TORONTO, April 22, 2021 (GLOBE NEWSWIRE) — Nobel29 Resources Corp. (TSX-V: NBLC) (the “Company” or “Nobel29”) announces results of channel sampling at surface and underground from its Algarrobo Iron Oxide copper-gold project (the “Project”) in Chile (Figure 1 – Location Map). The Company has completed an extensive chip-channel sampling program on underground and surface exposures of mineralization at its Algarrobo copper gold project in advance of its drill program. A total of 133 chip/channel samples were collected from the existing workings as well as trenches and surfaces exposures. The mineralization is typically characterized by very high grade veins ranging from 0.5 to 5 meters thick with mineralized wall rock adjacent that commonly has copper grades that can vary from 0.8% to 5% copper where they can sampled. The mining has been geared to high grade, small scale production for direct shipping +12% copper ore to the Enami smelter 45 km south in the city of Copiapo, and as such the narrow working generally do not expose the entire width of the mineralized wall rock as it does not meet the direct shipping cutoff grade. A complete list of the samples and results is included below. Additional information in respect of the Algarrobo Project can be found the Company’s technical report prepared by Richard T. Walker, M.Sc., P. Geo. and Enrique Grez Armanet, B.Sc., P. Geo. titled “NI 43-101 Technical Report Algarrobo Property III Region, Chile at 27° 02’ 34’ E Latitude, 70° 33’ 52’ Longitude” with an effective date of February 28, 2021, which has been filed on SEDAR (www.sedar.com) (the “Technical Report”).
Diamond drilling and ground magnetic surveys have commenced on the Project and results will be announced as they become available. According to David Gower, P.Geo., CEO, “We are incredibly excited to commence the work to delineate the resources on this Project. It’s very rare to see copper grades as high as we see on this Project. This is a large mineralized system that extends for at least 6 kilometers along strike based on the historical workings in the area and sampling done by Nobel29 geologists. Having recently closed a capital raising of approximately $9 million that was escrowed until trading commenced this week, the Company is well financed to execute on a major drill campaign at Algarrobo.”
- Chip/channel samples across the high-grade mineralized structures have returned values as high as 36.22% copper with numerous samples grading from 5 % to 30% copper (Table 1).
- Copper-rich samples show consistent gold enrichment with values ranging from 0.24-3.37 g/t gold and locally values as high as 15 g/t and 27.4 g/t gold.
- Artisanal mining has been producing ore to a 12% copper cut off and direct shipping it to the smelter in Copiapo for treatment.
- Workings on the Project generally do not exceed 40 meters depth, however historical mining to 350 meters depth has occurred on an adjacent property and to 500 meters within 5 km of the Project.
- The Project is characterized by a very extensive mineralized system that extends at least 6 km along strike in a northeast direction and major mineralized veins form a horsetail structure that is more than 2 km across strike. Besides the numerous major vein structures there are thousands of smaller copper mineralized veins with varying orientations that have not been sampled within the mineralized area (see Figure 2).
- The Project is in an area with excellent infrastructure, 25 km by paved highway from the port of Caldera and 45 km north of the smelting complexes located in the city of Copiapo also by paved highway.
Table 1: Highlights from the rock sampling program.
Figure 1: Location of the Algarrobo IOCG Project.
Figure 2: Map of the northeast part of the Property showing the numerous major mineralized structures sampled by Nobel29 and from which production has occurred. The area with the historical and current mine workings is concentrated in the northeaster quadrant of the Property extending approximately six km along strike in a southwesterly direction. The numbers beside certain of the sample site refer to copper values in % from the high grade vein systems. The inset map showing the Gloria Vein occurs 3 km southwest along the trend and off the map.
Rock chip samples were acquired perpendicular to the mineralized structures in a strip 20 cm wide and 2 to 3 cm deep. Samples were an average of approximately 1.0 m in length, not less than 0.4 m in length and range up to 3 meters in length. In exceptional cases, samples of less than 0.20 m were taken. Approximately 130 linear m of variably mineralized veins and structures were sampled. Sections to be sampled were selected and marked with paint by the supervising Geologist according to the mineralization characteristics of the different units and considering their contact relationships. Samples of the wall rock were taken adjacent to the mineralized veins, however sampling did not cross the lithological boundary. A total of 133 samples, approximately 3.5 kg each, were collected, with 26 samples inserted for Quality control (16.35% of the total samples analyzed), including duplicates (5.03%), reference material (standards 6.29%) and sterile samples (blanks 5.03%). Samples were bagged, labeled and submitted to ALS Global Laboratory for assay. Samples were prepared according to a standard, resulting in pulps with 85% at <75 μm. Subsequent to analysis, remaining pulp were received in Kraft envelopes for each sample, duly labeled, packed in boxes and stored in the Project warehouse in Caldera. For further information please refer to pages 79 and 80 of the Technical Report.
The Company has granted a total of 1,550,000 stock options to various directors and officers pursuant to its stock option plan. The options may be exercised at a price of $0.64 per option for a period of five years from the date of grant. The grant of options remains subject to the approval of the TSX Venture Exchange.
FOR FURTHER INFORMATION PLEASE CONTACT:
Nobel29 Resources Corp.
Telephone: (416) 356-4839
The scientific and technical information in this news release has been reviewed and approved by Mr. Vernon Arseneau, P.Geo, and Mr. David Gower P.Geo., Qualified Persons as defined by National Instrument 43-101 of the Canadian Securities Administrators.
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, statements regarding the mineralization of the Project, the prospectivity of the Project, the Company’s exploration program and the results thereof, the Company’s drill program and the grant of stock options 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 Nobel29, 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 Nobel29 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. Nobel29 does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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