TRIBECA RESOURCES COMMENCES DRILLING AT ITS LA HIGUERA COPPER-GOLD-COBALT PROJECT IN NORTHERN CHILE
Highlights:
Tribeca has commenced drilling of a planned 2,800m combined reverse circulation (RC) and diamond drilling program at its La Higuera copper-gold-cobalt project
The objective of the drilling is to test for interpreted covered extensions to outcropping copper mineralization and historic drill intersections
A geophysical gravity survey is also in progress to map the distribution of the iron oxide alteration (magnetite and hematite) under extensive gravel cover in the district
Tribeca Resources Corporation (TSXV: TRBC) (“Tribeca Resources”, the “Company”) is pleased to announce that drilling has commenced at the Company’s La Higuera Project in the Coastal Iron Oxide Copper-Gold (IOCG) Belt of northern Chile. The goal of the planned 2,800m combined reverse circulation (RC) and diamond drilling program is to test interpreted covered extensions to outcropping copper mineralization and historic drill intersections.
Tribeca Resources CEO and Director, Dr Paul Gow commented:
“We are pleased to be commencing drilling so closely on the heels of our TSXV listing in late October. The La Higuera IOCG Project provides the potential for a major copper-gold-cobalt discovery in this premier copper-gold belt. We are excited to be drilling two advanced targets at Gaby and Chirsposo, both of which are supported by historical drill intersections and geophysical data.”
La Higuera IOCG Project
The La Higuera IOCG Project comprises 4,047 hectares of granted mining and exploration licences and is located towards the southern end of the Chilean Coastal IOCG Belt in the Coquimbo Region of northern Chile. The project is hosted within Jurassic to Cretaceous age intrusive and volcanic rocks that form part of the Coastal Cordillera. The Project is located within, and adjacent to, the Atacama Fault System, a long-lived system of faults that extends for approximately 1,000 km in northern Chile and is associated with the major copper-gold deposits of the Coastal IOCG Belt. Prominent examples of these deposits include the Candelaria, Mantos Blancos, Dominga and Santo Domingo deposits
The La Higuera IOCG Project was the subject of historic geophysical (ground magnetic and Induced Polarization/IP) and drilling work from 2000 to 2013 (Figure 1), producing significant drill intersections including:
285m @ 0.40% Cu, 0.08 g/t Au and 23.5% Fe from 100m (LH-RC-07) at the Gaby target, and
82m @ 0.35% Cu and 19.2% Fe from 64m (CAB0006) at the Chirsposo target
Further information about the project can be found in the NI 43-101 Technical Report lodged by Tribeca on SEDAR on 24 October 2022.
Figure 1. Location of the Gaby and Chirsposo targets within the La Higuera IOCG Project outline.
Drilling Program
The drilling program will include approximately 2,800m of combined RC and diamond drilling, in an estimated 12 holes at the Gaby and Chirsposo targets. The approximate hole depths are proposed to be between 150m and 300m.
The objective of the drilling program is to test for interpreted shallowly covered extensions to the known mineralization at both the Gaby and Chirsposo targets (Figure 2). The extensions to mineralization are interpreted on the basis of IP geophysical data and the interpreted strike direction of mineralization based on outcrop mapping and correlations between the historic drillholes. The two targets are 3 km apart.
Historic drilling at the Gaby target stopped at the northern limit of the outcrop, where hole LH-RC-07 provided the thickest significant copper intersection (see above). The current drilling program will test up to 350m north and 60m up-dip of the intersection in LH-RC-07. At the Chirsposo target the drilling will test for mineralization around and along strike to the northeast from historic hole CAB0006. Drillhole CAB0006 was a step-out by 200m under thin gravel cover (~25m thick), which yielded the best copper intersection at that target (see above).
Figure 2: Location of the proposed areas for drilling at the Gaby and Chirsposo targets. Both targets comprise interpreted extensions to mineralization known from outcrop or historic drilling.
Geophysical Gravity Surveying Program
In addition to the drilling activities, the Company is currently undertaking a gravity survey program over parts of the La Higuera IOCG Project with the objective of mapping the distribution of the iron oxide alteration (magnetite and hematite) under extensive gravel cover in the district. The gravity data will complement the ground magnetic and induced polarization (IP) data in mapping the distribution of iron oxide alteration that is commonly associated with the IOCG style of copper-gold deposit. The gravity survey is being completed by Geodatos SAIC, a well-known geophysical consulting group in Chile, with stations on a 200m grid with infill down to 100m in selected areas.
About Tribeca Resources:
Tribeca Resources is a copper exploration company focused on discovering and developing assets in the Coastal IOCG Belt of northern Chile. The company’s management team, whose members are significant shareholders of the Company, has world-leading expertise and a discovery history with iron oxide copper-gold deposits in the world’s great IOCG Belts of the Carajás district in Brazil and the Gawler and Cloncurry provinces of Australia.
Tribeca Resources’ objective is to provide the mineral resources for the next generation of copper mines in Chile. It is focused on building a portfolio of projects, with emphasis on mid to advanced-stage copper exploration and resource development projects. To this end, mineral targets are regularly assessed in pursuit of acquisition, strategic exploration and significant discovery.
Qualified Person
All scientific and technical information in this press release has been prepared by, or approved by, Dr. Paul Gow, who is the CEO of Tribeca Resources. He is a Member of the Australian Institute of Geoscientists (MAIG), a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and a qualified person for the purposes of NI 43-101. Dr. Gow has not verified any of the information regarding any of the properties or projects referred to herein other than the La Higuera IOCG Project. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the La Higuera IOCG Project.
On behalf of Tribeca Resources Corporation
Paul Gow
Thomas Schmidt
CEO and Director
President & Director
admin@tribecaresources.com
admin@tribecaresources.com
+1 604 685 9316
+1 604 685 9316
Cautionary Note
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the resumption of the trading of the Shares on the TSXV, and the Company’s plans for the development of the Project, including completing geophysical gravity surveying and drilling on the Project.
Such statements and information reflect the current view of the Company. 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, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: new laws or regulations could adversely affect the business and results of operations of the Company and anticipated work on the Project.
There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: reliance on key management; changes in the credit or security markets; results of operation activities; unanticipated costs and expenses; fluctuations in commodity prices; and general market and industry conditions. The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
Tribeca Resources Corporation (TSXV: TRBC) (“Tribeca Resources”, the “Company”), formerly Hansa Resources Limited, announces that, in connection with closing of the Company’s reverse takeover transaction (the “Transaction”) announced October 26, 2022, certain shareholders of the Company have acquired ownership, control and direction over an aggregate of 28,594,602 common shares in the capital of the Company (each, a “Share”) at a deemed price per Share of $0.25, requiring disclosure pursuant to the early warning requirements of applicable securities laws (the "Acquisition").
Dr. Paul Gow
Immediately prior to completion of the Acquisition, Dr. Paul Gow, Chief Executive Officer and a director of the Company, owned, exercised control or direction over an aggregate of nil Shares representing nil% of the outstanding Shares on a non-diluted basis. Upon completion of the Acquisition, Dr. Gow now owns or exercises control over 10,577,301 Shares, representing approximately 20.39% of the issued and outstanding Shares on a non-diluted basis.
Thomas Schmidt
Immediately prior to completion of the Acquisition, Thomas Schmidt, President and a director of the Company, owned, exercised control or direction over an aggregate of nil Shares representing nil% of the outstanding Shares on a non-diluted basis. Upon completion of the Acquisition, Mr. Schmidt now owns or exercises control over 10,577,301 Shares, representing approximately 20.39% of the issued and outstanding Shares on a non-diluted basis.
Bjorkbacken Investment Limited
Immediately prior to completion of the Acquisition, Bjorkbacken Investment Limited (“Bjorkbacken”) owned, exercised control or direction over an aggregate of nil Shares representing nil % of the outstanding Shares on a non-diluted basis. Upon completion of the Acquisition, Bjorkbacken now owns or exercises control over 7,440,000 Shares, representing approximately 14.34% of the issued and outstanding Shares on a non-diluted basis. Bjorkbacken is controlled by Bjorn Saven.
This news release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning reports will be filed by the shareholders in accordance with applicable securities laws and will be available on the Company's issuer profile on SEDAR at www.sedar.com.
About Tribeca Resources:
Tribeca Resources is a copper exploration company focused on discovering and developing assets in the Coastal IOCG Belt of northern Chile. The company’s management team, whose members are significant shareholders of the Company, has world-leading expertise and a discovery history with iron oxide copper-gold deposits in the world’s great IOCG Belts of the Carajás district in Brazil and the Gawler and Cloncurry provinces of Australia.
Tribeca Resources’ objective is to provide the mineral resources for the next generation of copper mines in Chile. It is focused on building a portfolio of projects, with emphasis on mid to advanced-stage copper exploration and resource development projects. To this end, mineral targets are regularly assessed in pursuit of acquisition, strategic exploration and significant discovery.
On behalf of Tribeca Resources Corporation
Paul Gow
Thomas Schmidt
CEO and Director
President & Director
admin@tribecaresources.com
admin@tribecaresources.com
+1 604 685 9316
+1 604 685 9316
Cautionary Note
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
NOVEMBER 2, 2022 | VANCOUVER, BC
TRIBECA RESOURCES COMMENCES TRADING ON THE TSX VENTURE EXCHANGE
Tribeca Resources Corporation (TSXV: TRBC) (“Tribeca Resources”, the “Company”) is pleased to announce the commencement of trading today, of the company’s shares, on the TSX Venture Exchange (“TSXV”) under the symbol “TRBC”. This follows the closing of the Company’s previously announced reverse take-over transaction (the “Transaction”) with Hansa Resources Limited.
“We are looking forward to starting the next stage of Tribeca Resources’ life, as a listed company, and owe a massive debt of gratitude to all our shareholders and advisors in Chile and Canada for enabling the Company to reach this milestone” commented CEO Paul Gow. “Having worked hard over a number of years with our small team and a very limited budget makes this achievement all the more satisfying.”
The Company is underpinned by a solid financial position having working capital of approximately C$2.9 million at completion of the Transaction. “This puts us in a position to test the size of the mineral systems at the La Higuera IOCG Project, whilst continuing to source, evaluate and execute on quality pre-resource exploration opportunities”, said Thomas Schmidt, President and Director.
Exploration Program
Tribeca Resources is looking forward with excitement to the upcoming work program at the copper dominant La Higuera iron oxide copper-gold (IOCG) Project. Permits and funding are in place for the initial drill program and a drill contractor has been selected. A limited geophysical gravity survey has commenced in order to refine some of the drill holes targeting interpreted thinly covered extensions to the known mineralization intersected by historical drilling at the Gaby and Chirsposo systems.
Tribeca Resources looks forward to providing further information as the exploration program progresses and as drilling commences.
About Tribeca Resources:
Tribeca Resources is a copper exploration company focused on discovering and developing assets in the Chilean Coastal IOCG belt. The company’s management team, whose members are significant shareholders of the Company, has world-leading expertise and a discovery history with iron oxide copper-gold deposits in the world’s great IOCG Belts of the Carajás district in Brazil and the Gawler and Cloncurry provinces of Australia.
Tribeca Resources’ objective is to provide the mineral resources for the next generation of copper mines in Chile. It is focused on building a portfolio of projects, with emphasis on mid- to advanced-stage copper exploration and resource development projects. To this end, mineral targets are regularly assessed in pursuit of acquisition, strategic exploration and significant discovery.
On behalf of Tribeca Resources Corporation
Paul Gow
Thomas Schmidt
CEO and Director
President & Director
admin@tribecaresources.com
admin@tribecaresources.com
T: +1 604 685 9316
T: +1 604 685 9316
Cautionary Note
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the resumption of the trading of the Shares on the TSXV, and the Company’s plans for the development of the Project, including completing geophysical gravity surveying and drilling on the Project
Such statements and information reflect the current view of the Company. 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, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: new laws or regulations could adversely affect the business and results of operations of the Company and anticipated work on the Project.
There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: reliance on key management; changes in the credit or security markets; results of operation activities; unanticipated costs and expenses; fluctuations in commodity prices; and general market and industry conditions. The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
OCTOBER 26, 2022 | VANCOUVER, BC
COPPER EXPLORER TRIBECA RESOURCES CORPORATION (FORMERLY HANSA RESOURCES LIMITED) COMPLETES BUSINESS COMBINATION TRANSACTION
Tribeca Resources Corporation (TSXV: TRBC) (“Tribeca Resources”, the “Company”), formerly Hansa Resources Limited, is pleased to announce that it has closed its reverse takeover transaction (the "Transaction") with Tribeca Resources Ltd. ("Target"), as previously announced in the Company's news releases dated October 24, 2022, September 26, 2022, June 30, 2022, October 21, 2021, and July 14, 2021.
Tribeca Resources CEO Dr. Paul Gow commented, “Tribeca Resources is looking forward with excitement to applying our knowledge and experience from the world’s other great iron oxide copper-gold (IOCG) terranes to the Chilean Coastal Belt. Permits and funding are in place for the initial drill program at the copper focused La Higuera IOCG Project, three experienced directors have been appointed to the Company’s board and the Company is evaluating a pipeline of opportunities in the broader Chilean Coastal IOCG Belt.”
The Transaction
In connection with the closing of the Transaction, the Company changed its name to "Tribeca Resources Corporation" and its trading symbol from “HRL” to “TRBC”.
Additionally, immediately prior to the completion of the Transaction, the Company completed the consolidation (the “Consolidation”) of its issued and outstanding common shares (the “Shares”) on the basis of one (1) new post-Consolidation Share for every five (5) pre-Consolidation Shares held.
The registered shareholders of the Company (the "Shareholders") will receive a letter of transmittal (each a "Letter of Transmittal") with respect to the Consolidation, with information on how to surrender their respective share certificates or DRS statement(s) representing pre-Consolidation Shares to the Company's transfer agent, Odyssey Trust Company (“Odyssey Trust”). All Shareholders who submit a duly completed Letter of Transmittal along with their respective share certificate(s) or DRS statement(s) representing the pre-Consolidation Shares to Odyssey Trust, will receive a certificate or DRS statement(s), as applicable, representing the post-Consolidation Shares. Shareholders who hold their Shares through an intermediary are encouraged to contact their intermediaries if they have any questions.
No fractional Shares were issued under the Consolidation as fractional Shares were rounded either up or down to the nearest whole number of Shares. The exercise price and number of Shares issuable pursuant to the exercise of any outstanding convertible securities, including incentive stock options and warrants issued prior to the closing of the Transaction, will also be adjusted in accordance with the Consolidation ratio.
The Shares of Tribeca Resources are expected to resume trading on the TSX Venture Exchange (the “TSXV”) a post-Consolidation basis on or about November 2, 2022 under new CUSIP number 89602G109 and new ISIN number CA89602G1090. A further press release will be issued prior to the commencement of trading.
Board of Directors and Executive Management
The management team of the Company is led by Paul Gow as CEO, Thomas Schmidt as President and Nick Demare as the CFO and Corporate Secretary. The board of directors of the Company is comprised of Paul Gow, Thomas Schmidt and Nick Demare, as well as Lisa Riley, Luis Tondo and Tara Gilfillan.
Prior to establishing Tribeca Resources, Paul Gow and Thomas Schmidt both worked in the copper business at Glencore.
Dr. Paul Gow is a geologist with extensive experience in mineral exploration and project development. His particular expertise is with iron oxide copper-gold (IOCG) deposits, where he has led exploration and development programs in all four major IOCG provinces. Formerly General Manager of Xstrata Copper’s Frieda River project and Director Brazil Exploration based in Belo Horizonte/Carajás, he led the Pedra Branca discovery team (OZ Minerals Limited, now in production).
Thomas Schmidt is an M&A professional with global experience and a strong focus on Latin America. He joined Xstrata in London in 2003 as a member of the Corporate Development team, after previously working for J.P. Morgan. Mr. Schmidt gained investment experience with Barclays Natural Resource Investments in Qatar and was previously based in Santiago where, as General Manager Finance, he was responsible for the Collahuasi and Antamina copper mine joint ventures.
Please refer to the Company’s filing statement dated October 24, 2022, available on SEDAR (www.sedar.com) for additional information on the Company’s board of directors and management team.
La Higuera IOCG Project
Patiently assembled via a series of property acquisitions by former Glencore executives Paul Gow and Thomas Schmidt, starting in 2017, Tribeca Resource’s cornerstone project is the drill-ready La Higuera IOCG Project (the “Project”), located 500 kilometres north of Santiago. It hosts a best historical drill intersection of 285 metres at 0.4% copper, with significant gold, iron and cobalt by-product credits from 6,823m of historic drilling predominantly at two key targets: the Gaby and Chirsposo prospects. Significant geophysical survey data (ground magnetic and Induced Polarization) has been collected over much of the Project area and has defined additional regional drill targets. Tribeca Resources intends to undertake additional limited geophysical gravity surveying to refine some of the drill sites for testing the open extensions of mineralization under thin cover at the Gaby and Chirsposo mineralized systems located on the Project.
Please refer to the Company’s technical report titled, “Independent NI 43-101 Technical Report on the La Higuera IOCG Project” dated effective August 19, 2022 and prepared by Dr. Scott Jobin-Bevans, available on SEDAR (www.sedar.com), for further details on the Project.
Working capital
At completion of the Transaction, the consolidated pro forma working capital position of the Company is approximately C$2.9 million.
Advisers
DuMoulin Black LLP acted as legal counsel to the Company. Alster Legal in Chile acted as legal counsel to the Target.
Next steps
Tribeca Resources looks forward to providing further information as the exploration program at the La Higuera IOCG Project progresses and as drilling commences.
About Tribeca Resources:
Tribeca Resources is a copper exploration company focused on discovering and developing assets in the Coastal IOCG Belt of northern Chile. The company’s management team, whose members are significant shareholders of the Company, has world-leading expertise and a discovery history with iron oxide copper-gold deposits in the world’s great IOCG Belts of the Carajás district in Brazil and the Gawler and Cloncurry provinces of Australia.
Tribeca Resources’ objective is to provide the mineral resources for the next generation of copper mines in Chile. It is focused on building a portfolio of projects, with emphasis on mid to advanced-stage copper exploration and resource development projects. To this end, mineral targets are regularly assessed in pursuit of acquisition, strategic exploration and significant discovery.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans, (M.Sc., P. Geo.) and Dr. Paul Gow (PhD, MAusIMM), both Qualified Persons as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
On behalf of Tribeca Resources Corporation
Paul Gow
Thomas Schmidt
CEO and Director
President & Director
E: admin@tribecaresources.com
E: admin@tribecaresources.com
T: +1 604 685 9316
T: +1 604 685 9316
Cautionary Note
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the resumption of the trading of the Shares on the TSXV, and the Company’s plans for the development of the Project, including completing geophysical gravity surveying and drilling on the Project.
Such statements and information reflect the current view of the Company. 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, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: new laws or regulations could adversely affect the business and results of operations of the Company and anticipated work on the Project.
There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: reliance on key management; changes in the credit or security markets; results of operation activities; unanticipated costs and expenses; fluctuations in commodity prices; and general market and industry conditions. The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
Tribeca Resources Ltd. (“Tribeca Resources”), a private copper exploration company assembling and growing a portfolio of exciting exploration projects in the Chilean Coastal IOCG Belt, announced today that it has entered into an agreement with a TSX Venture Exchange listed shell company, Hansa Resources Limited (“Hansa Resources”), to complete a reverse takeover transaction (the “Proposed Transaction”) that would see Tribeca Resources become a listed Issuer on the TSX Venture Exchange, subject to regulatory and shareholder approvals.
The TSX Venture Exchange (“TSXV”) is the leading global equity market for mining and exploration companies. Mining and exploration companies on the TSX and TSXV have raised C$28.3 billion and C$6.4 billion in equity capital in 2021 year to date1.
“The Proposed Transaction with Hansa Resources is expected to be completed later in 2021, giving Tribeca Resources access to public venture capital to fuel its exciting resource growth strategy in Chile”, said CEO Paul Gow. “Today’s announcement creates a path to the public market, via a TSXV listed shell company. It’s a key step in Tribeca Resources’ plan to deliver value to shareholders by assembling and growing a portfolio of copper dominant exploration projects that will ultimately fit with the acquisition criteria of the mid-tier copper producers”.
Founded in 2017 by former Glencore/Xstrata executives Paul Gow and Thomas Schmidt, Tribeca Resource’s cornerstone project is the drill-ready La Higuera IOCG Property. It hosts a best historical drill intersection of 285 metres at 0.4% copper, with significant gold, iron and cobalt by-product credits from 6,823m of historic drilling. Significant geophysical survey data (ground magnetic and Induced Polarization) has been collected over much of the project area and has defined additional regional drill targets. Tribeca Resources intends to undertake additional limited geophysical surveying (ground magnetic and gravity) to refine drill sites for testing the open extensions of mineralization under thin cover at the Gaby and Chirsposo mineralized systems.
In addition to this immediate work program, Tribeca Resources intends to utilize its project review efforts of the past years, and its firmly established Chilean network, to build a portfolio of advanced-stage exploration copper-gold projects in the Coastal IOCG Belt.
Following completion of the proposed reverse take-over, the former Tribeca Resources shareholders will hold approximately 72.7% of the issued and outstanding shares of Hansa Resources, with the resulting company carrying on the business of Tribeca Resources, under the name Tribeca Resources Corporation. Based on the share price of the shell company immediately before trading was halted, the initial market capitalisation of the Company, upon completion of the Proposed Transaction, will be C$15.3 million on a non-diluted basis.
Tribeca Resources intends to undertake a non-brokered private placement of shares in Tribeca Resources, prior to the completion of the reverse take-over, with shares sold by Tribeca Resources for targeted proceeds of US$2 million. A European family office with a long investment horizon has committed to making a US$1.5 million investment as part of the placement.
Upon completion of the Proposed Transaction, the directors of the Company will be Paul Gow (CEO), Thomas Schmidt (President), Robert Atkinson (current Hansa Resources Chairman) and two others (to be appointed).
The text above is Tribeca Resources’ comment to the news release from Hansa Resources, the TSXV listed shell company, and is not included within the original Hansa Resources release. The original release from Hansa Resources is available using the links below.'
Dr. Paul Gow, a Member of the Australian Institute of Geoscientists and the Company’s qualified person as defined by NI 43-101, has reviewed and approved the contents of this press release.
About Tribeca Resources Ltd.
Tribeca Resources is a private copper exploration and development company. The team behind the company came out of Xstrata/Glencore’s copper business and established Tribeca Resources in 2017 with the objective of building a portfolio of copper dominant properties in the Chilean Coastal IOCG Belt that can be advanced towards code compliant mineral resources. Tribeca Resources owns, or has options to acquire, 4,047 hectares of mineral properties at the La Higuera IOCG Project, located 40 kilometres north of the city of La Serena, in the Coquimbo province of Chile.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold in the United States or to U.S. Persons absent registration under the U.S. Securities Act and applicable state securities laws or an applicable exemption from such registration requirements.
For further information you are invited to visit our website www.tribecaresources.com or contact:
This press release may contain statements which constitute “forward-looking”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, and its directors, or officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions or the negative thereof, as they relate to the Company, or its management, are intended to identify such forward-looking statements.
Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. These forward-looking statements speak only as at the date of this press release. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Tribeca Resources Chile SpA (“Tribeca Resources”) is pleased to announce the acquisition of certain mining concessions from TSX Venture Exchange listed Austin Resources Ltd. The Benja & Blanco properties being acquired from Austin Resources (the “Benja & Blanco Properties”) comprise 949 hectares of mining licences and are located immediately adjacent to Tribeca’s Caballo Blanco and Gaby-Totito properties, in the Coquimbo province of Chile.
This transaction further consolidates Tribeca Resources’ ownership of the area covering this large cluster of kilometre scale IOCG systems over this 8km segment of the Atacama Fault Zone, bringing the size of Tribeca’s total concession holdings to 3,747 hectares, an increase of 34%. Notably, this is the first time the ownership of the enlarged project area has been unified under a single owner.
The acquisition of a 100% interest in the properties is being entered into by Tribeca Resources’ 62.5% owned Chilean subsidiary Bluerock Resources SpA (“Bluerock”), whose other assets are an existing 100% interest in the Caballo Blanco properties, and 100% purchase options over the Gaby-Totito and Don Baucha properties.
Under the terms of the agreement, Austin’s 100% owned Chilean subsidiary Minera Azul Ventures Ltda will transfer all of its interest in all exploration properties held by Minera Azul, along with certain drill core, to Bluerock in exchange for Austin being granted a one percent (1%) Net Smelter Return royalty over future cashflows from mineral production from the Benja & Blanco Properties. Bluerock will have the right, but not the obligation, to purchase fifty percent (50%) of the Royalty by making a cash payment of US$63,166 to the Company.
The Benja & Blanco Properties surround the La Higuera copper-gold mining district that, in the late 1800s and early 1900s, was one of the largest copper producers in Chile. Initially, sulphide copper ore was direct shipped via La Serena-Coquimbo to Swansea in Wales for smelting. Later, up to eleven local smelters are reported to have been in operation at La Higuera, from which only slag heaps remain. In 1903 the district produced 11,950 tonnes of copper metal from ores grading up to 10% copper. Gold veins at grades up to 17 g/t gold were also exploited.
In 2011-12 Minera Azul undertook a programme of geological mapping, surface and underground sampling, geophysical surveying and drilling, with a focus on the third-party Mining Leases at La Higuera, but with part of the geophysical surveying (ground magnetic and pole-dipole IP) and one drill hole completed on the Austin Properties. The geophysical and drill hole results indicate that the strong IOCG alteration system that hosts the high grade La Higuera mineralisation continues to the northwest onto the Austin Properties. The single diamond hole drilled in the Austin Properties (LHDD-10) yielded two sub-economic copper intersections as follows:
3m @ 0.66% Cu, 15.7% Fe from 112m (including 1m @ 1.16% Cu)
14m @ 0.46% Cu from 142m (including 2m @ 1.4% Cu)
Tribeca Resources intends to undertake work on the property in conjunction with its previously announced work programme focussed primarily on the Gaby and Chirsposo targets located 1 kilometre to 3 kilometres west and southwest of the Austin Properties.
Following the 2019 acquisitions of the Gaby-Totito and Don Baucha properties, acquisition of the Benja & Blanco Properties is yet another step in implementing Tribeca Resources’ strategy of consolidation of advanced copper-gold projects in this under-appreciated portion of the prolific Chilean Iron Oxide Copper-Gold (IOCG) Belt of the Coastal cordillera. The properties are located approximately 40 km north of the city of La Serena, in the Coquimbo province of Chile (see Figure 1).
Austin has received the approval of its shareholders and the TSX Venture Exchange for the transfer, by Minera Azul, of its properties to Bluerock.
Figure 1: Location of the Benja & Blanco Properties (Minera Azul) relative to Bluerock’s existing properties
ABOUT TRIBECA RESOURCES
Tribeca Resources is a private Chilean exploration and development company. The team behind the company came out of Glencore’s copper business and established Tribeca Resources with the objective of building a portfolio of copper dominant properties in the Chilean Coastal IOCG Belt that can be advanced towards code compliant mineral resources. Via its 62.5% equity interest in Bluerock Resources, Tribeca Resources owns, or has options to acquire, 3,747 hectares of mineral properties in the La Higuera district. Its current property holdings host a best historical drill intersection of 285 metres at 0.4% copper, with significant gold, iron and cobalt by-product credits. Tribeca Resources is partnering with the founding Bluerock owners who retain a significant minority equity interest and have on-going technical and strategic involvement.
For further information:
Paul Gow – CEO Thomas Schmidt – President
paul.gow@tribecaresources.com thomas.schmidt@tribecaresources.com
+61 497 572 956 +44 77 7577 1217
The information in this release has been compiled by by Dr. Paul Gow, Director and CEO of Tribeca Resources Chile SpA, based on the review of information from historical work programmes. Dr. Gow is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and the Australian Institute of Geoscientists (AIG), and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person under the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves.
APPENDIX 1:
JORC Code, 2012 Edition – Table 1
APPENDIX 2:
Austin Resources news release (dated 4 February 2020)
AUSTIN RESOURCES ANNOUNCES PROPOSED SALE OF MINERAL PROPERTIES TO TRIBECA RESOURCES
TORONTO, ONTARIO (February 4, 2020)Austin Resources Ltd. (“Austin” or the “Company”) (TSX Venture Exchange – AUT) announces that it has entered into an agreement to transfer all of its interests in the mineral exploration properties in Chile held by Minera Azul Ventures Limitada (“Minera Azul”), the Company’s wholly owned Chilean subsidiary. The properties, totaling 949 hectares, are located in the La Higuera district, 50km north of the town of La Serena in the Coquimbo province.
Under the terms of the agreement, Minera Azul will transfer all of its interest in all exploration properties held by Minera Azul, along with certain drill core, to Bluerock Resources SPA (“Bluerock”) in exchange for the Company being granted a one percent (1%) royalty over future cashflows from mineral production from the transferred properties (the “Royalty”). Bluerock, an arm’s length party to the Company, is a majority controlled subsidiary of Tribeca Resources Chile SPA (“Tribeca Resources”), a private Chilean exploration business with adjoining properties. Bluerock will have the right, but not the obligation, to purchase fifty percent (50%) of the Royalty by making a cash payment of USD$63,166 to the Company.
Assuming the completion of the agreement with Bluerock, Minera Azul will no longer have any assets and the Company intends to wind-up operations in Chile and dispose of its interest in Minera Azul.
The agreement, and the disposal of the Company’s interest in Minera Azul, remains subject to the receipt of all regulatory approval including, without limitation, the approval of the TSX Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Tribeca Resources is a private Chilean exploration and development company. The team behind the company came out of Glencore’s copper business and established Tribeca Resources with the objective of building a portfolio of copper dominant properties in the Chilean Coastal IOCG Belt that can be advanced towards code compliant mineral resources. Via its 62.5% equity interest in Bluerock Resources, Tribeca Resources currently owns or has options to acquire 2,798 hectares of mineral properties in the La Higuera district (Figure 1). Its current property holdings host a best historical drill intersect of 285 metres at 0.4% copper, with significant gold, iron and cobalt by-product credits. Further information about Tribeca Resources can be found at www.tribecaresources.com.
Figure 1 (to Appendix 2): Location of Bluerock and Austin properties in La Higuera District, Chile
APPENDIX 3:
Austin Resources news release (dated 27 February 2020)
AUSTIN RESOURCES COMPLETES SALE OF MINERAL PROPERTIES TO TRIBECA RESOURCES
TORONTO, ONTARIO (February 27, 2020) Austin Resources Ltd. (“Austin” or the “Company”) (TSX Venture Exchange – AUT) announces that it has received the approval of its shareholders and the TSX Venture Exchange (the “Exchange”) for its previously announced transfer of all of its interests in the mineral exploration properties in Chile held by Minera Azul Ventures Limitada (“Minera Azul”), the Company’s wholly owned Chilean subsidiary (see press release dated February 4, 2020).
As the transaction involved the disposition of more than 50% of the Company’s business, the Exchange required the Company to obtain approval from disinterested shareholders holding more than 50% of the Company’s issued and outstanding common shares (which was accomplished by the Company receiving written consent for the transaction from disinterested shareholders holding in excess of 50% of the Company’s issued and outstanding common shares).
As a result of the completion of the agreement with Bluerock, Minera Azul will no longer have any assets and the Company intends to wind-up operations in Chile and dispose of its interest in Minera Azul.
Additionally, the Company has been advised by the Exchange that, with the closing of the transfer of all of its interests in the mineral exploration properties in Chile, the Company has ceased to have active operations, no longer meets the continued listing requirements of the Exchange and will be transferred to the NEX. As a result of such transfer to the NEX, the Company’s trading symbol with change from AUT to AUT.H once the Exchange issues the final bulletin in connection with this transaction.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Tribeca Resources Chile SpA (“Tribeca Resources”) is pleased to announce the signing of a definitive and binding agreement granting it a 5-year option to acquire a 100% interest in the Gaby-Totito copper-gold-iron-cobalt project. The addition of the Gaby-Totito project is immediately accretive to the company’s existing set of advanced drill targets in the project area. The purchase option is being entered into by Tribeca Resource’s 62.5% owned subsidiary Bluerock Resources SpA (“Bluerock”), whose existing key asset is a 100% interest in the Caballo Blanco project, located immediately adjacent to Gaby-Totito. The projects are located in the prolific Chilean Iron Oxide Copper-Gold (IOCG) Belt, approximately 40 km north of the city of La Serena in the Coquimbo province of Chile (Figure 1).
Previous geophysical surveying (IP and ground magnetic) and RC/diamond drilling (4,058m) indicates the presence of a significant IOCG mineralised system at Gaby. The historic drilling has been completed over approximately 500m north-south strike length of the mineralised system, with copper grades increasing to the north. The best drill intersections at Gaby to date come from two holes spaced 100m apart on the northernmost drill section, and comprise:
LH-RC-07 – 285m @ 0.40% copper, 0.08 g/t gold, 23.5% iron and 259 ppm cobaltfrom 100m depth, including 52m @ 0.60% copper, 0.12 g/t gold, 25.1% iron and 302ppm cobalt from 190m.
LH-RC-06 – 36m @ 0.66% copper, 0.14 g/t gold, 32.1% iron and 328 cobalt from 196m depth, and 36m @ 0.46% copper, 0.11 g/t gold, 31.2% iron and 304 ppm cobalt from 264m.
Previous metallurgical test-work indicates that the mineralisation intersected at Gaby is amenable to production of a copper concentrate and a high grade magnetite product through standard flotation and magnetic separation techniques, with further potential to produce a cobalt-rich pyrite concentrate.
The agreement provides Bluerock with a five-year period to explore the Gaby-Totito Project, with the option to, at any time during the option period, purchase 100% of the 822-hectare package of exploitation licences comprising the Gaby-Totito project.
Reaching this agreement with the private Chilean owners of the Gaby-Totito project, has been a top priority for Tribeca Resources since acquiring its majority interest in the adjacent Caballo Blanco project (refer to Tribeca Resources news release dated 20 March 2017). This transaction is a significant step in implementing Tribeca Resources’ strategy of consolidation of advanced copper projects in this under-appreciated portion of the Chilean Coastal IOCG Belt. Tribeca Resources is encouraged by the thickness of copper mineralisation and the presence of by-product credits (gold-iron-cobalt) in drilling at the Gaby target to date and looks forward to drill testing potential extensions to the known mineralisation.
WAY FORWARD
Tribeca Resources is planning a two-phase exploration programme across the Caballo Blanco and Gaby-Totito properties, with Phase 1 to comprise surface geological mapping, geochemical sampling, and gravity surveying followed by reverse circulation and diamond drill testing to determine the extent of the currently known mineralised systems (Chirsposo – refer to Tribeca Resources news release dated 4 April 2018, and Gaby), both of which are open and untested under thin gravel cover. Pending positive results, the Phase 2 work will be targeting delineation of an Inferred mineral resource at one, or both, of the projects.
To fund its Phase 1 exploration programme across the combined Caballo Blanco and Gaby-Totito projects, Tribeca Resources is now evaluating alternatives for raising an initial US$1.5 million of new capital. In parallel, Tribeca Resources will continue to pursue value-adding consolidation opportunities in the district around Caballo Blanco and in the broader Coastal IOCG Belt. Tribeca Resources’ objectives are twofold: (1) to deliver a maiden Inferred resource at/around the Chirsposo and/or Gaby targets, whilst; (2) continuing to assemble a portfolio of copper dominant properties in the Chilean Coastal IOCG Belt that can be advanced towards code compliant resources. Ultimately, Tribeca Resources is working to deliver a portfolio of quality mineral resources and exploration projects to form the basis of a significant initial public offering for a Chilean copper-focussed exploration and development company.
Figure 1: Location of the Gaby-Totito project licences and summary geology of the La Higuera district (modified after SERNAGEOMIN 1:100,000-scale mapping).
GABY-TOTITO PROJECT OVERVIEW
The Gaby-Totito project is located approximately 2km northwest of the historic La Higuera copper mining centre (Figure 1), close to the Pan-American highway (Ruta 5). The geology of the project area is dominated by strongly altered andesite and diorite of interpreted Jurassic age, within several poorly defined splays of the Atacama Fault system under variable gravel cover.
At the Gaby target, in the northwest of the project area, several small workings are present at surface, and available outcrop indicates the presence of a strong IOCG alteration system, with significant pervasive albite alteration, and variable intensity veining of amphibole – magnetite ± epidote ± copper oxide (Figure 2). The Gaby target hosts IOCG mineralisation similar to the Caballo Blanco project three kilometres to the south.
Figure 2: Photos from the Gaby target. A) The andesite sequence hosts a classic IOCG-style alteration system, this photo shows a porphyritic andesite boulder with thick (2cm) magnetite-quartz veins and thinner (3mm) magnetite veins with pink albite selvedges, B) copper oxide is present on small waste dumps, commonly with pyrite ± chalcopyrite as the dominant sulphide minerals, C) the area is poorly vegetated with rolling hills at an altitude of 400-1200m.
HISTORIC WORK AT GABY
In 2005 Peregrine Metals Ltd (“Peregrine”) completed Induced Polarisation (IP) and ground magnetic surveying over the Gaby target area. A large and high intensity coincident IP-chargeability and magnetic anomaly was delineated, with the high intensity core of the anomaly tested by drilling of 12 holes for 4,058m over approximately 500m strike length of the anomaly. All were RC holes, with three holes having diamond tails. The significant intersections from the drilling are summarised in Table 1.
Table 1: Summary of mineralised intersections from the historical drilling at the Gaby target. The interval shown is downhole interval. The relation to the true thickness of mineralisation is currently unknown.
Peregrine undertook a preliminary metallurgical and mineralogical assessment on material from the drilling, with the programme comprising sulphide flotation, magnetic separation test work, and production of a cobalt-rich pyrite concentrate. Whilst the test work did not outline a definitive process route, it did indicate the mineralisation is amenable to standard flotation and magnetic separation techniques.
PROPOSED WORK PROGRAMME AT GABY-TOTITO AND CABALLO BLANCO PROJECTS
Given the proximity of the Gaby-Totito and Caballo Blanco projects, and the obvious synergies for exploration activities and potentially mining, Tribeca Resources intends to explore the two projects in tandem. The work programme is expected to comprise surface mapping, soil sampling, gravity surveying and approximately 3,000m of RC/DD drilling.
The historical drilling was predominantly targeted on the basis of geophysical data and located on outcropping or very thinly (0-3m) gravel-covered andesite rocks, interpreted as Late Jurassic in age (Figure 3), with the coincident IP and magnetic geophysical anomaly continuing untested to the north under interpreted thickening gravel cover. The best copper intersections are from the northern-most drill holes LH-RC-06 and LH-RC-07.
Gaby-Totito Project
Tribeca Resources has compiled all available historic data and built a 3D model, incorporating the drill data and the geophysical inversions, which indicates the geophysical IP anomaly continues north from hole LC-RC-07 under the thin gravel cover. Whilst the copper grade is increasing northwards, the intensity of the magnetic anomaly decreases, and is interpreted as a zonation in iron oxide species from magnetite to hematite. Globally, copper mineralised zones are commonly located on the flanks of, or offset from, the highest intensity magnetic anomalism. This zone is a priority drill target.
Prior to commencing drilling, Tribeca Resources intends to complete detailed geological mapping, a surface geochemical programme in outcropping areas, and gravity surveying in order to determine the strike extent of the known mineralised system at the principal Gaby target, as well
Figure 3: The Gaby target is located in the north-western portion of the 822ha project. The drilling to date (4,058m) highlights a metal zonation at the Gaby target towards copper-rich in the north, with the best intersections from the northernmost holes as outcrop disappears under
as reconnaissance geological mapping and sampling over other areas of the licence package. When drilling commences, it is envisaged that a primary focus will be the shallowly covered areas to the north of the current strong copper- gold- iron- cobalt intersections.
Caballo Blanco Project
The geology and historic work programmes at the Caballo Blanco project are described on the Tribeca Resources website (www.tribecaresources.com) and news releases referenced therein.
The key target at the project comprises the Chirsposo zone, a northeast trending set of shear zones hosting a magnetite-dominated IOCG alteration system in diorite and andesite. The steeply southeast-dipping shear zones have a coincident copper-cobalt soil anomaly (-80# aqua regia) over approximately 400m x 1,000m at 200ppm Cu, with a maximum of 1200ppm Cu. The soil anomaly is open to the northeast where it is masked by gravel cover. Drill hole CAB0006, a 200m step-out onto the gravels, intersected 82m @ 0.35% Cu, 19.2% Fe and 576ppm Co from 64m depth to the end of hole. The gravel cover is approximately 25m thick at this location.
Additionally, the broader Caballo Blanco project area hosts a set of coincident IP-chargeability and ground magnetic anomalies under variable gravel cover within the strong multi-kilometre scale IOCG alteration system. Many of these targets remain untested.
Tribeca Resources intends to extend the gravity coverage of the Gaby-Totito project area to include the Caballo Blanco project area prior to finalising drill targets for an RC/DD drill programme. The programme will be designed to test the northeast covered strike extension of the Chirsposo zone as well as the strong geophysical targets on the broader project area.
ABOUT TRIBECA RESOURCES
Tribeca Resources is a private Chilean exploration and development company. The team behind the company came out of Glencore’s copper business and established Tribeca Resources with the objective of building a portfolio of copper dominant properties in the Chilean Coastal IOCG Belt that can be advanced towards code compliant resources.
The Caballo Blanco project and Gaby-Totito option are 100% owned by the private Chilean company Bluerock Resources SpA in which Tribeca Resources holds a 62.5% equity interest. Tribeca Resources is partnering with the founding Bluerock owners who retain a significant minority equity interest and have on-going technical, strategic and administrative involvement.
For further information:
Paul Gow – CEO Thomas Schmidt – President
paul.gow@tribecaresources.com thomas.schmidt@tribecaresources.com
+61 497 572 956 +44 77 7577 1217
The information in this release has been compiled by Dr. Paul Gow, CEO and Director of Tribeca Resources Chile SPA, based on the review of information from historical work programmes. Dr. Gow is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and the Australian Institute of Geoscientists (AIG), and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person under the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves.
APPENDIX 1:
JORC Code, 2012 Edition – Table 1
APPENDIX 2:
Table 2: Collar information from the Peregrine Metals 2005 drilling. The coordinate system is PSAD56 UTM19S.
Tribeca Resources Chile SpA (“Tribeca Resources”) is pleased to announce the signing of a definitive and binding agreement granting it a 3-year option to acquire a 100% interest in the Don Baucha copper-gold-iron-cobalt project. The Don Baucha property comprises an historic mining licence that is encircled by the company’s Caballo Blanco properties, with this transaction consolidating the company’s ownership of the area over the multi-kilometre scale Caballo Blanco IOCG system. The purchase option is being entered into by Tribeca Resources’ 62.5% owned subsidiary Bluerock Resources SpA (“Bluerock”), whose other assets are an existing 100% interest in the Caballo Blanco project, and a 100% purchase option over the Gaby-Totito project (refer to Tribeca Resources news release dated 3 April 2019). The projects are all located in the prolific Chilean Iron Oxide Copper-Gold (IOCG) Belt (Figure 1), approximately 40 km north of the city of La Serena in the Coquimbo province of Chile.
The agreement entered into with the private Chilean owner provides Bluerock with a three-year period to explore the Don Baucha project, with the option to, at any time during the option period, purchase a 100% interest in the Don Baucha Project, comprising a single 100-hectare exploitation licence.
Previous work in 2007-2009, including geological mapping, geophysical surveying (IP and ground magnetic) and drilling of a single RC/diamond drill hole (250m), indicates the presence of a significant IOCG mineralised system. The historic drilling of one vertical diamond hole was completed within a large and high-intensity coincident magnetic and IP chargeability anomaly (7000nT and 40 mV/V, respectively) associated with outcropping magnetite-apatite ironstones. The hole (CB-05) was drilled to 250m depth and intersected a strong magnetite-quartz-amphibole-pyrite alteration system within breccias and veins throughout much of the hole. Locally biotite-chlorite-pyrite alteration is present, with pyrite variably comprising up to 4% of the rock. The host rocks are diorite and plagioclase-phyric andesite porphyry. Anomalous oxide copper-gold-iron- cobalt mineralisation was encountered (8.0m @ 0.23% copper, 33.8% iron and 0.04 ppm gold, and 85ppm cobalt from 38m downhole depth) within the alteration system.
Figure 1: Location of the Don Baucha project licence and summary of geology of the La Higuera district (modified after SERNAGEOMIN 1:100,000-scale mapping)
Additionally, in 2013 TSX-listed Azul Ventures Inc. completed a bulk sampling program to investigate potential for shallow open pit mining of magnetite veins. A 100-tonne bulk sample was collected from two different mine dumps and processed in a nearby crusher/magnetic separator plant. The sample had a head grade of 58% iron and produced a concentrate with a grade of 67% iron (see Azul Ventures Corp. press release of 30 October 2013).
Acquisition of the Don Baucha project option, following on the heels of the recently announced Gaby-Totito acquisition, is another significant step in implementing Tribeca Resources’ strategy of consolidation of advanced copper projects in this under-appreciated portion of the Chilean Coastal IOCG Belt. Whilst one hole has been drilled into the high intensity coincident geophysical anomaly at Don Baucha without intersecting significant copper, the size and intensity of the alteration system suggests it warrants further consideration. Tribeca Resources intends to undertake limited work on the property as a component of its previously announced work programme focussed primarily on the Chirsposo and Gaby targets located 2-5 kilometres north of Don Baucha.
ABOUT TRIBECA RESOURCES
Tribeca Resources is a private Chilean exploration and development company. The team behind the company came out of Glencore’s copper business and established Tribeca Resources with the objective of building a portfolio of copper dominant properties in the Chilean Coastal IOCG Belt that can be advanced towards code compliant mineral resources.
The Caballo Blanco project, Gaby-Totito Option, and Don Baucha Option are 100% owned by the private Chilean company Bluerock Resources SpA, in which Tribeca Resources holds a 62.5% equity interest. Tribeca Resources is partnering with the founding Bluerock owners who retain a significant minority equity interest and have on-going technical and strategic involvement.
For further information:
Paul Gow – CEO Thomas Schmidt – President
paul.gow@tribecaresources.com thomas.schmidt@tribecaresources.com
+61 497 572 956 +44 77 7577 1217
The information in this release has been compiled by by Dr. Paul Gow, Director and CEO of Tribeca Resources Chile SpA, based on the review of information from historical work programs. Dr. Gow is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and the Australian Institute of Geoscientists (AIG), and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person under the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves.
APPENDIX 1:
JORC Code, 2012 Edition – Table 1
Appendix 2: Drill Collar Information
Table 1: Collar information from the Peregrine Metals 2009 drilling. Coordinates are in PSAD56 UTM19S, and azimuth and dip directions are relative to true north.
Tribeca Resources Chile SpA (“Tribeca Resources”) has completed additional geochemical soil sampling at its Caballo Blanco copper-gold-iron-cobalt project, located in the prolific Chilean Iron Oxide Copper-Gold (IOCG) Belt. The project is located approximately 40 km north of the city of La Serena in the Coquimbo province of Chile (Figure 1). The -80# fraction sampling program was undertaken in June 2018 as follow up sampling to close off previously reported copper in soil anomalism (see news release from 15 January 2018) at its Chirsposo and SE targets. The key results are as follows:
The additional data extends the copper in soil anomalous zone (at +200ppm Cu) at Chirsposo to the southwest by an additional 300m, for a total of 1000m strike length. As previously reported, the copper anomaly correlates with anomalous Co, Fe, Mo, Ni, P, and V. No gold analysis was undertaken.
Additional sampling at the SE Target indicates the copper-cobalt anomalism previously reported on the survey’s western margin does not increase to the west and does not significantly extend the +200ppm copper anomalous zone.
Figure 1: Location of the two target areas at the Caballo Blanco project that were the subject of -80# soil sampling. Dark filled circles represent previous known drill holes.
CHIRSPOSO ZONE
Sampling of an additional three 100m-spaced lines, plus extension sampling to the north on several pre-existing lines, was undertaking utilising a -80# sample fraction. The additional sampling at the western end of the area did not replicate the +500ppm copper values returned from the November 2017 sampling around the historic workings, however it has provided an additional zone of +200ppm copper anomalism, which remains open to the west. The zone of northeast-trending copper anomalism (+200ppm Cu in soil) now extends for 1000m along strike with an approximate 300m width (Figure 2). The anomalism is coincident with mineralised shears hosting iron oxide copper-gold (IOCG) mineralisation, which are present at surface and have been intersected by drilling (see historic drilling documented in the news release dated 4 April 2018).
Importantly, the copper in soil anomalism, which peaks at 1200ppm copper, is open to the northeast where it disappears under thin gravel cover. The best drilling intersection to date at the project is from RC drill hole CAB0006, which was a 200m step out to the northeast under the gravel cover (Figure 2). CAB0006 returned 82m @ 0.35% Cu, 19.2% Fe and 576ppm Co from 64m depth to the end of hole.
Additional sampling is planned to continue to extend the soil grid to the southwest.
Figure 2: Plot of soil copper results from the Chirsposo Zone -80# sampling (aqua regia digest with ICP-AES analysis). The +500ppm copper anomaly at the eastern end of the survey grid disappears under alluvial cover to the northeast. Copper anomalism is consistent with the surface geology indicating an approximate northeast (050°) orientation to the mineralised shear zones
SE TARGET
Additional soil sampling was also undertaken at the SE Target (Figure 1) to follow up two copper anomalous samples (maximum 405ppm Cu) that were encountered on the western margin of the previously reported November 2017 soil sampling program (see news release of 15 January 2018). The follow-up sampling indicates the anomalism does not extend further west and no further work is currently planned for this target.
ABOUT TRIBECA RESOURCES
Tribeca Resources is a private Chilean exploration and development company. The team behind the company came out of Glencore’s copper business and established Tribeca Resources with the objective of building a portfolio of copper dominant properties in the Chilean Coastal IOCG Belt that can be advanced towards code compliant resources.
The Caballo Blanco project is 100% owned by the private Chilean company Bluerock Resources SpA (“Bluerock”) in which Tribeca Resources holds a 62.5% equity interest. Tribeca Resources is partnering with the current owners who retain a significant minority equity interest and have on-going technical, strategic and administrative involvement.
For further information:
Paul Gow – Executive Director Thomas Schmidt – Executive Director
paul.gow@tribecaresources.com thomas.schmidt@tribecaresources.com
+61 497 572 956 +44 77 7577 1217
The information in this release has been reviewed by Dr. Paul Gow, Executive Director of Tribeca Resources Chile. Dr. Gow is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and the Australian Institute of Geoscientists (AIG), and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person under the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves.
APPENDIX 1
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
Section 2 Reporting of Exploration Results
Tribeca Resources Chile SpA (“Tribeca Resources”) has recently received documentation from historic multi-element assay data, including cobalt analyses, from historic reverse circulation drilling at the Chirsposo target zone within its Chilean Caballo Blanco Project. The drilling was completed by Latin American Copper in 2000, with the new data confirming and improving on cobalt assay data from a single diamond drill hole in the Chirsposo target zone completed by Peregrine Metals Ltd in 2009. Addition of cobalt assays to the previously reported copper intersections (see news release dated 15 January 2018) provides a revised table of key copper-iron-gold-cobalt intersections as provided in Table 1. The cobalt content is not ore grade, but could provide a significant by-product credit to the potential copper-gold-iron system.
The cobalt is strongly correlated with copper and iron assays and provides additional geochemical support for the interpreted zonation of the deposit to a more hematite-rich iron oxide assemblage, with better copper-iron-cobalt grades, toward the gravel covered northeast extensions of the mineralised system.
Table 1: Significant drill intersections from the Chirsposo zone drilling by Latin American Copper (2000) and Peregrine (2009).
Hole ID
From
To
Downhole Interval (m)
Estimated True Thickness*
Copper (%)
Iron (%)
Cobalt (ppm)
Gold (g/t)
CAB0001
10
88
78
67
0.22
14.2
205
<2
CAB0002
0
58
58
50
0.33
13.5
130
<2
incl.
0
38
38
33
0.42
13.1
143
<2
CAB0005
12
74
62
53
0.25
11.1
180
<2
CAB0006
64
146
82
71
0.35
19.2
576
<2
incl.
64
70
6
5
0.85
18.4
978
<2
and
98
120
22
19
0.50
22.7
950
<2
CB-01
122
176
54
27
0.38
14.8
88
0.09
incl.
150
160
10
5
0.97
24.4
212
0.20
CB-01
226
268
42
21
0.22
15.7
99
0.07
* The intersection angle of the drill holes and the mineralised bodies is currently poorly constrained but estimated at approximately 60° for the CAB holes and 30° for the vertical hole CB-01. The lower detection limit for gold in the assaying of the 2000 LAC RC drilling (CAB0002 and CAB0006) was 2ppm.
CHIRSPOSO ZONE
The Caballo Blanco project is located within the Chilean Coastal IOCG Belt and represents a mid-stage copper-iron-gold-cobalt exploration project, with significant drill intersections to date. The Chirsposo zone comprises a set of northeast-trending historic copper and iron workings in the northern Caballo Blanco project area (Figure 1). The zone is hosted within Upper Jurassic – Lower Cretaceous diorites and andesites, which display variably developed sodic-calcic alteration and overprinting magnetite-pyrite-epidote-quartz±chalcopyrite alteration.
The Chirsposo zone was the object of trenching and drilling by Latin American Copper (LAC) and Peregrine in 2000 and 2009. The drill programs produced significant intersections of thick low-grade copper mineralisation, with accompanying iron±cobalt±gold. Tribeca Resources has recently acquired copies of the original hardcopy laboratory assay sheets and compiled the multi-element data.
Figure 1: Location of the Chirsposo target areas within the Caballo Blanco project. Dark filled circles represent the previous drill holes.
COBALT IN SOIL ANOMALISM
The presence of elevated cobalt assays from the drilling, broadly coincident with the iron and copper mineralisation, is consistent with the strong cobalt anomalism evident in surface geochemical data (soil analyses) collected in 2017 (see Tribeca news release dated 15 January 2018) which returned a maximum cobalt in soil value of 97 ppm cobalt. The cobalt in soil anomalism strongly correlates with anomalous Cu, Fe, Mo, Ni, P, and V. No gold analysis was undertaken on the soil samples.
The cobalt in soil anomalism forms three well defined approximately northeast-trending +60ppm Co zones (Figure 2) within three broader +500ppm copper in soil anomalies (see details in 15 January 2018 news release). Surface mapping and drilling suggests that these copper-cobalt anomalous zones correlate with northeast-trending mineralised shears.
Figure 2: Plot of soil cobalt results from the Chirsposo Zone -80# sampling (aqua regia digest with ICP-AES analysis). The cobalt anomalism at the eastern end of the survey grid disappears under alluvial cover to the northeast. The strongly northeast-trending cobalt anomalism is consistent with the surface geology indicating an approximate northeast (050°) orientation to the mineralised shear zones. The cobalt in soil contour lines are 5 ppm intervals. The location of the long section from Figure 3 is shown on the diagram.
COBALT REVERSE CIRCULATION DRILL ASSAYS
Review of the drill data indicates the cobalt mineralisation is improving along strike to the northeast (Figure 3), in line with improved copper and iron grades. Review of the ground magnetic data inversion suggests the improving grades correlate with a zonation of iron oxide from magnetite to hematite. The best copper-iron-cobalt intersection, comprising 82m @ 0.35% Cu, 19.2% Fe, 576ppm Co from 64m in CAB0006, is located under thin (25m) gravel cover off the northeast end of the outcropping mineralised alteration system (Figure 2 and Figure 3). Unfortunately, the RC sample material from the 2000 drilling is no longer available so the mineralogy and mode of occurrence of the cobalt is unknown.
This additional cobalt drill data adds to the prioritization as a drill target of the shallow gravel covered areas that remain open to the northeast of the mineralisation known from drilling to date.
Figure 3: Long section from the Chirsposo target zone, highlighting the strong increase in cobalt mineralisation towards the northeast, where hole CAB0006 tested below the thin (25m) gravel cover. The increase in copper-iron-cobalt grades towards the northeast correlates with an iron oxide zonation from magnetite to hematite, evident from the inversion of the ground magnetic data. The pale beige zones represent inverted magnetic susceptibilities of 0.25 SI units (approximately 5% magnetite) and the pale pink zones represent inverted magnetic susceptibilities of 0.50 SI (approximately 10% magnetite).
ABOUT TRIBECA RESOURCES
Tribeca Resources is a private Chilean exploration and development company. The team behind the company came out of Glencore’s copper business and established Tribeca Resources with the objective of building a portfolio of copper dominant properties in the Chilean Coastal IOCG Belt that can be advanced towards code compliant resources.
The Caballo Blanco project is 100% owned by the private Chilean company Bluerock Resources SpA (“Bluerock”) in which Tribeca Resources holds a 62.5% equity interest. Tribeca Resources is partnering with the current owners who retain a significant minority equity interest and have on-going technical, strategic and administrative involvement.
For further information:
Paul Gow – Executive Director Thomas Schmidt – Executive Director
paul.gow@tribecaresources.com thomas.schmidt@tribecaresources.com
+61 497 572 956 +44 77 7577 1217
The information in this release has been reviewed by Dr. Paul Gow, Executive Director of Tribeca Resources Chile. Dr. Gow is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and the Australian Institute of Geoscientists (AIG), and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person under the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves.
APPENDIX 1
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
Section 2 Reporting of Exploration Results
Tribeca Resources Corporation is a Chile focussed copper explorer developing and growing a portfolio of exploration projects in the Chilean IOCG Belt
Tribeca Resources Corporation 1305 - 1090 West Georgia Street Vancouver, BC V6E 3V7 Canada
Figure 2: Location of the proposed areas for drilling at the Gaby and Chirsposo targets. Both targets comprise interpreted extensions to mineralization known from outcrop or historic drilling.
