Nobel29 Resources Corp. [NBLC-TSXV] reported results of channel sampling at surface and underground from its 100%-owned Algarrobo iron oxide copper-gold project in Chile. 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 metres 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 workings generally do not expose the entire width of the mineralized wall rock as it does not meet the direct shipping cut-off grade. A complete list of the samples and results is in the companyâ€™s press release.
Diamond drilling and ground magnetic surveys have commenced on the project. According to David Gower, P.Geo., CEO, â€œWe 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.â€
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. 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.
The project has 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.