TORONTO, April 04, 2022 (GLOBE NEWSWIRE) --
Nobel Resources Corp.
(TSX–V: NBLC; OTC: NBTRF) (the “Company” or “Nobel”) has received assays for 10 drill holes from its initial diamond drill program on its recently acquired Salvadora copper project in Chile (the “Project”) (see Table 1 below). Copper mineralization has been intersected in all drill holes, including significant intervals grading more than 1% copper. Drill holes are located within two areas of the Project (Figure 3). Mineralization in both areas remains open. Results obtained to date have confirmed the discovery of a significant copper sulfide mineralized zone west of outcropping copper oxide mineralization. The sulfide mineralization is less than 70m below surface on average and remains open to the north, south and west as well as at depth. The potential for a covered oxide zone associated with a newly identified sulfide zone at the southern target area remains to be tested with additional drilling along with delineation of the outcropping oxide zone at the northern target area.
Results to date include:
- SAL-001 intersected 12m grading 0.97% copper and 17m grading 0.69% copper within a 52m zone that graded 0.57 % copper.
- SAL-008 intersected 6m grading 1.17% copper within a 27m zone grading 0.68% copper.
- SAL-009 intersected 11m grading 1.1% copper within a 20.3 m grading 0.91% copper.
- SAL-016 intersected 6m grading 0.97% copper, 8m grading 1.24% copper, 15m grading 1.3% copper and 15m at bottom grading 0.36% copper within a 72 m wide oxidized mineralized breccia with certain of the sampled intervals still with pending assays.
SAL-006 intersected 10m grading 0.96% copper within a 20m zone grading 0.64% copper.
Figure 1: Location of the Salvadora project is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/73db5aa6-4edd-4a43-b1ad-cdca83e8002c
La Salvadora Project
The La Salvadora iron oxide copper gold (“IOCG”) project is located in the vicinity of the large Manto Verde (Anglo American) and Santo Domingo (Capstone Mining) IOCG deposits (Figure 2). The area is well serviced by all-weather roads and can be worked year-round. The region is well established as a mining area where community support is known to be strong and there is good access to infrastructure, including electricity, water and ports and mining infrastructure in region.
The initial drill program focused on two areas:
- Area of a reverse circulation hole (SLVA-RC-0002) which reported 72 meters grading 1.21% copper and 0.21 g/t gold. This area is wide open for expansion.
- A southern area with a distinct magnetic anomaly approximately 1 kilometer to the south with only a single drill hole in it (SLVA-RC-0010) which intersected 20 meters grading 0.6% copper and 0.15g/t gold at shallow depths.
One drill hole, SAL-016, which was drilled into the outcropping oxide zone
All the holes drilled to date by Nobel have intersected mineralization containing chalcocite, chalcopyrite as well as specularite, pyrite, magnetite hosted in hydrothermal breccias varying in core thickness from 30 meters to 73.4 meters. Three drill holes ended in mineralization (SAL-09, SAL-11 and SAL-13) however casing was left in these holes and they can be completed later. The widest intersection to date on the southern target area was in hole SAL-008, (Figure 3), . This hole intersected 53m of mineralized breccia from 144m to 197m. including 27m grading 0.68%Cu.
The first five drill holes targeted the depth and lateral extensions down dip from previously identified copper oxide mineralization at surface in the vicinity of historical RC drill hole SLVA-RC-0002 (see news releases dated November 8, 2021 and January 26, 2022). Following completion of the initial scout holes on this target, the drill was moved to the area of a distinct magnetic anomaly, where holes 6 to 15 and 17 are located. Hole 16 is located within the outcropping oxide zone and was drilled to confirm previously reported reverse circulation assay results. Table 1 below summarizes the results from holes 3, and 6 to 17 inclusive.
Results obtained to date have confirmed the discovery of a significant buried mineralized sulfide zone west of the previously known outcropping oxide mineralization. The mineralization starts less than 70m below surface on average and remains open to the north, south and west as well as at depth. The potential for a hidden oxide zone associated with the new sulfide zone on the southern area remains to be tested with additional drilling.
According to David Gower, P.Geo., CEO of Nobel, “These are excellent results from the initial scout drilling program for the Project. Copper mineralization at shallow depths occurs in two areas more than 1 km apart. Geological work by our field crews indicate that it is possible that the southern zone represents a fault offset to the west of the northern area and its possible mineralization may be continuous between the two areas. There is an extensive copper mineralized system here that extends for well over a kilometer.”
According to Vernon Arseneau, P.Geo., COO of Nobel, “The results obtained to date at Salvadora confirm the presence of at least two extensive mineralized bodies associated with hydrothermal breccias that are typical of deposits that are being mined presently in this area of Chile. It is very early in the exploration program, however drilling has demonstrated there is a thick zone of mineralized hydrothermal breccia that is continuous between the holes drilled to date. Subsequent exploration will attempt to expand the zones and delineate the higher grade areas. The Company is planning to complete this initial scout phase of drilling and use it to plan the next phase of drilling to better define size, continuity, and grade of these exciting targets.”
Figure 2: Location map showing the La Salvadora Project as well as major projects and operations in the region is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dede9ef2-32fe-4415-a895-90b96aa7ea84
Figure 3: Location of the two target areas and drill holes at La Salvadora Project is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e882b009-e906-4bd3-aedb-8a582796ae1f
TABLE 1: DRILL HOLE ASSAYS
|HOLE#||FROM||TO||INTERVAL m||COPPER%||GOLD g/t||North||East||Dip||Azimuth|
The scientific and technical information in this news release has been reviewed and approved by Mr. Vernon Arseneau, P.Geo, as defined by National Instrument 43-101 of the Canadian Securities Administrators. Mr. Arseneau is the COO of the Company .
Nobel Resources has the right to acquire 100% interest in each of the Algarrobo project and the La Salvadora project, both potential Iron Oxide Copper Gold Ore (IOCG) style, high grade copper properties in Chile. The country is a top mining jurisdiction as it is strategically located within 25 km from port and has world-class IOCG deposits within the Major Candelaria belt. Chile’s mining capabilities benefit from close to surface, high grade mineralization within the mining face and has the necessary permitting in place.
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, regarding the prospectivity of each of the Algarrobo project and the La Salvadora project (collectively, the “Projects”), the mineralization of the Projects, the Company’s ability to explore and develop the Projects, timing of the Company receiving drill permits; access to drilling equipment; and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Nobel, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Nobel has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Nobel does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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