Alicanto Minerals (ASX: AQI) is pleased to announce spectacular historic drilling results at its Sala silver-leadzinc project in Sweden.

The assays, which have just been released to Alicanto by the Swedish Geological Society, contain exceptionally high grades of silver, zinc and lead.

The results will be incorporated in the maiden JORC-compliant Resource estimate at Sala, which is scheduled for release in the coming quarter. The drilling was conducted by Sala's previous owner, Boliden, in the 1970s and until now, the results have not been publicly available. Sala produced more than 200Moz of silver at an estimated grade of 1,244 g/t with local grades reported as high as 7,000 g/t. Mining ceased in 1908 and very little modern exploration has been completed3,7. Sala is located 50km from Boliden's operating Garpenberg Mine. Boliden has produced over 54.4 Mt of ore from Garpenberg and the project has a current reserve of 89.5 Mt @ 2.8% Zn, 1.3% Pb and 94g/t Ag8 . Alicanto Managing Director Peter George said the historic assays are highly valuable to the Company and its exploration strategy.

'The grades and widths of the mineralisation are spectacular and many of the intersections sit within the area we are currently targeting for our maiden JORC-compliant Resource,' Mr George said. 'Not only will this data save us 5,000m of drilling, time and money, but the strength of the results will also help underpin our Resource estimate. 'When combined with the 200Moz silver produced historically and the exceptional results we have been generating from our own drilling, it is clear that Sala is a world-class mineralised system with immense exploration upside.'

Details of Historic Drilling at Sala

Alicanto has now acquired historical drilling and assay data from as far back as the 1970s incorporating 12,225m of drilling in 57 holes. This is the first time the historic data has been compiled by one company. The historic drilling confirms high grade mineralisation across Alicanto's Maiden Resource target area at Sala, demonstrating the continuity of the mineralised system, which remains open in all directions. A new previously unknown zone with drill intercepts including 87m at 5.3% Zn and 40 g/t Ag (SAE-112), marks a significant advance in the exploration and upside of the Sala system.

The relationship between the lodes is currently being investigated by the geological team, with ongoing drilling rapidly advancing the geological understanding of the area. Two holes that have intersected high-grade copper and gold have also been drilled 600 meters NNW of the historic Sala Silver mine. This is the first-time copper and gold has been recognised in the system Previously reported Tumi drilling and assay information from publicly available TSX Announcements has now also been complemented with the acquisition of diamond drill core and the Tumi drilling database.

This incorporates data for the seven surface diamond drill holes SAA08-01 to 08 (07 not drilled) targeting Prince, and the four underground diamond drillholes SAA12-09 to -12 targeting the NW down plunge prolongation of the Sala historic Silver mine. The core has been transported to Alicanto's core shack in Falun for logging. Two diamond core drill rigs are currently turning at Sala, targeting the Prince Lode with a third rig ready to start in the coming weeks. A maiden JORC resource is anticipated in Quarter one 2022.

About Alicanto Minerals

Alicanto Minerals Limited (ASX: AQI) is an emerging mineral exploration company focused on creating shareholder wealth through exploration and discovery in world class mining districts of Scandinavia. The Company has a highly prospective portfolio in Sweden, including the Greater Falun Copper-Gold and the SalaSilver Projects in the Bergslagen Mining District, Sweden.

Contact:

Paul Armstrong

Tel: +61 8 9388 1474

Forward Looking Statements

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors constitute, among others, continued funding, general business, economic, competitive, political and social uncertainties; the actual results of exploration activities; changes in project parameters as exploration strategies continue to be refined; renewal of mineral concessions; accidents, labour disputes, contract and agreement disputes, and other sovereign risks related to changes in government policy; changes in policy in application of mining code; political instability; as well as those factors discussed in the section entitled 'Risk Factors' in the Company's rights issue prospectus. The Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, however there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

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