Nobel Signs Option Agreement to Acquire the Pircas Verdes Copper Project IN Chile
NOBEL SIGNS OPTION AGREEMENT TO ACQUIRE THE PIRCAS VERDES COPPER PROJECT IN CHILE
TORONTO, ONTARIO November 18, 2022 – Nobel Resources Corp. (TSX – V: NBLC; OTCQB: NBTRF)
(the “Company” or “ Nobel”) is pleased to announce that the Company, through its wholly owned
subsidiary, Mantos Grandes Resources Chile SpA (“Mantos”), has entered into a definitive option
agreement (the “Option Agreement”) to acquire a 100% interest in the Pircas Verdes project (“Pircas
Verdes” or the “Project”).
According to Vern Arseneau, COO of Nobel, “The Pircas Verdes project is situated within a highly
productive copper producing district, close to several large porphyry copper +/ - molybdenum
deposits. Within the Project, the key geological features that typically indicate potential for porphyry
copper related mineralization have been identified by Nobel’s team. It is rare to find a prospect with
such strong geological indicators for a porphyry target in this area that has not been extensively
drilled already.” Presently, the Company is in the process of acquiring an access agreement from the
Local Farm Cooperative that owns the surface rights in the area. There are no farming activities at
the project area due to the high altitude and lack of land suitable for farming and local residents are
supportive of mining, exploration and development. Many residents work at local mining operations
as well as farm their land and are therefore familiar with exploration and mining activities.
The initial exploration program will include geological mapping and sampling of the project area. A
ground magnetic survey will be completed followed by selected IP lines over areas of interest, to be
followed by diamond drilling and trenching. The company expects to complete this work, including
drilling, during the first year of the option agreement.
• The prospect is located east of the Pelambres -El Pachon world class porphyry system. A
number of other copper porphyry and porphyry skarn deposits are located near Pircas Verdes.
• Piton is a leached intrusive with anomalous copper values in rock chip samples that covers an
area of 1 ,500m by 800m. Piton is interpreted as possibly representing the upper levels of a
buried mineralized porphyry system.
• The Pircas Verdes prospect area contains intense quartz -sulfide stockwork exposed over an
area of approximately 450m by 600m peripheral to the Piton leached intrusive.
• Other exploration targets peripheral to the main Pircas Verde -Piton hydrothermal center .
Vetarron, Marcelino and West include quartz -tourmaline breccias and veinlets associated
with copper oxides and sulphides. Such veins are commonly associated with copper porphyry
systems in Chile.
• No drilling or geophysical surveys have been completed over the property.
The Pircas Verdes Project
The Pircas Verdes property covers a total of 2 ,015 hectares located in the eastern part of Chile’s
fourth region of Coquimbo. It is some 20 km west of the cluster formed by Antofagasta Minerals’
Pelambres mine (2,125 million tonnes grading 0.64% CuT / 180ppm Mo) and the similar size Fortuna
Project, currently under development, and Glencore’s Pachon deposit (3,300 million tonnes grading
0.47% CuT) (Sources: Corporate disclosures by Antofagasta Minerals and Glencore) . Other copper
projects near Pircas Verde include the Llamuco Mine and the Buenaventura Project (Figures 1 and 2).
Figure 1: Location of the Pircas Verde Project
Within the district lies the Llamuco Mine , a pipe-type breccia system with a tourmaline matrix. The
production included recovery of primary copper minerals including chalcopyrite and bornite, along
with Molybdenum and Tungsten during operations in the 1970s. The deposit had a zone of secondary
enrichment. The region is also host to porphyry skarn mineralization, numerous polymetallic veins of
Cu, Au, Mo and Pb, as well as other stratified copper deposits, such as the Three Valley Copper Mine
located 25 km west of Pircas Verdes.
At Pircas Verde, the large areas of hydrothermal alteration, presence of tourmaline breccia pipes and
veins, extensive copper anomalies, malachite staining on outcrops, and unexplored leached intrusive
rocks are excellent indicators of a potential porphyry copper system in the area.
Figure 2: Regional map of the Pircas Verde Project area, showing nearby operations and deposits
In the district there are numerous intrusive bodies of different ages that range from the Late
Cretaceous to the Miocene intruding the volcanoclastic rocks of the Viñitas Formation. Some of these
pulses have generated large colo ur anomalies which are represented by extensive areas of
hydrothermal alteration (advanced argillic, argillic, phyllic and propylitic), which in some cases are
accompanied by mineral occurrences.
The Pircas Verdes Project district shows numerous areas with intense hyperspectral colour anomalies
corresponding to areas with argillic and phyllic alteration surrounded by propylitic alteration in the
volcaniclastic host rocks relat ing to the porphyry mineralization in the region. At the Pircas Verdes
project, similar features have been observed: a complex intrusive stock with multi- pulses and phases
recognized ranging from felsic, aplitic, andesitic and dioritic porphyries, together with greater
granodioritic and tonalitic intrusive rocks that intrude into the volcanoclastic sequence of the Viñitas
Formation. These are associated with zones of alteration and colo ur anomalies associated with
structural breaks and structural controls oriented NNW, NS and ENE typical for deposits in the area.
The Pircas Verdes Project has a number of hydrothermal alteration zones identified in outcrop that
indicate the prospective attractiveness of the area:
Figure 3: Target areas identified on the Pircas Verde Project
TARGET PITONES: Extensive zone of hydrothermal alteration exposed over an area of 1,500 x 800
metres, the zone presents a strong oxidation and leaching of the host rock. This target could
potentially represent the upper, leached part of a porphyry copper system. The area is
characterized by anomalous copper values in rock.
TARGET PIRCAS VERDES: Strong stockwork of Quartz drusiform veinlets with presence of relict
sulfides of leached copper veinlets with halos of sericite. These veinlets have a density of between
40 to 60 veins per metre showing a high intensity of alteration. The area of intense veinlets extends
for 600 metres X 450 metres where it can be observed in outcrop.
TARGET WEST VETARRON: Polydirectional tourmaline veinlets in a coarse -grained intrusive
(mozodiorite) along with aplitic porphyry with abundant tourmaline rosettes outcrop in the contact
zone between the intrusive and volcanoclastic sequence, accompanied by oxidized copper
mineralization. A structurally controlled zone of quartz-tourmaline veins with copper mineralization
25 to 30 met res wide structural corridors have been traced for 300 met res along strike and show
development of minor lateral stockworks with oxidized copper content.
TARGET MARCELINO: Drusiform quartz veins with preferential orientation N60° E, c utting the
volcanoclastic sequence. The veins range from 1 cm to 1 m with copper content. They are generally
oxidized with minor remaining sulfides of chalcopyrite with gold and molybdenum. The strong
veinlets develop brecciated areas of 70 metres wide and shows an increase in the persistence of veins
and copper content towards the south.
Option Agreement
Pursuant to the Option Agreement, the Company must make the following payments to the optionor
to acquire a 100% interest in the Project:
• USD$50,000 in cash on the date the Option Agreement is registered with the Chilean mining
authority (the “Registration Date”). This step has been completed and the funds have been
paid;
• USD$200,000 in cash 12 months from the Registration Date;
• USD$250,000 in cash 24 months from the Registration Date;
• USD$500,000 in cash 36 months from the Registration Date;
• USD$1,000,000 in cash 48 months from the Registration Date; and
• USD$2,000,000 in cash 60 months from the Registration Date.
Upon the completion of the payments above, the Company will own 100% of the Project subject to
a 1.5% NSR royalty held by the vendor on future mineral production on the Project. The Company
has a right to repurchase 1.0% NSR on the Project from the optionor for USD$2.0 million in cash. The
Company can, at its sole discretion, decide not to exercise the option and terminate the Option
agreement and not make any of the remaining payments.
Nobel will be the operator of the Project during the term of the Option Agreement.
This transaction is arm’s length and has been approved by the TSX Venture Exchange. No finder fees
were paid in connection with the transaction.
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 Nobel
Nobel Resources is focused on exploring for and developing copper projects in Chile , the premiere
copper mining company globally. The Company has a team with a strong background of exploration
success in the region.
For further information, please contact:
Vincent Chen, CPA
Investor Relations
www.nobel-resources.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, t he mineralization of the Project, the terms of the Option Agreement
and the Company’s ability to exercise the option, 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 forward- looking terminology such as “plans”, “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not
anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events
or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. 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 Nobel, as the case may be,
to be materially different from those expressed or implied by such forward -looking information,
including but not limited to: general business, economic, co mpetitive, geopolitical and social
uncertainties; the actual results of current exploration activities; risks associated with operation in
foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations
risks; and othe r risks inherent in the mining industry. Although Nobel 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. 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 statements.
Accordingly, readers should not p lace undue reliance on forward -looking information. Nobel does
not undertake to update any forward- looking information, except in accordance with applicable
securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM I S
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.