Andean Precious Metals Corporation announced the launch of a 15,000 m, Phase Two drill program focused on the San Pablo porphyry target identified in the recently completed Titan geophysical survey. The 100% owned San Pablo Project in the Province of Antonio Quijarro, Department of Potosí comprises 650 hectares. San Pablo is located in the southern part of the prolific Bolivian tin-silver and polymetallic belt that hosts several of Bolivia's deposits including the former Kori Kollo gold mine (Newmont) which produced more than 4 million ounces, and the Cerro Rico of Potosí which produced 1 to 2 billion ounces of silver and significant tin, where the Company's San Bartolomé mine is located.

Twelve diamond drill holes were completed at San Pablo in 2021 for a total of 3,580 m, as reported in the press release of November 30, 2021. The highlight was an intersection of 53.8 m grading 1.17 g/t Au from 211 m depth in hole SP21-01. All twelve holes encountered anomalous gold throughout their lengths.

Quantec Geoscience subsequently carried out a 9-line, 20.3 line-kilometers, Titan 24 deep induced polarisation survey ("DCIP") and magnetotelluric survey ("MT") at San Pablo that was completed in December. On many lines the DCIP shows a thick, very conductive layer close to the surface that limits the depth of penetration. The magnetotelluric survey, which is a passive method that uses the earth's natural electromagnetic field as the source field to image subsurface resistivity structure, achieved depths of investigation of about 1,200 m. The survey detected very low resistivity anomalies at depth that are interpreted to be altered porphyry intrusions.

These will be tested in the forthcoming Phase Two drill program. The holes are being targeted on the basis of low resistivity, high chargeability which may be due to sulphides with associated gold, and geology. The Phase Two diamond drill program consisting of 15,000 m will be started in mid-February by drill contractor Maldonado S.A. using two drill rigs.

Construction of drill platforms and road access is already under way. The first part of the program will consist of 4 holes each of 750 to 800 m length for a total of 3,100 m designed to test the resistivity anomalies. The second part of the program of 11,900 m will be planned on the basis of these results.

The 100% owned Rio Blanco Project comprises 13,462 hectares in the Province of Nor Chichas, Department of Potosí. Ongoing negotiations with the local community and poor road access in the rainy season have delayed exploration work at Rio Blanco. The Company is actively engaged with the local community and expects to re-start exploration work in H2 of 2022.

In 2021, ten diamond drill holes were completed at Rio Blanco for a total of 2,154 m. Rio Blanco is an orogenic gold deposit hosted in Ordovician shales and sandstones. The Phase One diamond drill program covers an initial 7 km of a 22 km long structural corridor along the axis of the northwest-trending Rio Blanco anticline. This structural system hosts gold mineralisation in quartz veins, stockworks, saddle reefs and lenticular bodies.