JULY 27, 2023 | VANCOUVER, BC
Tribeca Resources Corporation (TSXV: TRBC) (OTCQB: TRRCF) (“Tribeca Resources”, the “Company”) is pleased to announce results from extension geophysical surveying (Induced Polarization - IP) at the Gaby discovery, which is part of the La Higuera IOCG project in northern Chile. The results provide new chargeability anomalies that significantly extend the chargeable zone at Gaby to the north, providing encouragement that recently intersected mineralization continues beyond the limits of current drilling.
This IP survey was designed to test the area to the north of the Gaby discovery, where ground magnetic and gravity anomalism are present, but not coincident. Chargeability anomalism consistent with sulphide mineralization has been recorded adjacent to the previously reported 1mGal gravity anomaly. This data is supportive of mineralization intersected in the northernmost hole of the last program (e.g. 264m @ 0.31% Cu, 0.06 g/t Au in GBY007) continuing further to the north.
Tribeca Resources CEO, Dr Paul Gow commented:
“These are excellent results from the extension IP surveying at Gaby, which significantly extend the one-kilometre-long chargeability anomaly we have been successfully drilling.
Off the back of our recently announced financing, we are now preparing for the Phase 2 drill program in which we will drill further north under cover and attempt to expand the known size of this copper-gold system.”
The IP survey comprised two lines, for 4.4 line-kilometres, located approximately 650 metres apart (Figure 1). The survey lines were configured in a NNE orientation (025°), slightly oblique to the north-south lines historically surveyed in the area, in order to avoid additional infrastructure (a road upgrade and new transmission powerline) erected in the area since the original surveying in 2004-2008.
The survey used a 100m pole-dipole array and utilized a n=1 to 20 configuration that nominally represents a greater depth penetration than previous surveying at the target in 2004-2008, which utilized a n=1 to 6 configuration. The survey was undertaken by the same contractor that completed the original survey.
Together the two new lines of IP data provide strong encouragement for the extension of mineralization to the north of current drilling and provide an additional target to the east of the main Gaby trend.
The Induced Polarization (IP) surveying reported here was completed by Argali Geofisica E.I.R.L., which is a longstanding and reputable Chilean geophysical contracting and consulting company. The IP data were acquired with the pole-dipole array and a dipole spacing of 100 m expanded through 20 separations (n= 1 to 20). A time-domain waveform with a frequency of 0.125 Hz was employed. Survey location was determined by handheld GPS using the Prov. S. America 1956 (mean) datum, which has been converted by the Company to the WGS84 datum.
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.
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, have 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.
Tribeca Resources’ flagship property is the La Higuera IOCG project that comprises 4,147 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 822 hectare Gaby concession area is held under a purchase option (5% Exploration Levy on expenditure incurred during the option period; a US$2 million final payment due March 2024; with a 1% NSR Royalty granted to the owner), with the remainder of the concessions being outright owned (100%) by Tribeca Resources. Further information about the project can be found in the NI 43-101 Technical Report lodged by Tribeca Resources on SEDAR on 24 October 2022.
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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", “believe”, "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 drilling program, the ability of the Company to develop and define a suitable resource at the La Higuera IOCG project and the relationship between geophysical survey results and potential mineralization.
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