Halcones Announces Carachapampa Option Payment

TORONTO, July 10, 2023 (GLOBE NEWSWIRE) -- Halcones Precious Metals Corp. (TSX ? V: HPM) (the "Company" or "Halcones") announces that its wholly-owned subsidiary, Minera Los Halcones SpA, has made the scheduled option agreement payment pursuant to the option agreement (the "Option Agreement") to maintain its option to acquire the Carachapampa project (the "Project"). As previously announced, Halcones and the optionor agreed to extend the deadline to make the next payment of USD$200,000 from April 7, 2023 to July 7, 2023 (Please see Halcones' news release dated April 4, 2023). The extension enabled additional time for the Halcones technical team to fully evaluate the results of the recent 7 hole (1,526 m) drill campaign. With the additional analysis now complete, Halcones has paid the scheduled amount in full.

Drill campaign highlights:

Hole CAR23-008 returned 1.09 g/t Au and 17.35 g/t Ag over 11 m from 81 m down hole at the Central Target, including 1.53g/t Au and 27.82 g/t Ag over 6m.

Hole CAR23-012 returned 2.75 g/t Au and 20.94 g/t Ag over 10 m from 79 m down hole at the Northwest Target. This is part of a broader mineralized interval of 1.3 g/t Au and 11.73 g/t Ag over 24 m from 73 m downhole.

Please see the Company's April 27, 2023 press release for additional details regarding these drill results.

According to Ian Parkinson, CEO of Halcones, "With the option payment now complete, we are very excited to continue drilling at Carachapampa and follow-up on our recent exploration success. Our team has discovered two significant new mineralized zones during our seven drillhole campaign earlier in 2023 and these results justify expanding our work program. These discoveries are only approximately 2 kilometeres from past producing deposits. Carachapampa enjoys good access with an all-season road adjacent to the property. Our team is excited to get back in the field when weather has improved following the southern hemisphere winter."

About the Carachapampa project:

The Carachapampa Project is in the epithermal portion of the Maricunga Belt, one of the world's most prolific gold belts. The belt includes many large scale high sulphidation epithermal ("HSE") deposits including the 2.9MM oz Au Equivalent, La Coipa (Kinross), 3.7MM oz Au Salares Norte (Gold Fields). Carachapampa is adjacent to the 1.89MM oz Au Equivalent Nueva Esperanza project (Kingsgate). The Project area includes four Miocene age volcanic domes, an essential geological component for HSE gold mineralization. The domes are aligned on the same NW/SE structural corridor controlling the Arqueros and Teterita gold-silver deposits. Halcones has identified four target areas all with gold mineralization at Carachapampa, Central Target, Northwest Target, Falda East Target and Mina del Indio Target. Only the Central and Northwest have been drill tested to date. In the Carachapampa area the mineralized zones occur relatively close to or at surface.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Mr. David Gower, P.Geo., as defined by National Instrument 43-101 of the Canadian Securities Administrators.

About Halcones Precious Metals Corp.

Halcones is focused on exploring for and developing gold-silver projects in the Maricunga Belt, Chile, the premiere gold mining district in South America. The Company has a team with a strong background of exploration success in the region.

For further information, please contact:

Vincent Chen
Investor Relations
[email protected]
www.halconespreciousmetals.com

Cautionary Note Regarding Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, regarding the prospectivity of the Project, the mineralization of the Project, the Company's exploration program, the Company's ability to explore and develop the Project, the Option Agreement and the Company's ability to complete remaining payments pursuant to the Option Agreement and the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Halcones, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Halcones has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Halcones does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Information and links in this press release relating to other mineral resource companies are from their sources believed to be reliable, but that have not been independently verified by the Company.

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