(TSXV: TVC) Three Valley Copper Corp. (“
Three Valley
Copper” or the “
Company”) is excited to
announce the commencement of its 2021 near mine exploration
drilling program on its 91.1% owned Minera Tres Valles
(“
MTV”) property near Salamanca, Region de
Coquimbo, Chile.
“Since Vale first staked the property and found
our two deposits named Don Gabriel and Papomono in 2005/2006,
little further exploration has been performed on the property,”
said Mr. Staresinic, President and CEO of Three Valley Copper. “A
majority of Vale’s 170,000 meters of diamond drilling was focused
on defining these two deposits. Multiple targets were identified
elsewhere on the 46,000-hectare land package although detailed
follow up was postponed while delineation of Don Gabriel and
Papomono was prioritized. Our drill program will test
high-potential copper targets located between Don Gabriel and
Papomono, which sit approximately 3 kilometers apart. This initial
area of focus represents less than 5 square kilometers or
approximately 1% of our land package. We believe this is an
excellent opportunity to identify new near-surface copper
occurrences close to our existing mines and mineral processing
plant.”
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ed4d7f5f-1bb5-452b-8592-e9e518c0da8b
Among the information being used by MTV’s
exploration team in planning the drilling program includes ground
geophysical (magnetics and IP chargeability) anomalies with
similarities to anomalies that are spatially associated with the
Papomono and Don Gabriel mines. Geophysical surveying of the area
was conducted in 2005 by Zonge Ingenieria y Geofisica (Chile) S.A.
during the previous ownership of Compañia Minera Latino Americano
Ltda, a subsidiary of Vale.
Mineralization at both Papomono and Don Gabriel
mines is associated with distinctive magnetic analytic signal highs
and intermediate responses in IP chargeability, likely mapping
magnetite in genetically-related intrusives and copper-iron
sulphide minerals, respectively. MTV believes that similar
geophysical characteristics elsewhere in the district may be
mapping similar copper-mineralized rock helping to frame drill
targets for the upcoming program.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8c3368b5-32e6-4255-9296-0b5d23560b81
Amarilla and Verde are two of the largest and
longest running third-party miner locations where oxide-rich caps
have been accessed and processed through MTV’s facilities. It is
notable that there is a cluster of artisanal mining pits extending
beyond Amarilla and Verde. The possibility that these are all part
of a larger mineralized system is consistent with the available
ground geophysical data. Initial drilling will be conducted in the
area of the Verde deposit, which has been mined by third-party
miners until recently.
Drilling will be conducted from existing surface
infrastructure under current environmental permits. It is expected
that this first phase of drilling will include approximately 6,000
to 8,000 meters and $2.5 million has been budgeted for this phase.
MTV’s exploration team will assess the results of new drill holes
when they are received and incorporate these results into the
dynamic design and management of the program.
Qualified Person
Dr. John Mortimer, a consultant to Three Valley
Copper, a qualified person under National Instrument 43–101
Standards of Disclosure for Mineral Projects has reviewed the
technical contents of this news release and has approved the
disclosure of the technical information contained herein.
About Three Valley Copper
Three Valley Copper, headquartered in Toronto,
Ontario, Canada is focused on growing copper production from, and
further exploration of, its primary asset, Minera Tres Valles.
Located in Salamanca, Chile, MTV is 91.1% owned by the Company and
MTV's main assets are the Minera Tres Valles mining complex and its
46,000 hectares of exploratory lands. For more information about
the Company, please visit www.threevalleycopper.com.
Cautionary Statement Regarding Forward-Looking
Information
Certain statements in this news release, contain
forward-looking information (collectively referred to herein as the
"Forward-Looking Statements") within the meaning
of applicable Canadian securities laws. The use of any of the words
"expect", "anticipate", "continue", "estimate", "may", "will",
"project", "should", "believe", "plans", "intends" and similar
expressions are intended to identify Forward-Looking Statements. In
particular, but without limiting the foregoing, this news release
contains Forward-Looking Statements pertaining to: identifying new
near-surface copper occurrences, similar magnetic signals to
Papomono and Don Gabriel elsewhere on the property may indicate
similar copper-mineralized rock, and the possibility of a larger
mineralized system.
Although TVC believes that the Forward-Looking
Statements are reasonable, they are not guarantees of future
results, performance or achievements. A number of factors or
assumptions have been used to develop the Forward-Looking
Statements, including: there being no additional significant
disruptions affecting the development and operation of MTV; the
availability of certain consumables (including water) and services
and the prices for power and other key supplies; expected labour
and materials costs; expected fixed operating costs; permitting and
arrangements with stakeholders; certain tax rates, including the
allocation of certain tax attributes, being applicable to MTV; the
availability of financing for the Company's and MTV’s planned
operations and development activities; assumptions made in mineral
resource and mineral reserve estimates and the financial analysis
based on these estimates, including (as applicable), but not
limited to, geological interpretation, grades, commodity price
assumptions, metallurgical performance, extraction and mining
recovery rates, hydrological and hydrogeological assumptions,
capital and operating cost estimates, and general marketing,
political, business and economic conditions, the continued
availability of quality management, critical accounting estimates,
all terms of the restructuring agreement and facility agreement to
which MTV and the Company are parties will be satisfied in the
future including no events of default, existing water supply will
continue, supplemental water availability will continue, the
geopolitical risk of Chile will remain stable, including risks
related to labour disputes, the construction and expansion of
mining operations including the Papomono Masivo incline block
caving underground mining project, as well as the timing thereof
and production therefrom; the timing of production and results for
the recently restarted Don Gabriel mine; and expected timelines for
drawdown and repayment of indebtedness of MTV.
Actual results, performance or achievements
could vary materially from those expressed or implied by the
Forward-Looking Statements should assumptions underlying the
Forward-Looking Statements prove incorrect or should one or more
risks or other factors materialize, including: (i) possible
variations in grade or recovery rates; (ii) copper price
fluctuations and uncertainties; (iii) delays in obtaining
governmental approvals or financing; (iv) risks associated with the
mining industry in general (e.g., operational risks in development,
exploration and production; delays or changes in plans with respect
to exploration or development projects or capital expenditures; the
uncertainty of estimates and projections relating to mineral
reserves, production, costs and expenses; and labour, health,
safety and environmental risks) and risks associated with the other
portfolio companies' industries in general; (v) performance of the
counterparty to the ENAMI Contract; (vi) risks associated with
investments in emerging markets; (vii) general economic, market and
business conditions; (viii) market volatility that would affect the
ability to enter or exit investments; (ix) failure to secure
additional financing in the future on acceptable terms to the
Company, if at all; (x) commodity price and foreign exchange
fluctuations and uncertainties; (xi) risks associated with
catastrophic events, manmade disasters, terrorist attacks, wars and
other conflicts, or an outbreak of a public health pandemic or
other public health crises, including COVID-19; (xii) those risks
disclosed under the heading "Risk Management" in TVC’s Management’s
Discussion and Analysis for the period ended December 31, 2020; and
(xiii) those risks disclosed under the heading "Risk Factors" or
incorporated by reference into TVC’s Annual Information Form dated
March 3, 2021. The Forward-Looking Statements speak only as of the
date hereof, unless otherwise specifically noted, and SRHI does not
assume any obligation to publicly update any Forward-Looking
Statements, whether as a result of new information, future events
or otherwise, except as may be expressly required by applicable
Canadian securities laws.
Cautionary Note to United States
Investors Concerning Estimates of measured, indicated and inferred
mineral resources
This news release may use the terms "measured",
"indicated" and "inferred" mineral resources. Historically, while
such terms were recognized and required by Canadian regulations,
they were not recognized by the United States Securities and
Exchange Commission (the “SEC”). The SEC has
adopted amendments to its disclosure rules to modernize the mineral
property disclosure requirements for issuers whose securities are
registered with the SEC under the Securities and Exchange Act of
1934, as amended (the “Exchange Act”). These
amendments became effective February 25, 2019 (the “SEC
Modernization Rules”) with compliance required for the
first fiscal year beginning on or after January 1, 2021. The SEC
Modernization Rules replace the historical property disclosure
requirements for mining registrants that were included in SEC
Industry Guide 7, which will be rescinded from and after the
required compliance date of the SEC Modernization Rules. As a
result of the adoption of the SEC Modernization Rules, the SEC now
recognizes estimates of “measured”, “indicated” and “inferred”
mineral resources. In addition, the SEC has amended its definitions
of “proven mineral reserves” and “probable mineral reserves” to be
substantially similar to the corresponding Canadian Institute of
Mining, Metallurgy and Petroleum definitions, as required by NI
43-101. Investors are cautioned that "Inferred mineral resources"
have a great amount of uncertainty as to their existence, and as to
their economic and legal feasibility. It cannot be assumed that all
or any part of an inferred mineral resource will ever be upgraded
to a higher category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility or other
economic studies. United States investors are cautioned not to
assume that all or any part of measured or indicated mineral
resources will ever be converted into mineral reserves. United
States investors are also cautioned not to assume that all or any
part of an inferred mineral resource exists or is economically or
legally mineable.
For further information:
Michael StaresinicChief Executive OfficerT:
(416) 943-7107E: mstaresinic@threevalleycopper.com
Renmark Financial Communications Inc.Joshua
Lavers: jlavers@renmarkfinancial.comT: (416) 644-2020 or (212)
812-7680www.renmarkfinancial.com
Source: Three Valley Copper.
Neither the 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 news release.
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