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

www.tribecaresources.com

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

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 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.