Baroyeca Gold & Silver Inc. announced further assay results from its phase 1 drilling program at its Atocha high-grade silver project in Tolima, Colombia. The company issued the results of its first seven holes from the program in its news releases dated November 16, 2021 and January 5, 2022, some of the results of which are repeated below for continuity purposes. The focus of this release is the results from holes eight through thirteen.

The Company has completed phase 1 drilling at La Ye and is now moving to a new target, Veta Grande. The company has drilled thirteen holes at the La Ye target for a total of approximately 1,700m as part of an ongoing drill program which has to date covered approximately 300m of strike length of the vein corridor from its north-easternmost end, where the vein system ends abruptly against a fault zone just outside the property boundary and remains open to the southwest and at depth. Drilling was intended to test only the shallowest part of the vein corridor with approximately 25 meters step outs to identify and delineate a high-grade silver and gold mineralized zone or shoot near surface at La Ye.

This will be followed-up at depth in future delineation drilling campaigns once the Company identifies and prioritizes other high-grade mineralized zones in different vein sets throughout the property. Phase 1 drilling at La Ye is now completed. It started targeting the San Antonio vein as the primary master vein for reference, which is an approximately 4m wide breccia/vein zone comprised of two larger (0.5 to 1m) well developed parallel quartz-sulfide rich veins located at the edges of the vein zone, that includes a dense set of veinlets and spur veins between them.

There is also a parallel vein set situated 25m to the north of the San Antonio vein, intersected in holes 3 to 8 at shallow depths, and several other narrow veins parallel to the San Antonio vein toward the south (footwall), that are producing anomalous values targeted with hole AT-22-13 where they seem to increase size and development. This last hole At-22-13 intersected a parallel set of 5 veins over a span of 30m, all of them exposed south of the La Ye surface outcrop where a series of outcrops and sub-outcrops indicated the existence of them. This second vein system has been mapped at surface and can be followed toward the southwest and the company is deciding whether to drill a series of shallow holes for continuity before moving to the western side of the Santa Agueda creek to continue drilling La Ye West and Veta Grande West.

Drilling is following these veins as linked structures probably forming an echelon pattern of shoots within them along the main shear/vein corridor. Hole AT-21-08 intersected the shallow north parallel vein returning 361.5 g/t Ag over 0.50m after an interval of 0.50m grading 114.33 g/t AgEq and 0.30m of 150.05 g/t AgEq. The hole then intersected the richer San Antonio vein below that returned 244.7 g/t AgEq over 0.50m followed by 0.40m of 981.45g/t AgEq.

Hole AT-21-09 missed the target San Antonio vein as it was intruded by a late crosscutting granitic dike at the projected target depth. Holes AT-22-10, 11 and 12 were collared at a 50m step out spacing from previous drill platform to avoid the granitic plug and successfully intersected what to date has been the thickest vein intersect in the entire area tested, more than 5m of true thickness. Assay results from hole At-22-10 are affected by its proximity to the surface and the depth of the saprock, producing deep weathering (oxidization) of the sulfide content of the vein, but still returning 0.50m of 502.95 g/t AgEq followed by 0.35m of 187.55 g/t AgEq in the only area where sulfides were present and not weathered out.

Holes AT-22-11 and AT-22-12 were an undercut of the previous hole and encountered the same intensely weathered vein, with most of the sulfides oxidized and weathered out of the quartz matrix. Despite the deep weathering of the vein, anomalous gold and silver values up to 120.6g/t AgEq over 0.90m are still present throughout the entirety of the vein. Hole AT-22-13 was drilled from the south in a northwesterly direction targeting a set of shallow angle veins exposed immediately south of the San Antonio master vein of La Ye vein system.

These veins returned highly anomalous silver and gold grades at surface. The hole was successful intersecting a first vein returning 170 g/t AgEq over 0.60m, followed by 0.20m of 367.88 g/t AgEq. Then the hole intersected the main vein of this set returning 1.3m of 331.1 AgEq (0.50m of 338.83 g/t AgEq and 0.20m of 669.23 g/t AgEq and 0.60m of 211.95 g/t AgEq), then another vein returning 429.18 g/t AgEq over 0.20m and a last one of 167.45 g/t AgEq over 0.50m for a total of 5 parallel veins in less than 30m.