San Lorenzo Gold : Commences Follow up drilling program (June 15, 2023)

SAN LORENZO COMMENCES FOLLOW UP DRILLING PROGRAM TO DELINEATE THE

RECENT DISCOVERY HOLE DRILLED ON THE SALVADORA PORPHYRY TARGET

CALGARY, ALBERTA, June 15, 2023 - San Lorenzo Gold Corp. ("San Lorenzo" or the "Corpora,on") (TSXV

• SLG, OTCQB - SNLGF) is pleased to announce the commencement of the Phase 4 drilling program on the Caballo Muerto Zone ("CMZ Zone") on its Salvadora property in Chile.

The Phase 4 program is designed to expand on the discovery hole that was drilled during the 2022 drilling program. That hole, SAL 03-22, encountered significant porphyry style mineralizaon returning grades of 1.4 g/t gold over 112 meters. The Phase 4 program is targeted for up to 2000 meters of drilling over up to 6 holes. The final number of drill holes and their depths will be determined by field evaluaon of mineralizaon as drilling progresses.

Figure 1 below provides the locaons and direcons of the intended drill holes. The porphyry copper- gold system discovered in hole SAL 03-22 is open to the north, the north-west and west and at depth.

Figure 1

Terry Walker, San Lorenzo's VP Exploraon stated: "The 2022 CMZ Zone drill program achieved a major milestone returning a discovery hole that cut a copper-gold bearing porphyry alteraon system on the Salvadora property. We are excited that the mineralizaon and associated phyllic-potassic alteraon in

the copper, gold and molybdenum enriched zone of hole SAL 03-22 is similar to that of the copper-gold porphyry deposits found in the Andean Mega Porphyry Copper Belt of Chile. SAL 03-22 encountered mineralizaon right from surface with significant grades being encountered at true vercal depths between approximately 250 to 360 meters from surface. Not only do we intend to test the areal extent of the significant grades, we also intend to obtain grades at shallower depths where our previous surface geo-chem suggests that mineralizaon connues right to surface."

Mr. Walker connued: "Hole 03-22 was a discovery hole that set the stage for the delineaon drilling program about to be undertaken. We are excited to obtain informaon from drilling to the west and north-west of the discovery hole to determine the size of this system."

Key Results of hole SAL 03-22 are reflected below:

Hole #	Sector	Intercept	From(m)	To	Width		Au g/t	Ag g/t
(m)	(m)	Cu %
		A	171.0	197.0	26.0	0.15	0.13	0.4
SAL-03	CMZ	B	233.0	515.3	282.3	0.10	0.66	0.6
-22		308.0	420.0	112.0	0.14	1.44	0.8
		including
		356.0	392.0	36.0	0.27	3.7	1.1

Management of San Lorenzo believes that both holes SAL 03-22 and SAL 06-18 intercepted a porphyry deposit similar in nature to that of the El Salvador deposit - located 15 kilometers to the north-east. From the period that the El Salvador mine commenced producon in 1959 up to 2000, over 13 billion pounds of copper and over 3.1 million ounces of gold have been produced(1). The El Salvador mine has connued in producon since that me and its operator, Codelco, has recently extended its mine life to 2067.

1. source: Corporación Nacional del Cobre de Chile - "Codelco".

Drilling is expected to take several weeks with assays being shipped to ALS Laboratories for analysis. Results will be released as assay results are available.

On next steps, Mr. Walker also commented: "The CMZ zone represents but one of several porphyry targets at Salvadora evident from surface alteraon, copper-gold enrichment in soil and connuous chip samples augmented by induced polarity surveys carried out by San Lorenzo over the past 3 years that show significant conducvity/resisvity anomalies."

Figure 2 below highlights the principal alteraon zones with associated strong surface copper geochemical and IP anomalies idenfied to date at Salvadora.

Figure 2

About San Lorenzo Gold Corp.

San Lorenzo Gold is in the business of exploring for and advancing mineral properes. San Lorenzo currently has three 100% owned properes in Chile: Salvadora, Nancagua and Punta Alta. The Salvadora property is being explored for large scale copper-gold porphyry targets and high-grade epithermal gold- silver-copper vein systems. Nancagua is a high grade mesothermal gold-silver prospect. Punta Alta is a IOCG prospect with related disseminated and vein style copper-gold-silver-cobalt mineralizaon.

For further informaon on the Corporaon, readers are referred to the Corporaon's website at www.sanlorenzogold.comand its Canadian regulatory filings on SEDAR at www.sedar.com.

For further informaon concerning this press release, please contact:

Gordon Aldcorn

V.P. Corporate Development

Email: [e-mail]

Phone: [phone]

Or:

Terry Walker

VP Exploraon

Email:[e-mail]

Or:

Al Kroontje

Email:[e-mail]

Neither the TSX Venture Exchange nor its Regula:on Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Not for distribu:on to United States newswire services or for release, publica:on, distribu:on or

dissemina:on directly, or indirectly, in whole or in part, in or into the United States

Cau,onary Note Regarding Forward-Looking Informa,on

This press release may contain forward-looking informa:on that involves substan:al known and unknown risks and uncertain:es, most of which are beyond the control of San Lorenzo. All statements included herein other than statements of historical fact, including statements pertaining to the drilling program, are forward-looking informa:on. Such forward-looking informa:on involves various risks and uncertain:es. There can be no assurance that such informa:on will prove to be accurate, and actual results and future events could differ materially from those an:cipated in such informa:on. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securi:es laws, San Lorenzo does not assume any obliga:on to update or revise them to reflect new events or circumstances.