San Lorenzo's MAG Survey Progressing on its 100% Owned Large Scale Copper-Gold Porphyry Salvadora Project, Chile

Calgary, May 19, 2021 - San Lorenzo Gold Corp. ("San Lorenzo" or the "Company") (tsxv:slg) announces that its previously announced magnetometer ("MAG") survey on its 100% owned Salvadora Copper - Gold Project ("Salvadora") located in Chile is progressing and is expected to be completed in the next week. Upon completion of the MAG survey it is expected to take approximately fourteen days to process the data. This is the first MAG survey done at Salvadora and is planned for approximately 260 line kilometres. The 100% owned Salvadora Project is 8,796 hectares and is geologically situated in one of the productive copper belts in Chile and is approximately 15 km from the world class El Salvador open pit copper-gold mine (see Figure 1).

Following the MAG survey San Lorenzo will be conducting an Induced Polarization geophysical survey to following up on positive results from previous limited sized IP surveys. The MAG survey will be used to outline structures and phases of intrusive activity.

Salvadora Copper - Gold Project Highlights

• - Potential to discover large bulk mineable copper - gold porphyry

  - 15 km from world class billion+ tonne El Salvador copper - gold porphyry mine

  - Geologically very similar to El Salvador mine including:

  • - Style of mineralization;

    - Alteration;

    - Favourable copper bearing rocks are similar age;

• - Project has not been fully and systematically explored leaving potential untapped;

  • - Limited geophysics and diamond drilling;

• - Drilling has returned encouraging copper - gold grades;

  • - 156 metres of 0.28% copper and 0.08 g/t gold

    - 35 metres of 0.28% copper and 0.11 g/t gold;

  - Additional upside from two extensive epithermal vein systems;

  • - Outcrop and underground sampling returned:

    • - 5.1 - 154.5 g/t gold, 1.3 - 61.8 g/t silver and 0.16 - 1.75% copper over 1.5-2.1 metres;

  - Located at relatively low elevation and readily accessible year round.

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Figure 1 - Salvadora Project

The Company also announces it has granted stock options to Advisors to the Company exercisable to acquire up to a total of 355,000 common shares under the Company's stock option plan. The Options are exercisable for a period of two years at a price of $0.25 per share, the closing price on May 18, 2021. The Options are subject to the policies of the TSX Venture Exchange

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Terence Walker, M.Sc., P.Geo., who is a "qualified person" within the meaning of National Instrument 43-101.

For further information on the Company, readers are referred to the Company's website at www.sanlorenzogold.com and its Canadian regulatory filings on SEDAR at www.sedar.com.

About San Lorenzo Gold Corp.

San Lorenzo Gold is in the business of exploring for and advancing mineral properties. The Company currently has two 100% owned properties in Chile: Salvadora and Nancagua. The Salvadora property is being explored for large scale copper-gold porphyry targets and Nancagua is a high grade epithermal gold property.

For further information, please contact: Ken Booth

Email: kbooth@sanlorenzogold.com

Neither the 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 news release.

Not for distribution to United States newswire services or for release, publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States

Cautionary Note Regarding Forward-Looking Information

This press release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of San Lorenzo. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, San Lorenzo does not assume any obligation to update or revise them to reflect new events or circumstances.

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