Vancouver, British Columbia – March 28, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Atacama Copper Corporation (TSXV: ACOP) (“Atacama Copper” or the “Company”) is pleased to announce the results and near completion of the initial phase of exploration at its 100% owned Placeton and Caballo Muerto projects (together the “Project”).
The highlights of the program, results and next steps include:
Fieldwork focused on the existing Placeton North, Placeton Central, Placeton South and Caballo Muerto targets covering approximately 2,000 Ha of the 4,428 Ha Placeton tenement package.
Completion of surface geological and structural mapping, geochemistry survey, magnetics and near completion of geophysics covering all four target areas.
Results identified two high-priority porphyry targets in Placeton Central-North and Caballo Muerto based on multiple occurrences of D-veins, phyllic alteration and leach capping, including geophysical and copper and molybdenum geochemical anomalies. Placeton South remain an area of high interest but requires further follow-up work to confirm and upgrade its potential.
Placeton Central-North: Identification of a notable untested 1 x 1 km high magnetization anomaly, which partially coincides with the phyllically altered monzodioritic porphyry unit outcropping and with several copper mineralization occurrences at surface and molybdenum anomalies.
Caballo Muerto: Identification of a new untested 2 x 1 km North-South elongated, geological-geophysical target with high-chargeable IP anomaly centered on a high-moderate magnetic anomaly below the phyllically altered porphyry outcrop.
A follow-up geophysical IP program is planned for April 2022 with a focused strategy in better defining the sulfide-related anomalies along and below high-priority target, to refine drill targets in Placeton Central-North and Caballo Muerto. Drilling is planned to commence immediately following this.
Gino Zandonai, CEO of Atacama Copper said, “We are excited to have nearly completed the first phase of the exploration program on the Placeton project. The results have reinforced our conviction that the Placeton tenement package contains at least four porphyry targets, of which two have, to-date, been designated as high-priority. We look forward to progressing the follow-up geophysical survey in April so that we can drill-test these targets during Q2 2022.”
The geological and detailed structural mapping focused on key elements for porphyry copper assessment in the three targets areas (Placeton North, Placeton Central, and Placeton South) was performed over 25 km2 from November until December 2021. A rock chip sampling program was carried out from December 2021 to January 2022. 136 samples were taken over the three targets which were integrated and analyzed alongside 159 samples taken during 2014. A study was carried out using the Mag-Drone method over an approximate area of 1,165 ha. A historical IP survey covering 4km of the Placeton South target was integrated into the current analysis.
The identified intrusives are composed of a rhyodacite dome, monzonitic porphyry, and monzonite-granodioritic bodies. The alteration is silicification and phyllic (sericite, quartz) argillic (illite, montmorillonite, kaolinite) with developments of sub-propylitic halos (epidote chlorite, magnetite) and local tourmaline (Fig. 1). A leach capping with hematite and goethite, including pitch limonite and copper oxides (atacamite-chrysocolla) is developed in veins, disseminated, and breccia matrix. D-veins and local evidence of A-veins were identified (Fig. 2). These elements, when combined, provide strong evidence of the presence of an altered porphyry copper system. Additionally, a new phyllic altered porphyry dome outcrop area, south-east of Placeton South, has been identified with potential to add volume to the current target zone.
Figure 1: Geological map (1:5.000) of Placeton cluster area (left) and Ground Magnetometry survey (TM) with potential areas to growth.
Figure 2: Photographs of Placeton Central and Placeton South outcrops with D veins, copper oxides and limonite.
The geochemical anomalies exhibit a high correlation with the altered-mineralized centers, supporting the metal input location. In the case of copper, the most significant geochemical anomalies (up to 1,674 ppm) were found in the Monzodioritic Porphyry unit, and from the rhyodacitic dome the most significant molybdenum (“Mo”) geochemical anomalies (up to 5.0 ppm) come mainly from intrusive facies of the Eocene Complex. Values from 22 to 28 ppm of Mo, are related with copper oxide mineralization at the central porphyry and near-by structures at the volcano-sedimentary bedrock (Fig. 3).
Figure 3: Geochemical survey results of copper and molybdenum at Placeton Central-North and Placeton South.
The magnetic susceptibility modeling process (“MVI”) shows a notable magnetic anomaly in the Central Placeton area which is extending into Placeton North (making an integrated target of both area for magnetic-deeper zones of porphyry copper model). The central part of the anomaly coincides partially with the phyllic- altered monzodioritic porphyry unit. The presence of a monzodioritic porphyry mapped at the surface and the high magnetic anomaly slightly displaced to the east, suggest a porphyry related magnetic alteration zone in Placeton Central (extended to the north). The historical geophysics at Placeton South, shows a strong chargeability anomaly 300m below surface coincident with the felsic body. The strong chargeability anomaly continues from 300m approximately 600m below surface.
Figure 4. 3D visualization of the MVI magnetic susceptibility model with plant view exposed at 2900 masl, accompanied by the topographic surface in Placeton indicate the porphyry outcrop of the central target (left) and IP-Chargeability line 5 in Placeton South (right).
Caballo Muerto target
The geological mapping focused on the central target area was performed over a 10km2 area from November until December of 2021. A rock chip sampling was carried out from December 2021 to January 2022. A total of 66 samples were taken over the target area. A magnetometry survey covering an area of 6 km2 (600 ha) was conducted over the target area. Subsequently, an IP line was designed and completed in an NW-SE magnetic anomaly trend, covering a total distance of 4 km.
A 600 x 700 m outcrop of an Eocene dacitic porphyry was identified in the central area of Caballo Muerto, which intrudes the Paleogene Estratos del Gaucho volcanoes-sedimentary sequence to the west. The target presents an argillic and well-defined phyllic alteration, with pitch limonite and boxworks of copper sulfides. To the west and the east of the phyllic center, chlorite-epidote alteration is developed in a 3 x 3 km halo surrounding the porphyry target. These results, suggest a coherent framework for a well-centered porphyry alteration system.
Figure 5. Geological map (1:10.000) of the Caballo Muerto area with potential areas to growth.
Copper geochemical anomalies (up to 147 ppm) present in the rhyodacitic porphyry unit and, locally, the volcanic rocks of Cerro El Gaucho Strata, are related with NW-SW structures. Average Mo grades in the Caballo Muerto sector is 29 ppm (Fig. 6). The most significant Mo anomalies (up to 72 ppm) were found in the rhyodacitic porphyry unit (average 45 ppm), with a maximum value of 282 ppm. These elevated molybdenum anomalies, which could be found in the center axis of the porphyry systems, are strong indication of the metal source.
Figure 6: Geochemical survey results of copper and molybdenum at Caballo Muerto area.
The 4 km long IP profile reached a depth of almost 1,000 m. The profile was designed to encompass the NW and SE magnetic anomalies (Fig. 7). The most significant anomaly is in the central anomaly, which brings together all the desirable aspects for sulfide mineralization: Intense high-chargeability moderate conductor centered, but radiating outside of a moderate-high magnetic anomaly. The presence of the phyllically altered porphyry, the IP anomaly, together with the terrestrial magnetometry, is configuring a consistent new 2 x 1km untested porphyry target with potential to the south and at depth.
Figure 7: MVI modeling (left) with the location of the IP line. 3D visualizations: electrical resistivity model and chargeability model (right above). 3D visualization of the 2D chargeability model together with the high-moderate magnetic. The star symbol demarcates the sector of most significant geophysical interest (right below).
Follow-up Work Program and Next Steps
The work program to date has identified two high-priority targets with critical prospective attributes required in a mineralised porphyry system. However, the district is known to locally host sub-economic porphyries and domes emplaced in the late stages of the porphyry deposits, which could disguise or mask economic mineralisation in an early stage of drilling. This was the case at the neighbouring Relincho Deposit, where initial drilling faced part of the low-sulphide, low-mineralised units before, ultimately, discovery of the complete mineralised porphyry system. Consequently, it is considered necessary to define the presence and relative distribution of sulfides of each target through a follow-up IP geophysics survey. The survey will cover between 10 to 20km in length on the two-high priority targets focused on the leach cap zones and covering the magnetic anomalies. This will provide an excellent tool for targeted drilling to test for the presence of the expected hypogene and supergene mineralization.
Atacama Copper plans to complete the follow-up IP program in April 2022, followed immediately by drilling of the identified targets.
About Atacama Copper Corporation
Atacama Copper Corporation is a resource company focussing on the acquisition, exploration, and development of copper properties in Chile. It is committed to advancing the exploration and development of the Placeton and El Cofre projects, while concurrently looking to increase its asset portfolio through the acquisition and development of other high-value copper exploration, development, and production opportunities in Chile. Atacama Copper is currently focusing on the exploration of its Placeton project, an area located between the Relincho copper and El Morro Copper-gold projects of the NuevaUnion project owned jointly by Teck and Newmont Mining.
Additional Information – Please contact
For further information, please contact:
Atacama Copper Corporation
Chief Executive Officer and Director
Phone: +56 997 915 596
The technical information contained in this news release has been reviewed and approved by Gino Zandonai of Atacama Copper Corporation, a “Qualified Person” within the meaning of National Instrument 43-101.
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
In this news release, forward-looking statements relate to, among other things, statements relating to expectations regarding the exploration and development of the El Cofre and Placeton projects, including planned exploration and drilling activities, and other statements that are not historical facts. 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 and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news 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. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the timing for receipt of final Exchange approval may not be received on the timelines expected or at all; general business, economic, competitive, political, and social uncertainties. There can be no assurance that such statements 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 the forward-looking statements and information contained in this news release. Except as required by law, the Resulting Issuer assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news is published on the Investorideas.com Newswire – a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com