Tribeca Resources confirms the discovery of a 1km long mineralized copper-gold system at its La
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APRIL 3, 2023 | VANCOUVER, BC
Tribeca Resources confirms the discovery of a 1km
long mineralized copper-gold system at its La
Higuera IOCG project in Chile
Tribeca Resources Corporation (TSXV: TRBC) (“ Tribeca Resources ”, the “ Company”) is
pleased to announce results from two 250m step-out drill holes, adding 500m of additional
strike length for a total of 1 km to this discovery at the Gaby target. This new discovery is
part of the Company’s La Higuera iron oxide copper-gold (IOCG) project, located in the
Coquimbo region of northern Chile.
Highlights:
Results from two drill holes forming a 500m step-out to the north have doubled the
strike length of known significant copper-gold sulphide mineralization, at what is
now a 1km long mineralized zone at the Gaby discovery.
Drill hole GBY007 intersected 44m @ 0.52% copper, 0.10 g/t gold from 96m
depth within a larger mineralized interval of 264m @ 0.31% copper, 0.06 g/t gold.
Drill hole GBY006 intersected 26m @ 0.51% copper, 0.10 g/t gold from 228m
depth within 186.7m @ 0.27% copper, 0.05 g/t gold from 76m to end-of-hole.
The mineralization remains clearly open to the north and at depth . Integration of
the step-out results with new geophysical data provides additional promising drill
targets both along strike and adjacent to this discovery.
Logging and data collection from the drill core is being completed before planning
the next phase of drilling to expand what is now a growing copper-gold discovery.
The two holes reported here have intersected an interpreted approximately 130m-wide
NNW-trending sub-vertical zone of magnetite-related IOCG-style copper sulphide
mineralization.
Tribeca Resources CEO, Dr Paul Gow commented:
“These drill results are highly encouraging and further validate our approach of aggressively
stepping out to drill well-reasoned geophysical targets under thin gravel cover.”
“Located at just 450 metres above sea-level, and 10 km from the coast, the La Higuera
project benefits from extremely favourable access to infrastructure and the possibility of
year-round drilling. We look forward to continuing our efforts to increase the known size of
this mineralized system during 2023.”
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Table 1. Summary of significant mineralized intersections in drill holes GBY006 and GBY007.
HoleID From
(m)
To
(m)
Downhole
Interval (m)
Cu
(%)
Au
(g/t)
Co
(ppm)
CuEq
(%)
GBY006 76 262.7 186.7 0.27 0.05 240 0.31
incl. 122 178 56 0.35 0.07 271 0.40
incl. 190 224 34 0.28 0.06 362 0.35
incl. 228 254 26 0.51 0.10 312 0.56
GBY007 88 352 264 0.31 0.06 142 0.33
incl. 96 140 44 0.52 0.10 151 0.54
incl. 144 170 26 0.32 0.07 119 0.34
incl. 184 220 36 0.39 0.08 131 0.41
incl. 232 250 18 0.28 0.05 75 0.29
incl. 272 298 26 0.34 0.07 175 0.37
Note: Apart from the summary intersections (from 26-262.7m in GBY006 and 88-352m in GBY007) the grade intersections
are calculated over 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$4.10/lb copper,
US$1,965.80/oz gold and US$15.84/lb cobalt (based on 30 March 2023 closing spot prices).
Drill hole discussion: GBY006 and GBY007
The presence of an approximately 130m-wide NNW-trending sub-vertical mineralized
envelope has been interpreted at the Gaby target. It has now been intersected in four drill
holes (RCH-LH-07, GBY001, GBY006 and GBY007) on four drill sections over a 650m strike
length. Together with thinner, but consistent intersections on the southern end of the zone
(RCH-LH-03, RCH-LH-09 and RCH-LH-11) this provides a known strike length of 1km. The
mineralization is typically present from the base of thin gravel cover that ranges in thickness
from 0 to 76m.
Details of the two new drill holes reported here are as follows:
- Drill hole GBY006 was drilled approximately 250m to the north of GBY001 (268m @
0.66% Cu, 0.14 g/t Au) to a depth of 262.7m on section 4520N. After penetrating
76m of gravel cover it immediately encountered mineralized strongly faulted,
veined and locally brecciated andesite with significant magnetite-dominated IOCG
alteration. The mineralization was near continuous in the range of 0.1-0.4% Cu, with
occasional 2m intervals up to a maximum of 1.48% Cu and 0.33 g/t Au, to the end
of hole at 262.7m. It included a zone of higher-grade mineralization near the bottom
of the hole of 26m @ 0.51% Cu, 0.10 g/t Au (0.57% CuEq) from 228-254m. The hole
stopped in mineralization with the final 10.7m of the hole averaging 0.39% copper.
- Drill hole GBY007 was located a further 280m north on section 4800N and
completed at a depth of 365.85m. It penetrated 68m of gravel cover before
intersecting mineralized andesite. The IOCG alteration, faulting, veining and local
brecciation was similar to that encountered in GBY006. The lower portion of the hole
included several thick (10-20cm) veins of hematite+chalcopyrite, one of which
recorded a single 1m interval of 1.94% Cu, 0.18 g/t Au. The highest grade interval
of 44m @ 0.52% Cu, 0.10 g/t Au (0.55% CuEq) was located 28m below the base of
cover from 96-140m.
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The holes reported here were drilled at an angle of 60°, such that if the body is vertical as
interpreted the true thickness will be approximately half of the downhole thickness.
Figure 1: Location of drill holes completed to date at the Gaby target and the interpreted outline of
the NNW-trending mineralization.
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Geophysical Data
Figure 2 provides an overview of the gravity and additional ground magnetic data collected
in Q4 2022 at the Gaby target. The interpretation of magnetic susceptibility data conducted
on the project has yielded valuable insights, and the magnetite-associated mineralization
drilled to date shows a strong spatial correlation with moderate intensity magnetic
anomalism (approximately 1000 nT). The moderate magnetic trend continues to at least
400m north of drill hole GBY007.
A strong gravity anomaly of approximately 1 mGal intensity is present 400m to the east of
drill hole GBY007, and is coincident with a small copper showing on sporadic outcrop. This
provides an additional significant exploration target.
Figure 2. Geophysical images from the Gaby discovery:
A. reduced-to-pole (RTP) ground magnetic data, and
B. gravity (bouguer) residual data. Contour intervals of 200nT and 0.1mGal for the magnetic
and gravity data, respectively. The black outline is the mineral licence boundary, and the drilling to
date, including by the previous operator, is shown.
Next Steps
Complete drill core logging and receive all assays results from the Phase I program,
and revise the 3D geological model.
Analyze and integrate the geophysical data received as part of the Phase 1 program
Select targets for detailed geological mapping, surface geochemistry, and/or
further geophysical surveying from the five current targets at the La Higuera project
Develop the Phase 2 work program
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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.
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 Carajás 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 acquisition, 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 on SEDAR on 24 October 2022.
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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
Cautionary Note
Neither the TSX Venture Exchange Inc. nor its Regulation Service 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", "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 statements 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 industry 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 factors 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 looking 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.