Nobel Provides Update on La Salvadora and Algarrobo Copper Projects, Chile
TORONTO, ONTARIO November 8, 2021 – Nobel Resources Corp. (TSX–V: NBLC; OTC: NBTRF) (the “Company” or “Nobel”) plans to commence the initial drill program on its newly acquired Salvadora copper project in Chile. The program will commence as soon as the drill permit is received which is expected to be around November 15th based on written correspondence from the regulators the file is in order. This permit will allow for up to 39 drill platforms from which multiple holes can be drilled per platform. Drilling continues at its flagship Algarrobo Project with the drill presently set up to test the large Central Target (see news release dated September 1, 2021).
Figure 1: Location of Algarrobo and Salvadora projects.
Drilling has been proceeding slowly at the Central Target site due to a number of factors including mechanical issues with the drill and the target site being covered by thick sand dunes which have resulted in logistical challenges. These have been overcome and it is expected the program will proceed more efficiently going forward. Set up included the establishment of a water reservoir at an accessible location for water trucks and installation of several kilometers of water line. The first hole on this target is in progress. It is a very large target and will require relatively long drill holes (500-600 meters) to test it. Given the scale, the Company expects to complete at least 4-8 drill holes within the 4 km x 2.5 km area of the IP anomaly in order to evaluate its potential to host a major deposit.
La Salvadora Project
La Salvadora is an iron oxide copper gold (“IOCG”) project located approximately 2 hours drive from Nobel’s flagship Algarrobo project. The Company plans to commence drilling around mid-November and intends to complete approximately 2,000 meters of diamond prior to year-end. Accommodations and sites for core storage, logging and sampling have already been identified and the crews are ready to start as soon as the permit is received. Meetings with officials have indicated the documentation for the permit is complete and delays are not expected. The initial drill program will focus on three main targets. Historical drilling used reverse circulation (RC) rigs so no core is available to the Company to assess the geology or structure. The initial targets 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 short drill holes to evaluate the extension of the copper oxide zone that extends at least 750 meters along a northwest trending mineralized structure.
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 or mining infrastructure in country.
Note that historical drill hole results are from RC drill holes and the Company has not seen QA/QC data for the assays and representative RC chips were preserved. Readers are cautioned that these potential grades are from single drill holes and there has been insufficient exploration by the Company or its qualified person at La Salvadora to define a mineral resource or mineral reserve; and it is uncertain whether further exploration will result in these targets being delineated as a mineral resource or mineral reserve.
Vern Arseneau, P.Geo., COO of Nobel comments, “We are looking forward to getting boots on the ground and start the drilling at La Salvadora. The project is very accessible and we will have two strong projects with drills running in this highly prolific copper producing region of Chile.”
Figure 2: Location map showing the La Salvadora Project as well as major projects and operations in the region.
Figure 3: Cross section showing historical drill hole SLVA-RC-0002 down dip from where the copper oxide mineralization is exposed in trenches and intercepted in shallow RC holes.
Figure 4: Magnetic map of a portion of La Salvadora showing SLVA-RC-0010 on the southern magnetic anomaly. The series of white historical RC drill holes show the distribution of near-surface copper oxide mineralizaton.
The 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.
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.
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.