Minera IRL Limited announced initial results of the diamond drill program started in July 2022 at the Company's producing Corihuarmi Gold Mine (“Corihuarmi”) located in central Peru. Highlights of the drill program include: DDH22-13B, zero to 22.80 m depth of moraine assaying 1.233 grams Au per tonne. DDH22-10, 31.20 m of oxides from 26.50 m depth assaying 0.886 grams Au per tonne.

DDH22-07, zero to 34.70 m depth of oxides assaying 0.344 grams Au per tonne. DDH22-02, zero to 42.60 m depth of oxides assaying 0.282 grams Au per tonne. Gold mineralization at Corihuarmi is mined by open pit methods.

During the second quarter of 2022, the average grade was 0.21 grams Au per tonne, with 10,174 ounces of gold produced. The diamond drill program consists of 25 diamond drill holes, totaling over 2,000 metres. The drill targets were defined by Minera's exploration team through extensive review of historical drilling data including Reverse Circulation (RC) and Diamond Drill (DDH) holes, as well as production drilling which includes long holes and blast holes.

The diamond drill program was primarily designed for: Extending the boundaries of gold mineralization in advance of and below current production benches. Assessing the continuity of gold mineralization at depth. Updating the current Corihuarmi mineral resource estimate to extend the estimated life of mine.

1,313 metres of drilling have been completed to the end of August 2022.