Western Metallica Resources Corp. reported on a recent discovery at Luz Maria, one of two prospects within the Company's Cana Brava Project, where recent geochemical and drone-borne magnetometry surveys have confirmed a 2.7 km by 1.5 km potassic and phyllic alteration, typical of Andean Cu-Mo porphyry systems, associated to magnetic anomalies and consistent copper grades up to 700 ppm Cu (0.07% Cu) and 600 ppm Mo (0.06% Mo). The discovery at Luz Maria, coupled with the confirmation of the size and grades of the Cana Brava 1 prospect, is a major development for the Company.

Further target definition work and initial scout drilling is currently being planned by the Company's technical team to test this new discovery located in one of the world's premier porphyry belts. Highlights of the Luz Maria Discovery: Cu-Mo porphyry target defined by a ~2.7 km by ~1.5 km phyllic and potassic alteration footprint; Consistent anomalous grades up to 0.07% Cu and 0.06% Mo from multi-phase intrusions; Large coincident magnetic anomaly extending under the sedimentary cover. Discussion of the Caña Brava Project field work completed during fourth quarter 2023: Luz Maria, located on the South-Eastern sector of the Caña Brava Project, is a well-preserved porphyry target with multiple mineralized intrusion events and an estimated ~2.7 km by ~1.5 km potassic and phyllic alteration footprint, comparable to other porphyry deposits in Peru such as Southern Copper?s Michiquillay Cu-Au-Mo deposit.

During Q4-2023, the Company?s geologists collected 126 rock chip and 46 diamond-sawn channel samples with variable lengths between 1 and 1.5 meters of continuous samples. Results from representative channel samples from outcrops at the bottom of a creek confirmed that at least three intrusion phases host Cu and Mo-sulfide mineralization averaging 500 ppm Cu and 200 ppm Mo as well as anomalous Cu, averaging 300 ppm, from the quartz sandstone. The possible lateral extensions of these intrusions are covered by both sedimentary units and Quaternary colluvium.

The Caña Brava 1 prospect, located on the Northwestern sector of the project, is a well-preserved ~1 km by ~1 km sized porphyry target characterized by a distinctive leached zone with goethite and hematite box works. Western Metallica collected 35 rock chip samples at Caña Brava 1 and confirmed grades up to 0.4% Cu from the sedimentary rocks, and average 500 ppm Cu from the intrusive rocks. The company also announced positive results from the preliminary processing and qualitative interpretation of the recently acquired unmanned aerial vehicle (UAV) magnetic survey covering approximately 58 km2.

The UAV magnetic survey has identified two zones of high susceptibility, likely intrusive stocks, with zones of demagnetization around the intrusives. The geophysical results at Luz Maria, consistent with field mapping, confirm the potential for a large porphyry Cu-Mo cluster under the sedimentary and colluvial cover, providing valuable targets for further exploration. The company is now planning a follow-up IP/Resistivity survey to further define the porphyry centres and drill targets.