Tribeca Resources drills 0.54% CuEq over 44 metres at La Higuera, Chile
Tribeca Resources Corp. [TRBC-TSXV] reported results from two 250-metre step-out drill holes, adding 500 metres of additional strike length for a total of 1 km to this discovery at the Gaby target. This new discovery is part of the company’s La Higuera iron oxide copper-gold (IOCG) project located in the Coquimbo region of northern Chile.
Highlights: Results from two drill holes forming a 500-metre step-out to the north have doubled the strike length of known significant copper-gold sulphide mineralization at what is now a one-km-long mineralized zone at the Gaby discovery.
Drill hole GBY007 intersected 44 metres at 0.52% copper and 0.1 g/t gold from 96 metres of depth within a larger mineralized interval of 264 metres at 0.31% copper and 0.06 g/t gold.
Drill hole GBY006 intersected 26 metres at 0.51% copper and 0.1 g/t gold from 228 metres of depth within 186.7 metres at 0.27% copper and 0.05 g/t gold from 76 metres to end-of-hole.
The mineralization remains clearly open to the north and at depth. Integration of the stepout results with new geophysical data provides additional promising drill targets both along strike and adjacent to this discovery.
Logging and data collection from the drill core is being completed before planning the next phase of drilling to expand what is now a growing copper-gold discovery.
The two holes reported here have intersected an interpreted approximately 130-metre-wide, north-northwest-trending, subvertical zone of magnetite-related IOCG-style copper sulphide mineralization.
Dr. Paul Gow, CEO, commented: “These drill results are highly encouraging and further validate our approach of aggressively stepping out to drill well-reasoned geophysical targets under thin gravel cover.
“Located at just 450 metres above sea-level, and 10 km from the coast, the La Higuera project benefits from extremely favourable access to infrastructure and the possibility of year-round drilling. We look forward to continuing our efforts to increase the known size of this mineralized system during 2023.”
The interpretation of magnetic susceptibility data conducted on the project has yielded valuable insights, and the magnetite-associated mineralization drilled to date shows a strong spatial correlation with moderate intensity magnetic anomalism (approximately 1000 nT). The moderate magnetic trend continues to at least 400m north of drill hole GBY007.
A strong gravity anomaly of approximately one mGal intensity is present 400 metres to the east of drill hole GBY007, and is coincident with a small copper showing on sporadic outcrop. This provides an additional significant exploration target.
Next steps: Complete drill core logging and receive all assays results from the phase 1 program, and revise the 3-D geological model; analyze and integrate the geophysical data received as part of the phase 1 program; select targets for detailed geological mapping, surface geochemistry, and/or further geophysical surveying from the five current targets at the La Higuera project; and dDevelop the phase 2 work program.
Tribeca Resources is a copper exploration company focused on discovering and developing assets in the Coastal IOCG belt of northern Chile.
Tribeca’s flagship property is the La Higuera IOCG project that comprises 4,047 hectares of granted mining and exploration licences and is located towards the southern end of the Chilean Coastal IOCG Belt in the Coquimbo Region of northern Chile.
The 822-hectare Gaby concession area is held under a purchase option (5% exploration levy on expenditure incurred during the option period; a US$2-million final payment due March, 2024; with a 1% NSR (net smelter return) royalty granted to the owner), with the remainder of the concessions being outright owned (100%) by Tribeca.