Western Metallica Advances Drill Targeting and Permitting ON Its Caña Brava 1 Copper Prospect IN PERU
WESTERN METALLICA ADVANCES DRILL TARGETING AND
PERMITTING ON ITS CAÑA BRAVA 1 COPPER PROSPECT IN PERU
TORONTO, ONTARIO – October 8, 2024 – Western Metallica Resources Corp. (TSXV: WMS)
(“Western Metallica” or the “Company”) is pleased to announce that it is finalizing logistics and
accesses to support its drill program at its Luz Maria prospect commencing the last week of
October 2024, located within its 100%-owned Caña Brava Copper Project in Northern Peru. In
parallel, the Company is advancing drill targeting at the Project’s other porphyry prospect, Caña
Brava 1. Moreover, the Company is pleased to announce the results of a rock chip sampling
program which has better defined the extension of the alteration footprint at Caña Brava 1, which
confirmed mineralization at shallow depths below the sediments as well as validated anomalies
remain open in all directions.
Caña Brava 1, located on the Northwest sector of the Caña Brava Project, is characterized by a
distinctive 1-kilometre by 1 -kilometre sized leached zone with goethite and hematite box works.
Both environmental and social base lines, required to support the FTA process, have been
completed for this sector. At Caña Brava 1, t he diamond-sawn channel sampling campaign
previously announced has confirmed grades up to 0.3% Cu and average 500 ppm Cu from 7
different intrusives recognized to date. More significantly, the ongoing rock chip sampling program
within the Caña Brava 1 prospect indicated values up to 0.4% Cu and an average of 800 ppm
Cu returned from the sedimentary rocks, belonging to the Upper Jurassic Chicama Formation, that
completely covers the mag anomalies interpreted as the response of large high-mag susceptibility
bodies at shallow depth (refer to Figure 1). The results obtained confirm that copper increases as
it approaches the magnetic anomalies , similar to the regolith geochemistry which pointed out
anomalies that remain open in all directions (refer to Figure 2). This is a very good indication that
the Chicama Formation may also host the mineralization in addition to the mineralization being
positioned at a reasonable depth below the sediments. Coinciding mag and geochemistry
anomalies are the main factors considered for the drill program targeting exercise currently ongoing
on at Caña Brava 1.
Gregory Duras, Western Metallica’s Chief Executive Officer and Director, commented, “Western
Metallica is thrilled about advancing its operations in Peru across two distinctive, highly
prospective copper targets, in a project the Company feels holds great geologic al merit,
comparable in size and with a copper-productive age range as other very large porphyry systems
in Peru and Chile . With the scarcity of new major copper discoveries globally, especially
considering the magnitude and potential of Caña Brava, we are well -positioned to become a
prominent regional player and are keen to provide meaningful drill results to the market which will
further solidify our optimistic outlook regarding this flagship, district-scale project.”
Figure 1 – Caña Brava 1 Prospect – Rock chip sample copper results on the updated geological fact map.
The base map represents the RTP mag anomaly map warped on hill shaded image.
Figure 2 – Caña Brava 1 Prospect – Rock chip sample copper results
on the contoured copper anomalies (pXRF).
Background
Western Metallica holds the option to acquire 100% of the mineral claims, rights, and interests in
Caña Brava, a Cu -Mo project located in Northern Peru ( refer to press release dated August 10,
2023). The project lies within the under-explored Northern sector of the Cu-Mo metallogenic belt of
Eocene age that hosts, to the South, world class deposits such as Las Bambas (MMG),
Cotabambas (Panoro Minerals Ltd.), Constancia (Hudbay Minerals Inc.), Antapacay (Glencore)
and discoveries such as Elida (Element 29 Resources), the first porphyry deposit of this age
discovered in North Peru. The Company´s Caña Brava Project is well located in close proximity to
industrial ports, major paved roads and is comprised of large , contiguous mineral concessions
conducive to future project scalability.
The Caña Brava Project is a highly prospective 5,700-hectare package of concessions located 30
kilometres from the Peruvian coast, at an elevation of 1,500 metres in the Western Cordillera of the
Peruvian Andes. The Caña Brava Project is neighboring Hudbay’s Llaguen Cu-Mo Project which
lies on the Western margin of the Miocene epithermal-porphyry copper-gold belt of Northern Peru,
with the potential for Caña Brava to similarly host shallow high -grade mineralization across a
considerable alteration footprint.
Qualified Persons
The technical and scientific information in this press release has been reviewed and approved by
Mr. Giovanni Funaioli, EurGeol, Vice President Exploration of Western Metallica, who is a “Qualified
Person" as defined by National Instrument 43 -101 - Standards of Disclosure for Mineral Projects.
Mr. Giovanni Funaioli is an employee of the Company and is not considered independent under NI
43-101.
About Western Metallica Resources Corp.
Western Metallica is an Ontario registered company with its head office in Toronto, Ontario, trading
on the TSX Venture Exchange under symbol WMS. Western Metallica is in the business of mineral
resource exploration and development and holds the option to acquire a 100% interest in the Caña
Brava copper-molybdenum project located in La Libertad Department, Peru. Western Metallica is
also advancing its 100% owned Nueva Celti Copper Property in the Ossa Morena belt in Andalusia,
Spain, and three other Spanish gold projects in the “Navelgas Gold Belt” in Asturias, Spain
(Penedela, Valledor and Sierra Alta).
Further information of the Company can be found at: www.westernmetallica.com
For more information please contact:
Western Metallica Resources Corp.
Gregory Duras
Chief Executive Officer
Email: [email protected]
Investor Relations
Email: [email protected]
Cautionary Note Regarding Forward-Looking Statements
The TSXV has neither approved nor disapproved the contents of this press release. Neither the
TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this press release.
This press release contains statements that constitute “forward-statements.” Such forward looking
statements involve known and unknown risks, uncertainties and other factors that may cause the
Company’s actual results, performance or achievements, or developments to differ materially from
the anticipated results, performance or achievements expressed or implied by such forward-looking
statements.
Although the Company believes, in light of the experience of its officers and directors, current
conditions and expected future developments and other factors that have been considered
appropriate that the expectations reflected in this forward -looking inf ormation are reasonable,
undue reliance should not be placed on them because the Company can give no assurance that
they will prove to be correct. 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 planned drill program and the development of the
Company’s projects and other mining projects and prospects thereof, the impact of the
management additions on the Company; and the potential and economic viability of the Caña Brava
Project. Such statements and information reflect the current view of the Company. Risks and
uncertainties that may cause actual results to differ materially from those contemplated in those
forward-looking statements and information.
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.
The forward-looking information contained in this news release represents the expectations of the
Company as of the date of this news 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. The Company undertakes no obligation to update these
forward-looking statements in the event that management’s beliefs, estimates or opinions, or other
factors, should change.