Western Metallica Launches Field Work at Recently Acquired Peruvian Copper Projects
WESTERN METALLICA LAUNCHES FIELD WORK AT RECENTLY
ACQUIRED PERUVIAN COPPER PROJECTS
TORONTO, ONTARIO – October 03, 2023 – Western Metallica Resources Corp. (TSXV: WMS)
(“Western Metallica” or the “Company”) is pleased to provide an update on current activities and
near-term operational plans as it relates to the Company’s Peruvian acquisitions. The Company
has now retained a Peruvian-based team to oversee day-to-day operations and exploration work
at its recently acquired Turmalina and Caña Brava Projects, two highly prospective copper -
molybdenum porphyry properties located in Northern Peru.
Gregory Duras, Western Metallica’s CEO and Director, commented, “We are very excited to have
secured the services of highly regarded professionals with the right combination of expertise and
experience in the Peruvian mineral exploration industry. Although we only recently finalized the
acquisition of the Turmalina and Caña Brava Projects, we are keen to commence our field work
as soon as possible and updat e the market on our upcoming activities . As Western Metallica
repositions itself as a copper-focused mineral exploration firm operating within mining-friendly and
highly-prospective under-explored jurisdictions, management expects its various stakeholders to
benefit from the accretive value generated from advancing its Peruvian programs and as it
achieves operational milestones.”
Western Metallica plans to commence its exploration field activities at Caña Brava during the
second half of October, which will include mapping supported by Short Wave Infra -Red (SWIR)
spectrometry analyses. These activities will be aimed at outlining the extent of the porphyry -
related alteration, the potential lateral and vertical zonation, defining potential controlling
structures and favourable host lithologies, as well as systematic rock sampling aimed at defining
anomalies and vectors to the mineralized centres. Based on initial interpretation of collected data,
Western Metallica believes there is potential at Caña Brava for a cluster of medium-sized porphyry
copper-molybdenum systems of above average grade. The encouraging initial data coupled with
the Company’s expertise in exploration and development , and strong cash position with ~$3
million in capital to advance operations into 2024, puts it in a prime position to unlock the untapped
potential of this newly-acquired copper project.
Background
Western Metallica recently announced the acquisition of 100% of the issued and outstanding
shares in Consolidated Copper Corp., which holds an option to acquire 100% of the mineral
claims, rights and interests in two Cu-Mo projects located in Northern Peru: Caña Brava and
Turmalina (refer to press release dated August 10 th, 2023 ). These prospective polymetallic
projects lie within a copper -porphyry region that has seen notable exploration and production
success, on the Miocene Cu-Mo porphyry belt which extends from Northern Peru into Ecuador,
and hosts world class deposits such as La Granja (First Quantum), Cañariaco (Alta Copper), and
Rio Blanco (Zijin Mining Group). Both projects are well located in proximity ports and major paved
roads, and e ach project is comprised of large mineral concessions conducive to future project
scalability.
Figure 1 - Location of the three Caña Brava porphyry clusters, major interpreted alteration zones and property coverage.
Caña Brava is a highly prospective 4,900-hectare copper-molybdenum project (including newly
staked extensions) located in the La Libertad Department of northern coastal Peru, only 35
kilometers inland from the Peruvian coast and at an elevation of 1,500 metres in the western
Cordillera of the Peruvian Andes , neighboring large emerging copper discoveries such as
Hudbay’s Llaguen Cu-Mo Project. Caña Brava hosts three known partially eroded porphyry
centres; “Caña Brava 1”, a well-defined 800-metre by 600-metre sized porphyry centre located
on the Northwestern sector of the project , preliminarily mapped by Compañía Minera Anaconda
in the 1990’s, in addition to “Caña Brava 2” and “Luz Maria” located on the Northeastern and
Southern sector of the project area, respectively. The “Caña Brava 1” porphyry has also been the
object of a reconnaissance sampling program conducted by Agregados Minerales Industriales
SAC in 2015, consisting of 27 assayed samples that averaged 0.1% Cu, with grades up to 0.8%
Cu; mapping which indicates the potential existence of a well-developed supergene enrichment
profile. Recent processing of remote sens ing data revealed the presence of wider advanced-
argillic, ph yllic and propyl litic alteration zones which have yet to be mapped. The Company
intends to conduct a drone-based airborne magnetic survey over an area of ~5,000 hectares,
along 100-metre spaced lines, which, coupled with the existing surface mapping data, will support
field program targeting.
Although the Company is now strategically refocused on advancing its Peruvian exploration plans
given compelling data and regional implications for future discoveries , Western Metallica’s
technical team has finalized the acquisition of gravimetric and magnetic data over its wholly-
owned Nueva Celti copper project, located in Andalucia, Spain (refer to press release dated July
11th, 2023). The program delineated the possible extension of the known mineralized body to the
north, beyond the regional normal-slip Penaflor faulting system, as well as indicated the presence
of a new magnetic anomaly located immediately northeast from the know Nueva Celti deposit.
Both anomalies merit further investigation with the execution of certain induced polarization
(IP) pole-dipole lines aimed at investigating the possible source of these anomalies beneath a
150-200 metre depth Miocene marlstone cover.
Peruvian Operations
The Company is pleased to report that it has successfully built the core of its Peruvian team, filling
the exploration, office, and operations management positions, along with engaging a consulting
firm experienced within the region of both projects. The exploration manager, Ramon Medina, is
a proficient senior geologist with over 25 years of experience evaluating, exploring, and
developing greenfield and brownfield precious and base metals projects in Latin and North
America, who previously held the position of Exploration Manager for Hochschild Mining in Peru.
The office manager, Daniela Principe, an International Business graduate with a diploma in
Logistics and Operations, and 10 years of experience in the mining sector, including the position
of management assistant for several mineral exploration companies i n Peru. The operations
manager, Julio Calderon, holds over 20 years of experience in the Peruvian mining industry as
field, administration, and logistic supervisor for various publicly -listed firms, including vast
experience managing field programs and man aging community relations in rural parts of Peru.
Western Metallica also engaged a social consultancy firm, experienced in both Piura and La
Libertad Departments, that recently concluded an onsite stakeholder map and will provide the
Company with updated information on surface rights as it relates to both projects. The initial step
of establishing relationships with local communities and designing a social engagement plan is
critical prior to launching field work in Peru.
Qualified Persons
The technical and scientific information in this press release has been reviewed and approved by
Mr. Giovanni Funaioli, Eur.Geol., 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.
The technical information relating to the Caña Brava and Turmalina Projects is historical in nature
and has not been independently verified by the Company.
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, its principal being 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).
Western Metallica also holds options to acquire a 100% interest in two copper projects in Peru;
Caña Brava, in La Libertad Province, and Turmalina, in Piura Province.
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
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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 devel opments 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 information are reasonable,
undue reliance should not be placed on them because the Company can give no assurance that
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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 and Turmalina Projects. 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.