Death toll at illegal mining operation in South Africa hits 51
Civil rights groups said at least 100 people have died from starvation since October when the authorities sealed off the mine in Stilfontein.
(via TheNewswire)
15 JANUARY, 2025 | VANCOUVER, BC – TheNewswire - Tribeca Resources Corporation (TSXV: TRBC) (OTCQB: TRRCF) (“Tribeca Resources”, the “Company”) is pleased to announce results from a systematic soil geochemical survey over the geophysical targets at the Chiricuto IOCG Property ("Chiricuto Property") in the Atacama region of northern Chile. Strong copper and gold soil anomalism is present and is associated with Induced Polarization (IP) and ground magnetic targets that are proposed for drilling in the coming months.
Highlights:
Highly anomalous copper and gold soil samples with values up to 935 ppm copper and 0.127 g/t gold
Two highest copper samples located directly over the two most significant geophysical anomalies: one over the intense ground magnetic anomaly, one over a coincident gradient array IP chargeability and magneto-telluric (MT) low-resistivity anomaly
Documentation for the upcoming drilling program submitted to the appropriate authority (Sernageomin), with drilling expected to commence in February
Drilling activities at the Chiricuto Property will be undertaken in parallel with preparation for further drilling at the Company’s flagship La Higuera Project.
Tribeca Resources CEO, Dr. Paul Gow commented:
“Integration of the new soil geochemistry data with our recently reported geophysical survey results reinforces our proposed drill targets at Chiricuto. These now represent exciting combined geophysical-geochemical targets in this growing copper district, dominated by Capstone Copper Corp. The very strong gold soil results accompanying the anomalous copper are highly encouraging, and consistent with the metals commonly present in IOCG systems. We look forward to commencing drilling at Chiricuto in the coming month.”
Chiricuto Project overview
The Chiricuto Property is a 570 hectare property located in the established Mantoverde district of the Chilean Coastal Belt, 15 km and 21 km from Capstone Copper Corporation’s Mantoverde mine and Santo Domingo development project, respectively (Figure 1).
The project is located within the andesite-dominated lower unit of the Middle-Upper Jurassic La Negra Formation, which is the same rock unit that hosts the Mantoverde deposit (approximately 1 Billion tonnes of oxide and sulphide copper resource, Capstone Copper MRE dated 31 December 2022 - Measured and Indicated categories). The rocks are in the hanging-wall to a major east-vergent thrust, parallel to, but located between, the regional Atacama and Chivato Fault Systems.
Much of the Chiricuto Property area is located under interpreted thin alluvial or colluvial gravel cover, however outcrop is locally present and hosts several small copper or iron workings and pits.
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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)
The Chiricuto soil sampling program
A systematic 200m x 200m spaced grid soil sampling program was completed over the previously announced geophysical targets at the Chiricuto Property (see Tribeca’s news release dated 29 October, 2024). The objective of the soil survey was to delineate zones of higher copper-gold within the extensive geophysical target area in order to prioritize and refine drill targets for the upcoming drill program. The survey spanned approximately 2.5km x 200m-1,000m of outcropping to sub-cropping area in the northwest of the property (Figure 2). The sampling comprised collection of a 200 gram sample of material finer than 180 microns (-80#) from 30 cm depth. The samples were analyzed at ALS laboratories for a multi-element package plus super-trace gold (ALS code AuME-ST43).
The maximum gold and copper values returned were 935 ppm Cu and 0.127 g/t Au. The maximum copper value was returned from over the intense >3,000 nT magnetic anomaly in the central-west of the property. The second highest copper anomaly was returned from the northwest of the property coincident with a prominent gradient array chargeability anomaly and magneto-telluric (MT) low-resistivity anomaly (Figure 2). Importantly, this zone of copper anomalism also hosts a 400m x 300m zone of gold in soil of >50 ppb Au (0.05 g/t Au), with two samples above 0.1 g/t Au.
Upcoming drilling program
These coincident geochemical-geophysical targets at the Chiricuto Property are planned to be tested by an approximate 1,500m diamond drilling program expected to commence in February. The requisite documentation has been submitted to the appropriate authority (Sernageomin) and the drilling contractor has been appointed.
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Figure 2. Summary soil geochemistry copper results. The key gradient array IP anomaly in the northwest of the property displays coincident copper and gold anomalism in the soil data. Copper anomalism (to 935 ppm Cu) is also coincident with the strong magnetic anomaly in the central-west area.
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 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 La Higuera Property and the Chiricuto Property. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the La Higuera Project and the Chiricuto Property.
About Tribeca Resources
Tribeca Resources’ objective is to provide the mineral resources for the next generation of copper mines in Chile. It is focused on building a portfolio of projects, with emphasis on mid to advanced-stage copper exploration and resource development projects. To this end, mineral targets are regularly assessed in pursuit of acquisition, strategic exploration and significant discovery.
Tribeca Resources’ flagship property is the La Higuera Project that comprises 4,147 hectares of granted mining and exploration licences and is located towards the southern end of the Chilean Coastal IOCG Belt in the Coquimbo Region of northern Chile. Further information about the project can be found in the NI 43-101 Technical Report lodged by Tribeca Resources on SEDAR on 24 October 2022.
On behalf of Tribeca Resources Corporation
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Paul Gow |
Thomas Schmidt |
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CEO and Director |
President and Director |
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+1 604 685 9316 |
+1 604 685 9316 |
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Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the Securities Act (“Regulation S”), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act.
Forward Looking Information
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include statements regarding the relationship between geophysical and geochemical survey results and potential mineralization, the size and timing of the proposed maiden drill program which shall commence in early 2025, and the operations of the Company.
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There are several important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: reliance on key management; changes in the credit or security markets; results of operation activities; unanticipated costs and expenses; fluctuations in commodity prices; and general market and industry conditions. The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
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