Minsud encounters 555m at 0.43% Cu, 0.19 g/t Au, 4.80 g/t Ag including 44m at 1.12% Cu, 0.29 g/t Au and 9.52 g/t Ag at Chinchillones
TSX-V: MSR
February 14, 2024
Minsud encounters 555m at 0.43% Cu, 0.19 g/t Au, 4.80 g/t Ag including
44m at 1.12% Cu, 0.29 g/t Au and 9.52 g/t Ag at Chinchillones
TORONTO, ONTARIO - Minsud Resources Corp. (TSX-V: MSR) (“Minsud” or the “Company”), is pleased
to announce the receipt of assay results from eight (8) additional drillholes, which were completed as part
of the ongoing Phase IV infill and scout drilling program at the Chita Valley Project, San Juan Province,
Argentina.
Since the commencement of the Earn-in agreement with South32 Aluminium (Holdings) Pty Ltd (“South32”)
a wholly owned subsidiary of South32 Limited , a total of ninety -eight (98) drillholes have been completed
to date, encompassing 63,168 metres. Assay results have been received from drillholes CHDH23 -91
through CHDH23-98, which total 5,883 metres.
In 2023, Minsud completed 25,986.4 metres of diamond drilling. Of this, 16,148.4 metres were from
scout drilling and 9,838.0 metres were from the infill drilling program.
Key highlights and associated figures are provided below. Summary of drilling results is shown in Table 1.
Drillhole locations are shown in Map 1. Documented alteration and mineralization are shown in Map 2.
CHDH23-96 was drilled with an orientation of 315°/-65° to a depth of 801 metres:
• Significant Drill Intercepts:
o 555.0m @ 0.43% Cu, 0.19 g/t Au and 4.80 g/t Ag, from 246m depth.
▪ including 44.0m @ 1.12% Cu, 0.29 g/t Au, 9.52 g/t Ag, from 462.0m depth.
• Geology:
o The drillhole was comprised of intercalated phreatomagmatic breccias and fine to medium
grained porphyritic dacite . Dominantly matrix-supported, polymictic, advanced argillic -
altered dacitic breccias with prominent porphyritic dacite and quartzite clasts. Significant
mineralization occurs as minute, frequent sulphide disseminations and in high sulphidation
veins hosting up to 5% p yrite-bornite-sphalerite-tennantite. Narrow intervals of high
sulphidation veins with more than 50% sulphides ( pyrite-chalcopyrite-sphalerite-galena;
e.g., 456-457m).
o This higher-grade intercept shows potential continuity with the high-grade intercepts from
CHDH23-73, CHDH22-62, CHDH23-69, CHDH23-77, CHDH22-57 and CHDH23-81, all of
which exhibit similar Cu-Au geochemistry.
o This important Cu-Au body is apparently aligned WNW and coincident with the eastern
edge of a late dome-diatreme complex.
o This higher-grade Cu-Au zone is surrounded by Cu-Au-As high sulphidation mineralization
implying this Cu-Au porphyry minerali zation is linked to the Cu -Au-As high sulphidation
(HS) mineralization.
CHDH23-91 was drilled with an orientation of 315°/-75° to a depth of 850 metres:
• Significant Drill Intercepts:
o 386.0m @ 0.27% Cu, 0.07 g/t Au and 3.19 g/t Ag, 200 ppm Mo, from 458.0m depth.
• Geology:
o Up to 530.3m , dominantly intercalated, clast-supported, phreatomagmatic breccia. The
breccia body hosts m ineralized clasts of dacitic composition, quartzites and early dioritic
porphyry. There are intervals with late silicification and high sulphidation veins. Strongly
silicified zones host up to 5% sulphides (pyrite-tennantite-sphalerite-molybdenite-
chalcopyrite). A medium grained t onalite porphyry was encountered from 530m hosting
stockwork, B+A and Mo veins with up to 5-7% sulphides (pyrite-chalcopyrite-molybdenite-
sphalerite).
CHDH23-95 was drilled with an orientation of 135°/-70° to a depth of 826 metres:
• Significant Drill Intercepts:
o 194.0m @ 0.27% Cu, 0.03 g/t Au and 7.16 g/t Ag, 479 ppm Mo, 1858 ppm Zn, from 570.0m
depth.
• Geology:
o The drillhole was comprised of medium to fine grained, early dioritic porphyry. Moderate
quartz-sericite alteration overprinted potassic alteration. There is a strong stockwork zone,
with 20-25 vein/m frequency of B-type (with molybdenite) and A-type veins. Sulphides up
to 3-5% (pyrite-chalcopyrite-molybdenite) occur as disseminations and in early quartz
veins. Abundant chalcopyrite and molybdenite in quartz veins.
Approved Infill Drilling Program and Budget (2024)
MSA continues the Chinchillones infill drilling program covering an area of approximately 2.5 square
kilometres, for the purpose of generating a mineral resource estimate on the Property.
The program comprises 27,488 metres of diamond drilling, distributed in 32 drillholes. A total of 13 drillholes
totaling 9,838 metres (CHDH23-86 to CHDH23-98) were completed by the end of December 202 3. Grid
interval/hole spacing is currently set at approximately 150 metres. The average depth of the planned drilling
is approximately 800 metres. This phase of drilling is expected to be completed by the third quarter of 2024.
Continued drilling in Phase IV was mainly concentrated in the SW -NE corridor at the eastern end of the
Chinchillones target. Drilling tested the lateral and depth continuity of the higher-grade Cu -Au body
intersected from previously reported drillholes CHDH23-73 and CHDH23-62.
Current 2024 Roadmap:
• Continue progress on the infill program, with remaining 17,650 metres, expected to be completed
by third quarter.
• Outline the geometry of the high-grade Cu-Au body identified in CHDH22-62 through CHDH23-69
and CHDH23-96, associated with the eastern edge of the Dome.
• Continuation of metallurgical testing on representative domains. Establish high, medium, and low-
grade domains for metallurgical and recovery testing. Establish degrees of impurities, contents ,
and processes in these domains.
• Continuation of mineralogical studies, Terraspec, TIMA, and QXRD on samples.
• Obtain an NI 43-101 resource estimate at the Chinchillones area within Chita Valley Project by the
end of Q4.
• Beginning in Q4, c ontinue with the development of new Exploration Targets identified during
geological mapping surveys completed in 2023.
Ramiro Massa, Minsud’s President & CEO, said: “ Our ongoing drilling program focusing on the
Chinchillones Target continues to prove to be highly successful in defining further mineralization . We look
forward to continuing the program into 2024, towards the generation of an NI 43-101 mineral resource
estimate on the project, following the completion of the program.”
Table 1: Phase IV Diamond Drilling Program – Summary of Results
Hole ID From
(m)
To
(m)
Interval (m)
(*) Cu (%) Au (g/t) Ag (g/t) Mo
(ppm)
Pb
(ppm)
Zn
(ppm)
CHDH23-91 11.0 108.0 97.0 0.15% 0.10 6.47 8 630 1601
356.0 366.0 10.0 0.89% 0.05 43.03 13 185 386
458.0 844.0 386.0 0.27% 0.07 3.19 200 72 592
CHDH23-92 186.0 434.0 248.0 0.28% 0.11 5.72 32 320 1029
554.0 642.0 88.0 0.31% 0.05 1.88 11 170 27
CHDH23-93 60.0 118.0 58.0 0.18% 0.10 10.18 11 413 1386
218.0 238.0 20.0 0.54% 0.09 9.63 4 818 1792
380.0 801.0 421.0 0.20% 0.05 2.06 37 90 150
CHDH23-94 216.0 256.0 40.0 0.10% 0.20 20.44 3 4364 26472
347.0 352.0 5.0 0.10% 0.15 20.99 14 4018 17350
406.0 588.0 182.0 0.07% 0.03 5.60 25 815 3744
CHDH23-95 242.0 286.0 44.0 0.11% 0.05 4.97 60 138 1002
390.0 454.0 64.0 0.06% 0.07 3.00 63 390 2259
570.0 764.0 194.0 0.27% 0.03 7.16 479 394 1858
CHDH23-96 246.0 801.0 555.0 0.43% 0.19 4.80 33 75 454
incl 462.0 506.0 44.0 1.12% 0.29 9.52 39 42 316
incl 666.0 680.0 14.0 0.70% 0.13 9.14 5 57 219
CHDH23-97 40.0 86.0 46.0 0.18% 0.05 4.43 23 488 1096
414.0 502.0 88.0 0.15% 0.06 2.76 12 37 189
510.0 698.0 188.0 0.04% 0.03 2.57 2 83 2483
CHDH23-98 36.0 68.0 32.0 0.20% 0.04 2.11 35 25 238
478.0 502.0 24.0 0.57% 0.14 9.60 288 81 807
* intervals reported in the above table are not true thicknesses
Quality Assurance/Quality Control
All core samples were submitted to the ALS Global Laboratories in Mendoza, Argentina for preparation and
analysis. All samples were analyzed for Au by fire assay / AA finish 50g, plus a 48-element ultra-trace four
acid digest with ICP -MS and ICP-AES finish. Minsud followed industry standard procedures for the work
with a quality assurance/quality control (QA/QC) program. Field duplicates, standards and blanks were
included with all sample shipments to the principal laboratory. Minsud detected no significant QA/QC issues
during review of the data.
Map 1: Phase IV Drillhole Locations
Map 2: Chinchillones East – Alteration and Mineralization
Qualified Person (QP) Statement
Case Lewis, P.Geo., VP Exploration of the Company, is a Qualified Person (QP) as defined by Canadian
National Instrument 43-101. Mr. Lewis has visited the property and has read and approved the contents of
this release.
About the Chita Valley Project, San Juan Province
The Chita Valley Project is a large exploration stage porphyry system with classic alteration features,
widespread porphyry style Cu -Mo-Au and polymetallic Ag -Pb-Zn mineralization hosted by hydrothermal
phreatic breccias and associated gold and silver -bearing polymetallic veins of intermediate sulphide
composition that conformed an outcropping porphyry system at Chita and a lithocap of a porphyry system
at Chinchillones. San Juan Province of Argentina has a robust mining sector and recognizes the important
economic benefits of responsible development of its substantial Mineral Resource endowment.
Current exploration activities on the Chita Valley Project are being funded by South32 in accordance with
the earn-in agreement between the parties entered into on November 1, 2019 as amended.
On April 13, 2023, South32 exercised its earn-in right to acquire a 50.1% direct interest in the Company’s
Argentinian operating subsidiary Minera Sud Argentina S.A. (“MSA”) at the earlier of: (i) the completion of
the Year 4 annual exploration program; and (ii) April 5, 2024 (“Completion ”). At Completion, Minsud
Argentina Inc. (“MAI”), a wholly owned subsidiary of the Company, and South32 will enter into a
shareholders' agreement to govern the management and operation of MSA.
About Minsud Resources Corp.
Minsud is a mineral exploration company focused on exploring its flagship Chita Valley Cu-Mo- Au-Ag-Pb-
Zn Project, in the Province of San Juan, Argentina. The Company's shares are listed on the TSX -V under
the trading symbol “MSR”, and on the OTCQX under the symbol “MDSQF”.
About South32 Limited
South32 Limited is a globally diversified mining and metals company. The company’s purpose is to make a
difference by developing natural resources, improving people’s lives now and for generations to come.
South32 Limited is trusted by its owners and partners to realize the potential of their resources. South32
Limited produces commodities including bauxite, alumina, aluminium, copper, silver, lead, zinc, nickel,
metallurgical coal and manganese from its operations in Australia, Southern Africa and South America. With
a focus on growing its base metals exposure, South32 Limited also has two development options in North
America and several partnerships with junior explorers around the world.
FOR FURTHER INFORMATION PLEASE CONTACT
Ramiro Massa
President and Chief Executive Officer
www.minsud.com
+1 416-479-4466
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain information that may constitute forward -looking information under
applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements
about strategic plans, spending commitments, future operations, results of exploration, anticipated financial
results, future work programs, capital expenditures and objectives. Forward -looking information is
necessarily based upon a number of estimates and assumptions that, while considered reasonabl e, are
subject to known and unknown risks, uncertainties, and other factors which may cause the actual results
and future events to differ materially from those expressed or implied by such forward -looking information
including, but not limited to: fluctua tions in the currency markets (such as the Canadian dollar, Argentina
peso, and the U.S. dollar); changes in national and local government, legislation, taxation, controls,
regulations and political or economic developments in Canada and Argentina or other countries in which
the Corporation may carry on business in the future; operating or technical difficulties in connection with
exploration and development activities; risks and hazards associated with the business of mineral
exploration and development (including environmental hazards or industrial accidents); risks relating to the
credit worthiness or financial condition of suppliers and other parties with whom the Company does
business; presence of laws and regulations that may impose restrictions on min ing, including those
currently enacted in Argentina; employee relations; relationships with and claims by local communities;
availability and increasing costs associated with operational inputs and labour; the speculative nature of
mineral exploration and development, including the risks of obtaining necessary licenses, permits and
approvals from government authorities; business opportunities that may be presented to, or pursued by,
the Company; challenges to, or difficulty in maintaining, the Company’s tit le to properties; risks relating to
the Company’s ability to raise funds; and the factors identified under “Risk Factors” in the Company's Filing
Statement dated April 27, 2011. There can be no assurance that such information will prove to be accurate,
as actual results and future events could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward -looking information. All forward-looking-
information contained in this news release is give n as of the date hereof and is based upon the opinions
and estimates of management and information available to management as at the date hereof. The
Company disclaims any intention or obligation to update or revise any forward-looking information, whether
as a result of new information, future events or otherwise, 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 release.