HPM Halcones Precious Metals Corp

Halcones Precious Metals Corp. (TSX – V: HPM) (the “Company” or “Halcones”) is pleased to provide results from the first hole of the ongoing exploration program at the Carachapampa project (“Carachapampa or the “Project”). Carachapampa is located in the prolific Maricunga belt approximately 180 km northeast of the city of Copiapó with year-round road access. In the immediate vicinity of Carachapampa are several large-scale operating mines including La Coipa (Kinross) and Salares Norte (Gold Fields) hosted in similar geology to Carachapampa.

Drilling Highlights:

The upper section of Hole CAR23-015 returned 3.91% Cu and 0.21 g/t Au over 8 m from 151 m downhole at the Northwest target. This intercept is approximately 60 m from the 0.55% Cu over 2m intercept at the end of hole CAR23-012 (Figure 1; see press release dated April 27, 2023). The return of assay results has been slow and approximately 50 assays are currently outstanding from the bottom of hole CAR23-015.

According to Ian Parkinson, CEO and Director of Halcones, “High grade copper over a significant intercept is a great start to our ongoing drill program. This program was designed to follow-up on the successes of our previous work and that momentum continues. The presence of high-grade copper coupled with strong alteration and highly anomalous pathfinder elements over greater than 100 m of core length indicates we have the potential to make a significant discovery at Carachapampa.”

Halcones plans to drill an initial 5 holes in the current drill campaign targeting the Northwest and Central targets. Following receipt of data from the ongoing drill program, next steps will be planned accordingly. This phase of drilling plans for each hole to be approximately 300 m in length, which is approximately double the depth of the previous campaign (see press release dated April 27, 2023). The improved understanding of the geology at Carachapampa has indicated previous drilling was likely not deep enough.

Vernon Arseneau, P.Geo., COO and Director of Halcones states, “In addition to the high-grade copper intercept, drill hole CAR23-015 confirmed the presence of a significant alteration zone typical of intermediate to high sulphidation Au-Ag mineralized systems. More specifically, the presence of significant widths and grades of covellite are reminiscent of other deposits in the belt such as El Indio and Guanaco. The presence of high arsenic and native sulphur defines what the Company interprets as a steam heated zone associated with advanced argillic alteration including covellite and orpiment. The presence of covellite and orpiment is generally interpreted as evidence of proximity to a high sulphidation feeder where the grade of Cu and Au usually increases. The intense alteration in core from CAR23-015 aligns with outcrop and colluvial samples taken previously by Halcones at surface.”

Intense alteration is observed over a core length of greater than 100 m in hole CAR23-015 and is also reflected at surface. The colluvial anomaly shows direct correlation with anomalous multi-element values in holes CAR23-012 and CAR23-015, and it can be followed for over 500 m trending to the southeast where it is undrilled.

Anomalous values of Pb-Zn-As-Sb and Ag are all considered pathfinder elements in high sulphidation systems, and the company plans follow-up drill testing of this significant target.

Next Steps:

Assay results are expected to be steadily received over the next 4 to 6 weeks. The Halcones exploration team plans to spend time analysing these results before planning next steps for Carachapampa.

Table 1: Assay summary

Figure 1: Copper intervals; CAR23-012 and CAR23-015

Figure 2: CAR23-015 arsenic anomaly

Figure 3: Drill hole locations and soil anomaly

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Mr. David Gower, P.Geo., as defined by National Instrument 43-101 of the Canadian Securities Administrators.

About Halcones Precious Metals Corp.

Halcones is focused on exploring for and developing gold-silver projects in the Maricunga Belt, Chile, the premiere gold mining district in South America. The Company has a team with a strong background of exploration success in the region.

For further information, please contact:

Vincent Chen Investor Relations vincent.chen@halconespm.com www.halconespreciousmetals.com 

Cautionary Note Regarding Forward-looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, regarding the prospectivity of the Project, the mineralization of the Project, the Company’s exploration program, the Company’s ability to explore and develop the Project and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Halcones, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Halcones has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Halcones does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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