“Company”)(TSX.V:CMX, OTCQB: CMETF, SSE:C MX, MILA:CMX, FRA: IVV1, BER : IVV1). Chilean Metals Inc is pleased to announce the assay results from tw o historic drillholes at the Trident prospect at Bass River in Nova Scotia.
Shallow Historic Drilling Returns 29m @ 662ppm Co
at Trident Prospect, Bass River Nova Scotia
Including 15m @ 812ppm Co
Toronto, ON. July 23rd, 2018 . Chilean Metals Inc. (“Chilean Metals,” “CMX” or the
“Company”)(TSX.V:CMX, OTCQB: CMETF, SSE:C MX, MILA:CMX, FRA: IVV1, BER : IVV1). Chilean
Metals Inc is pleased to announce the assay results from tw o historic drillholes at the Trident prospect at Bass River
in Nova Scotia.
Core from two historic holes drilled in 1987 at the Trident prospect was located at the Department of Natural
Resources core library at Stellarton. The holes were drille d to test a subcropping magn etite occurrence. The entire
length of the holes was resampled by Chilean at 1m interv als and assay results have now been received. The holes
were very shallow, being 39.9m and 36.6m deep respectively and were angled at 45 o. The collar locations of the
holes are approximate as they have been scaled off a historic map.
Results from the assays are :
BR-87-1
o 25m @ 547ppm Co and 20.9% Fe from 5m depth
BR-87-2
o 29m @ 662ppm Co and 21.9% Fe from 3m depth
Including
o 15m @ 812ppm Co and 26.9% Fe from 15m depth
Cobalt mineralisation commences immediately below the base of overburden in both hole s. The holes intersected a
mafic quartzite which has been flooded with magnetite and disseminated pyrite. This unit hosts the Cobalt
mineralisation and appears to be dipping steeply to the south. Both holes terminated in a barren metasediment.
Given the observed correlation between intense magnetite alteration and Cobalt mineralisation magnetics is
considered a primary tool for target identification and mapping.
Data has also been received from the recent, very detailed helimag survey ove r the Trident prospect. This data has
been modelled in 3D and a north-south section through the model at 438925E is presented. Two large, intensely
magnetic bodies are apparent on the section. The historic drilling appears to have intersected a small apophysis
protruding from a significantly thicker magnetic body labelled Target 1 whose southerly dip is consistent with field
observations. A depth slice through the 3D magnetic model is also presented which indicates that the magnetic
bodies have significant strike length.
Mick Sharry, President and COO of Ch ilean Metals commented as follows : “We are very pleased and
encouraged by both the assay results from the historic drill core which shows that we have a Cobalt mineralising
system present associated with strong magnetite altera tion and the results of the 3D magnetic modeling which
indicate the very significant scale potential of the magnetic bodies. The cumulative strike length of the interpreted
magnetic bodies is 1,100m and the model indicates significant depth extent as well. So we have both grade potential
and tonnage potential. We are committed to driving these projects forward and building value for our shareholders.
The next step in that process is a 3D IP survey at Triden t to map the spatial distributio n and intensity of the pyrite
mineralisation which contains the Cobalt. That will commence over the next few days. Once we have that model, all
available data will be combined to define multidisciplinary drill targets and we will move to drill test those soon
after.
We are also moving forward with 3D magnetic modeling and IP at our r ecently announce Econo my East project
which is located only 10km from Trident and which we believe has very similar geological potential. Our focus is to
deliver a portfolio of projects which add value and we are moving towards that systematically and as quickly as
possible.”
The widths of mineralisation intersected are interpreted based on all available data to be close to true widths.
Chilean follows systematic and rigorous sampling and an alytical protocols which meet and exceed industry
standards. All drill holes are diamond core holes with NQ core diameters. Drill core was stored at the DNR facility
at Stellarton since the holes were drilled in 1987. The core is then cut in half with a diamond saw blade with half the
sample retained in the core box for fu ture reference and the other half placed into a pre-labelled plastic bag, sealed
with a plastic zip tie, and identified with a unique sample number. The core is typically sampled over a 1 to 2 meter
sample interval unless the geologist determines the presence of an important geological contact. The bagged
samples are then stored in a secure ar ea and are then sent by batch to the Actla bs laboratories in Ancaster for assay.
Chilean independently inserts certified control standards, coar se field blanks, and duplicat es into the sample stream
where appropriate to monitor data quality. These standards are inserted “blindly” to the laboratory in the sample
sequence prior to shipping. Laboratory duplicates are also analy zed. At the laboratory samples are dried, crushed,
and pulverized and then analyzed using INAA .
About Chilean Metals,
www.chileanmetals.com/
Chilean Metals Inc. is a Canadian Junior Exploration Company focusing on high potential Copper Gold prospects in
Chile & Canada.
Chilean Metals Inc is 100% owner of five properties comprising over 50,000 acres strategically located in the
prolific IOCG (“Iron oxide-copper-gold”) belt of northern Chile. It also owns a 3% NSR royalty interest on any
future production from the Copaquire Cu-Mo deposit, recently sold to a subsidiary of Teck Resources Inc. (“Teck”).
Under the terms of the sale agreement, Teck has the right to acquire one third of the 3% NSR for $3 million dollars
at any time. The Copaquire property borders Teck’s producing Quebrada Blanca copper mine in Chile’s First
Region.
Chilean Metals Inc is the 100% owner of five Copper Gold Cobalt exploration properties in Nova Scotia on the
western flank of the Cobequid-Chedabucto Fault Zone (CCFZ); Fox River, Parrsboro, Lynn, Economy and Bass
River North respectively. It has also optioned two additional projects Trident at Bass River and Economy East.
Chilean Metals is exploring, analyzing and drilling these properties in the summer of 2018.
ON BEHALF OF THE BOARD OF DIRECTORS OF
Chilean Metals Inc.
“Terry Lynch”
Terry Lynch, CEO
Contact: [email protected]
The Qualified Person for Chilean Metals Inc., as defined by National Instrument 43-101, is Mick Sharry, M.Sc.
Consultant
Forward-looking Statements: This news release may cont ain certain statements that may be deemed "forward-
looking statements". All statements in this release, other th an statements of historical fact, that address events or
developments that CMX expects to occur, are forwar d looking statements. Forwar d-looking statements are
statements that are not histor ical facts and are generally, but not always, identified by the words "expects", "plans",
"anticipates", "believes", "intends", "e stimates", "projects", "pot ential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occu r. Forward-looking statements in this document include
statements regarding current and future exploration programs, activities and results. Although CMX believes the
expectations expressed in such forw ard-looking statements are based on r easonable assumptions, such statements
are not guarantees of future performance and actual resu lts may differ materially from those in forward-looking
statements. Factors that could cause the actual results to di ffer materially from those in forward-looking statements
include market prices, exploitation and exploration success, continued availability of capital and financing, inability
to obtain required regulatory or governmental approva ls and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future performance and actual results or
developments may differ materially from those projected in the forward-looking statements.
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.