TORONTO, April 03, 2025 (GLOBE NEWSWIRE) -- Nobel Resources Corp. (TSX – V: NBLC) (the “Company” or “Nobel”) is pleased to announce that it has completed the transaction to acquire four separate copper projects, namely Cuprita, Janett, Pampa Austral and Anais (collectively, the “Projects”) in Antofagasta Region, Chile (the “Transaction”). Pursuant to the Transaction, Nobel has acquired an option to acquire 100% of each of the Projects (the “Options”). Please refer to the Company’s press release dated January 6, 2025 for further details regarding the Transaction and the Projects.
The Cuprita Project is the most advanced Project being acquired pursuant to the Transaction and is now the Company’s principal asset. The Cuprita Project is located in an area that is accessible year-round. Cuprita is a highly prospective, copper project with multiple near surface targets identified during recent rock sampling campaigns.
Highlights:
Cuprita is located in the renowned Chilean Paleocene Porphyry Copper Belt that hosts several major porphyry copper deposits, such as El Salvador, Cerro Colorado, Spence, Sierra Gorda, Fortuna, as well as some Au deposits (see figure 1). The copper oxide mineralization (atacamite with lesser brochantite and chrysocolla) occurs in fracture fillings, within quartz veinlets, filling the matrix of hydrothermal breccias and within structures of quartz veins. Cuprita is located at a structural intersection between the primary NNE striking major faults and the secondary NW striking structures (see figure 2). This is an important structural context and is associated with several major deposits in the region. The property has untested geological and geophysical characteristics that indicate potential for a significant porphyry copper deposit. High grade copper values (mainly in the veins) were sampled by the Company during its due diligence review of Cuprita with some anomalous molybdenite up to 165ppm. (Table 1.)
Table 1. Due Diligence Rock Chip Samples
SAMPLE
NORTH
EAST
ELEVATION
Cu_%
Au_(ppm)
Ag_(ppm)
Mo_(ppm)
57187
7055849
420359
1896
0.2528
0.02
2
9
57188
7055614
420428
1907
1.530
<0.02
24
13
57189
7055264
421555
2059
0.3639
0.02
6
8
57190
STD
1.741
0.47
3
21
57191
7055720
421103
1944
0.244
0.02
2
5
57192
7054549
420286
1952
2.780
0.10
14
165
57193
7053628
420592
1883
0.4457
0.03
3
20
Figure 1. Cuprita Regional Geologic Setting
250403_Fig 1 Nobel Cuprita
Veins up to 30cm wide with abundant copper mineralization have been mapped and sampled on the Cuprita Project. These veins and clusters of veinlets are interpreted as the evidence of hydrothermal fluid movement originating from depth. The geologic characteristics of the Cuprita Project are similar to other major porphyry deposits emplaced in the Belt. The best potential for near surface copper oxide mineralization appears related to the hydrothermal breccias. In multiple locations throughout the project area there is strong fracturing of the quartz diorite due to the intersection of NW and NNE faults. A moderate to strong system of quartz+/- copper oxide veinlets is developed in this area following NW structures. A zone with breccias and veinlets can be followed intermittently at surface over an area of approximately 700m in a NS direction and 200m to 400m EW and is located within the diorite intrusive.
There are at least three target zones (figure 2) identified to date marked by coincidence of geophysical, geochemical and geological evidence supporting the presence of hydrothermal alteration and mineralization. The review of historical data and field verification during the Company’s due diligence review, revealed the presence of three porphyry targets which will be the priority for the initial exploration at Cuprita. Following is a brief description of each target:
Target 1 - NW Magnetic Anomaly
The target is located near the NW corner of the property where an area of approximately 400 m by 1,000 m is associated with the presence of moderate to strong quartz-tourmaline stockwork intruding the Punta del Cobre quartz monzonite. Some isolated stringers of copper oxides are present in the stockwork along with quartz-tourmaline veinlets.
One area of some 200 m wide contains a set of N 60 deg W sheeted quartz-tourmaline veins close to the center of a prominent magnetic low, also oriented to the NW.
Target 2 - NE Magnetic Anomaly
The second area is located near the NE corner of the property. Old trenches revealed the existence of extensive copper oxide mineralization associated with a set of NW trending mineralized veins and tourmaline breccias. The Nobel team believes that it is likely the emplacement of the vein system was controlled by NW trending faults present on the property and that have been identified along a structural corridor for several kilometers both north and south of Cuprita.
As with target 1 described above, a distinctive ground magnetic low of comparable size to target 1, is associated with this area although here the anomaly strikes to the NNE.
The previous owners of the Project carried out a limited IP survey (three lines) over this target. The IP response shows a low to moderate chargeability anomaly over the mineralized trenches and the magnetic anomaly. This type of geophysical response is considered typical of low pyrite porphyries that are present within the district. Limited soil sampling done in 2012 by the previous owner returned a Cu-Bi-Mo over this target.
Target 3 – Southern Magnetic Anomaly
This target comprises a covered ground magnetic low in the south-central part of the property. This anomaly is well defined, almost circular and approximately 1.0 km by 1.0 km in size. Very wide spaced (500 m by 500 m site spacing) soil sampling done during 2012, returned copper values up to 300 ppm and remains open to the South.
Several old workings mineralized with copper oxide have been identified near the northern edge of the magnetic anomaly.
Figure 2. Cuprita Targets
250403_Fig 2 Nobel Cuprita Targets
The Other Projects Acquired in the Transaction
Janett and Pampa Austral have abundant copper oxide mineralization at surface and multiple small scale artisanal operations (past and present). Many of these small pits reach a depth of 20 to 30 meters and many have underground workings. Historic results at Pampa Austral have returned 70 m grading 0.7% copper (including 14m grading 2.1% copper + 0.1 g/t gold). Janett has seen little modern exploration despite the multiple, past producing mines and anomalous copper mineralization at surface.
The Projects are located in a highly developed mining region North of Copiapó surrounded by many of the major companies in the global copper mining business. The combined portfolio enjoys road access and moderate elevation making the Projects accessible for exploration programs 12 months of the year.
Transaction Terms
Pursuant to the closing of the Transaction, Nobel has (i) issued 2.5 million common shares to the shareholders of Austral Exploraciones SpA (“Austral”); (ii) paid an aggregate amount of USD$70,000 in cash to the optionors of the Projects; (iii) issued a 2% NSR to the optionors of the Cuprita Project which 0.5% can be repurchased for USD$2 million; (iv) issued a 2% NSR to the optionor of the Pampa Austral Project of which 0.5% can be repurchased for USD$820,000; (v) issued a 2% NSR to the optionor of the Janett Project of which 0.5% can be repurchased for USD$820,000; and (vi) issued a 2% NSR to the optionor of the Anais Project of which 0.5% can be repurchased for USD$360,000.
To maintain each of the Options in good standing and acquire a 100% interest in each of the Projects, Nobel must make the following payments:
Cuprita Project
USD$20,000 cash payment on the 12-month anniversary of signing the Cuprita option agreement;
USD$50,000 cash payment on the 24-month anniversary of signing the Cuprita option agreement;
USD$150,000 cash payment on the 36-month anniversary of signing the Cuprita option agreement;
USD$1 million cash payment on the 48-month anniversary of signing the Cuprita option agreement; and
Issuance of 2.5 million Nobel shares to the shareholders of Austral upon Nobel establishing an NI 43-101 compliant mineral resource estimate on the Cuprita Project.
Pampa Austral Project
USD$20,000 cash payment on the 12-month anniversary of signing the Pampa Austral option agreement;
USD$50,000 cash payment on the 24-month anniversary of signing the Pampa Austral option agreement;
USD$150,000 cash payment on the 36-month anniversary of signing the Pampa Austral option agreement; and
USD$1 million cash payment on the 48-month anniversary of signing the Pampa Austral option agreement.
Janett Project
USD$20,000 cash payment on the 12-month anniversary of signing the Janett Option Agreement;
USD$50,000 cash payment on the 24-month anniversary of signing the Janett Option Agreement;
USD$150,000 cash payment on the 36-month anniversary of signing the Janett Option Agreement; and
USD$500,000 cash payment on the 48-month anniversary of signing the Janett Option Agreement.
Anais Project
USD$10,000 cash payment on the 12-month anniversary of signing the Anais option agreement;
USD$10,000 cash payment on the 24-month anniversary of signing the Anais option agreement;
USD$10,000 cash payment on the 36-month anniversary of signing the Anais option agreement; and
USD$500,000 cash payment on the 48-month anniversary of signing the Anais option agreement.
The Nobel shares issued pursuant to the Transaction are subject to a statutory four month hold period. The Transaction has been approved by the TSX Venture Exchange and the Company has filed a NI 43-101 technical report on the Cuprita Project on www.sedarplus.ca under the Company’s profile and on the Company’s website.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mr. David Gower, P.Geo., as defined by National Instrument 43-101 of the Canadian Securities Administrators.
About Nobel
Nobel Resources is a Canadian resource company focused on identifying and developing prospective mineral projects. The Company has a team with a strong background of exploration success.
For further information, please contact:
Lawrence Guy Chief Executive Officer +1 647-276-0533
Vincent Chen Investor Relations vchen@nobel-resources.com www.nobel-resources.com
Cautionary Note Regarding Forward-looking Information
Nobel has not verified the historical results contained in this press release and is not relying on them as current mineral resources or mineral reserves. Readers are cautioned that there has been insufficient exploration by the Company or its qualified person at each of the Projects to define a mineral resource or mineral reserve; and it is uncertain whether further exploration will result in these targets being delineated as a mineral resource or mineral reserve.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, the Transaction, the mineralization and prospectivity of the Projects, the Company’s ability to explore and develop the properties, the Company’s ability to obtain adequate financing and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Nobel, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Nobel has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Nobel does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
