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Copperex Resources Corp
Symbol CUEX
Shares Issued 29,108,014
Close 2024-05-28 C$ 0.40
Market Cap C$ 11,643,206
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Copperex drills 114 m of 0.95 g/t Au at Exploradora

2024-05-30 10:41 ET - News Release

Mr. Dave Prins reports


Copperex Resources Corp. has released results from a 1,279-metre reverse circulation (RC) drill program at the company's flagship Exploradora Norte project. The eight drill holes were completed in the Agua de la Piedra (ADLP) and Sorpresa zones of the Franja del Oro target, part of a 15-kilometre-long gold enrichment trend that represents one of several gold-copper enriched magmatic hydrothermal centres on the 20,800-hectare Exploradora Norte project, located in the Eocene-Oligocene porphyry-epithermal belt in northern Chile.

Dave Prins, president and chief executive officer of Copperex, stated: "The inaugural RC drilling program at Franja del Oro demonstrates the robust gold grades and continuity at ADLP and, importantly, demonstrates that the newly identified surface gold mineralization at Sorpresa extends to depth and along strike. These results represent a significant step forward for the project and for Copperex and once again highlight the gold endowment and economic potential of the Exploradora Norte project. We are extremely pleased to have completed and published the results of the inaugural drill campaign, a little over three months since listing on the TSX-V."

John Robins, technical adviser to Copperex, stated: "Exploration drilling at Exploradora Norte cut long runs of robust, gold mineralization in the near-surface environment at the Sorpresa and ADLP zones which confirms our confidence in the upside exploration potential of Franja del Oro target. Data from this round of drilling will be used to enhance the lithological, structural and alteration modelling at Franja del Oro which will be leveraged to vector toward additional gold mineralization in the next drill campaign."

Zoom webinar

Copperex will host a webinar to discuss the company's recent results from the inaugural drill program at the Exploradora Norte project. The webinar will take place on Thursday, May 30, at 11 a.m. PST/2 p.m. EST.

Management will be available to answer questions following the presentation. A replay of the webinar will be posted on the company's website by May 31.


  • Cut gold mineralization with associated pathfinder elements (arsenic and antimony) and intense alteration in all eight holes at ADLP and Sorpresa, a testament to the endowment and quality of the Franja del Oro exploration target.
  • The 2024 RC drill program has successfully confirmed the gold grades and continuity at ADLP and has expanded the newly identified surface gold mineralization at Sorpresa along strike and at depth. These results represent a significant step forward for the 15-by-three-kilometre Franja del Oro target and enhances its potential to host a large, high-quality bulk minable gold deposit.
  • Drilling at ADLP demonstrates that gold mineralization at Franja del Oro has a spatial association with porphyritic intrusions which are locally gold mineralized. In addition, quartz vein mineral assemblages consistent with the distal porphyry copper gold setting (such as A-RC-03) suggest there is potential at Franja del Oro for a bulk-tonnage porphyry target at depth.
  • Completed eight drill holes totalling 1,279 metres of reverse circulation drilling out of the planned 1,250 drill program within a three-week time frame from commencement of drilling (see the company's press release dated April 4, 2024).
  • Copperex has an option agreement for the 20,800-hectare Exploradora Norte property to earn a 65-per-cent ownership interest, with a preferred option to earn an additional 35 per cent. The property is located along the prolific West Fissure fault system in northern Chile, north of El Salvador and south of Escondida at 3,400 metres above sea level in the Chilean precordillera. The property has a year-round operating climate with good access.

Drill program summary and economic geology

The highly successful 2024 RC drill program at Franja del Oro was designed to test the gold grade and continuity of key near-surface gold mineralized segments of the parallel Sorpresa (1,200 metres long) and ADLP (850 metres long) zones, which are part of the greater Franja del Oro target that measures 15 kilometres by three kilometres and is defined by discontinuously exposed gold mineralization, alteration, brittle faults favourable (reactive) host rocks and pathfinder element geochemistry (arsenic and antimony). New RC drilling at Franja del Oro cut gold mineralization in every hole, substantially increasing the company's confidence in the potential of the Sorpresa and ADLP zones and the greater gold-endowed target area. These exciting results warrant follow-up drilling which will focus on expanding the footprint of known mineralization and modelling the geological architecture at Sorpresa and ADLP to vector toward additional gold mineralization.

The distribution of gold mineralization intercepted by Copperex in the Sorpresa and ADLP zones at the Franja del Oro target is controlled by planar fabrics including geological contacts, damage zones (faults) and by the position of chemically reactive host rocks (carbonate-bearing sandstones). Alteration minerals associated with gold include silica, iron oxide, sericite and clay together with the presence of open-space quartz vein textures and locally breccias suggest that the gold mineralization is related to the epithermal clan of mineral deposits. Gold mineralization at Franja del Oro (ADLP) has a spatial association to porphyritic intrusions (holes A-RC-01, A-RC-04 and A-RC-05) which are locally gold mineralized and contain quartz vein mineral assemblages including quartz plus pyrite and quartz plus magnetite which increase in intensity with depth (such as A-RC-03). These observations are significant to the upside gold (and possibly copper), upside exploration potential at Franja del Oro because they suggest that the epithermal gold mineralization at Franja del Oro that is exposed at surface may be related to a gold-bearing (and copper-bearing) porphyry at depth.

Sorpresa zone (Franja del Oro target)

A total of three RC holes (487 metres) have been drilled at the Sorpresa zone to test the depth extent, grade and continuity of the zone of mid-Jurassic fossiliferous limestones, calcareous sandstones, siltstones, and associated stocks and dikes (dacite, diorite and quartz diorite) that contain vein and disseminated oxide gold mineralization. The sedimentary rocks at Sorpresa are folded into a series of anticlinal and synclinal fold geometries that have north-south-trending axes. Gold mineralization is associated with clay and silica alteration, iron oxides, including jarosite and goethite, black and white calcite stockwork veinlets (distal), and quartz and barite veinlets (proximal) and focused in decalcified limestones and limey sandstones within the Jurassic host rocks. The results from the drill program are shown herein.

ADLP zone (Franja del Oro target)

A total of five holes (792 metres) were drilled at ADLP. The Agua de la Piedra target is centred on mid-Jurassic Montandon and Asientos formation bedded fossiliferous limestones, calcareous sandstones and siltstones (locally bituminous) which are unconformably overlain by Paleocene volcanics (Cerro Nevado sequence) and intruded by small stocks and dikes related to the Eocene Quebrada Oreganito diorites. ADLP is prospective for carbonate replacement gold mineralization, disseminated and structurally controlled gold mineralization associated with volcanic rocks, and breccias (basal flows) at or near the angular unconformity with Jurassic sedimentary host rocks. In addition, ADLP has the potential for high-grade vertical feeder structures (epithermal) which cut the sedimentary and volcanic rocks and has the potential for porphyry mineralization at depth.

Relevance of oxide deposit gold grades

To provide additional context regarding gold grades intercepted by Copperex within the inaugural drill program, and how these may contribute to the projects economic potential, it is worth noting that the Kinross 2023 annual report indicates a heap leach grade of 0.22 g/t for the Fort Knox mine, the Kinross Round Mountain mine has a heap leach grade of 0.39 g/t and the Kinross Bald Mountain mine indicating a grade of 0.42 g/t. Both the Fort Knox and Round Mountain mines operate joint heap leach and mill operations, while the Bald Mountain mine is a stand-alone heap leach operation.

Quality assurance and quality control

Samples from the 2024 RC drilling program have been sent to Andes Analytical Assay Spa. (AAA) in Santiago, Chile, for preparation and analysis. AAA meets all requirements of international standards ISO 17025:2017that includes ISO 9001 requirements for analytical procedures. Samples were analyzed using AAA's fire assay fusion method (AEF_AAS_1E42) with an EAA finish for gold and by a 43-element four-acid digest ICP-MS-OP analysis (ICP_AES_HF43m), and ICP_AR01_MS_OP01 for mercury determination, with additional analysis for ore-grade Au (AEF_GRV_1E4)) and ore-grade Cu (4A_HF_AAS_1E18SL). Results are reported in parts per million (ppm) and converted to percentage, or grams per tonne (g/t) where applicable. In addition to AAA laboratory quality assurance/quality control (QA/QC) protocols, Copperex implements an internal QA/QC program that includes inserting fine and coarse blank samples (2.65 per cent), inserting OREAS series standards (total 3.12 per cent, including OREAS 153a, OREAS 523, OREAS 601c, OREAS 620), and duplicate samples in the field and laboratory (1.55 per cent), obtaining a total of 7.32 per cent Copperex QA/QC control.

Qualified person

All scientific and technical information in this news release has been approved by Daniel MacNeil, PGeo, technical adviser to the company. Mr. MacNeil is a qualified person for the purposes of NI 43-101. Some of the drilling and trench results disclosed in this news release relate to historical results on the Exploradora Norte property. Copperex has not undertaken any independent investigation of the historic sampling, nor has it independently analyzed the results of the historical exploration work to verify the results. Copperex considers these historical drill results relevant as the company is using these data as a guide to plan exploration programs. The company's current and future exploration work includes verification of the historical data through drilling.

About Copperex Resources Corp.

Copperex is a copper- and gold-focused exploration company with three porphyry and porphyry-related gold and copper projects located in Chile and Peru in established mineral belts near producing mines. The company's flagship property, Exploradora Norte, located in northern Chile, has multiple high-quality drill-ready targets. At Exploradora Norte, Copperex has the option to earn 65 per cent and a preferred option for an additional 35 per cent with no attached royalty.

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