Baroyeca Gold & Silver Inc.

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Vancouver, British Columbia–(Newsfile Corp. – March 8, 2022) – BAROYECA GOLD & SILVER INC. (TSXV: BGS) (“Baroyeca” or the “Company”) is pleased to provide a 2021 year-end summary and 2022 outlook to shareholders of the Company.

Baroyeca started 2021 with the acquisition of two highly prospective precious metals properties in Colombia and is fully focused on this jurisdiction. The Atocha project is located in the historic silver district of Santa Ana-Frías Colonial in Tolima, considered one of the richest silver projects in the country and competitive in terms of quality with any modern project in Latin America . At the Santa Bárbara project in the Serranía de San Lucas in Bolivar, which many consider Colombia’s richest gold belt, Baroyeca completed a 500 tonne bulk sample with a head grade of 24 grams per tonne of gold , demonstrating the constant high -grade of the gold-rich veins. With these prospects in hand, the Company has been able to raise the capital necessary to fully fund its initial exploration programs through 2022 and beyond, attracting the attention of strategic investors and world-class advisors offering a significant benefit to shareholders.

To date, Baroyeca has mapped and prospected approximately 30% of its flagship Atocha project and identified more than two dozen high-grade silver and gold targets on the property, which has not seen any exploration or mining. anterior.

The first holes drilled on Atocha targeted the La Ye vein system and successfully identified and delineated the first mineralized zone. In these 13 initial drill holes, Baroyeca encountered a series of high-grade intersections including 2,233 g/t AgEq over 0.80m, 1,137 g/t AgEq over 0.50m and 981 g/t AgEq over 0.40 m and encountered more than 25 intersections returning over 200 g/t AgEq at La Ye, with a weighted average grade of 570 g/t AgEq (7.6 AuEq g/t) over an average intersection width of 0.50 meters. Drilling to date has tested 300m along strike to shallow depths in small steps, demonstrating continuity of silver and gold mineralization and consistency of high grades through a vein system in growth.

Having successfully delineated the Ye vein system, Baroyeca is leaving it open to the southwest and at depth as it now turns its attention to systematically testing other targets in the area to continue exploiting the potential for this very large property. Concurrently, the Company will continue mapping and prospecting the remainder of the property to generate additional drill targets in the central and easternmost portions.

At the Santa Bárbara gold project in the Serranía de San Lucas, Bolivar, Baroyeca completed an industrial-size bulk sample of 500 tonnes. This was collected systematically in nominal quantities (batches of approximately 10 tonnes) and processed in a custom-built pilot processing plant. With weighted average head grades of 24 g/t Au, the project demonstrates consistent high grades in gold-rich veins. Recently, underground development work accessed a second parallel vein, and the Company is about to start a second industrial-size bulk sample in an area where channel samples returned an average of 1 oz/t for the first 18 meters of exploration tunnel.

The Company has been working on upgrading underground infrastructure to increase batch sizes for bulk sample processing at the Santa Bárbara pilot processing plant. The plant is expected to be cash flow positive before summer 2022. Bulk sampling via narrow vein mining offers inherent advantages as less capital is required, less development and waste tonnage is produced in proportion to the ore and less residue is produced during grinding in proportion to the metals recovered. All of these features help reduce the environmental footprint and social impact. Importantly, the Company signed a property purchase agreement to secure the adjacent 200 hectares on trend with the vein system to the south, including the former producing Mariana gold mine, located 100 m from the pilot treatment plant in Baroyeca. Surface exploration work should also begin on this property this year.

On the corporate side, Baroyeca closed two private placements in 2021 totaling CA$3,713,010 and recently closed a subsequent private placement, which was oversubscribed, and raised an additional $3,216,400, leaving the company well funded.

Raul Sanabria, P.Geo, President of Baroyeca comments on La Ye’s latest assay results and plans for 2022.

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Baroyeca’s best and strongest asset for the future is having the right team to drive projects forward with a fully committed, seasoned and experienced Colombian team. In March 2021, we were honored to have John Robins, co-founder of the Discovery Group of Companies in Vancouver, join the team as an active advisor to the Board of Directors.

Baroyeca is encouraged by the value generated on the land over the past year and is excited to unlock the potential available to them on their properties. As we continue to demonstrate that Atocha is emerging as a high-grade silver and gold discovery, we strongly believe that Santa Barbara has the merit of becoming a significant high-grade gold deposit, comparable to other projects in operation in the country. It has the footprint and the right ingredients to become the next gold mine in Colombia.

Baroyeca believes it offers a unique investment opportunity by advancing the Atocha property in the historic Santa Ana-Frías silver camp and expanding exploration on the Santa Bárbara property. Baroyeca remains committed to developing and maintaining mutually respectful and beneficial relationships with all local communities and stakeholders in our project areas of influence. This includes the continuous improvement of infrastructure, maintenance of water supply and health support, while participating in several social and community initiatives.

Colombia, with its proven mineral wealth and relative lack of exploration, is one of the most attractive jurisdictions for mining investment in Latin America. Baroyeca approaches 2022 with optimism and is committed to creating shareholder value through the discovery process, prudent capital allocation and environmentally and socially responsible mining exploration. The Company plans to generate additional value for its shareholders by identifying additional opportunities to grow its portfolio and its presence in the country.

About Baroyeca Gold & Silver Inc.

Baroyeca Gold & Silver Inc. is a mining exploration company focused on high-grade silver and gold projects located in Colombia. Baroyeca’s flagship asset is the high-grade Atocha Silver-Gold project located in the department of Tolima, Colombia. The Company also holds an option to acquire a 100% interest in the Santa Barbara property, Bolivar Department, Colombia, which is renowned for its high-grade gold mineralization and vein density. Current exploration activities on the Santa Barbara property involve bulk sampling of vein structures, the material from which then feeds into a test production facility that has been producing gold consistently for over a year. Revenues from the sale of the gold produced cover part of the operating costs. The Company plans to expand these activities.

The Company’s Board of Directors and senior management are committed to creating shareholder value through the discovery process, prudent capital allocation and environmentally and socially responsible mining exploration.

Qualified person

Raul Sanabria, M.Sc., P.Geo., President of Baroyeca Gold & Silver Inc. and a Qualified Person (“QP”) as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this Liberation.

BAROYECA GOLD & SILVER INC.

By: “Raúl Sanabria”
Raul Sanabria, President

FOR MORE INFORMATION, CONTACT: Rick Wilson – (604) 351-3599

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/115938

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