TORONTO, Nov. 18, 2022 (GLOBE NEWSWIRE) --
Nobel Resources Corp.
(TSX – V: NBLC; OTCQB: NBTRF) (the “Company” or “Nobel”) is pleased to announce that the Company, through its wholly owned subsidiary, Mantos Grandes Resources Chile SpA (“Mantos”), has entered into a definitive option agreement (the “Option Agreement”) to acquire a 100% interest in the Pircas Verdes project (“Pircas Verdes” or the “Project”).
According to Vern Arseneau, COO of Nobel, “The Pircas Verdes project is situated within a highly productive copper producing district, close to several large porphyry copper +/- molybdenum deposits. Within the Project, the key geological features that typically indicate potential for porphyry copper related mineralization have been identified by Nobel’s team. It is rare to find a prospect with such strong geological indicators for a porphyry target in this area that has not been extensively drilled already.” Presently, the Company is in the process of acquiring an access agreement from the Local Farm Cooperative that owns the surface rights in the area. There are no farming activities at the project area due to the high altitude and lack of land suitable for farming and local residents are supportive of mining, exploration and development. Many residents work at local mining operations as well as farm their land and are therefore familiar with exploration and mining activities.
The initial exploration program will include geological mapping and sampling of the project area. A ground magnetic survey will be completed followed by selected IP lines over areas of interest, to be followed by diamond drilling and trenching. The company expects to complete this work, including drilling, during the first year of the option agreement.
- The prospect is located east of the Pelambres-El Pachon world class porphyry system. A number of other copper porphyry and porphyry skarn deposits are located near Pircas Verdes.
- Piton is a leached intrusive with anomalous copper values in rock chip samples that covers an area of 1,500m by 800m. Piton is interpreted as possibly representing the upper levels of a buried mineralized porphyry system.
- The Pircas Verdes prospect area contains intense quartz-sulfide stockwork exposed over an area of approximately 450m by 600m peripheral to the Piton leached intrusive.
- Other exploration targets peripheral to the main Pircas Verde-Piton hydrothermal center. Vetarron, Marcelino and West include quartz-tourmaline breccias and veinlets associated with copper oxides and sulphides. Such veins are commonly associated with copper porphyry systems in Chile.
No drilling or geophysical surveys have been completed over the property.
The Pircas Verdes Project
The Pircas Verdes property covers a total of 2,015 hectares located in the eastern part of Chile’s fourth region of Coquimbo. It is some 20 km west of the cluster formed by Antofagasta Minerals’ Pelambres mine ( 2,125 million tonnes grading 0.64% CuT / 180ppm Mo ) and the similar size Fortuna Project, currently under development, and Glencore’s Pachon deposit ( 3,300 million tonnes grading 0.47% CuT ) (Sources: Corporate disclosures by Antofagasta Minerals and Glencore). Other copper projects near Pircas Verde include the Llamuco Mine and the Buenaventura Project (Figures 1 and 2).
Figure 1: Location of the Pircas Verde Project
Within the district lies the Llamuco Mine, a pipe-type breccia system with a tourmaline matrix. The production included recovery of primary copper minerals including chalcopyrite and bornite, along with Molybdenum and Tungsten during operations in the 1970s. The deposit had a zone of secondary enrichment. The region is also host to porphyry skarn mineralization, numerous polymetallic veins of Cu, Au, Mo and Pb, as well as other stratified copper deposits, such as the Three Valley Copper Mine located 25 km west of Pircas Verdes.
At Pircas Verde, the large areas of hydrothermal alteration, presence of tourmaline breccia pipes and veins, extensive copper anomalies, malachite staining on outcrops, and unexplored leached intrusive rocks are excellent indicators of a potential porphyry copper system in the area.
Figure 2: Regional map of the Pircas Verde Project area, showing nearby operations and deposits
In the district there are numerous intrusive bodies of different ages that range from the Late Cretaceous to the Miocene intruding the volcanoclastic rocks of the Viñitas Formation. Some of these pulses have generated large colour anomalies which are represented by extensive areas of hydrothermal alteration (advanced argillic, argillic, phyllic and propylitic), which in some cases are accompanied by mineral occurrences.
The Pircas Verdes Project district shows numerous areas with intense hyperspectral colour anomalies corresponding to areas with argillic and phyllic alteration surrounded by propylitic alteration in the volcaniclastic host rocks relating to the porphyry mineralization in the region. At the Pircas Verdes project, similar features have been observed: a complex intrusive stock with multi- pulses and phases recognized ranging from felsic, aplitic, andesitic and dioritic porphyries, together with greater granodioritic and tonalitic intrusive rocks that intrude into the volcanoclastic sequence of the Viñitas Formation. These are associated with zones of alteration and colour anomalies associated with structural breaks and structural controls oriented NNW, NS and ENE typical for deposits in the area.
The Pircas Verdes Project has a number of hydrothermal alteration zones identified in outcrop that indicate the prospective attractiveness of the area:
Figure 3: Target areas identified on the Pircas Verde Project
TARGET PITONES: Extensive zone of hydrothermal alteration exposed over an area of 1,500 x 800 metres, the zone presents a strong oxidation and leaching of the host rock. This target could potentially represent the upper, leached part of a porphyry copper system. The area is characterized by anomalous copper values in rock.
TARGET PIRCAS VERDES: Strong stockwork of Quartz drusiform veinlets with presence of relict sulfides of leached copper veinlets with halos of sericite. These veinlets have a density of between 40 to 60 veins per metre showing a high intensity of alteration. The area of intense veinlets extends for 600 metres X 450 metres where it can be observed in outcrop.
TARGET WEST VETARRON: Polydirectional tourmaline veinlets in a coarse-grained intrusive (mozodiorite) along with aplitic porphyry with abundant tourmaline rosettes outcrop in the contact zone between the intrusive and volcanoclastic sequence, accompanied by oxidized copper mineralization. A structurally controlled zone of quartz-tourmaline veins with copper mineralization 25 to 30 metres wide structural corridors have been traced for 300 metres along strike and show development of minor lateral stockworks with oxidized copper content.
TARGET MARCELINO: Drusiform quartz veins with preferential orientation N60°E, cutting the volcanoclastic sequence. The veins range from 1 cm to 1 m with copper content. They are generally oxidized with minor remaining sulfides of chalcopyrite with gold and molybdenum. The strong veinlets develop brecciated areas of 70 metres wide and shows an increase in the persistence of veins and copper content towards the south.
Pursuant to the Option Agreement, the Company must make the following payments to the optionor to acquire a 100% interest in the Project:
- USD$50,000 in cash on the date the Option Agreement is registered with the Chilean mining authority (the “Registration Date”). This step has been completed and the funds have been paid;
- USD$200,000 in cash 12 months from the Registration Date;
- USD$250,000 in cash 24 months from the Registration Date;
- USD$500,000 in cash 36 months from the Registration Date;
- USD$1,000,000 in cash 48 months from the Registration Date; and
- USD$2,000,000 in cash 60 months from the Registration Date.
Upon the completion of the payments above, the Company will own 100% of the Project subject to a 1.5% NSR royalty held by the vendor on future mineral production on the Project. The Company has a right to repurchase 1.0% NSR on the Project from the optionor for USD$2.0 million in cash. The Company can, at its sole discretion, decide not to exercise the option and terminate the Option agreement and not make any of the remaining payments.
Nobel will be the operator of the Project during the term of the Option Agreement.
This transaction is arm’s length and has been approved by the TSX Venture Exchange. No finder fees were paid in connection with the transaction.
The scientific and technical information in this news release has been reviewed and approved by Mr. David Gower, P.Geo., as defined by National Instrument 43-101 of the Canadian Securities Administrators.
Nobel Resources is focused on exploring for and developing copper projects in Chile, the premiere copper mining company globally. The Company has a team with a strong background of exploration success in the region.
For further information, please contact:
Vincent Chen, CPA
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 the Project, the mineralization of the Project, the terms of the Option Agreement and the Company’s ability to exercise the option, the Company’s ability to explore and develop the Project 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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