Tribeca Resources to Acquire Option over Jiguata Porphyry Copper Project in Chile
thenewswire.com
19 JUNE, 2025 | VANCOUVER, BC – TheNewswire - Tribeca Resources Corporation (TSXV: TRBC) (OTCQB: TRRCF) (“Tribeca Resources”, the “Company”) is pleased to announce it has entered into a letter of intent (“the LOI”) with private vendors (the “Project Vendors”) to acquire a 100% interest in a 10,000 hectare property (the “Jiguata Property”) over a period of 5 years. The Jiguata property, located in northern Chile, 120km north of the major mining company controlled Collahuasi and Quebrada Blanca mines (Figure 1), will be progressed in parallel with the Company’s two existing projects: La Higuera and Chiricuto.
Highlights:
- Property
- Large epithermal and interpreted porphyry alteration system in the northern extension of the prolific Chilean porphyry-bearing Eocene-Oligocene Belt. Overprinted and partly covered by rocks of the younger Miocene Belt
- Soil sampling, historic drilling, geological mapping and geophysics highlight a large 5km x 3km exploration target, with two existing discrete near drill-ready targets
- Located 120km north of Collahuasi (Anglo-Glencore-Mitsui) and Quebrada Blanca (Teck-Codelco-Mitsui) at an altitude of 4,200-4,600 meters. Drive-up access via paved Collahuasi road and nearby accommodation
- Proposed work
- The agreement allows for a thorough testing with expenditure going into the ground to advance towards a discovery
- Pre-drilling activities at the Jiguata Property will be undertaken in parallel with planned further drilling at the Company’s flagship La Higuera Project
- Proposed transaction
- Letter of intent entered to acquire a 100% interest in the Jiguata Property
- US$15 million purchase price over a 5-year option period; including US$14.45 million bullet payment upon option exercise
- Parties will work to enter into a definitive agreement within 90 days of the date of the LOI
Tribeca Resources CEO, Dr. Paul Gow commented:
“We are delighted to be acquiring this significant landholding of 10,000 hectares, which hosts two near drill-ready targets, and extensive blue sky potential that has only been lightly explored. This is an extensive alteration system in northern Chile, a district that hosts truly world-class porphyry copper deposits. The system is exposed through an erosional window in the thin overlying younger Miocene volcanics, whose presence is part of the reason, we believe, that this part of the northern extension of the Chilean Eocene-Oligocene Belt has not been adequately explored. While the project is at an altitude of approximately 4400m, the excellent access and infrastructure and the relatively benign winter at this far northern latitude makes for exploration access much of the year.”
“The pre-existing geoscience database at the project fits with the Tribeca strategy of seeking projects with recognised indications of a potential mineralized system and a well populated database so that drill targets can be firmed up in short order. We look forward to working from this LOI to complete the acquisition over the coming months and commence fieldwork.”
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Figure 1. Location of the Jiguata Property (10,000 hectares) in the Eocene-Oligocene metallogenic belt of northern Chile, where it is overprinted by the younger Miocene belt.
The Jiguata Property
Highlights
- 34 exploration concessions covering 10,000 hectares
- Situated in the northern extension of the prolific Eocene-Oligocene porphyry copper belt of northern Chile, approximately 120km north of the Collahuasi and Quebrada Blanca copper-molybdenum deposits.
- Pre-existing geological mapping, soil and rock geochemistry and Induced Polarization (IP) survey and limited historic drill data outline two drill targets, with additional earlier stage targets elsewhere on the property remaining to be detailed with additional field work.
- Excellent existing access to the area via a maintained road that passes through the property.
The Jiguata Property is located in the northern extension of the Eocene-Oligocene metallogenic belt of northern Chile (Figure 1), where it has been overprinted by the Miocene magmatic belt. The prolific Eocene-Oligocene Belt hosts the giant Collahuasi, Chuquicamata and Escondida deposits, while the Miocene Belt, further to the south, hosts many of the current crop of high-profile Chilean-Argentine porphyry copper projects including Filo del Sol, Valeriano, Encierro and Altar.
The project area encompasses a large advanced argillic alteration zone (25 square km) hosted within a volcanic tuffaceous unit under a thin blanketing cover of fresh unaltered Miocene dacitic volcanic rocks dated at approximately 9-5 Ma (Figure 2). The alteration zone has been exposed via an erosional window in the overlying Miocene volcanic rocks. The age of the tuffaceous unit hosting the alteration is unknown age but likely Eocene-Oligocene or Miocene. Within the alteration zone, previously unmapped feldspar-biotite-(hornblende) bearing porphyritic units are recognised. The alteration zone is representative of a lithocap and dominated by epithermal mineralogy and textures (e.g. extensive quartz-alunite alteration and the presence of steam-heated, chalcedonic silica and quartz ledges), although porphyry-style veins are present at surface and propylitic alteration and quartz stockwork is recorded from shallow historic drilling. The historic drilling comprised two reverse circulation (RC) drill holes that were completed in 1993 to depths of 250m and 300m. The drill holes appear to have been targeted at silica ‘ledges’ within a large soil molybdenum anomaly (to 867ppm Mo in soils) in the incised valley. Highly anomalous Mo was recorded in the drill holes (e.g. 248m @ 255ppm Mo in drill hole 3546), with copper above background at 250 ppm. Various copper or molybdenum sulphide minerals have been reported from the drilling, including chalcopyrite, bornite, chalcocite and molybdenite.
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Figure 2. Oblique view to the NE of the incised advanced argillic alteration system at Jiguata (pale rocks) hosting mapped porphyritic units (in red). A thin cover of Miocene volcanic rocks (dark sub-horizontal unit) cover this alteration zone. The two historic RC drill holes from Codelco (250m and 300m depth) are shown in the southern valley floor.
IP surveying was completed on six one kilometer-spaced lines over part of the project area in 2014, delineating two large chargeability anomalies which coalesce to form a zone of 1.5km x 5km at >20 mV/V (Figure 3), with associated high- and low-resistivity zones, which comprise high-priority near-term drill targets.
The project area is traversed by an existing good quality maintained road (97-B) which is partly asphalted, allowing for rapid access within 3 ½ hours (220km) from the port city of Iquique via the Collahuasi access road (highway 65). The altitude in the project area generally ranges between 4200m-4600m, but the northerly latitude of the project provides only short interruptions to access for exploration activities, with a variably short snow season in July-August and a rainy period (“Bolivian winter”) in January-February. Other companies holding exploration tenure in the general area include, Vale, Codelco, BHP, Teck, Glencore and Antofagasta Minerals.
Tribeca Resources plans to undertake further mapping, surface sampling and additional geophysics prior to proceeding with drilling at the Jiguata Property.
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Figure 3. Location of IP survey lines shown relative to the large advanced argillic alteration zone at the Jiguata Project . The modelled chargeability sections are shown for lines 5000N and 6000N, which host two high chargeability drill targets. The deep purple colors on the sections represent chargeability values of approximately 30 mV/V.
Key Transaction Terms
The key terms under which Tribeca Resources has the right, but not the obligation, to acquire a 100% interest in the Jiguata Property (the "Purchase Option”) are as follows:
- Duration: 5-year option to purchase a 100% interest in the Jiguata Property
- Purchase price: Cumulative payments totalling US$15M to be paid as follows:
- On signing: US$25,000
- At 12 months: US$75,000
- At 24 months: US$125,000
- At 36 months: US$150,000
- At 48 months: US$175,000
- At 60 months: US$14,450,000
- Holding costs: Tribeca Resources to pay annual concession fees (currently less than US$50,000/year)
- Deliverables: To maintain the Purchase Option, Tribeca must have completed at least 3,000 metres of drilling, with a minimum hole depth of 500m within the first 24 months.
- Extension right: Option period extendible to 6 or 7 years, by paying the Project Vendors US$1,000,000 for each 12-month extension
- NSR Royalty: If the Purchase Option is exercised, the Project Vendors retain a 2.0% NSR Royalty over the Jiguata Property. Tribeca has a right to repurchase 100% of this royalty for US$20 million
With the exception of the reimbursement of 2025 mining licence fees (approximately US$44,000) to the Project Vendors and the US$25,000 payment on signing of a definitive agreement, all payments and work commitments are optional; Tribeca Resources will not be obliged to make any payments or complete any work should it elect not to maintain or execute the Purchase Option.
Tribeca Resources will be the operator of the project. The transaction is subject to approval of the TSX Venture Exchange.
Chiricuto Project final drill results
Assay results were reported from the first three holes (CHR001 TO CHR003) at the Chiricuto project in the northern Atacama region on 7 May 2025, and included the intersection in CHR001 of a thick (>400m) interval of porphyry-style veining and alteration with a strong sulphide component and three 10-12m intervals of 0.10-0.12% copper with gold up to 0.53 g/t. Final assay results have now been received from the final two holes at Chiricuto (CHR004 and CHR005). The holes tested the weaker southern portion of the IP anomaly drilled by CHR001. Both holes intersected altered andesite and monzodiorite with lesser sulphide and copper mineralization, with the best copper-bearing intervals being:
- 8m @ 0.14% Cu, 0.06ppm Au, 76ppm Co and 6.4% Fe from 144m in CHR004
- 6m @ 0.16% Cu, 0.37ppm Au, 31ppm Co and 5.8% Fe from 212m in CHR004
This final data is now being integrated to understand if potential for higher grade copper mineralization exists related to the porphyry-style alteration system intersected in holes CHR001, CHR004 and CHR005.
More detailed information including drilling location maps and drill hole collar details can be found in the news release from Tribeca dated 7 May 2025.
La Higuera Project update
Tribeca intends to recommence drilling at the La Higuera Project in 2H 2025. Targets have been identified from geophysical data and historic drilling under gravel cover on the flanks of the Chirsposo Sur target system, and as follow-up drilling from the 2024 Phase 2 drill program at the Gaby IOCG discovery. Further information on these proposed programs will be released as available.
Qualified Person
All scientific and technical information in this press release has been prepared by, or approved by, Dr. Paul Gow, who is the CEO of Tribeca Resources. He is a Member of the Australian Institute of Geoscientists (MAIG), a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and a qualified person for the purposes of NI 43-101. Dr. Gow has not verified any of the information regarding any of the properties or projects referred to herein other than the La Higuera Property, the Chiricuto Property and the Jiguata Property. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the La Higuera, Chiricuto or Jiguata Properties.
About Tribeca Resources
Tribeca Resources is a copper exploration company focused on discovering and developing copper assets in northern Chile. The Company’s management team, whose members are significant shareholders of the Company, has world-leading copper expertise including a discovery history with iron oxide copper-gold deposits in the world’s great IOCG Belts of the Carajás district in Brazil and the Gawler and Cloncurry provinces of Australia, and porphyry-copper project and business development experience in Papua New Guinea, the Philippines, Peru, Argentina and Chile.
Tribeca Resources’ objective is to provide the mineral resources for the next generation of copper mines in Chile. It is focused on building a portfolio of projects, with emphasis on mid to advanced-stage copper exploration and resource development projects. To this end, mineral targets are regularly assessed in pursuit of acquisition, strategic exploration and significant discovery.
Tribeca Resources’ flagship property is the La Higuera Project that comprises 4,147 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. Further information about the project can be found in the NI 43-101 Technical Report lodged by Tribeca Resources on SEDAR on 24 October 2022.
On behalf of Tribeca Resources Corporation
Paul Gow
| | Thomas Schmidt
| CEO and Director
| | President and Director
| admin@tribecaresources.com
| | admin@tribecaresources.com
| +1 604 685 9316
| | +1 604 685 9316
|
Cautionary Note
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the Securities Act (“Regulation S”), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act.
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 LOI, the transaction and the Company’s Purchase Option of the Jiguata Property, the ability of the Company to develop and define suitable drill targets at the Jiguata Property, the relationship between geophysical survey results, alteration observed at surface and in drilling and potential mineralization, the ability of the Company to raise appropriate funding to complete the work program at the Jiguata, Chiricuto and La Higuera Properties and to fund the acquisition, 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 TSX Venture Exchange approval of the transaction, the ability of the Company to pay the purchase price as well as any other payments required by the LOI, risks associated with mineral exploration, including the risk that actual results of exploration will be different from those expected by management, and the risk that new laws or regulations could adversely affect the business and results of operations of the Company and anticipated work on the Company’s projects.
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. |
