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).

*  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

www.tribecaresources.com

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)

*  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

www.tribecaresources.com

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:

*  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.