Mantaro Precious Metals Corp. Announces New Gold Assays from Golden Hill Drill Program Including 4 meters at 6.46 g/t Au

VANCOUVER, Oct. 26, 2022 - Mantaro Precious Metals Corp. (TSXV: MNTR) (OTCQB: MSLVF) (FSE: 9TZ) (the "Company") is pleased to report additional high-grade gold assay results from the maiden diamond drill program at the Golden Hill Property. Full and partial assays are pending on remaining 16 drill holes from La Escarcha gold deposit as well as Gabby, Westhill and Brownfield targets.

• Gold assay results include:
• 8.00 meters @ 3.78 g/t Au from 111 meters downhole (including 5.90 meters @ 4.85 g/t Au from 111 meters) in GH0005. Assay results pending between 64 to 111 meters and 134 to 149 meters.
• 4.00 meters @ 6.46 g/t Au from 76 meters downhole (including 2.00 meters @ 12.73 g/t Au from 76 meters) and 3.00 meters @ 4.00 g/t Au from 67 meters downhole (including 1.89 meters @ 6.23 g/t Au from 67.58 meters) in GH0006. Assay results for this hole pending between 103 to 211 meters.
• 2.40 meters @ 6.13 g/t Au from 119.58 meters downhole (including 1.14 meters @ 12.65 g/t Au from 119.58 meters) and 3.16 meters @ 2.26 g/t Au from 41.84 meters downhole in GH0002.
• 1.00 meter @ 16.7 g/t Au from 108 meters downhole in GH0001. Assay results pending between 129 to 182 meters.
• 4.28 meters @ 2.14 g/t Au from 111.91 meters downhole in GH0007. Assay results pending between 134 to 273 meters.
• High-grade gold mineralization intercepted across the ''C'' structure over 150 meters strike length and to depths of over 100 meters below La Escarcha Pit in holes GH0002, GH0003, GH0004 and GH0005.
• High-grade gold mineralization intercepted across the C1, C2 and C3 structures over 150 meters strike length in holes GH0001, GH0002, GH0006 and GH0007.
• Assay results from several up and down dip extensions along structure from high-grade intercepts pending in holes GH0004, GH0005, GH0006 and GH0007.

Dr. Christopher Wilson, Chairman and Chief Geologist of the Company commented, "The results of the drill program at Golden Hill demonstrate significant high-grade within 100 meters of surface. Importantly, we received consistent gold assay results across robust widths beneath the historical open pit mining at La Escarcha. High-grade gold mineralization was intersected over the main vein structures, being C, C1, C2 and C3. We are excited to see the assays on the balance of GH004, GH0005, GH0006 and GH0007 as well as the other 12 drill holes."

Hole GH0001 was drilled to test the down dip extensions of surface workings exploiting the 'C1', 'C2', 'C3', 'C' and 'C4' quartz shear zones. All five target structures were intercepted during drilling. Assay results have confirmed significant gold mineralization across 'C1' , 'C2' and 'C3'. Returning 2.0 meters at 1.17 g/t Au across 'C1' and 1.0 meter at 16.70 g/t Au across 'C2'.

Hole GH0002 was drilled to test the down dip extensions of gold mineralized quartz-carbonate shear zones that have been mined at surface and underground at La Escarcha gold deposit. Assay results have confirmed gold mineralization continues to depths of nearly 100 meters below surface across the C2 structure, being 2.4 meters @ 6.13 g/t Au (including 1.14 m @ 12.65 g/t Au) from 119.58m. Also, GH0002 intercepted 3.16 meters at 2.26 g/t Au across the 'C' structure.

Hole GH0004 was drilled to test the up-dip extensions of shear zones identified in GH0003. Significant gold mineralization was intercepted across the 'C3' shear zones, 1.44 meters at 1.01 g/t Au and 1.37 meters at 5.82 g/t Au. High grade gold mineralization was intercepted across the 'C' structure including 0.75 meters at 3.51 g/t Au. Assay results corresponding to the 'C4' structure are pending.

Hole GH0005 was drilled to test the southern strike extension of gold mineralization from the focus of historic. Quartz-carbonate shear zones were intercepted across five main structures as seen on Figure 1, extending known shear zone continuity for over 150 meters beneath historic surface workings. Assay results from the 'C' structure returned gold grades of 8.0 meters at 3.77 g/t Au from 111 meters including 5.9 meters at 4.85 g/t. Assay results across the other 4 structures are pending.

Hole GH0006 was drilled to test the down dip extensions of quartz-carbonate shear zones identified in core from hole GH0005. The hole intercepted all 5 shear zones as expected. Assay results corresponding to 'C1' and 'C2' returned significant gold grades across robust widths of 3.0 meters at 4.00 g/t Au from 67 meters across 'C1' and 4.0 meters at 6.46 g/t Au from 76 meters (including 2.0 meters at 12.73 g/t Au) across 'C2'. Assay results for 'C3', 'C', 'C4' and 'C5' are pending.

Hole GH0007 was drilled to test the down dip extension of shear zones intercepted in hole GH0003. Assay results have confirmed significant gold mineralization across the 'C2' structure of 4.28 meters at 2.14 g/t Au from 111.91 meters. Assay results corresponding to the 'C3', 'C' and 'C4' are pending.

Hole GH0010 was drilled to test the continuity of the 'C' structure south of the historic open pits bounds. No significant assay results were returned. The Company's geologists believe the system may have been obliquely faulted offsetting the structure. Hole GH0011 was drilled to test the northern strike extension of the 'C' structure. No significant gold mineralization was intercepted.

Full assays are pending from 12 of 21 diamond drill holes at the Golden Hill Property across the La Escarcha, Gabby, Westhill and Brownfields targets. Partial results received from GH0004, GH0005, GH0006 and GH0007.

Table 1. (Core Drill Results and Intercepts - Golden Hill)

Additional drilling is required to determine true widths as all hole intercepted veins at an oblique angle. The assays are not capped.

Golden Hill is centered on a broadly north-south trending regional structure that hosts the La Escarcha underground mine and the Gabby, Garrapatillia and Brownfields workings and gold-bearing vein occurrences in its western hanging wall. The same structure hosts numerous saprolite gold and hard rock gold deposits to the north and south of Golden Hill over a strike length of at least 25 kilometers - underpinning the significant control the structure exerts on gold mineralization.

A northwest-trending splay of this structure hosts areas of alluvial and saprolitic/hard rock workings within Golden Hill and immediately to the north. At least six strike kilometers of these structures are known within Golden Hill in addition to the four kilometers between La Escarcha and Brownfields which have been mapped in detail. Known mineralization and surface anomalism is open along strike on all structures.

Mineralization between La Escarcha and Brownfields is characterized by a series of broadly parallel, north-south trending, very steeply dipping quartz veins that are between 1 to 5 meters wide. Mineralization is hosted in mafic metavolcanics, at the contact of metavolcanics and metasediments, and within metasediments.

Veins are well exposed in underground workings at La Escarcha where they comprise multiphase white quartz and slivers of wall rock which are fracture oxidized. Veins are up to 5 meters wide and contain significant visible gold. Mine staff have reported that gold grades increase downwards from surface to the 60 m level which is currently under limited development. Most gold appears to be free hosted in fractures within quartz and pyrite.

Mantaro follows industry-recognized standards of Best Practice and Quality Assurance/Quality Control. Samples are submitted to ALS in batches of 40 - comprising 35 half cut core samples, two field blanks, two certified reference material standards and one staged duplicate. Samples are sealed in plastic bags using single use tie-locks and delivered to ALS Oruro in Bolivia - thereby ensuring chain of custody. Since the ALS facility in Bolivia is only a preparation facility, sample pulps were sent to ALS Ireland for fire assay. To date, all batches have passed QAQC and blanks and CRM's were within acceptable tolerance limits. All diamond holes were drilled started in PQ diameter, occasionally downsizing to HQ in difficult drilling conditions past 150 meters. Core recovery across all veins was nearly 100%.

Dr. Christopher Wilson, Ph. D., FAusIMM (CP), FSEG, a Qualified Person under National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

Mantaro Precious Metals Corp. is a British Columbia company that holds a diversified portfolio of gold and silver focused mineral properties in Bolivia and Peru. The Company's holds an option to acquire up to an 80% interest in the advanced Golden Hill Property ("Golden Hill"), located in the underexplored, orogenic Bolivia Shield, Bolivia.

The Company also has a 100% interest in the high-grade Santas Gloria Silver Property as well as a 100% interest in each of the La Purisima, Cerro Luque and Huaranay Properties (collectively, the "Silver Properties"). The Silver Properties are located in Peru.

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Resulting Issuer undertakes no obligation to publicly update or revise forward-looking information.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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