipole induced polarization (IP) geophysical surveys will be completed near term, aimed at identifying sulphide-rich mineralization and possible blind intrusions under the strongly altered Cretaceous sedimentary rocks and under recent colluvium.

The acquisition of geophysical data is supported by an in-house geophysicist, with ample experience in exploring for porphyry and intrusion-related systems in the Andes, responsible for the daily quality control of the data, as well as for the processing and modelling. The company is simultaneously acquiring systematic portable X-ray fluorescence soil data, aimed at vectorizing the Cu-Mo distribution at surface, as well as pole-dipole IP geophysical data to identify sulphide-rich and/or resistivity anomalies, possibly indicating the presence of mineralized bodies under the sedimentary and the recent colluvial covers.

The current field programs will allow the company to extend mapping and sampling outside the main creeks, where all outcrops of mineralized intrusive have been found to date, with the intent of confirming the presence of significant and continuous Cu-Mo porphyry mineralization at a higher level of geological confidence and across a more prominent alteration footprint. The company believes that the integration of this large data set will provide a solid picture about the potential of both prospects, supporting the next phase of scout drilling expected to commence by third quarter 2024.

Previous work at the Luz Maria prospect successfully defined a 2.7-kilometre-by-1.5-kilometre phyllic and potassic alteration footprint, comparable in size with other major Peruvian porphyry deposits. A 46 diamond-sawn channel sampling campaign displayed consistent anomalous grades up to 0.06 per cent Cu and 0.03 per cent Mo from multiphase intrusions, confirming at least three intrusion phases that host both Cu and Mo-sulphide mineralization (refer to press release dated Jan. 22, 2024).

Previous work at the Cana Brava 1 prospect confirmed at least a one-kilometre-by-one-kilometre-sized porphyry target characterized by a distinctive leached zone with goethite and hematite box works. A 17 diamond-sawn channel sampling campaign had confirmed grades up to 0.3 per cent Cu and average 500 parts per million Cu from intrusive rocks.

Gregory Duras, Western Metallica's chief executive officer and director, commented: "We are systematically advancing toward the definition of our drilling targets and moving efficiently through the permitting process, as we aim to start our scout drilling program by Q3 2024. The highly prospective porphyry targets which coincide with Cu-Mo anomalies at both Luz Maria and Cana Brava 1, defined across previous work and currently being further validated and potentially extended, allows the company to delineate key areas for the prospective drill program.

"We are very excited with the evidence of these large, well-preserved porphyry systems located in such a new, accessible and socially favourable sector of La Libertad. It is unusual to find a virtually unexplored exposed porphyry anywhere in the world, but particularly so in Peru, where some of the largest porphyry discoveries of the past 50 years have been made. We look forward to updating the market on the results of the first IP survey completed over the area, as well as the new sampling and mapping of this new target located in one of the world's premier porphyry belts."

Background

Western Metallica holds the 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). Both projects lie in a prolific Cu-Mo metallogenic belt, extending from northern Peru into Ecuador, which has seen notable exploration success and hosts world-class discoveries and deposits such as La Granja (First Quantum), Canariaco (Alta Copper) and Rio Blanco (Zijin Mining Group). The company's projects are well located in proximity to industrial ports and major paved roads, and each project comprises large mineral concessions conducive to future project scalability.

The Cana Brava project is a highly prospective 5,700-hectare copper-molybdenum property located in the La Libertad department, only 35 kilometres inland from the Peruvian coast and at an elevation of 1,500 metres in the western Cordillera of the Peruvian Andes. The Cana Brava project is neighbouring Hudbay's Llaguen project which lies on the western margin of the Miocene epithermal-porphyry copper-gold belt of northern Peru, with the potential for Cana Brava to similarly host shallow high-grade mineralization across a considerable alteration footprint.

Quality assurance and quality control

Sample preparation and analyses will be conducted according to standard industry procedures. Rock samples are crushed, split and pulverized prior to analysis of gold by fire assay and atomic absorption and multielements by inductively coupled plasma optical emission spectroscopy after four-acid digestion. Analytical performance is monitored by means of certified reference materials (CRMs), coarse blanks, and coarse and pulp duplicate samples. Samples are prepared and analyzed in SGS lab in Lima, Peru.

Qualified persons

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. Some of 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, and holds the 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. Western Metallica is also advancing 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).

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