Pampa Metals Intersects Wide Interval of Copper Mineralization at Piuquenes, Argentina

Pampa Metals Intersects Wide Interval of Copper Mineralization at Piuquenes, Argentina

Pampa Metals Corp. ("Pampa Metals" or the "Company") (CSE:PM)(FSE:FIR)(OTCQB:PMMCF) is pleased to report that diamond drillhole PIU-01 (refer figure 1) was completed at a downhole depth of 867m. First assay results are expected shortly. Drillhole PIU 02, the second hole of the current program, has commenced

Hole PIU-01, designed to extend Cu-Au mineralization to depth on the southwestern margin of the Piuquenes Central porphyry, intersected a 160m zone of supergene copper enrichment between 220m and 380m downhole, coincident, and overlapping with primary mineralization from 350 meters. Strong primary mineralization associated with intense porphyry A type quartz stockwork veining is evident from 350m to approximately 650m. From 650m to the end of hole at 867m quartz veining and mineralization continues, becoming progressively less intense with depth. From 830m disseminated hematite/specularite-pyrite-chalcopyrite mineralization is hosted in volcanic host rocks outside the porphyry intrusive and remains open at depth.

PIU-02, the second hole of the current program is oriented on an east-west section proximal to two historical holes drilled by Inmet Mining Corporation which reported 413.5m at 0.47% Cu and 0.52 g/t Au and 67.5m at 0.63% Cu and 0.51 g/t Au respectively. PIU-02 is designed to test the lateral extent of the Piuquenes Central porphyry mineralization, along the western margin of the deposit.

Joseph van den Elsen, Pampa Metals President and CEO commented: " We are very pleased to have intersected wide intervals of both supergene enrichment and primary copper mineralization on the first hole of our maiden drill campaign at the Piuquenes Project and now eagerly await first assay results. Excellent progress was made to reach target depth on our first hole, and we look forward to completing an additional two, and possibly three, holes to further test the depth and lateral extensions of the previously reported high-grade copper-gold intervals at Piuquenes Central. Subsequent drill programs will also test the undrilled Piuquenes East porphyry target and other nearby targets identified on the property. "

A Company Presentation is available at: www.pampametals.com/investor/presentations

Figure 1: Piuquenes Central Schematic Cross Section

Geology and Mineralization - Diamond Drillhole PIU-01

Moderate porphyry A-type quartz stockworks are present from approximately 150m downhole, increasing in intensity from 220m depth. Supergene copper enrichment is evident from 220m to 380m depth, partially coincident (from 288 m depth) with increasing intensity of porphyry A-type quartz vein stockworks and evidence of intermineral potassic alteration. A narrow zone of copper oxides is observed from 220 - 229m downhole.

Dense porphyry A-type quartz vein stockwork with chalcopyrite and traces of disseminated bornite mineralization hosted in potassic altered diorite porphyry was intersected from 350m to approximately 650 m. From 650m to approximately 740m downhole a zone of moderate intensity quartz veining was intersected, prior to a zone of sporadic quartz veining which remains open at 867m (EOH). From 730m intermediate argillic alteration is present, and molybdenite, sphalerite and hematite/specularite associated with grey sericite-chlorite veining and fine-grained disseminated chalcopyrite-bornite. From 830m the host-rock is volcanic, superimposed by sericite-chlorite alteration and disseminated hematite/specularite-pyrite-chalcopyrite mineralization, veining and breccias.

Image 1: Intense porphyry A type qtz vein stockwork overprinting early potassic altered diorite porphyry

Image 2. Porphyry A-type qtz-veining with potassic (K-Spar) altered vein halos and disseminated chalcopyrite

ON BEHALF OF THE BOARD
Joseph van den Elsen | President & CEO

INVESTOR CONTACT
Joseph van den Elsen | Joseph@pampametals.com

ABOUT Pampa Metals

Pampa Metals is a copper-gold-silver-molybdenum porphyry exploration company listed on the Canadian Stock Exchange (CSE:PM), Frankfurt (FSE: FIR), and OTC (OTCQB: PMMCF) exchanges.

In November 2023, the Company announced it had entered into an Option and Joint Venture Agreement for the acquisition of an 80% interest in the Piuquenes Copper-Gold Porphyry Project in San Juan Province, Argentina.

Previous intervals of significant copper and gold mineralization at Piuquenes Central (refer 5 December 2023 News Release) include:

  • 413.5 m (167-580.5 m) @ 0.47% Cu and 0.52 g/t Au (0.87% CuEq)*; and
  • 558.2 m (362-920.2 m EOH) @ 0.38% Cu, 0.42 g/t Au and 2.4 g/t Ag (0.73% CuEq)*
    • including 130 m (362-492 m) @ 0.81% Cu, 0.6 g/t Au and 4 g/t Ag (1.31 % CuEq)*

Qualified Person

Technical information in this news release has been approved by Mario Orrego G. Mr. Orrego G. is a Geologist, a Registered Member of the Chilean Mining Commission and a Qualified Person as defined by National Instrument 43-101. Mr. Orrego G. is a consultant to the Company.

* %CuEq values are calculated based on copper and gold metal prices: Cu = US$3.20/lb, Au = US$1,700/oz and Ag = US$ 20/oz. The formula utilized to calculate %CuEq is: Cu Eq Grade (%) = Cu Head Grade (%) +

PM:CC
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Pampa Metals Intersects 304m at 1.07% CuEq* incl. 132m at 1.45% CuEq* from First Drillhole at the Piuquenes Porphyry Project, Argentina

Pampa Metals Intersects 304m at 1.07% CuEq* incl. 132m at 1.45% CuEq* from First Drillhole at the Piuquenes Porphyry Project, Argentina

Pampa Metals Corp. ("Pampa Metals" or the "Company") (CSE:PM)(FSE:FIR)(OTCQB:PMMCF) is pleased to report assay results for the upper 502 meters of diamond drillhole PIU-01 (refer figure 1) which was recently completed to a depth of 867m at the Company's Piuquenes Central porphyry target located in San Juan Province, Argentina. Assay results for the upper 502m section of hole PIU-01 include

  • 304m @ 0.48% Cu, 0.68 g/t Au, 3.1 g/t Ag (1.07% CuEq)* (from 198 m);
    • including 132 m @ 0.71% Cu, 0.85 g/ Au, 4.3 g/t Ag (1.45% CuEq)* (from 220m); and
    • including 34 m @ 0.60% Cu, 0.93 g/t Au, 3.6 g/t Ag (1.38% CuEq)* (from 468m).

Assays results from 502m to 867m (End Of Hole) are expected shortly.

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Pampa Metals Intersects Thick Supergene Copper Enrichment Blanket and Extends Primary Cu-Au Mineralization to Depth at Piuquenes, San Juan Province, Argentina

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Pampa Metals" or the "Company") (CSE:PM)(FSE:FIR)(OTCQB:PMMCF) is pleased to report that drilling to test for lateral and depth extensions below previous high grade porphyry copper-gold intersections at the Piuquenes Cu-Au porphyry project has successfully intersected wide intervals of both secondary and primary mineralization. Excellent progress is being made and drilling is continuing

Diamond drillhole PIU-01 (refer figure 1), designed to extend Cu-Au mineralization to depth on the southwestern margin of the Piuquenes Central porphyry, intersected a 160m thick zone of supergene copper enrichment between 220m to 380m downhole, coincident and overlapping with primary mineralization from 350 meters. PIU-01 has been plotted to approximately 900 meters downhole depth, with primary mineralization continuing from 350m to the current hole depth of approximately 600m.

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Pampa Metals Corp. ("Pampa Metals" or the "Company") (CSE:PM)(FSE:FIRA)(OTCQB®:PMMCF) is pleased to advise that it has finalized the follow-up diamond drill program designed to demonstrate Piuquenes Central's potential to host an orebody of 1,000 m depth and 300 - 500 m diameter

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/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /

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FPX Nickel logo (CNW Group/FPX Nickel Corp.)

Highlights

  • Global Generative Alliance budget increased from initially planned $650,000 to $1,500,000 for Year Two
  • Through ongoing evaluations in five international and three Canadian jurisdictions, the Generative Alliance program remains on track to define Designated Projects to be joint ventured by FPX and JOGMEC starting in Year Two
  • The Generative Alliance program has staked approximately 120 km 2 of prospective ground in British Columbia

"We are pleased with our progress during Year One of our Generative Alliance with JOGMEC and look forward to increasing momentum through a significantly expanded Year Two budget," commented Andrew Osterloh , FPX's Senior Vice-President of Projects and Operations. "Our shared vision of realizing new globally significant awaruite nickel deposits remains resolute, and with ongoing evaluations in multiple Canadian and International jurisdictions, we are on track to achieve our shared objective of defining Designated Projects starting in Year Two."

A JOGMEC representative commented: "JOGMEC has decided to increase funding for Year Two activities with a view to identifying significant new awaruite deposits, which could be a globally significant, low-carbon, source of nickel for the electric vehicle battery supply chain toward the realization of a carbon-neutral society."

In April 2023 , FPX and JOGMEC initiated a Generative Alliance to carry out mineral exploration activities for the identification and acquisition of high-quality awaruite nickel targets on a worldwide basis. Under the terms of the agreement, JOGMEC funded 100% of the $650,000 budget in Year One (covering the year ended March 31, 2024 ) and will fund 100% of the first $650,000 budgeted for Year Two (for the year ended March 31, 2025 ).

Building on Year One progress and the positive results of work completed to-date, FPX and JOGMEC have agreed to expand the Year Two budget to a total of $1,500,000 . Under the terms of the agreement for Year Two, after JOGMEC has funded a cumulative total of $1,300,000 , the parties will fund ensuing exploration activities on pro-rata basis (FPX 40% and JOGMEC 60%).

Subject to agreement between FPX and JOGMEC, one or more specific targets identified by the Generative Alliance may be advanced to a second phase to be further developed as a separate designated project (" Designated Project "). Each Designated Project will have its own work program and budget with the objective, of testing and further developing the identified targets. For each Designated Project, JOGMEC and FPX will respectively fund 60% and 40% for approved work programs.

During Year One of the Generative Alliance, FPX's exploration team conducted evaluations and/or sampling programs in five international and three Canadian jurisdictions. With multiple evaluations ongoing, and further prospective opportunities identified, the program is on track to identify Designated Projects in its second year.

Representing the first ground staked under the Generative Alliance, the Company is pleased to announce the acquisition of approximately 120 km 2 of new mineral claims in British Columbia. This staking was based on historic sampling by FPX coupled with updated geological interpretation based on FPX's learnings at Baptiste.

The Company is currently strategizing on additional mineral tenure acquisitions within British Columbia , elsewhere in Canada , and in multiple international jurisdictions across multiple continents; one or more of such land packages may ultimately be selected as a Designated Project under the terms of the Generative Alliance. As and when Designated Projects are confirmed, FPX will provide additional disclosure regarding the location and planned work programs for such Projects.

Keith Patterson , P.Geo., FPX's Vice President, Generative Exploration, FPX's Qualified Person under NI 43-101, has reviewed and approved the scientific and technical content of this news release.

About the Decar Nickel District

The Company's Baptiste Nickel Project represents a large-scale greenfield discovery of nickel mineralization in the form of a sulphur-free, nickel-iron mineral called awaruite (Ni 3 Fe) hosted in an ultramafic/ophiolite complex. The Baptiste mineral claims cover an area of 245 km 2 west of Middle River and north of Trembleur Lake, in central British Columbia. In addition to the Baptiste Deposit itself, awaruite mineralization has been confirmed through drilling at several target areas within the same claims package, most notably at the Van Target which is located 6 km to the north of the Baptiste Deposit. Since 2010, approximately US $30 million has been spent on the exploration and development of Baptiste.

The Baptiste Deposit is located within the Baptiste Creek watershed, on the traditional and unceded territories of the Tl'azt'en Nation and Binche Whut'en, and within several Tl'azt'enne and Binche Whut'enne keyohs. FPX has conducted mineral exploration activities to date subject to the conditions of agreements with First Nations and keyoh holders.

About FPX Nickel Corp.

FPX Nickel Corp. is focused on the exploration and development of the Decar Nickel District, located in central British Columbia , and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite. For more information, please view the Company's website at https://fpxnickel.com/ .

On behalf of FPX Nickel Corp.

"Martin Turenne"
Martin Turenne , President, CEO and Director

Forward-Looking Statements

Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE FPX Nickel Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2024/18/c3991.html

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