Pampa Metals Reports IP Chargeability Anomalies of the Cerro Chiquitin Target at Cerro Buenos Aires and Plans Further Drill Testing on Shallow and Deep Porphyry Targets

VANCOUVER, BC /ACCESSWIRE/April 6, 2022/ Pampa Metals Corp. (“Pampa Metals” or the “Company”) (CSE:PM) (FSE:FIRA) (OTCQX:PMMCF) is pleased to provide the results of the pole-dipole (“IP”) induced polarization study performed on the Cerro Chiquitin target on its 7,600 hectare, 100% owned Cerro Buenos Aires project in northern Chile. Cerro Buenos Aires is located along the Paleocene or Central Mineral Belt of northern Chile, approximately 35 km southwest of the multimillion-ounce El Peñon gold-silver mining district, and approximately 210 km south -southwest of Giant Spence and Sierra Gorda. group.

Key points to remember:

  • The results of the IP study have improved the understanding of exploration results from 2021 and have clarified drill targets for further shallow and deep drilling near Cerro Chiquitin.
    • The covered area southeast of the tourmaline breccia body at Cerro Chiquitín is confirmed as a priority target for follow-up drilling.

  • The completed IP survey provided reliable information down to 600m below surface, with interpretable results with respect to mapped geology, other geophysical studies and wide-spaced reverse circulation drilling, all completed and reported in 2021.
    • Prominent chargeability anomalies approximately 800 m to 1100 m wide (east-west) occur on at least four parallel lines covering an area of ​​approximately 1 km north-south, all of which remain open at depth.

A total of 18.8 linear km of pole-dipole IP were studied by Quantec Geoscience Chile Ltda. in January and February 2022, split into six east-west lines each 2.6 km to 3.4 km in length, and with each line separated by 250 m, with readings every 200 m. The IP lines cover an area approximately 3.5 km EW by 1.5 km NS and were located south of the Cerro Chiquitín tourmaline breccia in areas covered with post-mineral gravels.

Target Cerro Chiquitin

Several chargeability anomalies are present in the data from the six lines studied, with a continuous line-to-line anomaly from line 7,274,850 in the south to line 7,275,850 in the north (1,000 m). The northernmost line (7,276,100) appears to exit the main chargeability feature, although a modest chargeable feature is still apparent that matches well with the surface-mapped tourmaline breccia body at Cerro Chiquitin. The loadable anomalies are open at depth beyond the survey limits, and several geophysical profiles show breaks through the profiles that may represent geological faults. Conductive features occur on all profiles and tend to be subparallel to the surface, and may represent one or a combination of water at the base of the gravel cover and clay weathering (intermediate argillic, phyllic , advanced clay). ). Several billable features also correlate well with the low-grade copper and molybdenum geochemical anomalies from historical soil sampling surveys conducted across the post-mineral “pampa” gravel cover.

The chargeability anomalies reflect the presence of sulphide minerals in the subsoil which will almost certainly include pyrite (iron sulphide), but also possibly other sulphide minerals such as chalcopyrite (copper-iron sulphide – the mineral of most common copper).

From south to north:

  • Line 7,724,850: At the southern end of the IP study shows a high intensity chargeability anomaly approximately 800m wide in the middle portion of the line. The anomaly is relatively shallow, well defined below 1500 m elevation and open at depth beyond the limits of the IP survey. The zone of low chargeability to the east is correlated with outcrops of volcanic rocks with intermediate argillic alteration and preserved primary magnetite. The western portion of the chargeability anomaly matches the longitudinal projection of Pampa Metals’ RC CBA06 drillhole from 2021, and may represent a target of interest.
  • Line 7,725,100: shows a moderate to high intensity chargeability anomaly, approximately 800 m wide and is open at depth. The western boundary of the anomaly may be fault-controlled and was drilled by Pampa Metals’ RC CBA06 drillhole from 2021 at relatively shallow depths, and with the best part of the anomaly farther to the east. east and at greater depths. A steeply dipping resistive feature farther east reaches the surface where a small, moderate outcrop of fragmentary rhyolites affected by advanced argillic weathering, including silicification, intrudes the gravel cover and has been mapped at surface. The deep resistive anomaly may represent a target of interest.

Junior mining network

  • Line 7,275,350: Shows a moderate to high intensity chargeability anomaly approximately 900m wide, well delineated from 1600m elevation and open at depth below 1100m elevation. The eastern boundary may be controlled by faults. The central part of this chargeability anomaly was tested by Pampa Metals RC CBA02 drilling from 2021 (projected from 130m north of the line). The deeper resistive anomaly further east is considered interesting for drill testing. Again, this deep resistance corresponds to a small island hill where fragmentary rhyolitic rocks with advanced argillic alteration have been observed.

Junior mining network

  • Line 7,275,600: Like the previous line, a moderate to high intensity chargeability anomaly occurs that is approximately 1,100 m wide, well defined from the 1,600 m elevation and open at depth below the elevation of 1,100 m. The eastern margin appears to be bounded by a high angle fault. The western part of the chargeability anomaly was tested by Pampa Metals’ RC CBA02 borehole from 2021 (projected from 120m south of the line), and the most intense chargeability zone at the remained a target for further test drilling.

Junior mining network

It should be noted that drill holes CBA02 and CBA06, which coincide with some of the geophysical anomalies described above, were highly anomalous in zinc and lead which could be geochemical indicators of the periphery of a copper-mineralized system. porphyry, as well as lesser arsenic and sporadic antimony and minor low-grade gold, which may indicate epithermal overprint.

Cerro Chiquitin Target – Conclusions

The pole-dipole IP survey south of Cerro Chiquitin returned positive results that confirm and validate previous results and interpretations of the area, while adding additional detail and providing clear indicators of potential drill targets for copper ( and gold) in depth. The Company is currently pursuing its plans to conduct follow-up diamond drilling this year.

ABOUT PAMPA METALS

Pampa Metals is a Canadian company listed on the Canadian Stock Exchange (CSE: PM) as well as the Frankfurt (FSE: FIRA) and OTC (OTCQB®: PMMCF) stock exchanges. Pampa Metals has a very promising 62,000 hectare, wholly owned portfolio of eight copper and gold projects located along proven mineral belts in Chile, one of the world’s leading mining jurisdictions. The company is actively advancing four of its projects, including completed and planned drill tests, and has two additional projects on option with Austral Gold Ltd., with Austral already testing its first target on Pampa Metals soil. The company also recently signed an agreement with VerAI Discoveries Inc. giving Pampa Metals access to the latest artificial intelligence technologies in mining exploration, as well as an additional 18,700 hectares of highly prospective land in the heart of the belts. highly productive minerals. from northern Chile.

The Company’s vision is to create value for shareholders and all other stakeholders by making a major discovery of copper or gold along the main mineral belts of Chile, using the best geological and technological methods. For more information, please visit the Pampa Metals website www.pampametals.com.

Qualified person

The technical information contained in this press release has been approved by Mario Orrego G, Geologist and Registered Member of the Chilean Mining Commission and Qualified Person as defined by National Instrument 43-101. Mr. Orrego is a consultant to the Company.

Note: The reader is cautioned that Pampa Metals projects are early stage exploration projects, and reference to existing mines and deposits, or mineralization hosted on adjacent or nearby properties, is not necessarily indicative of mineralization on the Pampa Metals properties.

ON BEHALF OF COUNCIL

Paul Gil | CEO and Director

www.pampametals.com

INVESTOR CONTACT

Ioannis (Yannis) Tsitos | Director
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Neither CSE nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS

This press release contains certain statements that may be considered “forward-looking statements”. All statements in this release, other than statements of historical fact, that address events or developments that Pampa Metals expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”. , “estimates”, “projects”, “potential”, “indicates” and similar expressions, or that events or conditions “will”, “should”, “could”, “might” or “should” occur. Although Pampa Metals believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.

Pampa Metals – Project Locations and Major Mines in Northern ChileJunior mining network

Cerro Chiquitin – Pole-dipole IP lines and previous drillingJunior mining network

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