Cerro de Pasco Resources Inc. reported and update on its drilling and exploration campaign at its wholly owned Santander Mine in Peru. New La Cunada Zone in the Santander Pipe. The zone starts at the surface of the historic open pit down to the bottom of the pit and then continues downward to the historic underground operation at level 4220 (where the Upper-Zone starts).

Positive results were achieved from recent relogging and digitization of historical data relating to the La Cunada Zone, comprising 12 historic drill holes totaling 1380 meters and 123 composites, together with 32 historic plans; and modeling of mineralized domains (High-grade, Low-grade, Skarn core) as well as depletion solids from previous mining. The La Cunada Zone in of approximately 200 meters and has the potential to add 2-3M tonnes with between 3-4% Zn grade 0.3-0.4% Pb, 0.6-0.7 oz/tn Ag and 0.10-12% Cu. The La Cunada zone, for practical purposes, is divided into two zones: (1) Superficial Zone "La Isla", consisting of a remnant volume from old open pit mining, and; (2) "La Cunada-underground", which corresponds to historic underground mining.

The Company plans to develop an exploration ramp from the surface whereby the cost will be offset over time through replacement of the previously planned shaft/winch for the Santander Pipe area. Through this exploration ramp, CDPR expects to have access to exposed Skarn mineralization inside the open pit by fourth quarter of 2024. The 2023 Puajanca Drilling campaign comprised 8 boreholes totaling 2,208 meters of drilling.

Highlights include: The drill holes SAN-0295 and SAN-0297 intersected 39.6 meters grading 2.92% Zinc 0.81% Lead, 0.02% Copper and 1.60 opt Silver. Overall, the Puajanca drilling campaign intercepted 61.8 meters of mineralization with average grades of 2.96% Zinc 0.98% Lead, 0.03% Copper and 1.8 opt Silver. In the 2023 Santander Pipe PEA, the Upper-Zone was recognized as a highly important target with significant potential to add 3-4M tons of resource with 4-6% Zn grade.

The Upper-Zone is supported by extensive drilling information that is 44.5% higher in drilling density than the main Santander Pipe. However, due to the water levels in the Upper-Zone the validation of the depletion sold from previous mining activities under 43-101 standards was not possible. An area with similar potential to the Upper-Zone of the Santander Pipe that was not included in the PEA is the La Cuñada Zone.

The Zone starts at surface of the historic open pit (4580 masl) down to the bottom of the pit (4380 masl), and then continues downward to the historic underground operation at level 4220. SRK Consulting. (2017).

Mineral Reserve Estimation Technical Report for the Santander Zinc Mine, Province of Huaral, Perú., assumed a cut-off of $40 representing an approximate mining cost in 2016, metal prices: 1.15 $/lb of Zn, 0.95 $/lb of Pb, 16.50 $/oz of Ag, with recoveries 89% Zn, 85% Pb and 74.3% Ag. The potential value of Puajanca involves many technical and strategic aspects, including: the current Mineral Resource Estimate, and the geological potential and location (i.e., place value), due to its proximity to the Romina ProjecT.