World Copper Announces Results from Mancha Amarilla Drilling, Confirms Extension of Mineralization at Escalones Project in Chile
#2710-200 Granville
Vancouver, BC, Canada, V6C 1S4
T: 604-638-3287 / F: 604-408-7499
www.worldcopperltd.com
NR 22-23 September 27, 2022
World Copper Announces Results from Mancha Amarilla Drilling, Confirms
Extension of Mineralization at Escalones Project in Chile
FOR IMMEDIATE RELEASE...Vancouver, British Columbia: World Copper Ltd. ( "World Copper") -
(TSX.V: WCU, OTCQC: WCUFF, FRA: 7LY0) announces drill results from the Mancha Amarilla target
at the Company's Escalones Copper project in Central Chile ("Escalones" or the "Escalones Project"). The
Escalones Project has estimated Inferred Mineral Resources of 426 million tonnes of 0.367% copper, based
on nearly 25,000 metres of drill core from 53 holes (see news release dated August 23, 2021). World Copper
has now completed 1,676 metres of additional drilling along the western-most, road accessible edge of the
Mancha Amarilla zone, with the following highlights:
• Successful completion of first target of Mancha Amarilla drilling, confi rming copper oxide
mineralization extends at least 150 metres south from previous drilling
• Oxidation extends to depths of 280 metres below the ridge, as predicted by modeling
• Confirmation of western flank of Mancha Amarilla mineralized zone with i ndications that
the mineralization should improve eastward into the central areas of the zone
CEO Nolan Peterson commented, "Since restarting work on the Escalones project, World Copper has
focused on completing the preliminary economic assessment with respect to the existing Escalones
resource, which was completed in February 2022 ( see news release dated February 15, 2022), as well as
expanding the Escalones' mineral resource south into the adjacent previously untested Mancha Amarilla
zone. With the completion of the first phase of the drill programme we have now confirmed what initial
reviews indicated - that the Escalones resource has the potential to be significantly larger than its current
definition, with oxide mineralization to similar depths as the main deposit. With the western edge of the
Mancha Amarilla footprint defined, we now have clear target s for the next phase of drilling, aiming to
increase the grade of the overall resource as we test the flanking s karn targets which exhibit some of the
highest grades on the property."
Mancha Amarilla Results
The aim of the Mancha Amarilla drill programme was to confirm and delineate continuous oxide copper
mineralization in the Mancha Amarilla lithocap, which is located adjacent to and located immediately south
of the existing mineral resource. Early drilling focused on the western edge and the East Skarn (Figure 1).
The Mancha Amarilla lithocap has alteration mineralogy and geochemistry consistent with the weathered
top of a porphyry system and extends one kilometre south from the area of the main Escalones deposit
(Figure 1). The geology encountered in the recent drilling indicates the Mancha Amarilla lithocap is as
deeply oxidized as the existing resource but thins southward as topography drops in elevation where
calcareous lithologies dominate over intrusive units. The increase in grade eastward from hole ES -57 to
ES-56 suggests the central area is more highly mineralized than t he western flank. The last hole of the
programme (ES-60) was collared in the East Skarn zone but was shut down early due to bad weather with
the onset of winter. Table 1 summarizes the significant drill intersections from the programme and Figure
1 shows their locations within the Mancha Amarilla zone.
World Copper Ltd. 2 September 27, 2022
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Figure 1: Escalones Mancha Amarilla drill results, interval with >0.1% Cu.
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Table 1. Significant Drill results (total Cu) from the Mancha Amarilla
Target; intervals over 0.1% Cu are bolded; all widths are true
Table 2. Drill collar details*
*all holes are vertical, HQ diameter
Next Steps
With over 3,000 metres remaining in the Escalones drill permit, World Copper intends to restart drilling at
the East Skarn target (Figure 1) as soon as conditions allow. The East Skarn target overlies the Mancha
Amarilla zone to the northeast of the completed drilling and has only had sparse drilling along the south
edge (see news release dated August 12, 2021). Surface sampling by the Company indicates the sandstone
host rocks of the East Skarn target are strongly mineralized with copper oxides at surface. Once drilling at
the East Skarn target is complete, World Copper would aim to to move to the west side of the Meseta ridge
and test the depth potential of high-grade copper skarn mineralization exposed by roads on the west flank
of the central Meseta intrusion (the West Zone; Figure 1).
Hole From To Width Cu_pct Ag_ppm Au_ppm Mo_ppm
ES-54 3 86 83 0.0488 0.77 0.021 0.0012
ES-54 86 221 135.0 0.1544 0.82 0.018 0.0019
ES-54 221 245.4 24.4 0.0561 0.54 0.004 0.0013
ES-54 245.40 280.60 35.2 0.1185 0.84 0.009 0.0016
ES-54 280.6 287.5 6.9 0.0823 1.00 0.006 0.0008
ES-55 2.7 141 138.3 0.0399 0.75 0.002 0.0006
ES-55 141 148.85 7.85 0.1451 0.63 0.002 0.0009
ES-55 148.85 281.55 132.7 0.0254 0.58 0.001 0.0006
ES-56 0 73.1 73.1 0.0243 0.61 0.002 0.0005
ES-56 73.1 123 49.9 0.1061 0.81 0.005 0.0005
ES-56 123 272.4 149.2 0.0382 0.63 0.002 0.0005
ES-57 7.8 98 90.2 0.0255 0.86 0.001 0.0005
ES-57 98 106 8 0.1275 1.25 0.011 0.0005
ES-57 106 120 14 0.0354 0.71 0.002 0.0005
ES-57 120 125.5 5.5 0.2072 1.36 0.005 0.0005
ES-57 125.5 257.25 131.75 0.0238 1.05 0.001 0.0005
ES-58 12.6 20 7.4 0.0289 1.74 0.003 0.0006
ES-58 20 34 14 0.1810 3.14 0.003 0.0005
ES-58 34 287.65 253.65 0.0108 0.84 0.004 0.0005
ES-59 2.8 261.2 258.4 0.0165 0.61 0.002 0.0005
Hole ID Easting Northing Elevation De pth
ES-54 410972 6224021 3743.463 287.5
ES-55 410906 6223890 3726.787 281.55
ES-56 410989.9 6223705 3685.559 272.4
ES-57 410787.6 6223699 3697.033 257.25
ES-58 410878.2 6223351 3637.947 287.65
ES-59 410889.4 6223569 3685.083 264.4
World Copper Ltd. 4 September 27, 2022
NR22-23 Continued
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Quality Control and Quality Assurance; Sampling and Assay Procedures
Drill core was transported at the end of each drill shift by pickup truck from the drill pad to a temporary
logging, sampling and storage facility at the base camp at the south end of the ridge. The core was then
logged, digitally photographed, and transported to the core -storage warehouse in the town of Romeral ,
where the core was split with a diamond saw and sampled with half the core placed in plastic poly bags and
a sample tag. The core was photographed once again to record the sampling. After splitting, all samples
were packed in rice sacks and sealed with uniquely numbered non-re-sealable security straps. The samples
were trucked to ALS Laboratory ("ALS") in Santiago. World Copper implemented a standard QA/QC
programme for Escalones, inserting 1-in-20 certified standard reference material ( "SRM"), 1-in-20 field
(two ¼ core samples) and 1-in-20 coarse duplicates, and 1-in-25 blanks into the sample stream. There were
no issues noted with the SRMs and all plotted within acceptable limits for copper submitted for analysis
from the same sample interval.
At ALS, multi-elements were assayed using the ME-ICP61a package, which includes 4-acid digestion and
ICP-MS finish. Gold was done by method Au-ICP21, in which a 30g sample is fire -assayed and finished
with ICP-AES. Intervals of greater than 10 metres grading greater than 0.1% Cu will be sent for sequential
copper analysis.
About Escalones
The Escalones porphyry-skarn copper-gold project has estimated inferred resources of 426 million tonnes
of 0.367% total copper within the oxidized zone, based on nearly 25,000 m of drill core from 53 holes.
Preliminary metallurgy indicates the 3.45 billion pounds of copper should be amenable to heap leaching
with an average recovery of 71%. The Company is focused on exploring the flanking skarn mineralization
east and west of the existing resource. In addition, three significant hydrothermal alteration zones, each
measuring between 2,000 m and 3,000m in diameter, lie 8- 10 km to the north of the main discovery. One
of these, Rio Negro, has confirmed porphyry mineralization at surface.
Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no
certainty that all or any part of the resources will be converted into reserves. Inferred resources are that part
of a mineral resource for which quantity and grade or quality are esti mated based on limited geological
evidence and sampling. It is reasonably expected that the inferred resources could be upgraded to indicated
resources with continued exploration.
About the Escalones February 2022 PEA study:
On February 15, 2022, the Com pany announced the following outstanding results of the Preliminary
Economic Assessment ("PEA") for the Escalones Project:
• $1,499.6 million post-tax NPV8 at $3.60 /lb. life-of-mine ("LOM") (20 years) copper price
• $1,822.4 million post-tax NPV8 at $4.00 /lb. LOM copper price
• First 5 years average annual Copper production of 124.7 Mlbs. (56,520 tonnes); LOM average
114.9 Mlbs. (52,131 tonnes)
• First 5 years average C1 (Cash Operating) costs of $1.13 /lb. Cu; LOM average C1 costs $1.19 /lb.
Cu
• First 5 years average annual EBITDA $290.8 million; LOM average annual EBITDA $265.1
million
• Initial Capital (CAPEX) cost of $438.4 million (from construction decision)
World Copper Ltd. 5 September 27, 2022
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• LOM Sustaining Capital of $192.5 million
• Conventional heap leach, SX -EW processing fa cilities, targeting 50,000 tonnes of heap leach
tonnes placed per day
The exceptional results of the Escalones PEA confirm what World Copper has always anticipated – that
Escalones has the potential to be one of the most impressive copper properties in South America. Escalones
now joins a peer group of large -scale, study backed, development stage assets. Escalones has several
attributes that make it attractive for development including robust economics, strong value metrics and the
potential of rapid returns for a comparably low capital investment. The results of the PEA, combined with
Escalones large land package and resource expansion potential, make it a truly outstanding project.
The PEA is considered preliminary in nature, contains numerous assumptions and includes Inferred Mineral
Resources that are considered too speculative, geologically, to have the economic considerations applied
that would enable them to be classified as Mineral Reserves. There is no certainty that the results of the
PEA will be realized. No Mineral Reserves have been estimated for Escalones. Mineral Resources are not
Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are that
part of the Mineral Resource for which quan tity and grade, or quality, are estimated based on limited
geologic evidence and sampling, which is sufficient to imply but not verify grade or quality continuity.
Inferred Mineral Resources may not be converted to Mineral Reserves. It is reasonably expected, though
not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral
Resources with continued exploration. Mineral Resources are captured within an optimized pit shell and
meet the test of reasonable prospects for economic extraction. All values are reported in US dollars unless
otherwise noted.
The technical report prepared with respect to the PEA, which is available on the Company's SEDAR profile
at www.sedar.com, is entitled "Preliminary Economic Assessment NI 43-101 Technical Report, Escalones
Copper Project, Santiago Metropolitan Region, Chile" and is dated March 22, 2022, with an effective date
of February 15, 2022, and it was prepared by Global Resource Engineering with contributions from other
firms, including Hard Rock Consulting, LLC.
Qualified Person
John Drobe, P.Geo., a qualified person as defined by National Instrument 43-101 Standards of Disclosure
for Mineral Projects ("NI 43-101"), has reviewed the scientific and technical information that forms the
basis for this news release and has appro ved the disclosure herein. Mr. Drobe is not independent of the
Company as he is the Chief Geologist of World Copper.
ABOUT WORLD COPPER LTD.
World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the
exploration and development of its two primary copper porphyry projects, Escalones and Cristal, both
located in Chile. World Copper has laid claim to four copper porphyry targets, one with estimated resources,
significant soluble copper mineralization, and exciting potential to expand the resource base.
The World Copper team has a unique skill in navigating the mining sector within Chile, with some members
having worked in the country for more than 40 years and with discovery success.
Detailed information is available at the Company 's website at www.worldcopperltd.com, and for general
Company updates you may follow us on our social media pages via Facebook, Twitter & LinkedIn.
World Copper Ltd. 6 September 27, 2022
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For further details on the Company readers are referred to the Company's website. To view the Company's
Canadian regulatory filings, please visit SEDAR.
On Behalf of the Board of Directors of
WORLD COPPER LTD.
"Nolan Peterson"
Nolan Peterson
Chief Executive Officer
For further information, or to schedule a Zoom meeting with Management, please contact:
Nolan Peterson or Michael Pound
Phone: 604-638-3287
E-mail: [email protected]
For all Investor Relations inquiries, please contact:
John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670
For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053
Follow Us:
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LinkedIn: https://www.linkedin.com/company/worldcopperltd
Neither 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 news release.
Cautionary Note Regarding Forward-Looking Statements
This news release c ontains forward- looking statements and forward- looking information (collectively, "forward-
looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other
than statements of historical fact, included herein including, without limitation, statements with respect to future work
programmes involving the East Skarn targets and the western flank at Escalones , anticipated exploration program
results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves and the
anticipated business plans and timing of future activities of World Copper are forward- looking statements. Although
World Copper believes that such statements are reasonable, it can give no assurance that such expectations will prove
to be correct. Forward -looking statements are typically identified by words such as: "believes", "expects",
"anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations
of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may,
could, would, might or will occur or be taken or achieved. In making the forward- looking statements in this news
release, World Copper has applied several material assumptions, including without limitation, that market
fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and
regulatory approvals in connection with the future development of World Copper's projects in a timely manner,
including the Escalones Project and the Cristal p roject, the availability of financing on suitable terms for the
World Copper Ltd. 7 September 27, 2022
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development, construction and continued operation of World Copper's projects and i ts ability to comply with
environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of World Copper to differ materially from any future results, performance
or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among
others, operating and technical difficulties in connection with mineral exploration and development activities, actual
results of exploration activities, including on the Escalones Project and the Cristal p roject, the estimation or
realization of mineral reserves and mineral resources, the fact that World Copper's interests in the Cristal p roject
and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned,
will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures,
the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper,
changes in general economic conditions, changes in the financial markets and in the demand and market price for
commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining
industry, delays in obtaining governmental approvals (including of the TSX Venture Exchange), permits or financing
or in the completion of development or construction activities, risks relating to epidemics or pandemics such as
COVID–19, including the impact of COVID -19 on World Copper's business, financial condition and results of
operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of World
Copper to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of
any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other
risks and uncertainties disclosed in World Copper 's continuous disclosure documents. All of World Copper's
Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these
materials.
Readers are cautioned not to place undue reliance on forward-looking statements. World Copper does not undertake
any obligation to update any of the forward- looking statements in this news release or incorporated by reference
herein, except as otherwise required by law.
Cautionary Note to United States Investors
World Copper prepares its disclosure in accordance with the requirements of securities laws in effect in Canada,
which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this news release
are defined in accordance with NI 43- 101 under the guidelines set out in CIM Definition Standards on Mineral
Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on
May 19, 2014, as amended ("CIM Standards"). The U.S. Securities and Exchange Commission (the "SEC") has
adopted amendments effective February 25, 2019 (the "SEC Modernization Rules") to its disclosure rules to modernize
the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S.
Securities Exchange Act of 1934.
As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of "measured
mineral resources", "indicated mineral resources" and "inferred mineral resources", which are defined in
substantially similar terms to the corres ponding CIM Standards. In addition, the SEC has amended its definitions of
"proven mineral reserves" and "probable mineral reserves" to be substantially similar to the corresponding CIM
Standards.
U.S. investors are cautioned that while the foregoing ter ms are "substantially similar" to corresponding definitions
under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM
Standards. Accordingly, there is no assurance any mineral resources that World Coppe r may report as "measured
mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43- 101 would be the
same had World Copper prepared the resource estimates under the standards adopted under the SEC Modernization
Rules.
In accordance with Canadian securities laws, estimates of "inferred mineral resources" cannot form the basis of
feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.