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.
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
+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.