Western Metallica Reports Results From the 1st Phase Drill Program at Its Nueva Celti Copper Project

TORONTO, July 11, 2023 - Western Metallica Resources Corp. (TSXV: WMS) ("Western Metallica" or the "Company") is pleased to report that it has finalized a first phase drill program which included four drill holes for a cumulative ~1,500 metres of drilling completing half of the planned two-phase, ~3,000-metre drill program aimed at investigating the mineralization at depth below mine levels, as well as the northern and southern extensions (refer to press release dated May 11, 2023). Results of first phase of drilling include 7.40 metres at 0.6% Cu in NCDDH003, 1.65 metres at 1.7% Cu and 5.95 metres at 0.7% Cu in NCDDH004, among previously reported results from the first two holes, NCDD001 and NCDD002. Moreover, these results prove the on-strike continuity of the mineralization for ~300 metres, thus far, and intersected multiple intervals of significant copper mineralization in massive sulphides. Results of all four holes are meaningful as they equally indicate intersections of copper sulfide mineralization, over multiple intervals, predicting a broader high-grade copper mineralized trend and substantiating the vast historic data which positions Nueva Celti as a highly prolific copper project.

The results of the first phase confirmed the presence of the mineralized zones previously reported by the 'Asturian de Zinc', Glencore drilling program, and predict a high-grade copper mineralized trend. The mineralization is mainly represented by a "semi-massive", >50% assemblage of pyrite, chalcopyrite and magnetite and ~2.3% disseminated ~chalcopyrite, defining strata bound-like bodies generally hosted by the mica-schists units. The control on the early-Cambrian mineralization is typical of the Cu-Zn-Pb occurrences on the Northern Central Belt (NCB) of the Ossa Morena geological province, with copper-sulfides mainly coinciding with layers of muscovite and biotite-schists, locally fragmental (meta-volcaniclastics) within an amphibolite unit (meta-volcanics).

There remains vast potential for further discovery as the first phase program only investigated the known mineralization ~100 metres below the deepest historical mine level and has also intercepted other mineralized zones closer to surface and at depth, not indicated by previous historic exploration/exploitation (refer to Figure 1).

Table 1: Significant Results from the first phase of drilling on the Nueva Celti Project

Figure 1: Nueva Celti stacked EW (looking North) cross sections containing the holes for the finalized first phase of drilling, including the position of the mine levels also shown.
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Table 2: Nueva Celti Project Drill Program Schedule

Gregory Duras, CEO and Director of Western Metallica Resources commented, "Western Metallica's exploration team are encouraged by the first phase drill program results that imply the continuity of the sulphide trend on strike and at depth and confirm the presence of higher-grade copper mineralized zones within the broader resource envelope, which furthermore includes credits of Zn, Pb, Au and Ag, as well as the potential northern extension delineated by NCDD003. Considering that this is only a modest 100 metres extension to the mine levels, the potential at depth remains unknown and highly prospective given the intervals historically reported, which were, to a certain extent, validated throughout Phase 1 of this drill program."

Drill hole NCDD003, sited on the most northern section drilled to date (refer to both Figure 1 and Figure 2), proved that the historical mining ended in correspondence with the Peñaflor normal fault system that seems to have lowered a northern block for ~100 metres giving the potential for the mineralization to extend north below the Miocene marlstone and calcarenites.

Following this deduction, Western Metallica intends to execute a 30-kilometer ground mag, coupled with 300 gravimetric measurements, programs which are aimed at testing the possible continuity of the mineralization toward north and the possible repetition of the same mineralization style to the east.

New Opportunities

In parallel to conducting a geophysics program at the Nueva Celti Copper Project, the Company is evaluating other prospective projects for acquisition in new jurisdictions, leveraging the Company's strong cash position during an opportunistic period in the market, and delineating assets of interest that would further strengthen its portfolio of gold and polymetallic projects.

Figure 2: Nueva Celti drilling platform locations and extent of the planned geophysical acquisition program
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Quality Assurance and Quality Control

Sample preparation and analyses will be conducted according to standard industry procedures. Drill core samples are crushed, split and pulverized prior to analysis of Gold by fire assay and Atomic Absorption and multi-elements by ICP-AES after four acid digestion. Analytical performance is monitored by means of certified reference materials (CRMs), coarse blanks, coarse and pulp duplicate samples. Samples have been prepared in ALS Chemex preparation lab in Seville, Spain and analyses have been completed in ALS Rosia Montana, Alba, Romania (Fire Assays) and LAS Loughrea, Galway, Ireland (ICP).

Qualified Person

The technical and scientific information in this press release has been reviewed and approved by Mr. Giovanni Funaioli, Eur.Geol., Vice President Exploration of Western Metallica, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Giovanni Funaioli is an employee of the Company and is not considered independent under NI 43-101.

About Western Metallica Resources Corp.

Western Metallica is a Ontario company with its head office in Toronto, Ontario, trading on the TSX Venture Exchange (TSXV) under symbol WMS. Western Metallica is in the business of mineral resource exploration and development, its principal asset is its 100% owned Nueva Celti Copper Property in the Ossa Morena belt in Andalusia, Spain. Western Metallica also holds interests in three other Spanish gold projects in the "Navelgas Gold Belt" in Asturias, Spain (Penedela, Valledor and Sierra Alta).

Further information of the Company can be found at: www.westernmetallica.com

For more information please contact:

Western Metallica Resources Corp.
Gregory Duras
Chief Executive Officer
Email: gduras@westernmetallica.com

Investor Relations
Email: info@westernmetallica.com

Cautionary Note Regarding Forward-Looking Statements

The TSXV has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

This press release contains statements that constitute "forward-statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.

Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the planned drill program and the development of the Project and other mining projects and prospects thereof. Such statements and information reflect the current view of the Company. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.