Halcones Reports up to 17.2 G/T GOLD IN Outcrop Samples from New Target Area at Carachapampa Project IN Chile
HALCONES REPORTS UP TO 17.2 G/T GOLD IN OUTCROP SAMPLES
FROM NEW TARGET AREA AT CARACHAPAMPA PROJECT IN CHILE
TORONTO, ONTARIO November 23, 2022 – Halcones Precious Metals Corp. (TSX – V: HPM) (the
“Company” or “Halcones”) is pleased to announce assay results from the initial 2022 exploration
program at its Carachapampa project ( “Carachapampa” or the “Project”), Chile. Field mapping
and rock sampling were carried out in September, towards the end of the South American winter
and crews were successful in identifying well mineralized zones in outcrop at several locations
on the Project.
Highlights include:
• A new highly prospective target area has been identified by the Company’s field program.
Well mineralized and strongly silicified (vuggy quartz textured) structures have been
discovered adjacent to a previously unidentified volcanic dome. Presence of volcanic
domes are essential to development of the high sulfidation gold deposits in this region.
• At least four structures characterized by intense vuggy silica alteration were identified
initially, with gold values in bedrock samples of 17.2 g/t Au, 8.93 g/t Au, 4.2 g/t Au, 3.6
g/t Au and 1.43 g/t Au. This sampling is based on limited exposure due to young volcanic
cover in the area and as well was hampered by intermittent snow cover when work was
done. More detailed mapping and sampling is in progress on this new target presently.
• The structures have been mapped for at least 600 met res along strike and across strike
for more than 200 metres. Mapping is ongoing presently to identify additional structures
as well as to look for windows where the rocks between the structures may be exposed
through the cover of younger volcanics in the area.
• Drill hole 0 03 which was drilled previously appears to have collared on the side of the
newly identified volcanic dome and intercepted 54 m grading 0.32 g/t Au including 20 m
grading 0.56 g/t Au. This hole was drilled prior to the mapping and does not intersect
the mineralized structures but is an indication of a highly anomalous and wide section of
mineralization associated with the flank of the dome. The hole is approximately 1.5 km
northeast from the mineralized samples.
• A second area approximately 1 km north and still on the flank of the dome returned
samples with 2.5 g/t Au and 65 g/t Ag on highly silicified, vuggy quartz altered structures
as well.
• One sample from the n ortheast target area which occurs approximately 2.8 km
northwest of this new target area had a grade of 548 g/t Ag.
According to Vern Arseneau, COO of Halcones , “The initial field results are highly encouraging.
Given the limited time the crews had in the field in the late winter, the discovery of the previously
unmapped volcanic dome and asso ciated vuggy silica alteration hosting significant gold
mineralization over what appears to be an extensive area is an excellent outcome. Now that the
weather has improved as Andean summer has commenced, the crews are back in the field to
follow up on the initial discoveries with detailed sampling and mapping in preparation for drill
testing in the coming months.”
Paul Pint, CEO of H alcones noted “We are just getting started with the work on this exciting
Project, having only had the property for a few months and much of that time during Andean
winter weather. It’s exciting to see the Project advancing at this early stage in the program.”
Carachapampa Project
The Carachapampa Project is located in the north -central part of the famous Maricunga Belt in
Chile, approximately 180 km northeast of the city of Copiapo (Figure 1). The property is
immediately adjacent to the past producing Nueva Esperanza Au- Ag mine and north of Kinross
Gold’s La Coipa operations.
Figure 1: Location map, Carachapampa Project in the Maricunga Belt.
The Carachapampa property is host to two prominent volcanic d omes which are considered an
essential component for development of high sulfidation gold deposits in this area (Figure 2).
The forces that drive the magma to surface also drive large volumes of highly acidic fluids that
are responsible for dissolving rock forming minerals near surface and creating the porous “vuggy
quartz” alteration into which gold and silver mineralization is subsequently deposited (Figure 3).
Figure 2: Photo mosaic showing the two large volcanic domes at Carachapampa. The property
boundary is shown in red. A third smaller dome occurring between them was recently
identified and appears to have significant gold mineralization associated with it.
Figure 3: Conceptual geological model illustrating the relationship between volcanic domes and
Au-Ag deposits in the area. Esperanza Dome is associated with the Arqueros and Chimberos
gold mines located approximately 2 km west of the Carachapampa property.
During Halcones’ initial field program, geologists discovered a previously unidentified volcanic
dome at the central part of the p roperty and adjacent to that have discovered high grade
mineralization in outcrops (Figure 4 , 5, 6). Subsequent mapping and sampling has identified an
extensive area on the west flank of the dome with strongly anomalous gold and locally high silver
in numerous samples. This area is the focus for pr esent field follow up with detailed mapping,
sampling and targeted IP in preparation trenching and drilling in in the coming months.
Figure 4: Map showing location of newly identified target area in the circle on the west side of
the Carachapampa Project. The newly identified volcanic dome is enclosed in the dashed red
line in the northeast quadrant. Anomalous gold samples in bedrock and sub outcrop are shown
in red and yellow. Hole 003 referred to above is shown on the flank of the dome.
Figure 5: At least four structures characterized by intense vuggy silica alteration and associated
gold mineralization were mapped over approximately 600 metres of strike and across a width
of approximately 200 metres. Detailed work is ongoing presently to attempt to expand on this
potentially extensive mineralized area.
Figure 6: Anomalous silver values also occur, primarily in the northern part of the target area
Sampling Protocol
Sampling is conducted in a manner that will allow reasonable averaging and statistical analysis of
the data for resource estimation. Standards, blanks and duplicate samples, are used to maintain
quality control and to verify laboratory procedures. The comp any has established a QA/QC
sampling control protocol which it applies to all rock sampling, including chip channels from
trenches, surface grab samples and diamond drilling. Following is a summary of these protocols:
Drilling:
• Samples are collected using a standard 0.5 m to 1 m sample length in the main mineralized
zones and a 1 m to 2 m length in the surrounding rocks or in other minor intervals of
alteration and/or mineralization. Shorter sample lengths were avoided whenever was
possible.
• Core samples are split along the core axis using an electric rock saw, by the Company’s
trained technicians, prior to sampling the core is logged and a high -resolution
photographic record is taken for the files.
• One standard sample is inserted for each 20 core samples and one coarse blank, one fine
blank and one internal duplicate sample are included each 50 core samples for QA/QC
control.
• In order to meet NI 43 -101 security standards, the samples are placed in rice bags and
sealed with numbered security t ags on site and then shipped to the laboratory facilities
by truck by Company personnel. The custody and transfer of samples is always the
responsibility of Company personnel.
Surface and trenches:
• Channel trench samples are collected using a standard 0.5 m to 1 m sample length in the
main mineralized zones and a 1 m to 2 m length in the surrounding rocks or in other minor
intervals of alteration and/or mineralization. Shorter sample lengths are avoided
whenever was possible.
• Field mapping samples are also collected using a standard 0.5 m to 1 m sample length in
mineralized zones when possible, depending on the outcrop availability.
• One standard sample is inserted for each 20 core samples and one coarse blank, one fine
blank and one internal duplicate sample are included each 50 samples for QA/QC control.
• In order to meet NI 43 -101 security standards, the samples are placed in rice bags and
sealed with numbered security tags on site and then shipped to the laboratory facilities
by truck by Company personnel. The custody and transfer of samples is always the
responsibility of Company personnel.
Laboratory Analysis
All analyses of the samples were carried out by ALS Limited, an independent laboratory with all
regulatory documents and certifications approved and up to date. The sample prep facilities are
based in Copiapo, 180 km SW from the project.
The analysis package chosen, for Au, Ag, and a multi-elements, trace level method are as follows:
Au-ICP21/Au-ICP22 – Fire Assay Fusion – ICP-AES Finish Sample Decomposition: Fire Assay Fusion
(FA-FUSPG1 & FA- FUSPG2) Analytical Method: Inductively Couple Plasma – Atomic Emission
Spectrometry A prepared sample is fused with a mixture of lead oxide, sodium carbonate, borax,
silica and other reagents as required, inqu arted with 6 mg of gold- free silver and then cupelled
to yield a precious metal bead. The bead is digested in 0.5 mL dilute nitric acid in the microwave
oven. 0.5 mL concentrated hydrochloric acid is then added and the bead is further digested in
the microwave at a lower power setting. The digested solution is cooled, diluted to a total volume
of 4 mL with de-mineralized water, and analyzed by inductively coupled plasma atomic emission
spectrometry against matrix-matched standards.
When gold samples exceed the 10g/t upper detection limit of Au -ICP/Au-ICP methods, samples
are re-assayed using the following:
Ag-GRA21, Ag-GRA22, Au-GRA21 and Au-GRA22 Precious Metals Gravimetric Analysis Methods
Sample Decomposition: Fire Assay Fusion (FA-FUSAG1, FA-FUSAG2, FA-FUSGV1 and FA-FUSGV2)
Analytical Method: Gravimetric A prepared sample is fused with a mixture of lead oxide, sodium
carbonate, borax, silica and other reagents in order to produce a lead button. The lead button
containing the precious metals is cupelled to remove the lead. The remaining gold and silver bead
is parted in dilute nitric acid, annealed and weighed as gold. Silver, if requested, is then
determined by the difference in weights.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by
Mr. David Gower, P.Geo ., as defined by National Instrument 43 -101 of the Canadian Securities
Administrators.
About Halcones
Halcones Precious Metals Corp. is focused on exploring for and developing gold-silver projects in
the Maricunga Belt, Chile, the premiere gold mining district in South America. The Company has
a team with a strong background of exploration success in the region.
For further information, please contact:
Vincent Chen
Investor Relations
www.halconespreciousmetals.com
Cautionary Note Regarding Forward-looking Information
This press release contains “forward -looking information” within the meaning of applicable
Canadian securities legislation. Forward -looking information includes, without limitation,
regarding the prospectivity of the Project, the mineralization of the Project, the Company’s
exploration program, the Company’s ability to explore and develop the Project and the
Company’s future plans. Generally, forward -looking information can be identified by the use of