Update On The Mabel Project In Northern Mexico

CABORCA, MEXICO - Mexus Gold US partner, Irmex, reported on progress at the Mabel project located in Northern Mexico. Since signing of the LOI back in December 2021, Irmex' team has been working on modelizing the Mexus data including the 611 core and RC holes previously carried out by Pacific Comox before acquisition by Mexus Gold. As seen in the field, the drill holes align accurately with what is identified as the low angle mineralized quartz vein. The best result out of Pacific Comox' program is highlighted as 51 m @ 4.1 g/t Au and 141.6 g/t Ag which was drilled on-deep of the vein. However true thickness of the system is believed to average 4 to 5 m.

The main focus of the project for Irmex is the outcropping mineralization capping Las Margaritas hill. The ore body is represented showing a comparison of both the previous model by Pacific Comox and the newest 2022 Irmex model. Previous solid was modelized based primarily on the quartz vein, while Irmex considered only drill hole results at a 0.1 cut-off. It is important to mention that Irmex Mining based its calculation on the actual ore body that will be followed for production which involved significant due diligence on historical data and verification.

At this stage, Irmex has calculated a preliminary resource volume of 184,386 tons with an average grade of 1.15 g/t Au at a 0.1 cut-off. There is a silver component that may be considered as a sweetner for production which in drilling is averaging 76 g/t Ag.

Irmex is planning to advance more aggressively on the resource estimation and mine planning in the upcoming month. The current model is expected to grow with additional data covering more ground than originally modeled by Pacific Comox. All of this will lead to additional releases on the advancement from Irmex on the Mabel Project through the Mexus agreement and further down the road to finalize the definitive agreement as planned for late April 2022.