Centenario Gold Announces an Update on Eden Project

VANCOUVER, BC / ACCESSWIRE / November 6, 2023 / Centenario Gold Corp. (TSXV:CTG), ("Centenario" or the "Company") is pleased to provide an update on its Eden gold silver project located in Durango State Mexico following the completion of qualifying transaction and the start of trading on the TSX Venture Exchange ("TSXV") under the symbol CTG. The maiden drill program on the Eden property is expected to start in mid-November and should completed prior to Christmas.

Mapping, Sampling and Geophysics Program Completed on the El Eden Property

In late 2022, Centenario Gold completed a First Phase exploration program on the Eden property. During that time, Centenario collected 220 rock and 704 soil samples, completed semi-detailed mapping and IP/Resistivity geophysics over a 2.8 km portion of the ‘Buenavista' mineralized corridor and across the core of the ‘La Provedora' prospect further to the east. Rock assay results returned assays as high as 239.94 g/t Au and 1389.91 g/t Ag (see Table A below) (see Figure 1) and confirmed the continuity, and high-grade nature of the 'Buenavista' mineralized corridor (>15m), for more than 400 meters along the central, better exposed, segment of the vein system crossing the old mining area. Download the 43-101 technical report on the Company website.

The semi-detailed mapping and regional sampling program has confirmed the existence and continuity of the ‘Buenavista' mineralized corridor more than 1.2 km to the North and 1.6 km to the South of the old mining area. (see Figure 2) The IP/Resistivity geophysical survey results show a continuous resistivity contrast, and ‘pant-leg' type anomaly, following the trace of the Buenavista corridor for 2.8 km. Similar geophysical anomalies were observed over the core of the ‘La Provedora' vein system further to the east. (see Figure 3)

History, Location and Mineral Concessions, El Eden Project:

The Eden Project is located approximately 30 km E-SE of Cosala, a historical old mining town which is approximately 150 km north of Mazatlán and 150 km southeast of Culiacan, the capital of the state of Sinaloa, Mexico. Roads to the town of Cosala are well maintained paved roads/highways. From Cosala, a dirt road running southeast accesses the southern part of the Eden property approximately 34 km away. (see Figure 4)

The Eden project consists of three adjoining mineral concessions totalling 5,689 hectares in size hosting a series of high-grade N to NE trending, epithermal Au-Ag vein systems. The property's northern border is adjacent to Americas Gold & Silver's Nuestra Señora producing mine while the Eden Property's southern border is adjacent to Prime Mining's Los Reyes property. Prime Mining has outlined a new resource on the Los Reyes property of, indicated 1.47 M AuEq and Inferred 0.73m AuEq. (Prime Mining Corp NI43-101 dated June 12. 2023) AuEq grade (gpt) = Gold grade (gpt) + Silver grade (gpt) x ($22 / $1700).

The Buenavista Mineralized System:

The initial surface and underground channel rock sampling program that was completed at Buenavista has returned very high-grade gold and silver results from the old mining area where the mineralized system is better exposed.

To date, three N10E to N20E trending mineralized vein systems and 1 ENE-WSW trending low-angle vein system have been recognised on the property: La Guadalupana, La Paloma-Buenavista, La Provedora and La Republicana. The Au and Ag mineralization found at Eden, like at Los Reyes, is hosted in andesitic and conglomerate rocks and occurs as a series of quartz rich vein-breccia-stockwork structures from 10m to 20m in width. The vein systems are composed of high-grade, narrow, quartz and Fe-oxides veins intercalated within a lower grade envelope consisting of intensely oxidized breccias and quartz stockworks.

At Eden, like at Los Reyes, an earlier, pre-mineralization, volcanic event consisting of intruding rhyolite-dacite dikes, sills and rhyolite domes, created the ‘plumbing system' that later served as the conduit framework for the up-migrating mineralized fluids. Dacite and rhyolite dikes are frequently observed along the footwall of the vein structures. The mineralized structures extend for kilometers along strike and generally follow regional fault systems. Most of the vein-stockwork systems dip moderately to the E and NE.

Table A: Selected Results from first phase channel sampling program on the Buenavista prospect, Eden Property

About Centenario Gold Corp and the El Eden Gold-Silver Project:

The management of Centenario consists of seasoned veterans in the mining sector. They are highly experienced and focused on exploring and generating high quality mineral prospects in Mexico. Alain Charest, CEO/Director of the company has had a long and successful career over the past 30 years exploring for gold and silver projects in Mexico. He was the exploration geologist and VP of Exploration for Francisco Gold Corp. and Chesapeake Gold Corp (for 12 years); where he spearheaded the discovery and development of the ‘world-class' El Sauzal gold deposit in Chihuahua State (mined by Goldcorp). Alain also participated in the discovery and development of the Marlin deposit in northwest Guatemala. Doug Fulcher, President /Director of the company has over 45 years of mineral exploration experience. He has worked with numerous senior and junior mining companies, domestically and internationally, both public and private. He was the President and CEO of Maritime Resources Corp. from March 2014 to January 2019 developing the Hammerdown project in Newfoundland, Canada. He was the President, CEO and cofounder of Abacus Mining and Exploration from 2003 until 2010 where he was instrumental in the development of the Afton Ajax project in Kamloops, B.C.

Qualified Person:

Derrick Strikland, P. Geo (1000315) is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.

Reader Caution: The qualified person has not verified the information on the adjacent properties nor mineralization found on adjacent and/or geologically similar properties which is not necessarily indicative of mineralization found on the Property.

Further information on the Centenario Gold or their Properties can be found on our website at www.centenariogold.com along with the NI43-101 compliant Technical Report filed on SEDAR.

On behalf of the Board of Directors,

Doug Fulcher
President, Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions may include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.

SOURCE: Centenario Gold Corp.