Western Metallica Makes Copper Discovery ON Caña Brava Porphyry Project IN PERU
WESTERN METALLICA MAKES COPPER DISCOVERY ON CAÑA
BRAVA PORPHYRY PROJECT IN PERU
TORONTO, ONTARIO – January 22, 2024 – Western Metallica Resources Corp. (TSXV: WMS) (“Western
Metallica” or the “Company”) is pleased to report on a recent discovery at Luz Maria, one of two prospects
within the Company’s Caña Brava Project, where recent geochemical and drone -borne magnetometry
surveys have confirmed a ~2.7 km by ~1.5 km potassic and phyllic alteration, typical of Andean Cu-Mo
porphyry systems, associated to magnetic anomalies and consistent copper grades up to 700 ppm Cu
(0.07% Cu) and 600 ppm Mo (0.06% Mo). The discovery at Luz Maria, coupled with the confirmation of the
size and grades of the Caña Brava 1 prospect, is a major development for the Company . Further target
definition work and initial scout drilling is currently being planned by the Company’s technical team to test
this new discovery located in one of the world’s premier porphyry belts.
Highlights of the Luz Maria Discovery
• Cu-Mo porphyry target defined by a ~2.7 km by ~1.5 km phyllic and potassic alteration footprint.
• Consistent anomalous grades up to 0.07% Cu and 0.06% Mo from multi-phase intrusions.
• Large coincident magnetic anomaly extending under the sedimentary cover.
Discussion of the Caña Brava Project field work completed during Q4-2023
Luz Maria, located on the South-Eastern sector of the Caña Brava Project, is a well-preserved porphyry
target with multiple mineralized intrusion events and an estimated ~2.7 km by ~1.5 km potassic and phyllic
alteration footprint, comparable to other porphyry deposits in Peru such as Southern Copper’s Michiquillay
Cu-Au-Mo deposit. During Q4-2023, the Company’s geologists collected 126 rock chip and 46 diamond-
sawn channel samples with variable lengths between 1 and 1.5 meters of continuous samples. Results
from representative channel samples from outcrops at the bottom of a creek confirmed that at least three
intrusion phases host Cu and Mo-sulfide mineralization averaging 500 ppm Cu and 200 ppm Mo as well as
anomalous Cu, averaging 300 ppm, from the quartz sandstone. The possible lateral extensions of these
intrusions are covered by both sedimentary units and Quaternary colluvium.
The Caña Brava 1 prospect, located on the Northwestern sector of the project, is a well-preserved ~1 km
by ~1 km sized porphyry target characterized by a distinctive leached zone with goethite and hematite box
works. Western Metallica collected 35 rock chip samples at Caña Brava 1 and confirmed grades up to 0.4%
Cu from the sedimentary rocks, and average 500 ppm Cu from the intrusive rocks.
Western Metallica also announce s positive results from the preliminary processing and qualitative
interpretation of the recently acquired unmanned aerial vehicle (UAV) magnetic survey covering
approximately 58 km2. The UAV magnetic survey has identified two zones of high susceptibility, likely
intrusive stocks, with zones of demagnetization around the intrusives. The geophysical results at Luz Maria,
consistent with field mapping, confirm the potential for a large porphyry Cu -Mo cluster under the
sedimentary and colluvial cover, providing valuable targets for further exploration. The company is now
planning a follow-up IP/Resistivity survey to further define the porphyry centres and drill targets.
Figure 1 - Caña Brava Project: drone-borne RTP magnetic anomaly map showing the alteration footprints
over Caña Brava 1 and Luz Maria.
Gregory Duras, Western Metallica’s CEO and Director, commented, “ We are very excited with this new
discovery in what is elephant country for porphyry exploration. The Western Metallica team is focused on
delivering value through the exploration and development of our Peruvian assets, as we advance our overall
quality pipeline of attractive and underexplored copper and gold assets. The encouraging initial data
received from the Q4-2023 work at Caña Brava coupled with the Company’s technical expertise and strong
cash position to advance operations through 2024, puts us in a prime position to unlock the untapped
potential of this newly-acquired copper project and create accretive value for our shareholders.”
Western Metallica’s 2024 exploration program will focus on confirming the presence of a large porphyry
system at Caña Brava. Environmental baseline studies supporting the drill permitting process have now
been completed at Luz Maria . The recent geophysical work, which outlined several highly-prospective
porphyry targets at Caña Brava, coinciding with Cu-Mo anomalies at both Luz Maria and Caña Brava 1, will
allow the Company to prioritize areas for the drill program planned for late 2024. The initial work at the
Caña Brava Project also highlights similarities to neighboring large emerging copper discoveries such as
Hudbay’s Llaguen Cu-Mo deposit, located approximately 15 km east of Caña Brava. The Llaguen deposit
hosts shallow mineralization over a 1.3 -km strike length, with shallow high grade mineralization, and has
an indicated mineral resource estimate totalling 271 million tonnes at 0.33% Cu
(https://hudbayminerals.com/investors/press-releases/press-release-details/2022/Hudbay-Provides-
Exploration-Update-and-Announces-Initial-Mineral-Resource-Estimate-at-Llaguen/default.aspx).
Figure 2 – Luz Maria Prospect: map showing the outcropping intrusions, with the average Cu and Mo grades, coincident magnetic
anomalies, and other possible intrusion centres below the sedimentary and colluvium cover.
Background
Western Metallica holds the 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 10th,
2023). Both projects are in a prolific Cu-Mo metallogenic belt, extending from Northern Peru into Ecuador,
which has seen notable exploration success and hosts world class discoveries and deposits such as La
Granja (First Quantum) , Cañariaco (Alta Copper), and Rio Blanco (Zijin Mining Group). The Company´s
projects are well located in proximity to industrial ports and major paved roads , and e ach project is
comprised of large mineral concessions conducive to future project scalability. The Caña Brava Project is
a highly prospective 5,700-hectare copper-molybdenum property 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.
Quality Assurance and Quality Control
Sample preparation and analyses will be conducted according to standard industry procedures. Rock
samples are crushed, split, and pulverized prior to analysis of Gold by fire assay and Atomic Absorption
and multi-elements by ICP-AES after four acid digestion. Analytical performance is monitored by means of
certified reference materials (CRMs), coarse blanks, coarse and pulp dupl icate samples. Samples are
prepared and analysed in SGS lab in Lima, 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.
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 options to acquire a 100% interest in two copper projects in
Peru; Caña Brava, in La Libertad Province, and Turmalina, in Piura Province. 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
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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
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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
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information in this press release include informa tion 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, perfor mance or achievements expressed or implied by such
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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
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event that management’s beliefs, estimates or opinions, or other factors, should change.