Marianas And Rey De Oro Deposits At Mercedes Mine Demonstrate Near Term Upside Potential

VANCOUVER - Bear Creek Mining Corporation reported on recent drilling from the Marianas and Rey de Oro deposits at the Mercedes gold mine in Sonora, Mexico. The results demonstrate the continuation of gold and silver mineralization at both Marianas and Rey de Oro outside of the currently estimated mineral resources and mineral reserves and provide the basis for an expanded exploration program in 2023. Importantly, much of this drilling has returned intercepts with gold grades that are several times the current head grades being mined at Mercedes.

The Marianas and GAP drilling represent step-outs from the existing underground mining operations along the main Mercedes vein zone. The Rey de Oro drilling represents extensions downdip and along strike of the existing reserves and underground operations.

The Marianas and Rey de Oro definition drill program returned other low- and medium-grade mineralized intercepts which, while not presently material, establish the locations of mineralized structures that are in many cases proximal to known mineralized bodies and as such represent high priority targets for follow up.

"Mercedes once again delivers on our expectations and we continue to be very confident in the long-term potential for this operation," said, Andrew Swarthout, Director. "Our success in intersecting high grade gold mineralization on strike and down dip of established mineral resources and mineral reserves at both Marianas and Rey de Oro has exciting implications for the Mercedes district and the potential for extending the mine life for years to come. We look forward to unlocking the economic potential of recent drill results at Marianas which include high gold grades over mineable widths proximal to existing workings."

Based on the results generated since acquiring the Mercedes mine in April 2022 Bear Creek sees tremendous exploration, delineation and resource-conversion potential at Mercedes. The Company has allocated US $4.4 million to drilling targets at the mine in 2023 to build on this exploration success and our evolving view of the mineral controls in the district. Plans call for approximately 33,000 meters of surface and underground drilling in the following target categories listed in order of best probability for near-term impacts.

Extension and definition drilling - 14,200 meters in 65 drill holes focusing on expansion of mineral resources, and conversion of mineral resources to mineral reserves. Principle targets for this program are the Marianas Rey de Oro, Diluvio and GAP deposits. Additional underground drill stations at Marianas will provide platforms from which to drill at least thirty drill holes collared from positions that provide excellent drill angles to newly discovered high-grade mineralized structures. Drilling at Rey de Oro will test down-plunge of the mineralized corridor from underground drill stations with at least 15 drillholes planned. Drilling at the Diluvio deposit will define the borders of current resources and test the potential of secondary veins. The GAP holes will be drilled from an underground platform to follow up on past surface drilling results. The extension and definition drilling campaigns are expected to have the most immediate and positive impact on mining operations.

Brownfield targets - 11,500 meters in 17 drill holes designed to identify new resources in structurally offset targets near current operating zones. Primary targets include Marianas Deep, San Martin and Klondike Displacements, Neo, and Diluvio North. The brownfields targets provide outstanding potential for medium-term impact owing to the known presence of mineralization and their location proximal to existing workings.

Greenfield targets: 7,000 meters in 12 drill holes exploring the projections of two important highly mineralized trends in the Mercedes district; The Margarita East structural zone that extends up to 4 kilometers east from the Diluvio - Lupita area, where 2022 drilling identified a blind target within the shallowly dipping Lupita fault; and The northwest projection of the Mercedes structural trend from Marianas to the concession boundary. The potential for continuation of mineralization in this prolific structure is supported by the results of limited prior surface drilling below the post mineral cover and known mineral occurrences on trend but outside of the Mercedes concession.

The greenfield targets are supported by the presence of structural and alteration indicators in past drilling that are typical of mineralized zones elsewhere in the Mercedes district. These indicators are important because a majority of the deposits discovered at Mercedes in recent years, including Lupita and Diluvio, were blind targets.

The critical role of low angle, listric/detachment faulting on mineralization at Mercedes has become increasingly evident and provides a new exploration perspective. These mineralized low angle structures, coupled with the near-vertical veins that dominate the district, allow for broader structural preparation and bulkier ore bodies. These prospective structures become more prevalent approaching areas of post-mineral cover and point to the potential for additional blind discoveries.