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Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to announce further results from surface sampling at the Piedra Dura Prospect, within the Fortuna Project (the Project), Chile. Results confirm the extension of mineralisation for an additional 400m to the north and 150m east, with grades up to 9.78% Cu and 13.4g/t Au.
HIGHLIGHTS
- High grade copper and gold surface results returned from follow-up sampling at the Piedra Dura Prospect, within the Fortuna Project.
- Grades of up to 9.78% Cu and 13.4g/t Au from outcropping zones of mineralisation.
- Mineralisation extended 400m to the north and 150m to the east, strike now >1.5km and up to 250m wide.
- Mineralisation remains open to the north and south.
- Drilling is ongoing at the El Quillay North Prospect.
Figure 1: Sample CPO0008661 returned 9.78% Cu and 7.52g/t Au.
Culpeo Minerals’ Managing Director, Max Tuesley, commented:
“The 2023 exploration program continues to impress with high-grade, out-cropping copper and gold mineralisation now extending an additional 400m to the north and 150m to the east at Piedra Dura. Assay results returned for Piedra Dura reveal new wide, high-grade copper and gold zones that have the potential to add significant volumes of near-surface mineralisation.
The latest results are an excellent outcome as we continue to demonstrate the potential for a district scale copper and gold deposit within the Fortuna Project. We look forward to reporting further news from Fortuna, including drill hole results in the coming weeks.”
PIEDRA DURA PROSPECT
The Piedra Dura Prospect is located 1.8km west of El Quillay within the Fortuna Project (Figure 2). The structurally controlled outcropping copper mineralisation has been delineated over 1.5km of strike and up to 250m width.
The Company previously reported the discovery of significant high-grade outcropping copper and gold mineralisation at Piedra Dura with several parallel structures identified1. Recent exploration activities focused on exploring additional prospective structures in the area.
The field program at Fortuna continued during November, with the collection of a further 27 rock chip samples, focussed on extending the Piedra Dura mineralisation to both the north and east.
Of the 27 samples collected, 11 returned high-grade copper results >2% Cu (Table 1) including a sample of 9.78% Cu and 7.52g/t Au (CPO0008661) from within a gossanous shallow dipping structure, strongly mineralised with secondary copper including malachite, azurite and covellite (Figure 1).
High-grade gold results accompanied the significant copper mineralisation with sample number CPO0008659 returning 13.4g/t Au and 6.04% Cu (Figure 3).
It is clear from the assay results that the western tenure of Culpeo’s Fortuna Project, which includes Piedra Dura, is highly prospective for economic copper and gold mineralisation. The recent rock chip sampling extends mineralisation 400m to the north and 150m to the east with the target structure remaining open to the north and south.
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This article includes content from Culpeo Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
CPO:AU
Osisko Metals
Investor Insight
Osisko Metals’ high-quality copper and zinc assets present a compelling investment opportunity amid a rapidly expanding critical and base metals market. North America is continuing to prioritize domestic mineral supply chains, and Osisko Metals is well-positioned with its two brownfield, past-producing assets in Canada: the Gaspé Copper project and the Pine Point zinc-lead project.
Overview
Osisko Metals (TSXV:OM,OTC:OMZNF,FRANKFURT: 0B51) is an exploration and development company focusing on two base metal assets in Canada – Gaspé Copper and Pine Point – targeting copper and zinc, both critical minerals necessary for the global transition to clean energy. These assets are past-producing, brownfield projects of significant potential for future production.
The Gaspé Copper project in Québec has a rapid development plan to begin mining the indicated resource of 824 million tons (Mt) of ore grading 0.34 percent copper equivalent. As the gap between available copper supply and growing demand widens, Osisko Metals is well-positioned to help create and strengthen a domestic supply chain for the North American market.
The company’s Pine Point zinc-lead project in the Northwest Territories contains an indicated mineral resource estimate of 49.5 Mt at 4.22 percent zinc and 1.49 percent lead, in addition to significant inferred resources. Zinc is a necessary mineral for the clean energy transition and has important applications throughout the manufacturing industry. This widespread use of zinc has analysts cautioning about a looming supply shortage.
A preliminary economic assessment (PEA) completed in 2022 indicates the Pine Point project has the potential to become a world-class, high-grade zinc asset, with an after-tax net present value (NPV) of C$602 million and internal rate of return (IRR) of 25 percent. A feasibility study is now fully underway, and is expected to be completed in 2025.
In February 2023, Osisko Metals announced a C$100-million investment agreement with Appian Natural Resources Fund III for a joint venture on the Pine Point project. The agreement includes C$75.3 million of funding for the project and up to C$24.7 million in cash payments to Osisko Metals. In February 2024, Osisko Metals sold an additional 5 percent ownership interest in Pine Point Mining to a subsidiary of Appian for approximately C$8.33 million. Appian now has the right to earn up to 65 percent of the project, with Osisko Metals retaining 35 percent.
Pine Point Mining and the Town of Hay River have also signed a memorandum of understanding to seize opportunities for long-term sustainable growth for Hay River through the development and operations of the Pine Point mining project.
Led by a management team with a wide range of expertise throughout the natural resources industry and experience in geology, exploration, corporate finance and corporate administration, Osisko Metals is well-poised to become a world-class supplier of base metals.
Company Highlights
- Osisko Metals (OM) is focused on becoming a significant base metals producer by bringing two past-producing Canadian brownfield assets back into production: the Gaspé Copper project in Québec and the Pine Point zinc-lead project in the Northwest Territories.
- OM’s 100-percent-owned Gaspé Copper project is advancing rapidly with a fully funded 110,000-metre 2025 drill program and the goal of converting and expanding its large-scale NI 43-101 resource base.
- Copper Mountain hosts the largest undeveloped copper asset in Eastern North America, with an in-pit indicated resource of 824 million tonnes (Mt) grading 0.34 percent copper equivalent (CuEq) and an inferred resource of 670 Mt grading 0.38 percent CuEq. The resource contains 4.91 billion pounds of copper, 274 million pounds of molybdenum, and 46 million ounces of silver.
- The Pine Point project has the potential to become a top-ten global zinc producer, supported by updated 2024 resource estimates and a positive PEA. It is operated through a joint venture with Appian Natural Resources Fund III, which has the right to earn up to 65 percent of the project.
- A C$100-million investment agreement with Appian includes C$75.3 million in project funding and allows for a staged increase in Appian’s ownership. Osisko Metals retains a 35 percent interest.
- The 2022 PEA for Pine Point returned an after-tax IRR of 25 percent and an NPV (8 percent) of C$602 million, with clean, high-grade zinc and lead concentrates appealing to global smelters.
- Osisko Metals is backed by strategic and institutional shareholders including Glencore, Appian, Franco-Nevada, Gold Fields, CDPQ and a major Canadian mining company.
- A highly experienced management team with a successful track record of discovery, development and value creation is leading Osisko Metals’ transformation into a leading North American base metals developer.
Key Projects
Gaspé Copper Project
The Gaspé Copper project in Québec is among the most significant copper development projects in eastern North America. Osisko Metals completed the 100-percent acquisition of Gaspé Copper in July 2023 and has since launched a fully funded, 110,000-metre drill program. Québec is consistently ranked as a top-tier mining jurisdiction with supportive permitting processes and access to infrastructure.
Project Highlights:
- Significant Mineral Resource Estimate: The current NI 43-101 mineral resource estimate (effective November 2024) outlines an in-pit indicated resource of 824 Mt grading 0.34 percent copper equivalent and an inferred resource of 670 Mt grading 0.38 percent copper equivalent. Contained metals include 4.91 billion pounds of copper, 274 million pounds of molybdenum, and 46 million ounces of silver.
- Promising Metallurgy: Metallurgical testing demonstrates copper recoveries of 92 to 94 percent and molybdenum recoveries of 65 to 70 percent. The copper concentrate grades range from 24 to 28 percent, while molybdenum concentrate grades reach 59 percent. Payable silver credits are included in the copper concentrate. Osisko Metals has a copper offtake agreement in place with Glencore.
- Prolific Past Production: The historic Gaspé mine produced more than 141 Mt at 0.9 percent copper between 1955 and 1999 through both underground and open-pit mining. The site has undergone over C$150 million in reclamation, creating a well-positioned brownfield development opportunity.
- Robust Infrastructure: The site benefits from year-round road access, on-site hydroelectric power, proximity (under 100 km) to a deep-sea port in Gaspé, and remaining legacy infrastructure, including oxide stockpiles, administration buildings and a water treatment facility.
- 2025 Drill Program: The 110,000-metre drill campaign initiated in February 2025 targets both infill and expansion zones. Goals include upgrading inferred resources, extending mineralization up to 250 meters below the current pit shell, testing areas toward Needle East Mountain, and better delineating high-grade skarn zones (grading 0.5 to 3.0 percent copper). Recent results include:
- Drill hole 30-1090 – 279.0 meters averaging 0.49 percent copper and 108.0 meters averaging 0.84 percent copper
Drill hole 30-1075 – 258.0 meters averaging 0.33 percent copper including 15.6 meters averaging 1.47 percent copper
- Drill hole 30-1090 – 279.0 meters averaging 0.49 percent copper and 108.0 meters averaging 0.84 percent copper
- Wide zones of new mineralization intersected southeast of the Copper Mountain pit, including skarn-hosted copper zones supporting potential for future resource expansion
- Copper Mountain Updated MRE: The latest resource estimate (Fall 2024) reflects a 53 percent increase in copper-equivalent content in the indicated category and a 100-fold increase in the inferred category compared to prior reports. A high-grade sub-resource of 520 Mt grading 0.54 percent copper equivalent has also been identified at higher cut-off grades.
- 2025–2028 Work Program: The plan includes the ongoing drill campaign, environmental and socio-economic impact assessments, a PEA in 2026, and a feasibility study in 2027. Permitting and public hearings are targeted for 2029, followed by financing and construction in 2030–2031, and potential production start-up in 2032.
- Acquisition of New Claims: In December 2024, Osisko Metals acquired 199 additional mineral claims adjacent to the Gaspé Copper property, expanding the project’s exploration footprint in a highly prospective area.
Pine Point Zinc-Lead Project
The Pine Point asset in the Northwest Territories is a brownfield site with legacy infrastructure and a clear path toward redevelopment. The site is supported by an on-site hydroelectric substation, paved access roads, and proximity to rail and port infrastructure.
Project Highlights:
- Joint Venture: Pine Point Mining, the project operator, is governed under a joint venture between Osisko Metals and Appian Natural Resources Fund III. The C$100-million agreement includes C$75.3 million in project funding and additional cash payments. In February 2024, Osisko Metals sold an additional 5 percent interest to Appian for C$8.33 million. Appian may earn up to 65 percent ownership; Osisko Metals retains 35 percent.
- High-grade Clean Concentrates: The project is expected to produce exceptionally clean zinc and lead concentrates, as confirmed by recent metallurgical testing. XRT sorting and flotation achieved recoveries of 87 percent for zinc and 93 percent for lead. Low deleterious element levels make Pine Point’s product highly attractive to smelters seeking premium concentrates.
- Promising Economics: The 2022 PEA outlines an average annual life-of-mine production of 329 million pounds of zinc and 141 million pounds of lead. It projects an after-tax NPV (8 percent) of C$602 million and an IRR of 25 percent. Estimated dewatering volumes were reduced by 30 percent compared to the 2020 PEA.
- 2024 Updated Mineral Resource Estimate:
- Indicated: 49.5 Mt grading 4.22 percent zinc and 1.49 percent lead (5.52 percent zinc equivalent), containing 4.6 billion lbs of zinc and 1.6 billion lbs of lead
- Inferred: 8.3 Mt grading 4.18 percent zinc and 1.69 percent lead (5.64 percent zinc equivalent), containing 0.7 billion lbs of zinc and 0.3 billion lbs of lead
- East Mill, Central, and North zones collectively hold ~36.2 Mt of indicated resources grading 5.22 percent zinc equivalent
- Community Support: Pine Point Mining Limited has secured support through collaboration agreements with Deninu K’ue First Nation and the Northwest Territory Métis Nation, and continues to work under a 2017 exploration agreement with K’atl’odeeche First Nation. A memorandum of understanding was signed in November 2024 with the Town of Hay River to promote long-term economic benefits and local participation.
Management Team
Robert Wares – Chief Executive Officer
A professional geologist with over 35 years of experience, Robert Wares co-founded Osisko Mining and led the discovery of the Canadian Malartic mine. He is a co-recipient of the PDAC’s “Prospector of the Year” (2007) and serves on the board of Brunswick Exploration.
John Burzynski – Executive Chairman
John Burzynski was CEO of Osisko Mining and led the discovery and sale of the Windfall project to Gold Fields for C$2.2 billion. He also co-founded Osisko Gold Royalties and helped develop Canadian Malartic. He is a fellow of the Royal Canadian Geographical Society, and is a co-recipient of the PDAC’s “Prospector of the Year” (2007)
Don Njegovan – President
Don Njegovan has over 30 years of experience in mining and capital markets. Formerly COO at Osisko Mining, he has also served as managing director, global mining at Scotiabank, and sits on the board of Cornish Metals.
Blair Zaritsky – Chief Financial Officer
BA CPA with over 20 years of experience, Blair Zaritsky was previously CFO of Osisko Mining. He has extensive audit and financial management experience with public companies listed on Canadian exchanges.
Amanda Johnston – Vice-president, Finance
Amanda Johnston is a CPA with more than two decades in the mining and audit sectors. She previously served as VP finance at Osisko Mining and is currently a director of Metalla Royalty & Streaming.
Alexandria Marcotte – Vice-president, Exploration
A registered P.Geo. in Ontario, Alexandria Marcotte has 15+ years of international experience in senior geological roles. She holds an Honours B.Sc. in Geology and an MBA from Schulich School of Business and currently serves as a director of Angel Wing Metals.
Lili Mance – Vice-president & Corporate Secretary
Lili Mance has 30 years of legal, compliance, and governance experience in the resource and financial sectors. She served as corporate secretary at Osisko Mining and is a long-standing member of the Governance Professionals of Canada.
Ann Lamontagne – Vice-president, Environment & Sustainable Development
A civil engineer with a Ph.D. in mining environment, Ann Lamontagne brings over 25 years of environmental consulting and permitting expertise, including work with Nouveau Monde Graphite and Troilus Gold.
Killian Charles – Strategic Advisor
President and CEO of Brunswick Exploration, Killian Charles previously led corporate development at Osisko Metals and worked as a mining analyst. He holds a degree in Earth & Planetary Sciences from McGill University.
Luc Lessard – Technical Advisor
Luc Lessard is a mining engineer with over 30 years of experience in construction and operation of major mines. He is CEO of Falco Resources and COO of Osisko Development, and played key roles in building Canadian Malartic.
Empire Metals Limited Announces Team Expansion & Bulk Met Testing Commences
Highlights
- Strategic Appointments to Accelerate Development
Empire has appointed Mr. Alan Rubio as Study Manager and Mr. Pocholo Aviso as Hydro-metallurgist. These appointments are aligned with the Company's objective to evaluate mining scenarios, optimise product development, assess commercial process flowsheet options and progress the Project toward a feasibility study. - Mr. Alan Rubio, an engineer and seasoned Study and Project Manager with over 28 years' experience working within the resources sector developing and evaluating mining projects, will lead the assessment of mining, infrastructure and oversee key economic studies to deliver a robust project development plan.
- Mr. Pocholo Aviso, an experienced hydro-metallurgist with a background in the TiO₂ pigment industry (including roles at Tronox and BHP's Kwinana Nickel Refinery), will manage the titanium product development programme, focusing on product optimisation, process flowsheet designs and evaluating market pathways.
- Partnership with Strategic Metallurgy Pty Ltd:
Empire has also partnered with Strategic Metallurgy, a highly respected, Perth-based metallurgical consultancy. The firm will provide oversight of the metallurgical testwork programme and technical guidance to the Company's internal metallurgists and process design engineers, helping transition from bench-scale process development to pilot-scale testing.
- Bulk-Scale Testwork:
The Company has commenced bulk metallurgical testwork that will produce significant quantities of mineral concentrate to support large-scale beneficiation testing and, for the first time, enable the supply of bulk product samples to prospective end users. In addition, this testwork will provide critical technical information for the development of a commercial process flowsheet.
These key appointments advance the Company toward confirming project economics and assessing mine design, process flowsheets and product options-critical steps in the development pathway to commercial mine production.
Commenting on the announcement, Shaun Bunn, Managing Director, said:
"I am delighted to welcome Alan and Pocholo to our team. Their technical expertise will be invaluable as we move toward defining the economic potential and product strategy for Pitfield. Building a strong in-house team has been key to our progress so far, and these appointments mark an important next step.
"We are also very pleased to be working with Strategic Metallurgy, whose reputation and experience in process development will significantly strengthen our metallurgical programme. The timing is ideal, with large-scale metallurgical testing now underway, including ore scrubbing and spiral gravity separation, using bulk samples collected earlier this year."
Process Development Update
A large-scale metallurgical testwork programme, involving mineral separation techniques that require bulk feed samples, between approximately 0.5 to 1.5 tonnes each, has commenced using the material collected from the February 2025 Air Core drilling. The programme includes ore scrubbing, desliming and gravity spiral testwork. Alternative gravity separation unit processes, such as jigs and up-current classifiers, are also being evaluated.
Flotation testwork is also being carried out on the fines fraction, separated in the desliming step. As part of this programme, bulk mineral concentrates will be produced for downstream processing, testing both hydrometallurgical and product finishing flowsheet concepts. This will allow a consistent, common mineral concentrate stream to be assessed across the range of flowsheet options that are being considered downstream of the mineral separation step.
Figure 1. Photos of bulk testwork programme showing clockwise from bottom left: deslimed feed sample, wet scrubber unit, and gravity spirals .
This bulk testwork programme will produce significant volumes of concentrates which will feed into beneficiation testwork and result in larger product samples which can be delivered to potential end users for assessment for the first time.
In addition, this programme is designed to assess different types of process equipment and analyse a variety of flowsheet options, resulting in technical information necessary for developing a commercial process flowsheet.
About Strategic Metallurgy
Strategic Metallurgy Pty Ltd, established in 2010, is a metallurgical consulting company whose business model is to work with mining companies to develop their metallurgical strategy and ensure that it fits into their overall business plan. With a proven track record of providing expert consulting, process development, testwork management, feasibilities and strategic reviews Strategic Metallurgy has the extensive hands-on experience that Empire requires to progress the Pitfield Project through the metallurgical testing, process modelling, flowsheet design stages to pilot plant design and operation.
The Pitfield Titanium Project
Located within the Mid-West region of Western Australia, near the northern wheatbelt town of Three Springs, the Pitfield titanium project lies 313km north of Perth and 156km southeast of Geraldton, the Mid West region's capital and major port. Western Australia is ranked as one of the top mining jurisdictions in the world according to the Fraser Institute's Investment Attractiveness Index published in 2023, and has mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitfield has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines (refer Figure 2).
Figure 2. Pitfield Project Location showing the Mid-West Region Infrastructure and Services.
Competent Person Statement
The scientific and technical information in this report that relates to process metallurgy is based on information reviewed by Ms Narelle Marriott, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Ms Marriott is a member of the AusIMM and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Ms. Marriott consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears.
The technical information in this report that relates to the geology and exploration of the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Mr. Faragher is a member of the AusIMM and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
About Empire Metals Limited
Empire Metals is an AIM-listed and OTCQB-traded exploration and resource development company (LON:EEE)(OTCQB:EPMLF) with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia.
The high-grade titanium discovery at Pitfield is of unprecedented scale, with airborne surveys identifying a massive, coincident gravity and magnetics anomaly extending over 40km by 8km by 5km deep. Drill results have indicated excellent continuity in grades and consistency of the in-situ mineralised beds and confirm that the sandstone beds hold the higher-grade titanium dioxide (TiO₂) values within the interbedded succession of sandstones, siltstones and conglomerates. The Company is focused on two key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, in-situ bedded TiO₂ mineralisation, each being over 7km in strike length.
An Exploration Target* for Pitfield was declared in 2024, covering the Thomas and Cosgrove mineral prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Included within the total Exploration Target* is a subset that covers the in-situ weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2.
The Exploration Target* covers an area less than 20% of the overall mineral system at Pitfield which demonstrates the potential for significant further upside.
Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.
The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.
*The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. See RNS dated 12 June 2024 for full details.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Click here to connect with Empire Metals (OTCQB:EPMLF, AIM:EEE) to receive an Investor Presentation
Nobel Resources Announces Additional Results at the Cuprita Project, Atacama Region, Chile
Nobel Resources Corp. (TSX – V: NBLC) (the “Company” or “Nobel”) is pleased to provide an update on its ongoing exploration at the Cuprita Project (the “Project” or “Cuprita”) in Atacama Region, Chile. Following the recent identification by Nobel geologists of a leach cap with characteristics strongly associated with porphyry copper-(gold) deposits in the region at Cuprita, including associated highly anomalous copper in soils and bedrock, the Company has additionally confirmed:
- the existence of an IP chargeability and resistivity anomaly typical of porphyry copper deposits in the region; and
- the presence of highly anomalous copper chip samples from outcrops associated with the leach cap.
The geological features being identified by Nobel field work at Cuprita demonstrates the Project is highly prospective.
According to Vern Arseneau, COO of Nobel, “After only a few short weeks in the field, Nobel Geologists have identified key characteristics of a shallow mineralized porphyry system at Cuprita. The leach cap, IP anomaly, significant copper bearing rock chips and the copper in soil anomaly are all located adjacent to a ground magnetic low. These traits are situated near the intersection of a major north-northeast striking fault structure with numerous northwest striking quartz veins with copper oxides. Intersecting major faults is a common, if not essential, structural control for the emplacement of copper-gold porphyries in the region (Figure 3). This is essentially the complete suite of important indicators used when identifying productive porphyry copper systems, combined with a leach cap in one of the most important porphyry copper belts globally indicate excellent potential for a mineralized porphyry deposit at the Cuprita project.”
The IP survey was carried out by Argali Geophysical SA during November 2018 and consisted of three E-W lines across the area of the recently identified leach cap. Survey parameters were 100m spaced dipoles with an estimated depth penetration of 700m at N=27. The top of the IP anomaly, based on this data, is estimated to be approximately 200meters below surface. (Figure 3; line 7055700N). All three lines exhibit a similar chargeability/resistivity response and the anomaly remains open to the North and South.
The chargeability anomalies from 7 to 9 mV/V are in line with many of the porphyry copper deposits near Inca de Oro which are notoriously low in pyrite and therefore in chargeability. Chargeability of less than 10 mV/V has been observed at many deposits local to Cuprita. Similarly, field observations by Nobel geologists have also confirmed the general lack of pyrite in altered rocks at Cuprita.
Rock chip sampling of mineralized structures associated with the leach cap, anomalous soil samples and the ground magnetic anomalies returned highly anomalous copper values ranging from 0.25 to 3.46% Cu. Many of the rock samples contain remnant copper sulfides, such as Chalcocite, Chalcopyrite and locally Bornite (Figure 1). Additionally, a sample taken 500m to the northeast, where QZ vein stockwork with disseminated chrysocolla outcrops with a grade of 2.06% Cu (Figure 2) signifying the potential for a large extensive system.
Figure 1: Rock sample with Chalcopyrite and Bornite grading 1.36% copper associated with the leach cap.
Figure 2: Sample of copper-rich stockwork of quartz and chrysocolla grading 2.06% copper from 500 meters northeast of previous sample.
According to Larry Guy, CEO, “Nobel geologists believe that this newly identified geological / geochemical evidence along with the geophysical compilation points to potential for a large mineralized porphyry at shallow depth covering the area between the anomalous soil results to the South and extending more than 2 kilometers North to the previously reported ground magnetic lows. (Figures 3 and 4; map and cross section and Figure 5 conceptual geological model).
Geologically, Cuprita is part of the Metallogenic Paleocene Porphyry Copper Belt that hosts several major porphyry copper deposits, such as El Salvador, Cerro Colorado, Spence, Sierra Gorda, Fortuna, as well as several gold deposits. Recent field work at Cuprita has focused the targeting for forthcoming drill programs.
Figure 3: Compilation map showing the location of the extensive leached cap (lithocap) and associated structures, outcrop samples, quartz-copper veins, soil geochemical anomalies, tourmaline breccias associated with a magnetic low, that comprise the key criteria for a mineralized porphyry target.
Figure 4. Schematic Section showing the Conceptual Model of the Porphyry in Cuprita.
Figure 5. Conceptual model for the Cuprita porphyry target (modified after Halley et al., 2015) The key geological components for the classic mineralized Andean porphyry model have been identified at the Cuprita target.
Qualified Person
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. Mr. Gower is a consultant of Nobel and is not considered independent of the Company.
About Nobel
Nobel Resources is a Canadian resource company focused on identifying and developing prospective mineral projects. The Company has a team with a strong background of exploration success.
For further information, please contact:
Lawrence Guy
Chairman and Chief Executive Officer
+1 647-276-0533
Vincent Chen
Investor Relations
vchen@nobel-resources.com
www.nobel-resources.com
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, the mineralization and prospectivity of the Project, the Company’s ability to explore and develop the Project, the Company’s ability to obtain adequate financing 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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