Denarius Metals Announces High-Grade Gold and Silver Results from the Ongoing Infill Drilling Program at Its Zancudo Project in Colombia, Confirming High-Grade Mineralization on Multiple Structures at the Los Albertos Target

Rhea-AI Summary

Denarius Metals Corp. (DNRSF) has announced high-grade gold and silver results from its ongoing infill drilling program at the Zancudo Project in Colombia. The program, designed to upgrade Inferred Resources to the Indicated category, has yielded significant intersections at the Los Albertos target, including:

- 22.37 g/t Au and 2,752 g/t Ag over 0.40 m (Manto Antiguo)
- 53.51 g/t Au and 154 g/t Ag over 0.40 m (Ortiz Vein System)
- 37.60 g/t Au and 1,190 g/t Ag over 0.40 m (Ortiz B Vein)

The results confirm high-grade mineralization on multiple structures and have delineated a NW-SE trending ore-shoot on the main Manto Antiguo structure, which remains open along strike and to the west. The drilling program, which began in April 2024, is expected to be completed in Q4 2024.

Positive

• High-grade gold and silver intersections reported from the infill drilling program
• Confirmation of continuity and extension of mineralization on the main structure
• Delineation of a new NW-SE trending ore-shoot on the Manto Antiguo structure
• Potential for resource upgrade from Inferred to Indicated category
• Drilling program progressing as planned, with completion expected in Q4 2024

Negative

• None.

Highlights from the 2024 Infill Drilling Program include:

• Multiple high gold and silver grades have been intersected in most of the drill holes completed on Los Albertos target, confirming the continuity and extending the mineralization on the main structure and also delineating a NW-SE trending ore-shoot on the main Manto Antiguo structure, which is still open along strike and to the west.
• 22.37 g/t Au and 2,752 g/t Ag over 0.40 m from 61.70-62.10 m, hole ZM-159, Manto Antiguo
• 53.51 g/t Au and 154 g/t Ag over 0.40 m from 50.40-50.80 m, hole ZM-156, Ortiz Vein System
• 37.60 g/t Au and 1,190 g/t Ag over 0.40 m from 117.20-117.60 m, hole ZM-154, Ortiz B Vein
• 25.94 g/t Au and 245 g/t Ag over 0.70 m from 101.8-102.5 m, hole ZM-151, Ortiz Vein System
• 17.53 g/t Au and 380 g/t Ag over 0.40 m from 52.80-53.20 m, hole ZM-162, Porvenir

Toronto, Ontario--(Newsfile Corp. - September 10, 2024) - Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) ("Denarius Metals" or the "Company") provided an update today on drill results from its ongoing 10,000 meters surface infill diamond drilling program at its Zancudo Project in Colombia. The Company announced today the results received from the final assays for 32 drill holes from the Los Albertos target, totaling approximately 4,790 meters. This infill drilling program, which has been designed at 50x50 meters drill centers, commenced in late April 2024 and is aimed at upgrading Inferred Resources to the Indicated category and to support near term mine development. The drilling program focuses on two priority areas, Los Albertos and Las Brisas, which contain most of the existing mineral resources. The drilling program started with the first priority target, Los Albertos, with two drill rigs operating from eight purpose-built surface drill platforms. As of July 27, 2024, the drilling program designed for the Los Albertos target was completed and the remaining meters planned for the Las Brisas target should be completed in the fourth quarter of 2024 with only one drill rig.

Serafino Iacono, Executive Chairman and CEO of Denarius Metals, commented, "We are very pleased with the drilling results achieved to date, which demonstrate that systematic, more tightly spaced, infill drilling at Los Albertos has produced very positive results with a best so far of 1.6 m @ 7.74 g/t Au and 890 g/t Ag including 0.40 m @ 22.37 g/t Au and 2,752 g/t Ag. These results confirm the results from previous drilling campaigns and have delineated a high-grade ore shoot, which is still open along strike and to the west, within the main Manto Antiguo structure that could enhance the resource estimate and production grade down the line. The drill program is being carried out at tighter spacing, significantly de-risking the future production at the Zancudo underground operation and further validates the modelling methodology used to derive the current mineral resource estimate."

The infill drilling plan for the Los Albertos target was designed at 50x50 meters drill centers to intersect the Porvenir, Ortiz A and B veins and the Manto Antiguo structure. Los Albertos target comprises the following main structures: the steeply dipping El Porvenir Vein, set in the footwall of the northerly trending Santa Catalina master fault structure, the Ortiz Vein System that occurs in the footwall of the El Porvenir Vein and shows a similar structural trend, and the Manto Antiguo structure, which was the main structure historically mined. Manto Antiguo is interpreted as a brecciated manto structure, hosting clasts that show thin layers of mineralization composed of quartz, pyrite, arsenopyrite, sphalerite and galena, embedded in a matrix of sulfides and milled rock. This structure was selectively exploited by past mining, which focused on the sectors of the mine that showed the highest concentration of sulfides, allowing us today to evaluate and quantify an important resource that was left unexploited. A steeply dipping north-south trending reverse fault has been interpreted as offsetting the Manto Antiguo and Porvenir structures.

The following table shows intersections above a cut-off of 4.0 g/t AuEq for the Los Albertos target from the 2024 infill drilling campaign. High grade samples above 10 g/t Au and 100 g/t Ag are listed as sub-intervals:

Year	Target	Hole ID	Structure		From (m)	To (m)	Length (m)	Au (g/t)	Ag (g/t)	AuEq g/t
2024	Albertos	ZM-150	Ortiz A		60.2	60.6	0.4	4.05	229	6.9
			Ortiz A		62.0	62.7	0.8	3.73	22	4.0
			Ortiz System		72.1	74.1	2.0	4.77	87	5.9
				Including	72.1	72.4	0.3	15.64	533	22.3
				Including	73.7	74.1	0.3	10.09	23	10.4
			Ortiz System		82.0	82.5	0.5	3.68	210	6.3
			Ortiz B		87.3	88.0	0.7	3.21	110	4.6
			Manto Antiguo		92.8	94.2	1.3	10.11	41	10.6
				Including	93.1	93.5	0.4	29.53	91	30.7
		ZM-151	Ortiz System		90.5	102.5	12.0	6.04	92	7.2
				Including	101.2	101.8	0.6	15.75	275	19.2
				Including	101.8	102.5	0.7	25.94	245	29.0
			Ortiz B		91.1	92.8	1.7	5.49	200	8.0
				Including	91.1	91.7	0.6	10.35	290	14.0
			Manto Antiguo		96.2	98.8	2.6	10.41	153	12.3
				Including	96.2	96.8	0.6	5.71	344	10.0
				Including	96.8	97.6	0.8	21.41	94	22.6
			Unknown		109.6	109.9	0.3	19.25	90	20.4
		ZM-152	Ortiz A		49.7	51.0	1.3	4.71	50	5.3
			Ortiz System		53.8	54.3	0.5	4.29	366	8.9
			Ortiz System		55.6	56.3	0.7	16.36	1,041	29.4
			Ortiz System		60.6	60.9	0.3	7.52	227	10.4
			Manto Antiguo		81.3	82.6	1.3	16.54	93	17.7
				Including	81.3	81.9	0.7	22.70	155	24.6
				Including	81.9	82.6	0.6	10.38	32	10.8
			Ortiz B		109.0	109.3	0.3	7.77	31	8.2
		ZM-153	Unknown		90.2	91.0	0.9	5.61	11	5.8
				Including	90.2	90.5	0.3	15.30	30	15.7
			Manto Antiguo		98.1	100.0	1.9	2.58	237	5.5
				Including	98.1	98.7	0.5	3.30	314	7.2
			Unknown		106.4	107.2	0.8	7.59	7	7.7
		ZM-154	Ortiz System		42.3	43.4	1.2	8.89	10	9.0
				Including	42.9	43.4	0.6	12.89	16	13.1
			Ortiz System		58.7	59.0	0.3	7.88	187	10.2
			Ortiz B		113.8	114.1	0.3	14.21	385	19.0
			Ortiz B		116.7	118.0	1.3	21.75	465	27.6
				Including	117.2	117.6	0.4	37.60	1,190	52.5
				Including	117.6	118.0	0.5	28.24	31	28.6
		ZM-155	Unknown		47.5	48.9	1.4	3.86	28	4.2
			Manto Antiguo_Upper		125.0	125.5	0.5	6.64	48	7.2
			Manto Antiguo		139.6	140.1	0.5	5.60	17	5.8
		ZM-156	Ortiz System		50.4	51.7	1.4	20.66	62	21.4
				Including	50.4	50.8	0.4	53.51	154	55.4
			Ortiz System		53.2	53.9	0.7	13.04	157	15.0
			Ortiz System		68.1	68.8	0.7	7.06	56	7.8
			Ortiz System		71.6	71.9	0.3	5.32	54	6.0
			Ortiz System		94.9	95.6	0.7	5.82	59	6.6
			Ortiz System		141.5	141.8	0.3	4.84	263	8.1
			Ortiz B		147.1	149.4	2.3	7.51	537	14.2
				Including	147.1	147.6	0.5	12.77	324	16.8
				Including	147.6	148.6	1.1	6.18	274	9.6
		ZM-157	Ortiz System		64.3	64.7	0.4	9.57	33	10.0
			Ortiz A		71.9	73.7	1.8	5.80	415	11.0
				Including	71.9	72.3	0.4	3.43	281	6.9
				Including	72.3	73.0	0.7	8.03	367	12.6
			Ortiz System		78.3	78.8	0.5	6.05	287	9.6
			Manto Antiguo		84.8	85.7	0.9	9.49	155	11.4
				Including	85.2	85.7	0.5	14.31	202	16.8
		ZM-158	Manto Antiguo_E		46.8	49.7	3.0	7.67	150	9.5
				Including	46.8	47.3	0.5	14.31	15	14.5
				Including	47.7	48.3	0.5	16.18	756	25.6
				Including	49.4	49.7	0.4	11.16	40	11.7
			Unknown		56.5	56.8	0.3	12.81	374	17.5
			Manto Antiguo		83.3	84.6	1.3	6.87	9	7.0
ZM-159	Manto Antiguo_E		42.9	44.3	1.4	4.99	124	6.5
		Including	43.6	44.3	0.7	4.88	228	7.7
	Manto Antiguo		58.6	59.4	0.8	4.02	24	4.3
	Manto Antiguo		60.6	62.1	1.6	7.74	890	18.9
		Including	61.7	62.1	0.4	22.37	2,752	56.8
	Ortiz B		131.4	132.2	0.7	20.80	387	25.6
ZM-160	Unknown		13.5	13.9	0.5	44.71	1,889	68.3
	Unknown		16.5	17.6	1.1	10.62	93	11.8
		Including	16.9	17.6	0.7	12.90	142	14.7
ZM-161	Porvenir		55.7	56.4	0.7	3.10	73	4.0
			69.0	72.9	3.9	3.89	224	6.7
		Including	69.0	69.7	0.7	5.07	400	10.1
		Including	69.7	70.3	0.6	3.86	307	7.7
		Including	72.2	72.9	0.8	9.62	495	15.8
	Manto Antiguo		75.6	77.8	2.1	7.13	317	11.1
		Including	75.6	76.0	0.4	17.16	21	17.4
		Including	77.0	77.4	0.4	10.60	1,484	29.2
		Including	77.4	77.8	0.3	10.80	86	11.9
ZM-162	Unknown		3.0	6.7	3.7	7.12	10	7.2
		Including	4.1	4.9	0.8	16.13	13	16.3
	Unknown		32.7	33.1	0.4	8.21	44	8.8
	Ortiz System		42.7	43.1	0.4	11.07	109	12.4
	Porvenir		52.4	53.2	0.8	11.75	201	14.3
		Including	52.8	53.2	0.4	17.53	380	22.3
ZM-163	Manto Antiguo_E		38.5	39.0	0.5	8.81	161	10.8
	Ortiz B		111.7	112.3	0.5	7.11	264	10.4
	Ortiz B		115.2	116.1	0.8	4.38	16	4.6
ZM-164	Porvenir		24.5	25.0	0.5	5.11	19	5.3
			28.6	29.5	0.9	8.03	42	8.5
		Including	28.6	28.9	0.3	18.21	82	19.2
	Ortiz A		53.5	54.2	0.7	4.81	45	5.4
	Ortiz B		95.1	97.0	1.9	5.66	56	6.4
		Including	95.1	95.7	0.6	15.64	86	16.7
	Ortiz System		98.4	98.7	0.3	5.62	133	7.3
ZM-165	Unknown		17.2	17.8	0.6	43.75	42	44.3
	Porvenir		47.6	48.0	0.4	23.28	64	24.1
	Ortiz System		55.4	55.7	0.4	8.40	2	8.4
	Ortiz System		57.6	58.0	0.4	9.75	25	10.1
	Manto Antiguo		64.6	65.7	1.1	4.27	203	6.8
		Including	64.6	65.0	0.4	9.54	578	16.8
ZM-166	Unknown		3.1	3.7	0.6	20.15	180	22.4
	Ortiz System		39.7	40.4	0.7	5.71	12	5.9
		Including	40.0	40.4	0.4	10.80	22	11.1
ZM-167	Manto Antiguo_E		30.6	32.5	2.0	6.94	79	7.9
ZM-168	Unknown		2.0	2.6	0.7	16.07	230	18.9
	Porvenir		28.1	28.7	0.6	4.66	7	4.8
	Ortiz System		35.6	36.2	0.6	4.69	104	6.0
ZM-169	Unknown		2.8	4.6	1.8	4.68	55	5.4
		Including	4.2	4.6	0.4	4.76	183	7.0
	Unknown		7.0	7.8	0.8	24.39	190	26.8
	Porvenir		54.4	54.7	0.4	4.11	862	14.9
ZM-170	Ortiz System		33.4	33.8	0.4	6.83	27	7.2
	Porvenir		139.0	139.3	0.3	7.02	497	13.2
	Ortiz System		148.6	150.6	2.0	3.63	108	5.0
		Including	148.6	149.1	0.5	9.02	305	12.8
		Including	150.3	150.6	0.3	7.12	168	9.2
ZM-171	Porvenir		105.7	106.2	0.5	7.27	512	13.7
ZM-172	Manto Antiguo_E		3.3	3.6	0.3	23.47	398	28.4
ZM-173	Manto Antiguo_E		1.1	2.1	1.0	14.97	137	16.7
		Including	1.1	1.5	0.4	37.27	169	39.4
	Ortiz B		158.3	159.0	0.7	4.43	13	4.6
		Including	158.7	159.0	0.3	9.63	27	10.0
ZM-174	Unknown		9.4	11.8	2.4	12.88	437	18.3
		Including	10.6	11.8	1.1	17.06	791	26.9
	Unknown		43.9	44.2	0.3	10.54	82	11.6
	Porvenir		87.1	87.6	0.4	5.31	204	7.9
	Ortiz B		129.3	129.8	0.5	6.13	200	8.6
ZM-175	Unknown		15.4	17.2	1.8	4.15	65	5.0
		Including	16.6	17.2	0.6	8.24	165	10.3
	Ortiz B		143.2	143.5	0.3	8.71	6	8.8
ZM-176	Unknown		7.8	8.3	0.5	4.47	7	4.6
	Ortiz B		185.8	186.3	0.5	10.03	7	10.1
ZM-177	Ortiz B		134.0	134.9	0.9	6.97	35	7.4
		Including	134.0	134.5	0.6	5.76	14	5.9
		Including	134.5	134.9	0.3	9.05	72	10.0
ZM-178	Unknown		0.0	1.9	1.9	3.30	71	4.2
	Porvenir		189.7	190.1	0.4	3.77	84	4.8
ZM-179	Porvenir		20.2	21.0	0.8	5.66	188	8.0
		Including	20.2	20.6	0.4	11.32	387	16.2
	Ortiz B		141.9	142.4	0.5	2.47	332	6.6
ZM-180	Unknown		19.5	20.5	1.0	6.04	114	7.5
		Including	19.5	19.9	0.4	11.43	295	15.1
	El Ortiz A		59.8	60.5	0.7	4.01	5	4.1
	El Ortiz B		128.3	128.7	0.4	6.57	251	9.7
ZM-182	Unknown		66.4	66.7	0.3	9.25	20	9.5

 

(1) The intervals are core lengths. The true widths are estimated to be 80% to 90% of the lengths.
(2) Equivalent gold grades (AuEq g/t) were calculated using prices of US$2,000/oz gold and US$25.00/oz silver. Gold equivalent formula: AuEq = Au + (Ag / (Au Price/Ag Price)).
(3) "Unknown": new structure that doesn't correlate with any of the known structures/veins

Please refer also to the attached illustrative images showing the location of drill holes for the 2024 drilling campaign, a sketch of the main structures for the Los Albertos target, and 3D sections showing intercept locations for the Manto Antiguo structure and the Ortiz B Vein.

Qualified Person

Dr. Stewart D. Redwood, PhD, FIMMM, QMR, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 - Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification including a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.

Quality Assurance and Quality Control

The drill samples from the Project were prepared by SGS Labs (ISO 9001:2015) at their laboratory in Medellin, Colombia, and assayed by them at their laboratory in El Callao, Lima, Peru. Gold was assayed by 50 g fire assay with AAS finish. Samples over 6.0 g/t gold were re-assayed by 50 g fire assay with gravimetric finish. Silver and other elements were analyzed in a multi-element package by aqua regia digestion and ICP-AES finish. Silver samples above 100 g/t were re-assayed by multi-acid digestion and AAS finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.

About Denarius Metals

Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of polymetallic mining projects in high-grade districts.

In Spain, the Company owns a 100% interest in the Lomero Project, a polymetallic deposit (copper, lead, zinc, gold, silver) located on the Spanish side of the prolific copper-rich Iberian Pyrite Belt, and a 50% interest in Rio Narcea Recursos, S.L., which owns a 5,000 tonnes per day processing plant and has the rights to exploit the historic producing Aguablanca nickel-copper mine, located in Monesterio, Extremadura, Spain, approximately 88 km northwest of the Lomero Project. The Company is also carrying out an exploration campaign on the Toral Project (zinc, lead, silver) located in northern Spain pursuant to an option and joint-venture arrangement with Europa Metals Ltd. pursuant to which it can acquire up to an 80% ownership interest in Europa Metals Iberia S.L., a wholly-owned Spanish subsidiary of Europa which holds the Toral Project.

In Colombia, Denarius Metals is carrying out construction activities at its 100%-owned Zancudo Project, which includes the historic producing Independencia mine, to develop production and cash flow expected to commence in the fourth quarter of 2024 through local contract mining. The Company is currently carrying out a 10,000 meters drilling program on the Zancudo deposit which remains open in all directions.

Additional information on Denarius Metals can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.

Cautionary Statement on Forward-Looking Information

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs, expected exploration results and mineral resource estimates. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-Looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Denarius Metals to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated April 25, 2024 which is available for view on SEDAR+ at www.sedarplus.ca. Forward-Looking statements contained herein are made as of the date of this press release and Denarius Metals disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:

Michael Davies
Chief Financial Officer
(416) 360-4653
investors@denariusmetals.com

Attachment 1. El Zancudo Main Targets

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https://images.newsfilecorp.com/files/9396/222780_b02bf78864dff932_002full.jpg

Attachment 2. Los Albertos Main Vein System

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9396/222780_b02bf78864dff932_003full.jpg

Attachment 3. 2024 Drill hole location map

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https://images.newsfilecorp.com/files/9396/222780_b02bf78864dff932_004full.jpg

Attachment 4. 3D section showing the ore-shoot outlined by the 2024 drilling on Manto Antiguo

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9396/222780_b02bf78864dff932_005full.jpg

Attachment 5. 3D section showing the high-grade AuEq intercepts on the Ortiz B Vein

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9396/222780_b02bf78864dff932_006full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222780

FAQ

What are the key results from Denarius Metals' (DNRSF) drilling program at the Zancudo Project?

Key results include 22.37 g/t Au and 2,752 g/t Ag over 0.40 m on the Manto Antiguo structure, 53.51 g/t Au and 154 g/t Ag over 0.40 m on the Ortiz Vein System, and 37.60 g/t Au and 1,190 g/t Ag over 0.40 m on the Ortiz B Vein.

When did Denarius Metals (DNRSF) start the infill drilling program at the Zancudo Project?

Denarius Metals started the infill drilling program at the Zancudo Project in late April 2024.

What is the main objective of Denarius Metals' (DNRSF) drilling program at Zancudo?

The main objective is to upgrade Inferred Resources to the Indicated category and support near-term mine development at the Zancudo Project.

Which target areas are the focus of Denarius Metals' (DNRSF) drilling program at Zancudo?

The drilling program focuses on two priority areas: Los Albertos and Las Brisas, which contain most of the existing mineral resources at the Zancudo Project.