Nobel Resources Corp. (TSX–V: NBLC; OTC: NBTRF)
(the “Company” or “Nobel”) provides an update on the initial drill
program on its recently acquired Salvadora copper project in Chile.
The program commenced in late November and six drill holes have
been completed so far, with assay results received for four holes
to date. Drilling also continues at its Algarrobo Project with the
drill presently testing the large Central Target (see news releases
dated September 1, 2021 and November 8, 2021). Results have been
received for the first two widely spaced holes drilled on the
Northeast Target, assays are pending for the Central Target.
Figure 1: Location of Algarrobo and
Salvadora
projects.https://www.globenewswire.com/NewsRoom/AttachmentNg/805f014d-1e7a-449e-920e-50666914d239
La Salvadora ProjectLa
Salvadora iron oxide copper gold (“IOCG”) project, is located
approximately 2 hours drive north from Nobel’s Algarrobo
project. La Salvadora occurs in the vicinity of the
large Manto Verde (Anglo American) and Santo Domingo (Capstone
Mining) IOCG deposits (Figure 2). The area is well serviced by
all-weather roads and can be worked year-round. The region is well
established as a mining area where community support is known to be
strong and there is good access to infrastructure, including
electricity, water and ports and mining infrastructure in region.
The drill program commenced in late November with a break for the
holiday Season and six drill holes have been completed to date,
with assays received for four holes to date, all in the area of
previously reported reverse circulation drill hole SLVA-RC-0002.
The initial targets on the property include:
- Area of
SLVA-RC-0002 which intersected 72 meters grading 1.21% copper and
0.21 g/t gold. This area is wide open for expansion.
- A second
distinct buried magnetic anomaly approximately 1 kilometer to the
south with only a single drill hole in it (SLVA-RC-0010) which
intersected 20 meters grading 0.6% copper and 0.15g/t gold at
shallow depths.
- A series of
drill holes to evaluate the extension of the copper oxide zone that
extends at least 750 meters along a northwest trending mineralized
structure.
All the holes drilled to date by Nobel have
intersected mineralization containing chalcopyrite as well
asspecularite, pyrite, magnetite hosted in hydrothermal breccias
varying in core thickness from 30 meters to 73.4 meters. The widest
intersection to date is from hole SAL21-006, drilled on target 2,
the buried magnetic anomaly described above. This hole intersected
73.4m of mineralized breccia from 154.7m to 228.1m and assay
results are pending for this hole.
The first five drill holes targeted the depth
and lateral extensions below previously identified copper oxide
mineralization at surface in the vicinity of historical RC drill
hole SLVA-RC-0002 (see news release dated November 8, 2021).
Following completion of the initial scout holes on this target, the
drill was recently moved to the area of the buried geophysical
anomaly (target 2), where hole 6 is located. Table 2 below
summarizes the results from holes 1,2,4 and 5. Assays are pending
for holes 3 and 6.
According to David Gower, P.Geo., CEO of Nobel,
“We have only been working on Salvadora for a few weeks and seeing
wide mineralized breccias this early in the program is highly
encouraging. Although copper grades within these first drill holes
are highly variable, we have confirmed this is an extensive
mineralized system that needs to be systematically explored to find
the higher grade portion.”
According to Vernon Arseneau, P.Geo., COO of
Nobel, “The results obtained to date at Salvadora confirm the
presence of at least two extensive mineralized bodies associated
with hydrothermal breccias that are typical of deposits within the
area. It is very early in the exploration program, however drilling
has demonstrated there is a thick zone of mineralized hydrothermal
breccia that is continuous between the holes drilled to date.
Subsequent exploration will attempt to identify areas with higher
grades such as are being mined presently in this area of Chile. The
breccia zones are generally in the 50m range in thickness. The
Company is planning to complete this initial scout phase of
drilling and use it to plan the next phase of drilling to better
define size, continuity and grade of these exciting targets.”
Figure 2: Location map showing the La
Salvadora Project as well as major projects and
operations in the
region.https://www.globenewswire.com/NewsRoom/AttachmentNg/7800e6d4-d317-469c-afdd-a757bd899dee
Figure 3: Location of the two target
areas and drill holes at La Salvadora
Project.https://www.globenewswire.com/NewsRoom/AttachmentNg/78f2bb99-c5c1-42f5-8170-178444571070
Figure 4: Chargeability map of a portion
of La Salvadora showing SLVA-RC-0010 on the southern
magnetic-Chargeability anomaly. The series of white historical RC
drill holes show the distribution of near-surface copper oxide
mineralization.https://www.globenewswire.com/NewsRoom/AttachmentNg/cb923671-d977-402a-81ad-aa58ee71dc8f
Note the Company has not seen QA/QC data nor are
there RC chips preserved from the historical RC drill holes
SLVA-RC-0002 or SLVA-RC-0010 results. Readers are cautioned that
these potential grades are from single drill holes in otherwise
untested mineralized zones and there has been insufficient
exploration by the Company or its qualified person at La Salvadora
to define a mineral resource or mineral reserve estimate and it is
uncertain whether further exploration will result in these targets
being delineated as a mineral resource or mineral reserve.
Assay Summary |
Holes |
North |
East |
From (m) |
To (m) |
Best Cu Interval (including) |
Gold (g/Tn) |
Copper (%) |
Cobalt (%) |
Silver (g/Tn) |
SAL21-001 |
7113277 |
385004 |
149.00 |
150.00 |
50m@0.57%Cu |
12m@0.98%Cu |
0.286 |
2.29 |
0.02 |
1.70 |
|
|
|
150.00 |
151.00 |
0.177 |
1.09 |
0.01 |
1.10 |
|
|
|
151.00 |
152.00 |
0.119 |
0.76 |
0.01 |
0.90 |
|
|
|
152.00 |
153.00 |
0.137 |
0.64 |
0.01 |
0.80 |
|
|
|
153.00 |
154.00 |
0.096 |
0.49 |
0.01 |
0.80 |
|
|
|
154.00 |
155.00 |
0.026 |
0.24 |
0.01 |
0.60 |
|
|
|
155.00 |
156.00 |
0.177 |
1.49 |
0.01 |
1.30 |
|
|
|
156.00 |
157.00 |
0.28 |
1.64 |
0.00 |
1.20 |
|
|
|
157.00 |
158.00 |
0.044 |
0.42 |
0.00 |
0.60 |
|
|
|
158.00 |
159.00 |
0.288 |
1.52 |
0.01 |
1.60 |
|
|
|
159.00 |
160.00 |
0.061 |
0.52 |
0.01 |
0.80 |
|
|
|
160.00 |
161.00 |
0.078 |
0.56 |
0.01 |
0.90 |
|
|
|
171.00 |
172.00 |
14m@0.76%Cu |
0.144 |
1.27 |
0.01 |
1.00 |
|
|
|
172.00 |
173.00 |
0.054 |
1.07 |
0.00 |
0.60 |
|
|
|
173.00 |
174.00 |
0.039 |
0.31 |
0.01 |
0.60 |
|
|
|
174.00 |
175.00 |
0.018 |
0.27 |
0.01 |
0.50 |
|
|
|
175.00 |
176.00 |
0.142 |
1.01 |
0.01 |
0.80 |
|
|
|
176.00 |
177.00 |
0.203 |
1.32 |
0.02 |
1.20 |
|
|
|
177.00 |
178.00 |
0.1 |
0.90 |
0.01 |
1.00 |
|
|
|
178.00 |
179.00 |
0.034 |
0.59 |
0.01 |
0.25 |
|
|
|
179.00 |
180.00 |
0.042 |
0.55 |
0.01 |
0.25 |
|
|
|
180.00 |
181.00 |
0.156 |
1.19 |
0.01 |
0.25 |
|
|
|
181.00 |
182.00 |
0.025 |
0.44 |
0.00 |
0.25 |
|
|
|
182.00 |
183.00 |
0.028 |
0.26 |
0.00 |
0.25 |
|
|
|
183.00 |
184.00 |
0.041 |
0.85 |
0.01 |
0.25 |
|
|
|
184.00 |
185.00 |
0.044 |
0.65 |
0.01 |
0.25 |
SAL21-002 |
7113243 |
384965 |
132.00 |
133.00 |
2m@0.58%Cu |
0.026 |
0.21 |
0.00 |
0.25 |
|
|
|
133.00 |
134.00 |
0.226 |
0.95 |
0.00 |
0.25 |
|
|
|
154.00 |
155.00 |
2m@0.52%Cu |
0.132 |
0.43 |
0.01 |
0.80 |
|
|
|
155.00 |
156.00 |
0.129 |
0.61 |
0.02 |
0.60 |
|
|
|
208.00 |
209.00 |
2m@0.45%Cu |
0.007 |
0.13 |
0.00 |
0.25 |
|
|
|
209.00 |
210.00 |
0.114 |
0.78 |
0.01 |
0.50 |
SAL21-004 |
7113334 |
384971 |
154.00 |
155.00 |
4m@0.26%Cu |
0.059 |
0.327 |
0.007 |
|
|
|
|
155.00 |
156.00 |
0.009 |
0.205 |
0.003 |
|
|
|
|
156.00 |
157.00 |
0.021 |
0.158 |
0.003 |
|
|
|
|
157.00 |
158.00 |
0.027 |
0.33 |
0.008 |
|
|
|
|
182.00 |
183.00 |
2m@0.26%Cu |
0.012 |
0.2 |
0.006 |
|
|
|
|
183.00 |
184.00 |
0.043 |
0.326 |
0.011 |
|
|
|
|
206.00 |
207.00 |
2m@0.34%Cu |
0.092 |
0.196 |
0.005 |
|
|
|
|
207.00 |
208.00 |
0.103 |
0.49 |
0.012 |
|
SAL21-005 |
7113369 |
384935 |
139.00 |
140.00 |
15m@0.49%Cu |
10m@0.65%Cu |
0.341 |
2.467 |
0.009 |
|
|
|
|
140.00 |
141.00 |
0.036 |
0.296 |
0.002 |
|
|
|
|
141.00 |
142.00 |
0.037 |
0.39 |
0.004 |
|
|
|
|
142.00 |
143.00 |
0.053 |
0.358 |
0.005 |
|
|
|
|
143.00 |
144.00 |
0.031 |
0.243 |
0.003 |
|
|
|
|
144.00 |
145.00 |
0.158 |
0.522 |
0.043 |
|
|
|
|
145.00 |
146.00 |
0.173 |
0.879 |
0.01 |
|
|
|
|
146.00 |
147.00 |
0.067 |
0.389 |
0.006 |
|
|
|
|
147.00 |
148.00 |
0.09 |
0.606 |
0.006 |
|
|
|
|
148.00 |
149.00 |
0.015 |
0.303 |
0.002 |
|
SAL21-006 |
7112534 |
385144 |
*Pending results |
Algarrobo UpdateThe geophysical
target drill program started on the Northeast Target at Algarrobo
due to the logistical difficulties accessing the central and
southwest areas of the large Central geophysical anomaly where
access roads were constructed and water holding tanks had to be
installed (see Figure 5 below).
The Company has now completed a total of six
holes on the geophysical target follow up of which assay results
have been received for the first two (AGL21-046 and AGL21-47) from
the Northeast Target. Both drill holes intersected wide sections of
potassic altered intrusive rocks with varying amounts of
disseminated and veinlets of pyrite, pyrrotite, magnetite and minor
chalcopyrite over approximately 200 meters.
Assay results have yet to be received for the
four holes which have been drilled into the main part of the
Central anomaly and the Southwest anomaly. Drilling on these
targets presented an unexpected challenge in that the thickness of
sand dunes in this part of the property increased to 150-180 meters
thick as compared to less than 5 meters in the northeast part of
the property. All four holes intersected potassic alteration
including biotite breccias with pyrite, pyrrotite, magnetite and
minor chalcopyrite. In addition, a 3.0m quartz-tourmaline
pyrite-chalcopyrite breccia was intersected in the south Gloria
target located near the edge of the large magnetic anomaly.
The alteration observed on this target appears
to outline a large area of porphyry style alteration and
mineralization covering 3.0 by 5.0 kilometers that warrants further
testing. Holes drilled to date are spaced at 1 kilometer apart in
the central zone and 2 kilometers to the edges from each other
leaving significant room for additional exploration.
Vernon Arseneau, P.Geo., COO of Nobel remarks,
“The initial results of this drill program are resulting in a
revision of the geological model for the project. Where it was
believed to be an Iron Oxide Copper Gold (IOCG) environment, the
alteration we are seeing in the deep drilling both in the Northeast
and Central Target areas is more characteristic of potassic
alteration associated with porphyry deposits in Chile. This is a
very large target area and while we have not intersected ore grade
mineralization, we have identified an extensive and completely new
system. Zonation within Chilean porphyry systems are very well
understood and ongoing mineralogical analysis will be used to
provide vectors towards where, in the large alteration systems
higher grade copper mineralization is most likely to occur. This
will be an important guide for future drill targeting.
The property hosts a lot of historical copper mineralization
distributed over 5 kilometers of historical workings, two large
scale structures associated with copper mineralization and located
in one of the premiere copper producing regions. There is now
evidence of a previously unexplored large potential porphyry system
and it will require some persistence to effectively evaluate
it.”
All drill holes drilled to date have been
sampled for mineralogical analysis work to assist in defining the
alteration pattern and define vectors towards potentially more
strongly mineralized parts of the system. Given the large size of
the alteration zone, the observed weak mineralization and the high
number of copper bearing veins associated with the artisanal mines,
and the large spacing between drill holes done so far, the Company
feels that additional exploration drilling is warranted on this
target. The alteration, mineralization and plethora of mineralized
veins are all characteristics commonly associated with large
porphyry copper systems. The mineralogical analysis will provide
important information for better targeting future drilling.
Extensive
Alteration Zones |
Holes |
North WGS 84 |
East WGS84 |
Description |
ALG21-046 |
7009005 |
343926 |
205m, magnetite dissemination, minor chalcopyrite-pyrite, early
veins with quartz pyrite and chalcopyrite |
ALG21-047 |
7008124 |
343639 |
194m, magnetite dissemination, minor chalcopyrite-pyrite, early
veins with quartz pyrite, pyrrhotite and chalcopyrite |
ALG21-048 |
337498 |
7004400 |
315m, magnetite dissemination, minor
chalcopyrite-pyrite-pyrrhotite, quartz pyrite, pyrrhotite and
chalcopyrite veins. |
ALG21-049 |
338506 |
7004625 |
250m, magnetite dissemination, minor
chalcopyrite-pyrite-pyrrhotite, quartz pyrite, pyrrhotite and
chalcopyrite veins. |
ALG21-050 |
335500 |
7003107 |
370m, magnetite dissemination, minor
chalcopyrite-pyrite-pyrrhotite, quartz pyrite, pyrrhotite and
chalcopyrite veins. |
Figure 5: Algarrobo geophysical target
drilling, drill hole location
map.https://www.globenewswire.com/NewsRoom/AttachmentNg/44d58d44-3740-46fa-8972-74a51af6f53b
Summary Drill Results |
Holes |
Azimuth(°) |
Dip(°) |
Depth(m) |
From(m) |
To(m) |
Best Cu Interval |
Gold(g/Tn) |
Copper (%) |
Cobalt (%) |
Silver (g/Tn) |
ALG21-046 |
180 |
-70 |
300.00 |
191.00 |
191.50 |
|
0.04 |
0.28 |
0.05 |
1.1 |
|
|
|
|
191.50 |
192.00 |
1.5m@0.97%Cu |
0.19 |
1.30 |
0.06 |
2.6 |
|
|
|
|
192.00 |
192.50 |
0.50 |
0.76 |
0.03 |
2.3 |
|
|
|
|
192.50 |
193.00 |
0.03 |
0.84 |
0.01 |
3.7 |
|
|
|
|
193.00 |
193.50 |
|
0.11 |
0.20 |
0.01 |
1.9 |
ALG21-047 |
180 |
-70 |
506.05 |
309.90 |
310.40 |
1.5m@1.22%Cu |
0.13 |
2.37 |
0.07 |
6.2 |
|
|
|
|
310.40 |
311.40 |
0.008 |
0.05 |
0.00 |
- |
Qualified PersonThe scientific
and technical information in this news release has been reviewed
and approved by Mr. Vernon Arseneau, P.Geo, as defined by National
Instrument 43-101 of the Canadian Securities Administrators.
About Nobel
Nobel Resources has the right to acquire 100%
interest in each of the Algarrobo project and the La Salvadora
project, both potential Iron Oxide Copper Gold Ore (IOCG) style,
high grade copper properties in Chile. The country is a top mining
jurisdiction as it is strategically located within 25 km from port
and has world-class IOCG deposits within the Major Candelaria belt.
Chile’s mining capabilities benefit from close to surface, high
grade mineralization within the mining face and has the necessary
permitting in place.
For further information, please
contact:
David GowerChief Executive
Officerinfo@nobel-resources.comwww.nobel-resources.com
Cautionary Note Regarding
Forward-looking Information
This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, regarding the prospectivity of each of the Algarrobo
project and the La Salvadora project (collectively, the
“Projects”), the mineralization of the Projects, the Company’s
ability to explore and develop the Projects, timing of the Company
receiving drill permits; access to drilling equipment; and the
Company’s future plans. Generally, forward-looking information can
be identified by the use of forward-looking terminology such as
“plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or
“does not anticipate”, or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will be taken”, “occur” or “be
achieved”. Forward- looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
Nobel, as the case may be, to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to: general business, economic, competitive,
geopolitical and social uncertainties; the actual results of
current exploration activities; risks associated with operation in
foreign jurisdictions; ability to successfully integrate the
purchased properties; foreign operations risks; and other risks
inherent in the mining industry. Although Nobel has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. Nobel does not undertake
to update any forward-looking information, except in accordance
with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
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