Tribeca Resources reports drill results from second target at La Higuera IOCG project and commences
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MAY 17, 2023 | VANCOUVER, BC
Tribeca Resources reports drill results from second
target at La Higuera IOCG project and commences
Phase 2 work program
Tribeca Resources Corporation (TSXV: TRBC) (“ Tribeca Resources ”, the “ Company”) is
pleased to announce final drill results from its recently completed first phase exploration
program at the La Higuera IOCG project in northern Chile. These results mark a significant
additional milestone in the Company's pursuit of copper-gold systems in this well-endowed
and infrastructure-rich district.
Highlights:
• The Phase 1 drilling program concluded with hole CHS002, which intersected a
substantial zone of copper mineralization. Over a length of 167 meters, the copper
grade averaged 0.21%, including a section of 12 meters at 0.91% copper and 0.24
g/t gold, starting from a depth of 56 meters.
• A field campaign has been initiated to systematically develop additional drill targets.
This campaign involves comprehensive geological mapping and s oil sampling
activities at the Benja and Don Baucha targets.
The results from CHS002, combined with historic exploration data, confirm the presence of
three distinct copper-gold mineralized shear zones within a zone measuring 700 meters in
length by 400 meters in width at Chirsposo. The characteristics of the mineralization closely
resemble those from the previously reported Gaby discovery, as highlighted in Tribeca
Resources' news releases from January to April 2023.
Tribeca Resources CEO, Dr Paul Gow commented:
“With an abundance of exciting exploration targets on our La Higuera district mineral
concessions, we believe Tribeca Resources has only started to scratch the surface of this
copper district. We look forward to systematically delineating new dr ill targets as well as
recommencing drilling to understand the size of our exciting new Gaby discovery.”
Chirsposo drill results
The combination of historic RC-dominant drilling, trenching, soil sampling, and geophysical
ground magnetic data has revealed the presence of a large IOCG alteration system at the
Chirsposo project. This system spans approximately 700 meters by 400 meters and
contains mineralization within several southeast-dipping shear zones.
During the recent drill program, two diamond drill holes with RC pre -collars were
completed at the Chirsposo target, totaling 524 meters. These holes were designed to test
the interpreted geometry of the controlling shear zones and explore potential down -dip
extensions of mineralization encountered in historic holes C AB0006 and CB -01 (which
returned notable intervals including 82 meters at 0.35% Cu from 64 meters in CAB0006
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and 54 meters at 0.38% Cu, 0.09 g/t Au, including 10 meters at 0.97% Cu, 0.20 g/t Au from
122 meters in CB-01).
Results from the final two holes of Phase 1 drilling are as follows:
• The first hole , CHS001, encountered 24 meters of gravel cover before
intersecting diorite and porphyritic andesite with strong magnetite -scapolite-
albite alter ation. Pyrite-chalcopyrite mineralization was observed throughout
much of the hole , with an average copper grade ranging between 0.1% and
0.2% in four intervals of 4-14 meters downhole thickness.
• The second hole, CHS002, encountered 4 meters of gravel cover before
intersecting porphyritic andesite with strong magnetite -amphibole-scapolite
alteration. This section exhibited more intense pyrite -chalcopyrite
mineralization, with localized sulphide content reaching 15% in thin intervals.
The rock was weathered to a depth of 52 meters. The hole intersected significant
thicknesses of 0.2-0.3% Cu and one 12m interval of 0.91% Cu and 0.24 g/t Au
(Table 1). Importantly, this higher -grade interval may correlate with a similar
interval of high -grade minerali zation in CB -01 130m along strike to the
southwest (Figure 1).
The strike extension of the mineralization to the northeast remains untested beyond
drillhole CAB0006 (Figure 1).
The interpreted approximate 70° southeast dip of the mineralization and the nor thwest
drilling direction at 60° dip suggest the true thickness of the mineralization will be
approximately 75% of the downhole thickness.
Table 1: Significant intersections from drill hole CHS002 at the Chirsposo target. No significant
intersections were present in drill hole CHS001.
HoleID From To Interval Cu (%) Au (g/t)
Co
(ppm)
CuEq
(%)
CHS002 56 223 167 0.21 0.06 84 0.24
incl 56 78 22 0.26 0.07 31 0.28
incl 118 130 12 0.91 0.24 512 1.05
incl 198 214 16 0.24 0.07 72 0.27
Note: Apart from the summary intersection (from 56 -223m in CHS002) the grade intersections are
calculated for intervals >0.2% Cu with maximum internal dilution of 10m @ 0.05% Cu and a minimum
interval width of 10m. CuEq (%) grades have been calculated using recoveries from metallurgical test work
undertaken in 2006 on drill core from the project, which are 90% for copper, 65% for gold and 50% for
cobalt. Metal prices utilised were US$3.74/lb copper, US$2,019.90/oz gold and US$15.84/lb cobalt (based
on 12 May 2023 closing spot prices).
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Figure 1. Location of the two drill holes (CHS001 and CHS002) completed at the Chirsposo target.
Targets at the La Higuera IOCG Project
Tribeca Resources has strategically acquired a land holding of 4,0 47 hectares along the
Atacama Fault System, covering a length of 8km. In combination with historic exploration
data, the recent drilling by Tribeca Resources has demonstrated a strong copper
endowment in this section of the fa ult system. Through integration of the pre-existing
geophysical database with new data, Tribeca Resources has identified numerous potential
targets, particularly in areas with shallow gravel cover.
To date, Tribeca Resources has conducted drilling on two of five targets and is now focused
on developing potential drill targets at the remaining three before proceeding to the next
phase of drilling.
The target areas are shown on Figure 2 and comprise:
• Gaby (drill tested in Phase 1): Gaby has shown significant intersections indicating
the presence of a mineralized IOCG system over a strike length of at least one
kilometer. The system remains open to the north and at depth, requiring further
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drilling. Gravity targets on the eastern flank will be explored using extension IP
surveying.
• Benja (not yet drilled): Located between the Gaby discovery and the historic La
Higuera mine, Benja exhibits significant IOCG -style alteration based on
reconnaissance mapping and ground magnetic data. A soil sampling program
is underway to further evaluate the zone.
• Chirsposo (drill tested in Phase 1) : Chirsposo consists of a n outcropping ridge
that disappears under thin gravel to the northeast. Historic data and the drilling
reported here indicate the presence of a large northeast -trending, locally
copper-bearing, system spanning 700m x 400m.
• Chirsposo South (not yet drilled): Chirsposo South features coincident ground
magnetic (3000-5000nT) and IP chargeability anomalies (> 25 mV/V) beneath
gravel cover. Limited drilling off the western flank of these anomalies has shown
sporadic copper intervals with maximum individual assays up to 0.8% copper
(CB-02)
• Don Baucha (single historic drill hole): Hosting an intense magnetic anomaly
(5000nT) with a coincident IP chargeability anomaly (up to 40 mV/V) , Don
Baucha comprises andesite outcrop cut by magnetite veins. The single historic
drill hole intersected sporadic copper mineralization with indivi dual assay
intervals up to 0.38% copper.
A geological mapping and soil sampling program has commenced at the Benja and Don
Baucha targets, which both host significant outcrop. The objective is to understand the
location and geometry of any mineralized zones within these large areas that have been
defined through the ground magnetic data.
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Figure 2: Location of the five current targets on the La Higuera project. Underlying image is the Total
Magnetic Intensity (reduced to pole) data.
Notes on sampling and assaying
Analytical samples were collected using 1/8 of the material from each 2m interval for the
reverse circulation drilling or ½ HQ core for the diamond drilling and sent to the ALS
Laboratory in La Serena, Chile for preparation and then to ALS in Santiago, Chile and Lima,
Peru for analysis. Preparation included crushing the RC and core samples to 70% < 2mm
and pulverizing 1000g of crushed material to better than 85% < 75 microns. All samples
are assayed using 30g nominal weight fire assay with AAS finish (Au -AA23) and a multi -
element four acid digest ICP -AES method (ME -ICP61). Where the ME -ICP61 results were
greater than 10,000 ppm Cu the assays were repeated with an ore grade four acid digest
method (Cu -OG62). The QA/QC procedure for this drilling program utilizes field
duplicates, certified reference standards and blanks that comprise approximately 10% of
the total samples submitted. The QA /QC results indicate appropriate accuracy and
precision in the assaying program.
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Qualified Person
All scientific and technical information in this press release has been prepared by, or
approved by, Dr. Paul Gow , who is the CEO of Tribeca Resources. He is a Member of the
Australian Institute of Geoscientists (MAIG), a Member of the Australasian Institute of Mining
and Metallurgy (MAusIMM) and a qualified person for the purposes of NI 43-101. Dr. Gow
has not verified any of the information regarding any of the properties or projects referred
to herein other than the La Higuera IOCG Property. Mineralization on any other properties
referred to herein is not necessarily indicative of mineralization on the La Higuera IOCG
Property.
About Tribeca Resources
Tribeca Resources is a copper exploration company focused on discovering and
developing assets in the Coastal IOCG Belt of northern Chile. The company’s management
team, whose members are significant shareholders of the Company, has world -leading
expertise and a discovery history with iron oxide copper-gold deposits in the world’s great
IOCG Belts of the Caraj ás district in Brazil and the Gawler and Cloncurry provinces of
Australia.
Tribeca Resources’ objective is to provide the mineral resources for the next generation of
copper mines in Chile. It is focused on building a portfolio of projects, with emphasis on
mid to advanced -stage copper exploration and resource development projects. To this
end, mineral targets are regularly assessed in pursuit of acqui sition, strategic exploration
and significant discovery.
Tribeca’s flagship property is the La Higuera IOCG project that comprises 4,047 hectares
of granted mining and exploration licences and is located towards the southern end of the
Chilean Coastal IOCG Belt in the Coquimbo Region of northern Chile. The 822 hectare
Gaby concession area is held under a purchase option (5% Exploration Levy on expenditure
incurred during the option period; a US$2 million final payment due March 2024; with a 1%
NSR Royalty granted to the owner), with the remainder of the concessions being outright
owned (100%) by Tribeca Resources. Further information about the project can be found
in the NI 43-101 Technical Report lodged by Tribeca Resources on SEDAR on 24 October
2022.
On behalf of Tribeca Resources Corporation
Paul Gow Thomas Schmidt
CEO and Director President and Director
[email protected] [email protected]
+1 604 685 9316 +1 604 685 9316
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Cautionary Note
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the
adequacy or accuracy of this press release.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements and information that are based on the beliefs
of management and reflect the Company's current expectations. When used in this press release,
the words "estimate", "project", "belief", “believe”, "anticipate", "intend", "expect", "plan", "predict",
"may" or "should" and the negative of these words or such variations thereon or comparable
terminology are intended to identify forward -looking statements and information. The forward -
looking statements and information in this press release include information relating to the drilling
program, the ability of the Company to develop and define a suitable resource at the Project and
the relationship between geophysical survey results and potential mineralization .
Such statements and information reflect the current view of the Company. By their nature, forward -
looking statements involve known and unknown risks, uncertainties and other factors, which may
cause our actual results, performance or achievements, or other future events, to be materially
different from any future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the following risks: new laws or
regulations could adversely affect the business and results of operations of the Company and
anticipated work on the Project.
There are several important factors that could cause the Company’s actual results to differ materially
from those indicated or implied by forward -looking statemen ts and information. Such factors
include, among others: reliance on key management; changes in the credit or security markets;
results of operation activities; unanticipated costs and expenses; fluctuations in commodity prices;
and general market and indus try conditions. The Company cautions that the foregoing list of
material factors is not exhaustive. When relying on the Company's forward -looking statements and
information to make decisions, investors and others should carefully consider the foregoing fac tors
and other uncertainties and potential events.
The Company has assumed that the material factors referred to in the previous paragraph will not
cause such forward -looking statements and information to differ materially from actual results or
events. The forward-looking information contained in this press release represents the expectations
of the Company as of the date of this press release and, accordingly, is subject to change after such
date. Readers should not place undue importance on forward loo king information and should not
rely upon this information as of any other date. While the Company may elect to, it does not
undertake to update this information at any particular time except as required in accordance with
applicable laws.