The Chiricuto Project is an early-stage IOCG exploration project in the Chilean Coastal IOCG Belt. It comprises 570 hectares of exploitation licences (‘mensuras’) and is located in the Mantoverde district of northern Chile (Figure 1). The district contains numerous significant IOCG (Mantoverde, Santo Domingo, Sierra Norte, San Pietro) and porphyry (Inca de Oro, Berta) deposits.
Figure 1. Location of the Chiricuto Property. Mineral Resource details for surrounding deposits are shown and sourced as follows: Mantoverde and Santo Domingo - Capstone Copper Estimated Mineral Resources statement dated 31 December 2022 (Measured and Indicated); Sierra Norte – Capstone Copper news release dated 31 July 2024 (Historical Resource - Measured, Indicated and Inferred); Inca de Oro – PanAust Analyst site visit presentation dated 8-10 June 2011 (Measured, Indicated and Inferred).
Tribeca holds a five-year option to purchase 100% of the project, which was executed on 27 March 2024. For details see the news release dated 27 March 2024.
In 2024 Tribeca undertook exploration activities at the Chiricuto project including geological mapping, soil sampling, and gradient array IP-MT surveying (Figure 2). A five-hole 1586m program of diamond drilling was undertaken in early 2025. Results of the drilling program were announced in news releases dated 7 May 2025 and 19 June 2025.
Figure 2. Location of the drill holes in relation to the geological mapping and geophysical data.
Drilling of two holes into the key magnetic target (CHS002, CHS003) seeking magnetite-related IOCG mineralization failed to intersect significant copper, although a strong magnetite alteration system was intersected.
Three holes were drilled into a gradient array +/- MT low resistivity anomaly in the northwest of the property (CHS001, CHS004, CHS005), which intersected a strong porphyry-style alteration system (Figure 3). Drill hole CHS001 intersected a strong sulphide system over most of the hole length (456m) associated with porphyry-style veins and breccias. The pyrite-chalcopyrite sulphide assemblage in the hole is dominated by pyrite, and hosts significant gold values, with the best of several 10-16m thick mineralised zones recording 10m @ 0.12% Cu, 0.47 g/t Au (Table 1 below and see news release dated 7 May 2025).
Figure 3. Selected core samples from the first three holes at the Chiricuto property. a) Strong veining and stockwork of quartz-pyrite, amphibole-pyrite-tourmaline in monzonite with intense K-feldspar alteration (CHR001 346m), b) Thin 20cm breccia band of IOCG-style alteration comprising amphibole-magnetite-pyrite within andesite. Fine-grained pyrite-chalcopyrite is present in the main vein with coarser euhedral pyrite in the wall rock. (CHR001 433.5m), c) Coarse-grained quartz-carbonate-chalcopyrite vein (CHR001 444m), d) Semi-massive to massive magnetite replacement of andesite, with associated amphibole alteration and significant coarse-grained euhedral pyrite in a partially brecciated host rock (CHR003 119.5m).
Table 1. Summary of significant copper mineralized intersections in drill hole CHR001. Intervals compiled at an approximate 0.1% Cu cut-off. See news release dated 7 May 2025 for full details of drill intersections.