ATERRA Metals Announces Maiden Mineral Resource Estimate

ATERRA Metals Inc., a Toronto-based company, has announced a significant milestone in its exploration efforts with the release of a maiden Inferred Mineral Resource for its Totora Copper-Gold Project in Region III, Chile. The project, approximately 60 kilometres south of Vallenar, is located in Chile's Dos Amigos Mining District, which is home to several other significant copper and gold projects, including Tintina Mines' Domeyko Sulfuros project, Hot Chili's La Verde discovery, and Compañía Minera del Pacífico's Pajonales copper-gold deposits.

The Inferred Mineral Resource, estimated by SRK Consulting (Chile) SpA, comprises four near-surface copper-gold porphyry deposits: Frontera, Totora, Algarrobilla, and Clinton. The resource, which was established using the CIM Definition Standards, is expected to contain 1,067.3 million pounds of copper and 792.9 thousand troy ounces of gold, equivalent to 1,790.8 million pounds of copper equivalent (CuEq). The resource is grading 0.30% copper and 0.15 grams per tonne (g/t) gold, or 0.51% CuEq, at a base-case cut-off grade of 0.20% Cu.

The resource estimate is classified entirely in the Inferred category, which means it is subject to a high degree of uncertainty and does not have demonstrated economic viability. The resource comprises 159.8 million tonnes of ore grading 0.30% copper and 0.15 g/t gold, or 0.51% CuEq, at a base-case cut-off grade of 0.20% Cu. The resource estimate is based on historical and Phase I drilling data, with the historical work providing a strong starting point and the Phase I drilling providing important confirmatory geological and assay information.

The company's next step is Phase II exploration, which is expected to focus on testing potential extensions of the Frontera deposit and its higher-grade copper-gold core, testing extensions of the Totora mineralized system, and completing infill drilling where increased drill density may improve confidence in the Inferred Resource. The company believes there is meaningful opportunity to expand this initial Inferred Resource while continuing to evaluate the broader Totora Project.

The Totora Project is located in Chile's Dos Amigos Mining District, approximately 15 kilometres south of Tintina Mines' Domeyko Sulfuros project, 15 kilometres southwest of Hot Chili's La Verde discovery, and adjacent to Compañía Minera del Pacífico's Pajonales copper-gold deposits. The Project comprises the Taruca, Clinton, Frontera, and Sevilla properties and is located near the Pan-American Highway (Highway 5) and high-voltage power infrastructure, at relatively low elevation and near potential water sources.

The resource estimate is based on conditions of metal prices of US$4.00/lb copper and US$3,650/oz gold, metallurgical recoveries of 85% for copper and 85% for gold, mining costs of US$1.43/t mined, processing costs of US$11.30/t processed, general and administrative costs of US$2.87/t processed, selling costs of US$5/oz gold and US$0.418/lb copper, and a 10% discount rate. No metallurgical testing has been completed on the Mineral Resources, and actual recoveries established through future metallurgical test work may differ from the assumed recoveries.