Pampa Metals Corp. ("Pampa Metals" or the "Company") (CSE:PM)(FSE:FIRA)(OTCQB:PMMCF) is pleased to advise that it has contracted Visión Perforaciones SpA to complete a ~2,100m diamond drill program of 3 deep holes designed to test coincident geological, geochemical, and geophysical anomalies at the Buenavista target and the Block 4 Project more broadly.

Drilling is scheduled to commence in early April 2023, with preparatory works already underway, and is expected to be completed within 2 months. Assay results are expected in June.

Block 4 Project & Buenavista Target - A newly discovered, undrilled Porphyry Cu-Mo-Au target.

• Block 4 is the Company's priority project, with the Buenavista Target displaying characteristics indicative of a large, fertile, tertiary aged, porphyry copper-molybdenum-gold system, located along the world's preeminent porphyry copper belt in northern Chile;
• Intense, sub-cropping, quartz-veinlet stockwork occurs at Buenavista within a dacite porphyry and phreatomagmatic breccia complex, flanked by a quartz-sulfide breccia to the west and skarn-type mineralization to the east, and is coincident with key geochemical and geophysical anomalies;
• Anomalous soil and trench geochemical values of copper, molybdenum, and gold (and other pathfinders) in a heavily supergene leached desert environment, coincide with mapped geology, hydrothermal alteration, magnetic and induced polarisation (IP) geophysical anomalies, and other complementary data including 3D modeling and age dating;
• The Buenavista Target footprint comprising geological, geochemical, and geophysical anomalies is approximately 1.5 km E-W by 1 km N-S along a significant geological structure;
• The presence of several other geophysical anomalies under post-mineral covered portions of the Block 4 property is suggestive of a potential "cluster" of porphyry copper-molybdenum-gold systems, a characteristic typical of some major porphyry copper districts in Chile and worldwide.

Joseph van den Elsen, the Company's CEO, stated: "We are delighted to have recently closed a financing for approximately $2.2 million, with the principal use of funds being directed towards the maiden drill test of our Buenavista Target at the Block 4 project. We are excited to be entering this phase of exploration, as we also continue to advance the Company's wider portfolio of projects."