Angel Wing Metals Inc. announced that it has closed the purchase of the 102.87 km2La Reyna claim group announced on October 25, 2022. The mineral rights in the name of Lago de Oro Resources, SA de CV ("LOM") is formally approved by the Public Mines Registry – Mexico. With this addition the Company now controls an aggregate of 655km2, of mineral rights – The El Grande Project, Nayarit, Mexico ("El Grande").

The La Reyna claim group is an important strategic acquisition of which over 70 km2 shows significant clay, silica and iron oxide alteration. Historical mine workings occur wherever there is outcrop exposure. The La Reyna claim group is located within the Aguila de Oro Mining District, in the 1,200km-long Sierra Madre Occidental Mineral Province ("SMO").

The area is being explored and mined for epithermal, porphyry and IOCG type deposits of gold, silver and copper. The district is host to numerous shallow historical and recent artisanal mine workings, including open pits, tunnels and side cuts. Mining used traditional hand cobbing and panning of supergene altered oxide breccia and veins, as well as exploiting alluvial pits where free gold has accumulated into low lying areas.

El Grande is located at the core of the +550 km long western coastal trend of the SMO, extending south through Sonora to Jalisco State, see Figure 1. The Coastal Trend includes the Panuco, Rosario, and Aguila de Oro Mining districts, among others. It is host to some of the more active exploration and development projects in the SMO, including to the north (Los Reyes, Panuco, and Plomosas); and to the south (Orion and Los Ricos). All these projects share a similar geology, structural preparation, and emplacement of batholiths and intrusions related to the alteration, precious and base metal mineralization that the SMO is known for.

Early-stage exploration of El Grande was initiated after closing on the Lago de Oro Resources acquisition (announced March 30, 2022). Exploration focused on outcrop mapping and soil sampling in areas with shallow overburden. Over 2,800 samples were collected by the Company to prioritize areas for detailed mapping, geophysics, and drilling.

Five high priority drill targets have been identified for the first phase of drilling. Early exploration has identified a northwesterly trending corridor, within a 40 km2 area, with extensive hydrothermal alteration. The Company has identified several interpreted vein fields that assayed for gold mineralization that strike, cumulatively, for approximately 8 kms, within this corridor.

Assay results confirm the presence of highly anomalous gold and silver mineralization from multiple exploration targets; more than 300 rock and soil samples returned gold in excess of 0.1 grams per tonne gold ("gm/T Au"), 70 samples greater than 1.0 gm/T Au and 41 samples greater than 2.0 gm/T Au. Table 1 shows assay results greater than 2.0 gm/T Au. Results indicate that at least two mineralizing events have affected the project area, a younger crosscutting Ag (Pb, Zn) event (possibly basin and range in age) and an older Au (Ag, Cu) event (possibly Laramide?).

La Reyna is a gold dominant exploration project. Five areas or "trends" that include historical mine workings, trenches and sampling are currently prioritized for follow up exploration and drilling: The El Polo, Aguila de Oro, La Tauna trends and the La Presa and El Tule Basins. Mapping and sampling programs continue to advance multiple targets to the drill ready phase and introduce new prospects into the project pipeline.

Mineralization is hosted in veins, hydrothermal and tectonic breccias that are interpreted as indicators (pathfinders) for underlying bulk tonnage targets. This target area includes a range of hills that is host to many historical shallow mine workings, including the past producing El Polo mine. The trend hosts widespread argillic (clay-sericite-pyrite) alteration that is associated with precious metals mineralization identified in numerous discontinuous outcroppings along a 3.5 km north-south trend that is up to 1.0 km wide (open).

Outcrop chip and channel samples from this trend returned a best sample of 27.12 gm/T Au and 92.0 gm/T Ag from an oxidized low angle tectonic hydrothermal breccia (the red zone) collected from the El Polo Mine. The red zone marks a contact between felsic volcanics and an underlying altered andesite. While El Polo is essentially drill ready, it continues to be prepared with detailed mapping, sampling, and ground geophysics to fine tune an initial exploratory drill program in the planning stages for the 2023 exploration year.

This is a topographic depression that lies north and west of the El Polo mine, initially interpreted as a circular feature from Aster satellite imagery. This 2 km by 1.5 km area displays widespread clay ("argillic") alteration and is considered prospective for porphyry style, intrusion hosted or epithermal mineralization. The basin is host to shallow lakes and cultivated fields with sparse outcrop exposure.

The best samples from widely spaced, low density sampling of available outcrop around the periphery returned 9.63 gm/T Au and 4 gm/T Ag, another returned 0.37 gm/T Au and 682 gm/T Ag. This target requires additional mapping, and ground and airborne geophysics to assist with drill hole planning.