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Cerro de Pasco Resources Announces Consolidated Assays of the Drilling Campaign at Quiulacocha Tailings Project, Confirms High-Grade Mineralization, including Significant Gallium Concentrations

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Cerro de Pasco Resources (GPPRF) has announced consolidated assay results from its 40-hole drilling campaign at the Quiulacocha Tailings Project in Peru. The campaign revealed consistent high-grade mineralization across a 300 x 1,000-meter area.

Key findings include average grades of 1.7 oz/t silver, 1.5% zinc, 0.9% lead, and notably, 53 g/t gallium - a critical metal for electronics and renewable energy. The overall average grade was 5.5 oz/t silver equivalent. Significantly, 9% of samples exceeded 100 g/t gallium, with concentrations increasing southward.

Notable intersections included copper grades up to 0.62%, gold up to 1.34 g/t, and silver up to 168 g/t in the bottom sections. The company is advancing mineralogical and metallurgical testing to determine optimal recovery methods. A Phase 2 drilling campaign is planned for the second half of 2025 to target remaining tailings and the high-grade copper zone further south.

Cerro de Pasco Resources (GPPRF) ha annunciato i risultati di analisi consolidati della sua campagna di perforazione di 40 pozzi presso il Progetto di Rifiuti di Quiulacocha in Perù. La campagna ha rivelato una mineralizzazione di alta qualità costante in un'area di 300 x 1.000 metri.

I risultati chiave includono gradi medi di 1,7 oz/t di argento, 1,5% di zinco, 0,9% di piombo e, in particolare, 53 g/t di gallio - un metallo critico per l'elettronica e le energie rinnovabili. Il grado medio complessivo era di 5,5 oz/t equivalente d'argento. Significativamente, il 9% dei campioni ha superato i 100 g/t di gallio, con concentrazioni che aumentano verso sud.

Le intersezioni notevoli includevano gradi di rame fino a 0,62%, oro fino a 1,34 g/t e argento fino a 168 g/t nelle sezioni inferiori. L'azienda sta avanzando con test mineralogici e metallurgici per determinare i metodi di recupero ottimali. Una campagna di perforazione di Fase 2 è programmata per la seconda metà del 2025 per mirare ai rifiuti rimanenti e alla zona di rame di alta qualità più a sud.

Cerro de Pasco Resources (GPPRF) ha anunciado los resultados consolidados de análisis de su campaña de perforación de 40 pozos en el Proyecto de Relaves Quiulacocha en Perú. La campaña reveló una mineralización de alta ley consistente en un área de 300 x 1,000 metros.

Los hallazgos clave incluyen leyes promedio de 1.7 oz/t de plata, 1.5% de zinc, 0.9% de plomo y, notablemente, 53 g/t de galio - un metal crítico para la electrónica y las energías renovables. La ley promedio general fue de 5.5 oz/t equivalente a plata. Significativamente, el 9% de las muestras superaron los 100 g/t de galio, con concentraciones que aumentan hacia el sur.

Las intersecciones notables incluyeron grados de cobre de hasta 0.62%, oro de hasta 1.34 g/t y plata de hasta 168 g/t en las secciones inferiores. La empresa está avanzando en pruebas mineralógicas y metalúrgicas para determinar los métodos de recuperación óptimos. Se planea una campaña de perforación de Fase 2 para la segunda mitad de 2025 para apuntar a los relaves restantes y la zona de cobre de alta ley más al sur.

세로 데 파스코 리소스 (GPPRF)는 페루의 퀼라코차 테일링 프로젝트에서 40개의 구멍을 가진 드릴링 캠페인의 통합 분석 결과를 발표했습니다. 이 캠페인은 300 x 1,000 미터 지역에서 일관된 고품질 광물화를 드러냈습니다.

주요 발견 사항으로는 1.7 oz/t 은, 1.5% 아연, 0.9% 납의 평균 등급과 특히 53 g/t 갈륨이 포함되어 있습니다. 이는 전자 및 재생 에너지에 중요한 금속입니다. 전체 평균 등급은 5.5 oz/t 은의 동등한 값이었습니다. 특히, 샘플의 9%가 100 g/t 갈륨을 초과했으며, 남쪽으로 갈수록 농도가 증가했습니다.

주목할 만한 교차점으로는 구리 등급이 최대 0.62%, 금이 최대 1.34 g/t, 은이 최대 168 g/t인 하부 구역이 포함되었습니다. 회사는 최적의 회수 방법을 결정하기 위해 광물학적 및 금속 공학 테스트를 진행하고 있습니다. 2025년 하반기에는 남쪽으로 더 고급 구리 지역과 나머지 테일링을 목표로 하는 2단계 드릴링 캠페인이 계획되어 있습니다.

Cerro de Pasco Resources (GPPRF) a annoncé des résultats d'analyse consolidés de sa campagne de forage de 40 trous au projet de résidus de Quiulacocha au Pérou. La campagne a révélé une minéralisation de haute qualité constante sur une zone de 300 x 1 000 mètres.

Les résultats clés incluent des teneurs moyennes de 1,7 oz/t d'argent, 1,5 % de zinc, 0,9 % de plomb et, de manière significative, 53 g/t de gallium - un métal critique pour l'électronique et les énergies renouvelables. La teneur moyenne globale était de 5,5 oz/t équivalent argent. Notamment, 9 % des échantillons ont dépassé 100 g/t de gallium, avec des concentrations augmentant vers le sud.

Les intersections notables comprenaient des teneurs en cuivre allant jusqu'à 0,62 %, de l'or allant jusqu'à 1,34 g/t et de l'argent allant jusqu'à 168 g/t dans les sections inférieures. L'entreprise progresse dans les tests minéralogiques et métallurgiques pour déterminer les méthodes de récupération optimales. Une campagne de forage de phase 2 est prévue pour la seconde moitié de 2025 afin de cibler les résidus restants et la zone de cuivre de haute qualité plus au sud.

Cerro de Pasco Resources (GPPRF) hat konsolidierte Analyseergebnisse aus seiner Bohrkampagne mit 40 Löchern im Quiulacocha Tailings-Projekt in Peru bekannt gegeben. Die Kampagne hat eine konsistente hochgradige Mineralisierung in einem Gebiet von 300 x 1.000 Metern offenbart.

Wichtige Ergebnisse umfassen durchschnittliche Gehalte von 1,7 oz/t Silber, 1,5% Zink, 0,9% Blei und bemerkenswerterweise 53 g/t Gallium - ein kritisches Metall für Elektronik und erneuerbare Energien. Der durchschnittliche Gesamtgehalt betrug 5,5 oz/t Silberäquivalent. Erheblich ist, dass 9% der Proben 100 g/t Gallium überschritten, wobei die Konzentrationen nach Süden zunahmen.

Bemerkenswerte Schnittstellen umfassten Kupfergehalte von bis zu 0,62%, Gold von bis zu 1,34 g/t und Silber von bis zu 168 g/t in den unteren Abschnitten. Das Unternehmen führt mineralogische und metallurgische Tests durch, um optimale Rückgewinnungsmethoden zu bestimmen. Eine Phase-2-Bohrkampagne ist für die zweite Hälfte von 2025 geplant, um die verbleibenden Tailings und die hochgradige Kupferzone weiter südlich zu erreichen.

Positive
  • High-grade mineralization confirmed with consistent silver (1.7 oz/t), zinc (1.5%), and lead (0.9%) grades
  • Significant gallium discovery with 9% of samples exceeding 100 g/t, adding potential value
  • Pyrite constitutes approximately 50% of tailings, representing potential additional revenue
  • Grade consistency both laterally and at depth increases resource confidence
Negative
  • Metallurgical testing still pending to confirm metal recoveries
  • Project to 57 hectares (50%) of total tailings surface area within El Metalurgista concession

MONTREAL, April 09, 2025 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (TSX.V: CDPR) (OTCQB: GPPRF) (FRA: N8HP) (“CDPR” or the “Company”) is pleased to announce the consolidated assay results from its drilling campaign at the Quiulacocha Tailings Project in Central Peru. The 40-hole drilling campaign, comprising assays over a 300 x 1,000-meter area (Figure 1), has confirmed high-grade intersections of silver (Ag), zinc (Zn), lead (Pb), copper (Cu), and gold (Au), while also revealing significant concentrations of gallium (Ga), a critical metal with growing strategic importance due to recent geopolitical developments.        

Key Highlights

  • Grade Consistency: Assays show grade consistency at both depth and laterally across the drilled area, enhancing confidence in the project's resource potential (Figure 2), with gallium, lead, copper and gold concentrations increasing in the southern section.
  • High-Grade Mineralization: The drilling program consistently intersected elevated grades of silver, zinc, lead, and gallium. The average grade across all samples was 5.5 oz/t AgEq1, including 1.7 oz/t (52 g/t) Ag, 1.5% Zn, 0.9% Pb, and 53 g/t Ga (Table 1 and Table 2).
  • Strategic Gallium Discovery: Gallium, a critical metal used in advanced electronics and renewable energy technologies, was identified throughout the tailings, with grades increasing towards the south and 9% of samples exceeding 100 g/t Ga.
  • Significant Pyrite Potential: Based on historical mineralogical reports and current core logging, pyrite constitutes approximately 50% of the tailings and may represent a valuable by-product.
  • Mineralogical and Metallurgical studies are underway to confirm metal recoveries and will investigate gallium and pyrite’s potential to add significant value to the project.

“The successful completion of this drilling campaign marks a significant milestone for Cerro de Pasco Resources,” said Guy Goulet, CEO. “We are thrilled with the assay results, which not only confirm the high-grade nature of the Quiulacocha Tailings but also highlight significant gallium concentrations—a critical metal with rising global demand. The consistency of silver, zinc, and lead mineralization, coupled with the potential for valuable by-products like gallium and pyrite, position this project as a cornerstone of our portfolio. We are anticipating increased copper grades towards the southern part of the deposit based on historic underground copper mining records. We are advancing metallurgical testing and further exploration to unlock the project’s full value.”

Figure 1: 40-hole Quiulacocha Drill Program

2025_04_09_Figure 1

Detailed Results

The drilling campaign returned numerous high-grade intersections across the drilled area (Table 1 and Table 2). Key results include:

  • Gallium highlights: Drillholes SPT1_4 and SPT1_5 intersected gallium averaging 86 g/t, with near-surface assays of 141 g/t (SPT1_4) and 115 g/t (SPT1_5) in the first 8 meters. Lead grades exceeded 1% Pb, and gallium reached 100-110 g/t in multiple samples, statistically correlating with lead values.
  • Copper, gold and silver: Intersections at the bottom of the drilled area yielded grades up to 0.62% Cu, 1.34 g/t Au, and 168 g/t Ag, suggesting a later phase of polymetallic-copper mining distinct from the primary high-grade copper zone further south.

The results indicate a clear trend of increasing lead and gallium concentrations towards the south, alongside intersections of copper-silver-gold tailings in the central and southern parts of the drilled area, expanding the economic potential beyond the initial focus on silver, zinc, and lead.

Ongoing Work

The Company is advancing to the next phase of development with the following steps:

  • Mineralogical and Metallurgical Testing: Representative composite samples are being tested to determine the most effective recovery methods for silver, zinc, lead, copper, gold, gallium, and pyrite, providing critical inputs for future technical and economic assessments.
  • Phase 2 Drilling: Encouraged by these results, the company is planning an extended drilling campaign in the second half of 2025, targeting the remaining tailings outside the El Metalurgista concession and the primary high-grade copper zone further south.

Figure 2. Main cross section of AgEq (oz/t) across 1,000 meters of the drilled area

Figure 2. Main cross section of AgEq (oz/t) across 1,000 meters of the drilled area

Table 1. Average grades of the drilling campaign

MetalGrade
Silver1.66 oz/t
Zinc1.49%
Lead0.88%
Copper0.09%
Gold0.10 g/t
Gallium53.2 g/t
Indium19.9 g/t


Table 2. Average grades per drillhole

DrillholeLength (m)Ag
(oz/t)
Ag
(g/t)
%
Zn
%
Pb
%
Cu
Au
(g/t)
Ga
(g/t)
In
(g/t)
% Fe **AgEq
(oz/t) *
SPT03A161.8958.661.850.740.050.0421.3116.9632.015.1
SPT04191.9159.471.800.770.070.0730.5818.3532.425.4
SPT05201.9159.321.600.760.080.0925.1317.2130.425.2
SPT06211.7454.161.480.750.080.1029.5817.3228.605.0
SPT07241.5648.421.450.670.080.0830.3019.1228.504.7
SPT08331.5648.471.730.660.130.3832.5420.36> 156.0
SPT09371.8256.721.530.730.150.3038.1119.88> 156.0
SPT1_1261.6751.891.541.170.100.0583.6711.2425.486.1
SPT1_2161.5447.861.390.990.080.0564.8514.5626.925.3
SPT1_3321.6952.431.181.070.100.0588.3025.2127.955.9
SPT1_4251.7153.291.461.220.100.0591.6915.4026.576.3
SPT1_5251.7454.061.651.230.100.0679.8115.3225.856.3
SPT1_6171.7454.131.490.950.070.0559.8516.7424.805.5
SPT10311.5147.101.300.870.100.1357.8518.2526.945.3
SPT11271.3742.651.220.840.090.0764.3618.9126.245.0
SPT12271.6651.551.281.300.110.07110.0727.5625.786.7
SPT15192.3573.092.100.900.120.1227.3021.8633.856.5
SPT16191.7855.441.640.700.080.0926.2119.0832.045.1
SPT17211.7654.711.500.700.080.0931.0518.2031.215.0
SPT18221.6250.271.310.650.080.0939.6317.3827.784.8
SPT19281.6952.582.030.950.090.1145.7524.66> 156.0
SPT20321.6751.801.490.860.110.1644.0422.46> 155.6
SPT21271.4344.521.280.810.090.0858.7020.4227.015.0
SPT22261.4846.011.260.980.090.0568.6122.5926.995.3
SPT23281.7153.121.531.110.130.1083.1415.9926.216.4
SPT25151.7654.741.730.740.050.0529.7918.5931.805.0
SPT26141.9560.541.590.860.050.0440.9320.7131.305.4
SPT27211.5648.561.470.680.080.1034.8019.5228.264.9
SPT28251.5347.561.470.720.090.1240.6718.1428.125.0
SPT29221.5347.721.290.790.100.1146.0223.42> 155.0
SPT30251.4845.951.270.800.100.0848.1723.92> 155.0
SPT31231.5147.031.300.950.070.0561.5719.2027.445.2
SPT32311.5146.871.260.960.090.0564.7826.1626.995.3
SPT34151.8958.771.790.700.040.0431.2918.9730.285.2
SPT35191.7855.241.620.680.060.0640.3820.6428.715.2
SPT36211.5949.461.300.640.070.0732.4217.6428.374.5
SPT37181.6250.511.280.890.070.0549.2620.8928.045.0
SPT38181.6250.381.480.960.060.0555.6819.5228.265.3
SPT39221.5046.791.630.860.090.0850.2017.7627.025.3
SPT40201.7654.611.631.350.120.0996.5725.1524.867.0
Total9271.6651.651.490.880.090.1053.1619.8525 - 305.5

(*) AgEq is calculated with Ag = $30/oz, Zn = $3,000/t, Pb = $2,000/t, Cu = $9,000/t, Au = $2,500/oz, Ga = $550/kg, and In = $350/kg

(**) Results indicated as ‘> 15% Fe’ correspond to ongoing overlimit assays. The Fe content in all drillholes is 25 – 30% Fe

Drill Program

CDPR engaged Ingetrol Comercial S.A.C., a subsidiary of Grupo Ingetrol (Chile), and ConeTec Peru, a subsidiary of the ConeTec Group (Canada). The campaign utilized percussion and sonic drilling techniques.

On October 23rd 2024, the Company completed the last of 40 drill holes, ahead of the rainy season, collecting more than 1,000 samples over a significant portion of the Quiulacocha tailings deposit. The samples were safely transported to the laboratory in freezer containers.

Laboratory Testing

All samples were stored and transported to Lima in freezer containers to prevent oxidation and preserve sample integrity.

The samples were dried and tested at the Inspectorate Services Lab (Bureau Veritas) and SGS Lab in Lima. Following geochemical and mineralogical testing, representative composites from selected samples will be sent for an advanced metallurgical test work program.

The assay results are derived from a combination of multi-element ICP (detecting 60 elements), Atomic Absorption (for determining upper limits of the metals Zn, Pb, and Cu), and Fire Assay for Au.

Quality Assurance (QA) and Quality Control (QC)

The preparation of samples for Geochemical Analyses comprised drying at 100°C, disaggregation, homogenization, and rotary splitting to obtain a representative pulp sample of 250 grams. The sample does not undergo sieving or any other mechanical preparation (crushing or grinding) to preserve the original grain size distribution.

The laboratories performed all sample preparation and analytical programs, supported by the QA/QC program, which was monitored on a sample lot basis. The CDPR QA/QC program consisted of inserting twin samples, coarse duplicate samples, pulp duplicate samples, standard reference materials, and coarse blank material and further checking at a second laboratory. 

Geophysics

CDPR has successfully completed Phase 1 of its geophysical studies, focusing on the dry areas of the Quiulacocha Tailings. Depth readings, conducted by Geomain Ingenieros S.A.C., ranged from 20 to over 40 meters in various locations determined through Electrical Tomography and Multichannel Analysis of Surface Waves (MASW).

The Quiulacocha Tailings

CDPR is the titleholder of the concession “El Metalurgista” in Peru, which grants it the right to explore and exploit the Quiulacocha Tailings within its assigned area. The General Mining Bureau of the Peruvian Ministry of Energy and Mines has formally confirmed the enforceability of these rights.

The Quiulacocha TSF covers approximately 115 ha with tailings deposited from 1921 to 1992. The surface area of the Quiulacocha TSF lying within the El Metalurgista concession is approximately 57 ha, approximately 50% of the total TSF surface area. The tailings are comprised of processing residues from the Raúl Rojas open pit and underground mine. Research indicates that tailings were first deposited on the eastern side of the TSF from January 1921 and were derived from processing of high-grade copper-silver-gold ore, with reported historical head grades of up to 10% Cu, 4 g/t Au and over 300 g/t Ag, sourced from east-west striking veins in the underground mine. The main period of tailings deposition at Quiulacocha came after 1943 when the Paragsha plant was put into commission, first treating copper ore and later processing zinc-lead-silver ore. According to historical records, the Cerro de Pasco mine processed approximately 70 Mt of zinc-lead-silver ore between 1952 and 1996 from the open pit and underground workings with average historical grades of 7.41% Zn, 2.77% Pb and 90.33 g/t Ag.(1)

With estimated minimal mining costs due to surface-level material and potentially available reprocessing capacity at adjacent plants, CDPR's Quiulacocha Project stands out as one of Peru's key mining initiatives. This project will provide economic benefits and aims to restore the environment and create employment opportunities, aligning with the local community's needs.

(1) Page 32 of the technical report dated March 15, 2021, with an effective date of August 31, 2020, is titled "National Instrument 43-101 El Metalurgista Concession- Pasco, Peru", prepared for the Company by co-authors Adrian Martinez and Andrew Sharp of CSA Global Consultants Canada Ltd. The technical report can be found under the Corporation's issuer profile at www.sedarplus.ca.

Technical Information

Mr. Alfonso Palacio Castilla, MIMMM/Chartered Engineer (CEng) and Project Superintendent for CDPR, has reviewed and approved the scientific and technical information contained in this news release. Mr. Palacio is a Qualified Person for the purposes of reporting in compliance with NI 43-101.

Cerro de Pasco Resources

Cerro de Pasco Resources Inc. is focused on the development of its principal 100% owned asset, the El Metalurgista mining concession, comprising silver-rich mineral tailings and stockpiles extracted over a century of operation from the Cerro de Pasco open pit mine in Central Peru. The company’s approach at El Metalurgista entails the reprocessing and environmental remediation of mining waste and the creation of numerous opportunities in a circular economy.

Further Information

Guy Goulet, CEO
Telephone: +1-579-476-7000
Mobile: +1-514-294-7000
ggoulet@pascoresources.com

Forward-Looking Statements and Disclaimer

Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified using forward-looking terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”, “might”, “likely” or variations of such words, or statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar expressions.

Forward-looking statements, including the expectations of CDPR’s management regarding the realization, timing and scope of its drilling program, the completion of a resource report as well as the business and the expansion and growth of CDPR’s operations, are based on CDPR’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of CDPR to be materially different from those expressed or implied by such forward-looking statements or forward-looking information.

Forward-looking statements are subject to business and economic factors and uncertainties and other factors, that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risks factors set out in CDPR’s public documents, available on SEDAR+ at www.sedarplus.ca. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Although CDPR believes that the assumptions and factors used in preparing forward-looking statements are reasonable, undue reliance should not be placed on these statements and forward-looking information. Except where required by applicable law, CDPR disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.


1 AgEq is calculated with Ag = $30/oz, Zn = $3,000/t, Pb = $2,000/t, Cu = $9,000/t, Au = $2,500/oz, Ga = $550/kg, and In = $350/kg

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/098d1b0b-c889-4817-b9cf-edadc90adcde

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0a46599c-a3f3-43c1-a4e7-8573d1b376ba


FAQ

What are the average metal grades found in GPPRF's Quiulacocha Tailings Project?

The project showed average grades of 1.66 oz/t silver, 1.49% zinc, 0.88% lead, 0.09% copper, 0.10 g/t gold, and 53.2 g/t gallium.

How significant is the gallium discovery in GPPRF's Quiulacocha project?

The gallium discovery is significant with 9% of samples exceeding 100 g/t, and grades increasing southward. Some drill holes showed gallium concentrations up to 141 g/t in near-surface samples.

What is the timeline for GPPRF's Phase 2 drilling at Quiulacocha?

Phase 2 drilling is planned for the second half of 2025, targeting remaining tailings and the high-grade copper zone in the southern area.

What is the size of the area covered by GPPRF's drilling campaign at Quiulacocha?

The drilling campaign covered a 300 x 1,000-meter area with 40 holes completed.
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