Nobel Withdraws from Option to Acquire the Pircas Verdes Project in Chile
October 10 2023 - 6:00AM
Nobel Resources Corp. (TSX–V: NBLC; OTCQB: NBTRF)
(the “Company” or “Nobel”) has withdrawn from its option to acquire
the Pircas Verdes project (the “Project”) in Chile pursuant to the
terms of the Pircas Verdes option agreement (see the Company’s
November 18, 2022 press release for further details).
As reported by Nobel on June 21, 2023, during
the surface mapping at Pircas Verdes 7 samples from different
pulses of intrusive rocks were collected and analyzed for age
dating. The objective of this work was to determine when the
various intrusive pulses mapped on the Project were emplaced and
determine if the intrusive phases were related to the Miocene
porphyry belt. Miocene age rocks host several world class porphyry
deposits in Chile. More specifically, the Pelambres and Pachon
deposits that have 2,125 mton @0.64% CuT / 180ppm Mo and 3,300mton
@0.47% CuT respectively occur within 20 kilometers of the Pircas
Verdes property.
Results obtained from the age dating indicate
that the emplacement time of the different granite porphyry pulses
at Pircas Verdes fluctuated between 68.5 and 79 million years ago,
corresponding to the Cretaceous period and not the Miocene which is
the age of the major deposits in the area. The rocks surrounding
the Pelambres mine also belong to the Cretaceous period, however,
the mineralization occurs in the Miocene intrusive pulses
outcropping in the mine.
Although it is possible that porphyry style
mineralization can be found on the Project, the Cretaceous systems
are characterized by lower tonnage and are less likely to achieve
dimensions required for a large-scale commercial operation.
According to Vern Arseneau, COO of Nobel, “The
Pircas Verdes property hosts alteration zones and copper
mineralization in outcrops at various locations. Had the age date
corresponded to the major Miocene mineralizing event this prospect
would have been highly compelling.”
Nobel is currently evaluating opportunities in
an effort to reactivate its business and build shareholder
value.
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:Vincent ChenInvestor
Relationsvchen@nobel-resources.comwww.nobel-resources.com
Cautionary Note Regarding
Forward-looking Information
This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, regarding the prospectivity of the Project, the
mineralization of the Project, the withdrawing from the option to
acquire the Project, the Company’s ability to identify and acquire
new projects and restart its business 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.
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