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.
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
COMPETENT PERSONS STATEMENT
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.
For further information contact:
Austin Resources Ltd.
Jing Peng
Chief Financial Officer
Telephone: 416-848-9888
Email: info@austinresources.ca
Website: www.austinresources.ca
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 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.
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.
For further information contact:
Austin Resources Ltd.
Jing Peng
Chief Financial Officer
Telephone: 416-848-9888
Email: info@austinresources.ca
Website: www.austinresources.ca
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.
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.
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
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
COMPETENT PERSONS STATEMENT
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.
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
COMPETENT PERSONS STATEMENT
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
COMPETENT PERSONS STATEMENT
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
COMPETENT PERSONS STATEMENT
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 completed a geochemical soil sampling program at its Caballo Blanco copper-gold-iron-cobalt project, 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. The sampling was undertaken in November 2017, with all analytical results now received and interpreted. Specific results include:
- Delineation of a zone of +200ppm copper in soil anomalism over an area of approximately 700m x 400m at the Chirsposo target. The area includes significant zones of +500ppm copper in soil, with a maximum copper assay of 1210ppm. Importantly, the sampling indicates the copper soil anomalism is increasing along strike to the northeast under thin (25m) gravel cover.
- Identification of +200ppm copper anomalism at the western end of a 200m x 100m sampling grid at the SE Target. The grid was completed to test for copper mineralisation over a zone of strong anomalism in ground magnetic data coincident with well-developed magnetite-albite-amphibole veins and alteration present at surface.
Additional soil sampling is planned to extend the soil surveys at both Chirsposo and the SE Target to close off open +200ppm copper in soil anomalism at the southwest and western ends of the survey grids, respectively.
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
The Chirsposo zone comprises a set of northeast-trending historic copper and iron workings in the northern project area. The zone is hosted within interpreted 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 subject of trenching and drilling by Latin American Copper (LAC) and Peregrine Metals Ltd in 2000 and 2009. The drill programs produced significant intersections of thick low-grade copper mineralisation, with accompanying iron±gold (Table 1). The objective of the geochemical program at the Chirsposo zone was to provide a systematic mapping of the copper anomalism beyond that observed in the trenches and drilling.
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 (%) |
Gold (g/t)** |
| CAB0002 | 0 | 58 | 58 | 50 | 0.33 | 13.5 | N/A |
| incl. | 0 | 38 | 38 | 33 | 0.42 | 13.1 | N/A |
| CAB0006 | 64 | 146 | 82 | 71 | 0.35 | 19.2 | N/A |
| incl. | 64 | 70 | 6 | 5 | 0.85 | 18.4 | N/A |
| and | 98 | 120 | 22 | 19 | 0.50 | 22.7 | N/A |
| CB-01 | 122 | 176 | 54 | 27 | 0.38 | 14.8 | 0.09 |
| incl. | 150 | 160 | 10 | 5 | 0.97 | 24.4 | 0.20 |
* 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. **Only high detection limit (<2ppm) gold analyses were undertaken during the historic RC drilling (CAB0002 & CAB0006), with all samples below detection limit.
The soil program comprised collection of -80# samples on a 100m x 25m grid. The samples were subjected to an aqua regia digest and multi-element analysis by ICP-AES. The copper results are provided in Figure 2, which shows that a zone of +200ppm copper was mapped over approximately 700m x 400m. The results outline the northeast-trending copper anomalous zones, consistent with interpretation from surface mapping. Notably the copper in soil anomalism is increasing to the northeast until it disappears under thin gravel cover of approximately 25m thickness.
The best copper drill intersection from the project to date (82m @ 0.35% Cu, 19.2% Fe from 64m) is from hole CAB0006 through the gravel cover in this northeast location. The improving copper in soil anomalism and the results of drill hole CAB0006 elevate the open northeast extension of the Chirsposo zone to a high priority drill target.
Copper anomalism is weaker on the southwest margin of the survey area, but a narrow zone of 30m width of +200pm copper in soil is open at the edge of the survey. Additional sampling is proposed for mid-year to close off this anomalism.
The copper in soil anomalism is accompanied by anomalous Co, Fe, Mo, Ni, P, and V. No gold analysis was undertaken.
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
A soil sampling program was undertaken over the SE Target, which represents a zone of strong anomalism in ground magnetic data coincident with well-developed magnetite-albite-amphibole veins, breccias and alteration present in coarse grained diorite at surface. The area hosts locally developed northeast trending multistage quartz veins associated with linear faults evident in the ground magnetic data.
A set of -80# soil samples were collected from an area of 800m x 1000m on a 200m x 100m grid. The copper values were subdued (typically < 100ppm) over the main magnetic anomalies, but two copper anomalous samples (maximum 405ppm Cu) were encountered on the western margin of the survey (Figure 3). Elevated cobalt in soil (maximum 58ppm) is coincident with copper at this location. Follow-up sampling to determine the extent of this anomalism is planned.
Figure 3: Copper in soil results from the SE Target ( -80# aqua regia ICP-AES analysis). The magnetic targets in the central survey area do not appear to be associated with significant copper anomalism, however there are two anomalous points on the western end of line 4728600N.
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 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
COMPETENT PERSONS STATEMENT
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 completed its first investment, taking a majority stake in the Caballo Blanco copper exploration project in Chile. Tribeca Resources will hold an initial 62.5% equity interest in the project and can increase this by meeting certain development and funding milestones.
The Caballo Blanco project is located in the prolific Chilean Coastal Iron Oxide Copper-Gold (IOCG) Belt, approximately 40 km north of the city of La Serena in the Coquimbo province of Chile. The project consists of 1,878 hectares of mining tenements. Historical drilling totalling 1,979 metres has intersected a strong multi-kilometre scale IOCG alteration system, with copper and iron mineralisation near surface. Intersections to date include:
| Hole ID | From | To | Downhole Interval (m)* | Copper (%) | Iron (%) | Gold (g/t) |
| CAB0002 | 0 | 58 | 58 | 0.33 | 13.5 | N/A |
| incl. | 0 | 38 | 38 | 0.42 | 13.1 | N/A |
| CAB0006 | 64 | 146 | 82 | 0.35 | 19.2 | N/A |
| incl. | 64 | 70 | 6 | 0.85 | 18.4 | N/A |
| and | 98 | 120 | 22 | 0.50 | 22.7 | N/A |
| CB-01 | 122 | 176 | 54 | 0.38 | 14.8 | 0.09 |
| incl. | 150 | 160 | 10 | 0.97 | 24.4 | 0.20 |
* The intersection angle of the drill holes and the mineralised bodies is currently poorly constrained, with the true thickness of the mineralisation unknown.
Comprehensive ground geophysical datasets (detailed magnetic and 400m spaced poledipole IP surveys) are available over much of the permit package, with significant targets remaining untested.
In parallel with assessing funding options to further drill the Caballo Blanco project, Tribeca Resources will seek to add additional exploration projects to its portfolio. The initial focus will be on the Chilean Coastal IOCG Belt, where Tribeca Resources believes it is well placed to assemble a portfolio of copper dominant properties that can be advanced towards code compliant resources.
The Caballo Blanco project is 100% owned by the private Chilean company Bluerock Resources SpA (“Bluerock”) the vehicle into which Tribeca Resources has made its initial investment. Tribeca Resources is partnering with the current owners who will retain a significant minority equity interest and have on-going technical, strategic and administrative involvement, following this investment.
The team behind Tribeca Resources came out of Glencore’s copper business and established Tribeca Resources with the objective of building a portfolio of mid to late stage base metals and gold exploration projects in Latin America.
For further information:
Paul Gow – Executive Director
paul.gow@tribecaresources.com
+61 497 572 956
Thomas Schmidt – Executive Director
thomas.schmidt@tribecaresources.com
+44 77 7577 1217
www.tribecaresources.com
Figure 1: Location of the Caballo Blanco project and other selected IOCG, manto, and porphyry copper mines and projects in northern Chile
The information in this release is based on information 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.
1305 - 1090 West Georgia Street
Vancouver, BC V6E 3V7 Canada