Vancouver, British Columbia--(Newsfile Corp. - November 18, 2024) - Kobrea Exploration Corp. (CSE: KBX) (FSE: F3I) (OTCQB: KBXFF) ("Kobrea" or the "Company") is pleased to announce that the Senate and the Chamber of Deputies of the Province of Mendoza, Argentina, have ratified Environmental Impact Statements for 34 projects in the Western Malargüe Mining District (the "WMMD"). As part of this approval, two of Kobrea's projects, El Perdido and Elena, have been approved for mineral exploration activities, including drilling.
"This is a huge step forward in the development of the Western Malargüe Mining District," commented James Hedalen, CEO. "This is the first time ever that mineral exploration including drilling has been approved on any of Kobrea's projects. We are extremely excited to get on the ground at El Perdido and Elena to begin field work that will culminate with the first ever drill program at Kobrea's projects. I would like to thank the government of Mendoza, Impulsa Mendoza and the project vendors for their many years of hard work to get to this point."
Environmental Impact Statements
On November 12, 2024, Environmental Impact Statements for 34 projects were ratified in the Provincial Legislature, allowing for the exploration and development of 34 mining projects in the department of Malargüe. The approval of the first 34 projects came after an extensive process of public hearings, citizen participation, and technical analysis. Over the course of the next few months, more projects, including the remaining five projects held by Kobrea in the WMMD, will undergo the same approval process.
El Perdido Project
The 6,878-hectare El Perdido Project is host to a porphyry Cu-Au-Mo system that has been defined at surface but has not seen any drilling to date. The porphyry target is characterized as a 2 x 3-kilometre hydrothermal alteration footprint exhibiting classic porphyry alteration assemblages with localized potassic alteration coming to surface (Figure 1). A 900 x 500-metre area of quartz stockwork veining coincides with anomalous copper-gold-molybdenum rock geochemistry, mapped quartz diorite porphyritic intrusions, localized biotite breccias and potassic alteration in an area that is otherwise dominated by phyllic alteration. Interpretation of ground magnetometer data collected in 2013 outlines a subsurface magnetic anomaly measuring roughly 1,000 metres across and extending 1,000 metres to depth that is surrounded by a decreased magnetic signature, representing an attractive geophysical target in the context of porphyry Cu-Au-Mo exploration.
Figure 1. 3-dimensional representation of the porphyry Cu-Au-Mo exploration target at El Perdido.
The 13,818-hectare Elena Project encompasses an underexplored 5 x 7-kilometre trend of high-level hydrothermal alteration that may be associated with one or more porphyry copper ± gold ± molybdenum systems. Three historically identified porphyry prospects occur on the Elena Project: Las Cargas, Tiburcio and Cerro Bayo (Figure 2).
Figure 2. Map and images showing porphyry Cu ± Au ± Mo prospects at Elena Project.
The Las Cargas prospect is characterized as a 1.5 x 1.5-kilometre colour anomaly with widespread phyllic-argillic alteration where limited historical rock sampling identified chalcocite-cemented breccias grading up to 50% copper. The Tiburcio prospect is characterized as a 1.5 x 2-kilometre colour anomaly that has seen no reported sampling of any kind to date. The Cerro Bayo prospect is defined as a 2 x 2-kilometre colour anomaly associated with an advanced-argillic altered dacitic intrusive body. The prospect has seen very limited geochemical sampling to date.
Qualified Person
The scientific and technical information in this news release has been reviewed by Rory Ritchie, P.Geo., Chief Geologist and Director of Kobrea Exploration Corp. and a Qualified Person under National Instrument 43-101. The technical information referenced in this release relates to historical exploration completed by previous operators of the Property and the Company has not verified such historical results.
About Kobrea
Kobrea Exploration Corp. is a mineral exploration & development company focused on the acquisition and exploration of base metal projects. Kobrea holds the right to earn a 100% interest in 7 projects totaling over 733 km2 in southwestern Mendoza Province, Argentina. The properties are considered highly prospective for porphyry copper and porphyry copper-gold deposits. Numerous porphyry copper targets have been outlined to date exhibiting multi-kilometre hydrothermal alteration footprints, anomalous copper ± gold ± molybdenum geochemistry, quartz stockwork veining, localized hydrothermal breccias and Miocene aged dacitic to dioritic porphyry intrusions. Kobrea also holds a 100% interest in the Upland Copper Project in British Columbia, Canada.
For more information, please consult the Company's filings, available at www.sedarplus.ca.
This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company, including statements respecting (i) the Company's plan to get on the ground at El Perdido and Elena to begin field work that will culminate with the first ever drill program at a Company project and (ii) Kobrea's remaining projects in the WMMD undergoing the environmental impact statement review process and the timing thereof. These forward-looking statements generally are identified by words such as "believe," "project," "aim," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
