Chilean Metals Updates Zulema Exploration Plans
Chilean Metals Updates Zulema Exploration Plans
Toronto, ON. November 21, 2017 . Chilean Metals Inc. (“Chilean Metals,” “CMX” or the
“Company”)(TSX.V:CMX, OTCQB: CMETF, SSE:CMX, MILA:CMX, FRA: IVV1, BER : IVV1).
Chilean Metals Inc is pleased to provide an update on the exploration program on the Zulema project located near
Copiapo, Chile and 30 Km's from Lundin Mining’s Candelaria mine. With Candelaria as a model, the exploration
program has advanced beyond the initial drill program to a preparation for the next stage of drilling.
After discussions with Lundin Mining and Minotaur Exploration, it was recommended that the following be
implemented, commencing with detailed ground geophysics.
With recommendations from both Lundin Mining and Minotaur Exploration, the Company has engaged Southern
Rock Geophysics, a consulting firm with over 20 years e xperience in the Andean Region. Familiar with both the
Porphyry and IOCG depositional models, Southern Rock brings the expertise required to search for a blind target in
the challenging desert of Chile. The initial stage will consist of detailed ground magnetics to tighten up coverage and
better define the underlying geological contacts. This will be followed by a gravity survey designed to target blind
deposits at depth. Deep penetrating I.P. would follow prior to drilling.
“We have very high hopes for Zulema. Our initial exploration was designed at defining our area and identifying a
Porphyry or IOCG System. We successfully identified an IOCG style mineralization with Cu / Au mineralization
within the host skarn. The next phase is to further identify the source of our intercepts and hopefully announce a
discovery. Building on Southern Rock’s successes at Candelaria, we are excited to be working with them and
identifying the priority drill targets for our 2nd phase at Zulema. We are also very excited to expand the target area to
include the western targets identified during Phase 1 and ground previously not covered by ground based
geophysics. We have a mineralized intrusion 2km to the west. Our additional target area is almost 10km Sq.”
commented Chilean CEO Patrick J. Cruickshank.
“Desert exploration is very difficult due to minimal outcrop and 75 to 100 meters alluvial sands. There are several
factors working against the explorer, but the great news is that when you find rocks like below that is the hard
part…finding the IOCG system. Talki ng with successful local explorers and suppliers like Lundin, Minotaur and
Southern Rock and we fully believe in the strategy that we are beginning to execute now” commented Chilean
Chairman Terry Lynch
Core Hole - 1.189% Cu, 0.99g/t Au, Skarn contact, Drill Hole “3”
Chalcopyrite, Magnetite Drill Hole #3
Post analysis of the exploratory magnetic, geophysics and geochemical data Chilean Metals would expect to
announce a second stage of drilling in Q1/Q2 of 2018.
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 four Copper Go ld exploration properties in Nova Scotia on the western
flank of the Cobequid-Chedabucto Fault Zone (CCFZ); Fox River, Parrsboro, Lynn and Bass River respectively.
Initial targeting and geophysics has been conducted on all properties, At Bass River North, airborne
geophysics identified a major VTEM cluster on trend with the Pb/Zn/Ag mineralization exposed at surface and in
drill holes to the southwest. Modeling of the airborne data by Minotaur Exploration (Australia) identified 3 priority
targets recommended for ground based geophysics prior to drilling. Drilling is expected to commence in early
December.
ON BEHALF OF THE BOARD OF DIRECTORS OF
Chilean Metals Inc.
“Terry Lynch” “Patrick J Cruickshank”
Terry Lynch, Chairman Patrick J Cruickshank, President & CEO
Contact: [email protected] [email protected]
The Qualified Person for Chilean Metals Inc., as defined by National Instrument 43-101, is Gary Lohman, P. Geo.,
Vice President, Exploration.
Forward-looking Statements: This news release may contain certain statements that may be deemed "forward-looking statements". All statements
in this release, other than statements of historical fact, that address events or deve lopments that CMX expects to occur, are f orward looking
statements. Forward-looking statements are st atements that are not historical facts and are generally, but not always, identifi ed by the words
"expects", "plans", "anticipates", "believes", "intends", "estim ates", "projects", "potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" o ccur. Forward-looking statements in this document include statements regarding cur rent and future
exploration programs, activities and results. Although CMX believes the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of fu ture performance and actual resu lts may differ materially from those in forward-
looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices,
exploitation and exploration succe ss, continued availability of capital and financ ing, inability to obtain required regulatory or governmental
approvals and general economic, market or business conditions. Investor s are cautioned that any such statements are not guarant ees 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 Provid er (as that term is defined in the policies of the TSX Ventu re Exchange)
accepts responsibility for the adequacy or accuracy of this release