Bocana Resources Corp. Kori Kollo Review - Bolivia
Bocana Resources Corp. Kori Kollo Review - Bolivia
Calgary, Alberta, April 17, 2024 – Bocana Resources Corp. (TSXV: BOCA) (Frankfurt:
VC1) (" Bocana" or the " Company") – is pleased to provide additional information with
respect to the previous announced non-binding letter of intent dated March 25, 2024 (the
"LOI"), for the proposed acquisition of all of the outstanding shares of Empresa Minera Inti
Raymi S.A. (" Inti Raymi ") (the " Transaction"). The Company has initiated geological
reviews several assets within the Kori Pakaska project owned by Inti Raymi (the "Project").
Additional details on the Kori Kollo asset are provided below.
As previously disclosed in the April 1, 2024, news release (the " Release"), t he Project
includes privately held concessions, which include two former open pit mines, dumps and
tailings stockpiles , historical processing and mining facilities. Beyond the short term
potential of the tailings and low -grade surface waste dumps, the Company believes there
are extensive historical resources , based on drill testing , occurring below the original Kori
Kollo open pit. The evolving geological review of the Project , and the Kori Kollo asset in
particular, will initially consist of locating and compiling of all electronic or paper copies of
drill test results, maps, m etallurgical test s, and any other geological reports available to
review.
The Kori Kollo Deep Deposit
The area is called “ Deep Kori Kollo” and was successfully drill tested, by Inti Raymi, beneath
the abandoned open pit. For example, drill hole DK-1353 obtained drill lengths of 1.70 g/tonne
gold over 45.0 metres and 5.10 g/tonne gold over 24.0 metres as indicated in Figure #1 below.
Kori Kollo, the largest deposit on the property, consists of relatively high-grade ore occurring in
structurally controlled breccias, while veinlets are found in medium grained dacite. Wall rock
alteration consists of intense silicification, seritization, pyritization and gold mineralization with
local, minor kaolinite. The Au -Ag rich polymetallic ores were emplaced along NE trending
structures, generally dipping between 60° NW and vertical. Mineralization is present principally
in fractures and veinlets but also in breccia zones, stockworks and disseminations.
Figure # 1 Korri Kollo Cross Section
Table # 2 , below, is a historical resource estimate completed under the supervision of Inti
Raymi’s geological engineer Carlos Thompson in 2016 on the Kori Koll o Deep sulphide
potential. As part of the review, Company geologists will continue to examine all historical data.
As of now a qualified person has not done sufficient work to classify the historical estimate as
current mineral resources or mineral reserves; and the issuer is not treating the historical
estimate as current mineral resources or mineral reserves.
Table # 2
As the Company progresses with the other assets of the Project, the Company will provide
additional details on the historical resource estimates as provided to the Company by Inti
Raymi.
Project Type
Resources Tonnes Grade Grade Oz Gold Oz Silver Gold Silver
Kori Kollo
Deep
Indicated 22,531,047 1.52 8.23 1,101,082 5,238,110
(Sulfide) Inferred 8,365,877 1.40 8.21 376,560 2,209,332
In addition to the due diligence efforts currently underway, the Company is also seeking
possible non-dilutive funding for the start -up funds necessary for the down payment and
newly anticipated capital expenditures for the advanced onsite processing facilities.
Qualified Person
Mr. Lorne Warner, P.Geo., is a "Qualified Person" as defined by National Instrument 43-
101. Mr. Warner has approved the scientific and technical information included in this news
release for dissemination.
About Bocana Resources Corp.
Bocana is a mineral exploration and development company focused on the acquisition,
exploration, and development of mineral properties in South America. Bocana, through its
wholly owned subsidiary, Huiracocha International Service SRL, currently holds a 100%
working interest in the mineral properties known as the Escala area concessions located at
the Department of Potosi, Sud Lipez Province, Bolivia as awarded by Comibol.
Contact Information
For more information on Bocana, visit: https://bocanaresources.com.
For more information or interview requests, please contact:
Timothy J. Turner – Chief Executive Officer [email protected]
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking
information can be identified by words such as: "intend", "believe", "estimate", "expect", "may", "will", "approximately",
"planning", "projected", "anticipate" and similar references to future periods. Forward -looking information is subject to
known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance
or achievements of Bocana, as the case may be, to be materially different from those expressed or implied by such forward-
looking information, including but without limitation, statements pertaining to the Transaction including Bocana's ability to
obtain financing and the necessary approvals, including regulatory approvals for the Transaction, and the results of any
geological reports. All statements included herein involve various risks and uncertainties because they relate to future
events and circumstances beyond Bocana's control.
Although Bocana has attempted to identify important factors that could cause actual results to differ materially from those
contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or
intended. Readers are cautioned not to place undue reliance on forward-looking information. The forward -looking
statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to
update publicly or revise any forward- looking statements or information, except as required by law.
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.