Anacortes Mining Corp. announced the results of a Preliminary Economic Assessment (PEA) on its Tres Cruces gold oxide project, located in Northern Peru, in the heart of Peru's premier gold mining district. This PEA was prepared in accordance with National Instrument 43-101 ("NI 43-101") and evaluates the economics of mining the Tres Cruces Oxide Gold Deposit through conventional open pit mining and heap leach processing for gold recovery to doré.

The study was prepared by M3 Engineering and Technology of Tucson, Arizona and Lima, Peru, in cooperation with Nilsson Mine Services of Pitt Meadows, BC, Transmin Ltd., of Lima, Peru, Advantage Geoservices Ltd. of Osoyoos, BC, and Jeffrey Rowe of Surrey, BC. Mineral Resource Estimate: The current resource prepared by Jeffrey Rowe and James Gray (Advantage Geoservices), published in March 2021, was an update of the Technical Report by Lacroix and Associates (L&A) dated September 2012 for previous owner New Oroperu Resources (which is now a wholly-owned subsidiary of the Company). The estimate used the geologic models of lithology and alteration that were developed for the L&A resource, but divided the deposit by mineralization type (oxide, transition, or sulphide).

Gold grade correlation based on geology was not readily apparent and the decision was made to use a 0.2 g/t grade shell as control for grade estimation. This shell was generated using an indicator estimation method. A total of 327 holes have been used for this estimate, of which 159 were RC holes and 168 were core holes.

Sample grades were composited to a down-hole length of 3 m. Assays, subdivided by grade domain, were capped in a conventional manner prior to compositing. Gold grades were estimated inside and outside the mineralized grade shell by ordinary kriging, into blocks with dimensions of 10m x 10m x 5m (X/Y/Z). Average density values were assigned by lithology based on 2,700 core density measurements.

The resource has been classified based on spatial parameters related to drill density and configuration, and the generation of an optimised pit. Blocks were initially classified as Inferred where the average distance to the closest three holes is within 80 m, and as Indicated where the average distance to the closest three holes is within 50 m. Pit optimization included variable cost and recovery values dependent on mineralization type. All material included in the Mineral Resource Estimate is contained within the optimized shell.

The PEA only considers mining and processing of leachable oxides and transition materials from the Indicated and Inferred resource categories. Sulfide mineralization is considered a future opportunity and does not currently factor into mine planning, processing or financial results as reported in this PEA.