Further, final assays from Phase 2 drilling at the Company's cornerstone
Highlights: Binding purchase option executed for acquisition of a 100% interest in the Chiricuto Property, hosting a rare undrilled iron oxide alteration system in the Mantoverde -
IP and magnetic surveying results, combined with significant copper workings on adjacent licences suggest the potential presence of a large magnetite +/- sulphide system.
With a modest up-front payment, Tribeca Resources' novel 'exploration levy' concept applied, and the final purchase price dependent on metal contained in a maiden Mineral Resource Estimate (' MRE '), the Agreement provides Tribeca Resources' shareholders with a low-cost option on an exciting property with strong IOCG potential.
Pre-drilling activities at the Chiricuto Property will be undertaken in parallel with preparation for further drilling at the Company's flagship
Final drill results from a successful Phase 2 program at the
Tribeca Resources will continue its pursuit of high-quality exploration properties, seeking to capitalise on the opportunity offered by current market conditions, to incorporate external growth options on sensible commercial terms.
Tribeca Resources CEO, Dr.
'In addition to this exciting portfolio addition, we are pleased to report completion of the Phase 2 drill program at the flagship
The Chiricuto Property is located within the andesite-dominated lower unit of the Middle-Upper Jurassic La Negra Formation, which is the same rock unit that hosts
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. Ground magnetic data has been collected over the area that suggests the magnetite alteration is widespread, with high intensity anomalies up to 3000nT. Two reconnaissance lines of pole-dipole Induced Polarization (IP) have been surveyed and show high chargeability zones above 20 mV/V.
Tribeca Resources has, in large part due to our local networks and a growing reputation as a dynamic IOCG-focused copper explorer in the Chilean Coastal IOCG Belt, positioned itself as a partner of choice for the Project Vendors.
Tribeca Resources plans to undertake mapping, surface sampling and additional geophysics prior to proceeding with drilling at the Chiricuto Property.
Key Transaction Terms
The key terms under which Tribeca Resources has the right, but not the obligation, to acquire a 100% interest in the Chiricuto Property (the 'Purchase Option' ) are as follows:
Duration: 5-year option to purchase a 100% interest in the Chiricuto Property
Option cost: Cash payment of
Purchase price:
Holding costs: Tribeca Resources to pay annual concession fees (less than
Past annual concessions fees: Payment or reimbursement of certain past licence fees totalling approximately
Exploration Levy payments: Annual 5% Exploration Levy cash payments to the Project Vendors with guaranteed minimum payment of
Deliverables: To exercise its Purchase Option,
Extension right: Option period extendible to 6 years by paying the Project Vendors
NSR Royalty: If the Purchase Option is exercised, the Project Vendors retain a 0.5% NSR Royalty over the Chiricuto Property. No repurchase rights are included. 50% of Chiricuto Property purchase price to count as credit towards the NSR Royalty.
With the exception of the initial cash payment of
Tribeca Resources will be the operator of the project. The Agreement is subject to approval of the
Final assay results from Phase 2 drilling at the Gaby target have now been received and are reported below. Drill holes GBY015 and GBY016 were sited to test two geophysical anomalies (gravity and IP, respectively) to the east of the main trend, and GBY017 was sited within a 400m undrilled gap in the main north-south trend.
About Tribeca Resources
Tribeca Resources is a copper exploration company focused on discovering and developing assets in the Coastal IOCG Belt of northern
Tribeca Resources' objective is to provide the mineral resources for the next generation of copper mines in
Tribeca Resources' flagship property is the
Contact:
Tel: +1 604 685 9316
This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in
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 Agreement and the Company's Purchase Option in the Chiricuto Property, the ability of the Company to develop and define suitable drill targets at the Chiricuto Property, the relationship between geophysical survey results and potential mineralization, the ability of the Company to raise appropriate funding to complete the work program at the Chiricuto Property and other future plans and objectives of the Company, including exploration projects.
Such statements and information reflect the current view of the Company. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others,: the ability of the Company to obtain
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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