TORONTO, June 11, 2021 (GLOBE NEWSWIRE) — Nobel29 Resources Corp. (TSX-V: NBLC) (the “Company” or “Nobel”) provides an update on the ongoing exploration program at the Algarrobo project in Chile (Figure 1) (the “Project” or the “Algarrobo Project”). The Company has completed 31 diamond drill holes to date, for which it has assays results for 12 drill holes on wide spaced target areas within the Algarrobo Project. In addition, the Company has received interpreted results for 3,733 line km of high-resolution magnetic survey data covering the Project, and this data indicates numerous highly prospective targets.
The Project area has been subject to artisanal mining for decades which demonstrates the presence of high grade copper mineralization distributed over at least 5 kilometers of strike length in numerous mineralized structures exposed in mine openings in the northeast part of the Project. The Project is unusual in that there is limited basic geological mapping or documentation of the geological controls on the mineralization given the long history of mine development. The ongoing initial drilling by the Company comprises a shallow hole diamond drill program on numerous targets over approximately a 12-kilometer expanse across the Project. The objective of this very wide spaced drilling, along with ongoing structural mapping, trenching and geophysical surveys is:
- To prioritize the most highly prospective areas for a large, commercial scale deposit which will be the focus of the future more focused drilling program, and
- Provide the basic geological and structural information on the controls of mineralization such that drilling can most effectively delineate the mineralization
According to Vern Arseneau, P.Geo., COO of Nobel, “We have learned a great deal from the initial program and continue to improve our knowledge of the Project. The combination of the magnetic survey and the drilling in the southern area of the Project is delivering exceptional targets on features with scale and with copper mineralization associated with them (assays pending for this area). The area in the northeast of the Project, where the historical mining operations have taken place, has shown that there is a level of structural complexity that must be understood in order to effectively delineate the mineralization related to the high grade vein structures that have been mined to date. Holes drilled early in the program did not recognize this complexity, however as new information has been collected the drilling success rate has improved.”
Figure 1: Location of the Algarrobo IOCG Project.
Copper mineralization has been intersected at shallow depths on various mineralized structures extending over approximately 12 km across the Project (Figure 2). Intervals for which the Company has assays generally range from 1.5 to 3.5 meters thick, however assays are still pending for the holes drilled later in the program. To date, drilling has targeted previously known mineralized structures and work has not been directed towards the larger scale deposit model pending completion of the magnetic survey. Mineralized intercepts for which assays have been received are listed below. A detailed table with locations is included at the end of the release. Assays are pending for numerous mineralized intercepts and will be reported when received.
Drill core is logged in the Company core facility and descriptions entered into a data base. See below for a detailed description of the sampling procedure.
The detailed magnetic survey was done on 20 meter line spacing over the Project (Figure 2) totaling 3,733 line kilometers of survey with continuous data collection. The magnetic data clearly maps the known mineralized structures and highlights a number of unexposed structures as well. In addition, the extension of the structures is clearly projected under the sand cover into the core of the Project to the southwest where there is no bedrock exposure. Most importantly, the magnetic survey has identified several features with 1-3 kilometer dimensions that have copper mineralization identified within them and represent potential targets for larger scale deposits. Specifically, there is a large central feature from which the main mineralized structures appear to radiate outwards from in the center of the Project area (Figure 2). This area is completely sand covered. The best mineralization in the recent reconnaissance drilling (assays pending) occurs in the south in a new discovery called Gloria in an area well removed from the main historical mining area in the northeast.
Figure 2: Magnetic survey coverage of the Algarrobo Project
The red dots denote areas that have been drilled by the Company as part of the reconnaissance program. Assays for most of this drilling remains pending and the Company will disclose the results when they are received. The northeast mineralized trend is the area in which the numerous artisanal mines have been developed for over a century extending along 6 kilometers strike. Two magnetic features at the south end of this trend and one near the Gruesa Veins are in areas covered by sand and will be covered by further geophysical surveys including gravity and induced polarization (IP). The newly discovered southern mineralized trend in the Gloria area strikes to the northwest. This area is also primarily sand covered with some outcrop exposures and unexplored except for some limited trenching. High grade mineralization has been identified by the current program. The two mineralized trends appear to radiate out from the major magnetic feature in the center of the property, located in an area with complete sand cover. This feature is up to 3 kilometers wide and will be an important large scale target. The Alicia target on the flank of this feature is a zone where a number of the historically worked structures intersect each other and will also be drilled in the near future. The magnetic survey was conducted using a GSM-19W walking magnetometer with internal GPS which records data continuously. A GSM-19 v 6.0 was used for the base station to enable corrections.
Mineralization has been discovered in shallow drill holes at several sites in the Gloria area in the southern part of the Project (Figure 2 and 3). This area is approximately 6 kilometers southeast of the nearest mine workings and the structural controls appear to strike approximately perpendicular to the area with the workings in the northeast. The two mineralized trends appear to intersect within the large magnetic feature in the center of the Project. This feature is completely covered by sand and has never been explored.
David Gower, P.Geo., CEO of Nobel stated, “We are incredibly excited by the potential we see on this Project for a major discovery. There is widespread, high grade copper mineralization well documented across kilometers of structures. With the first reconnaissance programs we have identified a new mineralized trend. We are seeing very interesting features in the magnetic survey data which has only been completed for a few days. The detailed analysis of this important survey data will further enhance our ability to effectively explore the Project. Clearly, there are large, well defined features that are spatially associated with copper mineralization for priority follow up. The next phase of the program will focus on refining the targeting of these larger scale features using IP and/or gravity techniques along with trenching where applicable, in advance of diamond drilling to potentially identify a large mineralized system.”
Figure 3: Strongly mineralized intercepts from the newly discovered Gloria mineralized trend (assays pending)
Sampling is conducted in a manner that will allow reasonable averaging and statistical analysis of the data for resource estimation. Standards, blanks and duplicate samples, are used to maintain quality control and to verify laboratory procedures.
- Samples were collected using a standard 0.5m to 1m sample length in the main mineralized zones and a 1m to 2m length in the surrounding rocks or in other minor intervals of alteration and/or mineralization. Shorter sample lengths were avoided whenever was possible.
- Core samples were split along the core axis using an electric rock saw, by the Company’s trained technicians, prior to sampling the core is logged and a high-resolution photographic record was taken for the files.
- One standard sample was inserted for each 20 core samples and one coarse blank, one fine blank and one internal duplicate sample were included each 50 core samples for QA/QC control.
- In order to meet 43-101 security standards in Canada, the samples were placed in rice bags and sealed with numbered security tags on site and then shipped to the laboratory facilities by truck by company personnel. The custody and transfer of samples was always the responsibility of company personnel.
All analyses of the samples were carried out by ALS Limited, an independent laboratory with all regulatory documents and certifications approved and up to date. The sample prep facilities are based in Copiapo, 90 km far from the project.
The analysis package chosen, for Au, Cu and Co, and a multielements, trace level method are as follows:
|ALS CODE||Lower Limit
|Au-AA23:||0.005 ppm||10 ppm||Fire Assay||Atomic Absorption Spectroscopy|
|Cu-AA62||0.001%||40%||Four Acid||Atomic Absorption Spectroscopy|
|Co-AA62||0.001%||20%||Four Acid||Atomic Absorption Spectroscopy|
|ME-ICP61||Four Acid||Atomic Emission Spectroscopy|
Drill Hole Data Table
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 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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Figure 3. Strongly mineralized intercepts from the newly discovered Gloria mineralized trend (assays pending)