Summary
The Jiguata Project represents an exciting, large, porphyry copper – high sulfidation exploration opportunity. It hosts a large lithocap environment, characterized by an extensive argillic and advanced argillic alteration zone (25 square km). Recently completed geological mapping, rock and soil geochemistry, and geophysical datasets (IP and ground magnetic) are being integrated to target drilling to test for giant porphyry copper or high sulphidation deposits.
Background
The Jiguata Project is a 10,000 hectare property located in the Tarapacá region in northern Chile. It is situated in the northern extension of the prolific Palaeocene and Eocene-Oligocene porphyry copper belts where it is overprinted by the younger Miocene Belt of magmatism that hosts recent large scale high sulphidation epithermal gold and porphyry copper-gold discoveries further to the south, including Vendaval Cu-Au Porphyry (First Quantum) (“Vendaval) and Salares Norte Au-Ag High Sulphidation Epithermal (Goldfields) (“Salares Norte”) (Figure 1). References to nearby or regional deposits are provided for geological context only. The presence, size or grade of mineralization on other properties in the belt, including Vendaval and Salares Norte, is not necessarily indicative of mineralization on the Jiguata Project.
The project area is traversed by an existing good quality maintained road (97-B) which is partly asphalted, allowing for rapid access within 3 ½ hours (220km) from the port city of Iquique via the Collahuasi access road (highway 65). The altitude in the project area generally ranges between 4200m-4600m, but the northerly latitude of the project provides only short interruptions to access for exploration activities, with a variably short snow season in July-August and a rainy period (“Bolivian winter”) in January-February. Other companies holding exploration tenure in the general area include, Vale, Codelco, BHP, Teck, Glencore and Antofagasta Minerals.
Figure 1. Location of the Jiguata Project within the Miocene Belt of northern Chile. Deposits sizes and structural interpretation from *Farrar, D. G., Tosdal, R. M., and Dilles, J. H., 2023, Lithospheric architecture of the Central Andes: Economic Geology, v. 118, no. 6, p. 1253–1280.
Tribeca holds a five-year option to purchase 100% of the project, which was executed on 29 October 2025. For details of the project and agreement see the news releases dated 19 June 2025 and 29 October 2025.
Geological Summary
The Jiguata project area encompasses a large argillic and advanced argillic alteration zone (25 square km) hosted within an intercalated andesite and lapilli tuff sequence and located under a thin blanketing cover of fresh unaltered Miocene dacitic/andesitic volcanic rocks dated at approximately 9-5 Ma. The alteration zone has been exposed via an erosional window in the overlying Miocene volcanic rocks. The age of the tuffaceous sequence hosting the alteration is currently unknown, but is likely Eocene-Oligocene or Miocene.
The alteration zone is representative of a lithocap and dominated by epithermal mineralogy and textures (e.g. extensive quartz-alunite alteration and the presence of steam-heated, chalcedonic silica and quartz ledges), although porphyry-style veins are present at surface and propylitic alteration and quartz stockwork is recorded from shallow historic drilling. The historic drilling comprised two reverse circulation (RC) drill holes that were completed in 1993 to depths of 250m and 300m. The drill holes appear to have been targeted at silica ‘ledges’ within a large soil molybdenum anomaly (up to 867ppm Mo in soils) in the incised valley. Highly anomalous molybdenum was recorded in the drill holes (e.g. 248m @ 120ppm Mo in drill hole 3546), with copper above background at 250 ppm. Various copper or molybdenum sulphide minerals have been reported from the drilling, including chalcopyrite, bornite, chalcocite and molybdenite.
Technical details of the project are summarized below and can also be found in the news releases of 15 December 2025, 12 February 2026, and particularly in the detailed technical update release of 25 February 2026.
Historic Work
Historic work on the property comprised geological mapping, soil and rock geochemistry, limited shallow RC drilling, and Induced Polarization (IP) surveying.
Geological mapping was completed over the central portion the property, which documented the intense advanced argillic alteration, along with hydrothermal breccias and local veining/stockworks.
The historic drilling comprised two reverse circulation (RC) drill holes that were completed in 1993 to depths of 250m and 300m in 1993. The drill holes appear to have been targeted at silica ‘ledges’ within a large soil molybdenum anomaly (to 867ppm Mo in soils) in the incised valley. Highly anomalous Mo was recorded in the drill holes (e.g. 248m @ 255ppm Mo in drill hole 3546), with copper above background at 250 ppm. Various copper or molybdenum sulphide minerals have been reported from the drilling, including chalcopyrite, bornite, chalcocite and molybdenite (see news release dated 18 June 2025).
The last major work program was a pole-dipole Induced Polarization (IP) survey completed in 2014. It comprised six one kilometer-spaced lines over part of the project area, delineating two large chargeability anomalies which coalesce to form a zone of 1.5km x 5km at >20 mV/V, with associated high- and low-resistivity zones, which comprise high-priority near-term drill targets.
Tribeca’s 2025-2026 Work Program
Commencing in December 2025, Tribeca completed over the period December 2025 to April 2026 the following work program:
- Re-inversion (3D) of the historic IP data
- Acquisition, processing and interpretation of high resolution multispectral Worldview 3 satellite imagery
- more widespread geological mapping at 1:10,000-scale with associated rock sampling
- a systematic soil sampling survey
- ground magnetic surveying over the entire licence area
The results of this work program, summarized below, are being integrated to assist in drill targeting.
Structural setting and prospectivity of the Jiguata Project
Structural interpretation has been completed across the Jiguata Project, incorporating newly acquired geophysical surveys and evolving field geological mapping. This interpretation indicates the project is situated along the Domeyko Structural Corridor, a continental-scale, structural feature that is defined by a 40–60 km wide zone that stretches for more than 1,000 km in northern Chile. The Loa Fault system, part of the Domeyko system, has been interpreted to pass through the Jiguata Project. The Domeyko Structural Corridor hosts significant giant porphyry systems in northern Chile, including Escondida, Chuquicamata, Nueva Union, Collahuasi, Quebrada Blanca and Cerro Colorado, which are referenced solely to illustrate the regional geological setting. Such deposits are not necessarily indicative of mineralization on the Jiguata Project.
Structural analysis has also interpreted coalescing oblique structural controls, oriented northwest and northeast within the Domeyko Structural Corridor. The northeast trending Quebrada Parca - Quebrada Minacucho fault system, which is a proven deep seated, fault zone that hosts porphyry style mineralization at the Cerro Colorado deposit and Queen Elizabeth prospect to the west of Jiguata, has been interpreted as transecting the Jiguata Project.
Four Alteration Centres Highlight Multiple Priority Targets at Jiguata
Alteration mapping from multispectral satellite imagery, supported by ongoing field mapping, has identified four significant alteration centres within a ~7 km x 4 km corridor at Jiguata (Figure 2). The alteration centres, referred to as La Soberana, Escudo Real, El Trono and Cetro Dorado, present as broad alteration zones in favourable structural settings, coincident with mapped breccias, and at La Soberana dacitic domes, along with prospective geophysical responses.
La Soberana
The alteration centre represents a historical focus for exploration activities at Jiguata and is defined by an approximate 2.5 km x 1.5 km multispectral alteration and mapped alteration zone proximal to mapped hydrothermal breccias and dacitic porphyritic domes.
The alteration centre is situated at the intersection of a prominent northwest trending structural zone and the interpreted north-south trending Loa Fault zone. Preliminary soil pXRF results outline coincident anomalism in As, Mo and Pb with historic rock chips returning up to 1,700 ppm Mo. The location features coincident high IP chargeability and low resistivity responses, along with an interpreted complex magnetic signature. Historic limited drill testing, comprising two reverse circulation holes drilled to 250m-300m depth, identified broad zones of anomalous copper hosted within a variably altered andesite host, however the historic drilling is considered to have been too shallow, and too far south, to have intersected remodelled geophysical responses at La Soberana.
Cetro Dorado
The Cetro Dorado alteration centre is situated approximately 3.5km to the northeast of La Soberana (Figure 2) and represents the northeastern-most target, situated within the interpreted Loa Fault zone proximal to the intersection of major northeast and northwest faults. The alteration centre is defined by an approximate 3.2 km x 2.0 km alteration footprint coincident with an interpreted low magnetic zone. IP modelling defines a northeast trending moderate chargeability response (+ 25 mV/V – Figure 3) with localised cores of coincident high chargeability and low resistivity along with deeper resistive “root” features. Preliminary soil pXRF analyses delineate a broad As anomaly coincident with the alteration and geophysical features within the area (Figure 4). Field mapping is underway in this area.
Escudo Real
Escudo Real is situated approximately 4km to the northwest of La Soberana proximal to a prominent northwest trending structural feature. The alteration centre is defined by a 2.5 km x 1.8 km alteration footprint situated between El Trono to the northwest and La Soberana to the southeast. Preliminary field mapping has identified northwest trending hydrothermal breccias bearing alunite and jarosite within the broad alteration zone. IP coverage outlines a northwest-trending resistive feature with partially coincident chargeability and offset low resistivity responses which remain open towards the northeast. Soil geochemistry has not yet been completed at this target location.
El Trono
El Trono is situated approximately 5.5km to the northwest of La Soberana. The location is considered a high priority target defined by a locally prominent topographic high with alteration modelled from satellite data extending over approximately 2.0 km x 2.0 km, proximal to the interpreted northeast Minacucho fault system. Encouragingly, the modelled multispectral and preliminary mapped alteration indicates the presence of a substantial silica and potentially sulphide-rich core with peripheral clay rich alteration halos. Topographical access constraints have limited detailed mapping and have impeded the advancement of geochemical and geophysical coverage; however, historic rock chips have returned values of >200 ppm Cu and up to 0.03 g/t Au proximal to mapped jarosite-bearing breccias. El Trono is prioritized for completion of soil geochemical surveys and potential extension of geophysical surveys to advance potential drill targets.
Figure 2. Location of alteration centres with an overview of the Escudo Real and El Trono locations
Preliminary geophysical modelling and interpretations
Results have been received from the recently completed ground magnetic survey across the Jiguata Project area. Interpretation of preliminary total magnetic intensity (TMI) data (analytical signal) outlines a broad magnetic low that contains discrete magnetic highs. The magnetic low is spatially coincident with mapped and interpreted alteration, while the discrete magnetic highs are observed to be associated with mapped dacitic porphyritic domes.
The Company interprets that the discrete magnetic highs may represent potential intrusive centres and/or feeder zones, whereas the broader magnetic low may reflect magnetite-destructive alteration. An objective of the current work is to combine the interpretation of hyperspectral mineral composition patterns with detailed modelling of the geophysical datasets to provide vectors towards mineralized centres.
Interpretation and 3D remodelling of historic induced polarization (IP) data delineate two principal chargeability trends: one northeast-trending and one northwest-trending, with coincident low resistivity cores centred on the identified alteration centres (Figure 3).
Figure 3. Summary maps of the geophysical signatures in relation to the four alteration centres.
Initial pXRF soil geochemical results
Preliminary pXRF analysis of soil samples has been completed over the La Soberana and partially across the Cetro Dorado zones (Figure 4). The samples have subsequently been submitted to the laboratory for multielement geochemistry and hyperspectral analysis. At a high level, broad, coincident multi-element pXRF geochemical anomalies have been delineated that are spatially associated with interpreted alteration features and structural settings. See below for information related to analysis and QAQC procedures for the pXRF data, which are preliminary in nature; laboratory results are pending and will be reported once received.
The multi-element pXRF anomalies define a northeast trending pattern, extending up to approximately 2.5 km at La Soberana and 1.9 km at Cetro Dorado. These anomalies correlate with IP chargeability and low resistivity responses.
Interpretation of the soil dataset will be refined when final laboratory geochemical and spectral results are received. Unfortunately, current turnaround times at analytical laboratories in Chile are increasing with the current high level of exploration activity in the country, making the timing of receipt of these analyses uncertain.
Figure 4. Summary results of pXRF analyses collected to date from the soil samples in the northeastern oriented zone covering the La Soberana and Cetro Dorado targets.
Progressing geological mapping
Field geological mapping has been completed across the La Soberana alteration centre and continues to unfold across the remaining alteration centres. At La Soberana, mapping has delineated a northeast trending hydrothermal breccia with quartz and alunite, and jarosite developed within a zone of advanced argillic alteration. This breccia zone trends toward younger cover and has been traced intermittently over an approximate 1.5 km strike length. Hydrothermal breccias at La Soberana appear spatially associated with outcropping, altered hypabyssal dacitic porphyritic domes.
Reconnaissance mapping at the other alteration centres has also identified hydrothermal breccia outcrops coincident with areas of argillic to advanced argillic alteration.
Mapped hypabyssal dacite domes show spatial agreement with interpreted geophysical features, and prospective breccia zones appear to partially coincide with IP chargeability and low resistivity responses. Mapping is being expanded to cover the majority of the Jiguata tenure, with priority placed on areas exhibiting coincident alteration and geophysical anomalism.
Figure 5. Summary of the available data in the La Soberana area.
Analysis and QAQC Procedures
The pXRF results presented here were collected from plastic bags of sieved soil samples (-2mm) utilizing a HP InnovXSystem hand-held pXRF. The measurements were taken from the fine material at the bottom of each bag. The machine was regularly calibrated using a manufacturer supplied standard. The plots shown in this release represent the maximum value from each sample, with typically three readings collected per sample.
Qualified Person
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 National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Dr. Gow has not verified any of the information regarding any of the properties or projects referred to herein other than the Jiguata Project. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the Jiguata Project.