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Anacortes Mining Corp
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Anacortes drills 142.9 m of 1.43 g/t Au at Tres Cruces

2022-08-04 10:12 ET - News Release

Mr. James Currie reports


Anacortes Mining Corp. has released drill results for drill holes ATC-502 and ATC-504 from the Tres Cruces phase one drill program. These represent the next two of 22 planned drill holes at its Tres Cruces gold project in the prolific Quiruvilca mining district in northern Peru.

Hole ATC-502 was a definition hole drilled with the objective of defining limits of gold mineralization on the outskirts of the known oxide pit, confirming lithology, alteration and metallurgical material type from the surrounding reverse circulation drill holes. ATC-502 was drilled to a final depth of 120 metres and intersected three separate gold intervals tabulated in the drill results table. AC-502 successfully fulfilled the objective confirming the gold grade, mineralization limits and geologic characteristics.

Drill hole ATC-504 returned 142.9 metres of 1.43 grams per tonne gold from 40.5 metres downhole and discovered a new zone outside the existing sulphide resource, returning 39.4 metres of 1.45 g/t gold from 194.2 metres downhole.

ATC-504 (located approximately 400 m south of hole ATC-501) was drilled to confirm gold grade, lithology, alteration and metallurgical material type reported in diamond core drill hole DTC-267. Notably, the upper zone of ATC-504 (142.9 m of 1.43 g/t gold from 40.5 m downhole) significantly exceeded both the grade and intercept thickness previously reported in DTC-267 (98.2 m grading 0.89 g/t gold).

The lower intercept of ATC-504 (39.4 m of 1.45 g/t gold from 194.2 m downhole) is a newly discovered zone and indicates the potential for extensive mineralization outside of the existing resource estimate.

Holes ATC-503 and ATC-505 were drilled as PQ-size metallurgical holes and will not be assayed or included in any resource estimates. The core from these holes has been shipped to the Plenge metallurgical lab in Lima where they will be subject to testing to support the planned feasibility study on the oxide resource at Tres Cruces.

Drilling is on hiatus at the moment, but will recommence in due course and will continue throughout the fall. The company will remain well financed after the completion of the phase one drill program.

Quality assurance

All Anacortes sample assay results have been monitored through a rigorous quality control and quality assurance protocol which includes the random insertion of blind standards, coarse blanks, pulp blanks, pulp duplicates and reject duplicate samples. Samples will be randomly selected and sent for check assaying at a second laboratory as a further check as the drill program progresses. Logging and sampling are conducted at Anacortes's core handling facility located in Trujillo, Peru. Drill core is diamond sawn at the Trujillo facility. The half drill-core samples are securely transported to ALS Global's Peruvian subsidiary, ALS Peru SA, in Lima, Peru, where the samples are crushed, pulverized and analyzed. The gold content is determined by fire assay of a 50-gram charge, with atomic absorption finish. Silver and other elements are determined by inductively coupled plasma analysis. Samples reporting five g/t or more gold are assayed with a gravimetric finish. Samples with a reported gold value of 0.2 g/t or more undergo a cyanide leach assay for gold, silver and copper. Anacortes is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy of reliability of the data referred to herein. ALS laboratories are independent of Anacortes.

About Anacortes Mining Corp.

Anacortes is a new growth-oriented gold company in the Americas, which owns a 100-per-cent interest in the Tres Cruces gold project located in Peru. Tres Cruces is one of the highest-grade oxide deposits globally and hosts oxide plus sulphide indicated resources of 2,474,000 ounces at 1.65 g/t gold, inclusive of 630,000 oz of high-grade leachable gold at 1.28 g/t gold, and inferred resources of 104,000 oz at 1.26 g/t gold. The recently released preliminary economic assessment on the leachable resource at Tres Cruces indicates a robust open-pit, heap leach project. Anacortes is well capitalized and intends to aggressively advance the Tres Cruces oxide project through feasibility, permitting and to production as quickly as possible. Additionally, Anacortes will continue to seek further growth opportunities in the Americas, with the goal of creating the next mid-tier multiasset gold producer.

Qualified person

The technical content of this news release has been reviewed and validated by James Currie, PEng, a qualified person as that term is defined in National Instrument 43-101. Mr. Currie is the president and chief executive officer of Anacortes Mining.

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