TORONTO, April 19, 2021 (GLOBE NEWSWIRE) -- Nobel29 Resources Corp. (formerly Novo19 Capital Corp.) (the “Company”) is pleased to announce that trading of its common shares on the TSX Venture Exchange (the “TSXV”) will commence tomorrow under the ticker symbol “NBLC”.
Lawrence Guy, Chair of Nobel comments, “we are excited to have our company listed and commence building value for our shareholders as we develop our Algarrobo copper project, in Chile. Drilling has commenced and we look forward to initial results in the coming weeks.”
About the Algarrobo Project
The Algarrobo project (the “Project”) is located approximately 850 km north of Santiago, in Region III, Province of Chanaral, Chile. The Algarrobo Project is located in the southern Atacama Desert, with the city of Copiapo located approximately 43 km to the southeast and the port at Caldera 25 km to the east. The Property comprises a total of 6,710 ha (16,581 acres).
The Algarrobo Project hosts high grade copper mineralization with exploration and development potential for significant expansion that is consistent with an Iron oxide-copper-gold deposit (IOCG) along the western margin of both the Chilean Iron Belt and the Atacama Fault Zone. The Cerro Negro Norte iron deposit, having and similar structural setting and possible associated IOCG-style mineralization, is located approximately 15 km east of the Algarrobo Project. Manto Verde (120 million tonnes grading 0.73% Cu (Marschik et al 2011), approximately 30 km north) and the Punta del Cobre (>120 Mt grading 1.5% Cu, 0.2 to 0.6 g/t Au, and 2 to 8 g/t Ag (van Angeren 2005)) – Candelaria (Lundin) (366 Mt grading 1.08 % Cu, 0.26 g/T Au, and 5g/T Ag (Raab 2010)) belt (approximately 60 km south) are examples of IOCG deposits similarly located in the belt and are considered to be possible analogues for mineralization and economic potential for the Algarrobo Project.
From the 1920’s until 1997, sporadic manual production on a limited basis was undertaken by local miners on extensions of the veins previously mined at the Algarrobo Project. Mining operations to date on the Algarrobo Project, and immediately area, resulted in approximately 35 mines, ranging from near surface workings to more extensive operations extending several hundred metres below surface. The Algarrobo Project has only been exploited to very shallow depths.
Within the old mines on adjacent properties to the Algarrobo Project, copper, as copper oxides, were mined to an approximate depth of 120 meters, with copper sulfide ores mined below to greater depth (i.e. 450 meters in the Viuda Mine). The mineralized trends are very well defined by abundant workings, both historical and those arising from more recent work, ranging from shallow pits and workings to mine development extending to depths up to 450 m below surface. Taken together, these workings delineate three major structures and a vast number of minor veins, having clearly evident surface extent of at least 1.3 km, with an interpreted potential surface extent of at least 4 km. In addition to the Major Veins, a number of subordinate, subsidiary and/or undeveloped veins are present between the Major Veins, defining the “Main Mineralized Trend”. Veins on which the more significant workings have been developed are described as ranging between 1.2 and 3.5 metres at, or near, surface, and thickening with increasing depth up to 5 metres.
Analyses of select grab samples from the recently developed drifts, False Estaca and Descubridora, document “Direct Smelting Ore” grades of representative grab samples of Brochantite-bearing, high grade “Direct Smelting Ore” from Acme Analytical Laboratories S.A. in Copiapo confirm grades in excess of 30% copper. Independent analysis of a representative grab sample of Brochantite (Cu4SO4(OH)6), submitted to Acme lab in Santiago, returned an analysis of 34.27% Cu and 36 g/t Ag.
Additional information in respect of the Algarrobo Project can be found the Company’s technical report prepared by Richard T. Walker, M.Sc., P. Geo. and Enrique Grez Armanet, B.Sc., P. Geo. titled “NI 43-101 Technical Report Algarrobo Property III Region, Chile at 27° 02’ 34’ E Latitude, 70° 33’ 52’ Longitude” with an effective date of February 28, 2021, which has been filed on SEDAR (www.sedar.com)
In connection with the Company’s completion of its reverse takeover transaction (the “Reverse Takeover”) (see press release dated April 14, 2021), the Company has changed its auditor from Wasserman Ramsey to McGovern Hurley LLP, effective April 14, 2021.
The scientific and technical information in this news release has been reviewed and approved by Mr. Vernon Arseneau, P.Geo, and Mr. David Gower P.Geo., Qualified Persons as defined by National Instrument 43-101 of the Canadian Securities Administrators.
About Nobel29 Resources Corp.
The Company, through its option agreement (the “Option Agreement”), holds interests in the Algarrobo IOCG Copper Project (the “Project”), located in the coastal IOCG (Iron, Oxide, Copper, Gold) belt in northern Chile, approximately 25 km from the port of Caldera on the Pacific Ocean. Pursuant to the Option Agreement, Nobel can exercise its option and acquire a 100% ownership interest in the Project.
After giving effect to the Reverse Takeover, there are 65,758,205 common shares of the Company issued and outstanding.
FOR FURTHER INFORMATION PLEASE CONTACT:
Nobel29 Resources Corp.
Telephone: (416) 356-4839
FORWARD LOOKING STATEMENTS AND DISCLAIMERS
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of 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 press 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. 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: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive shareholder, director or regulatory approvals. 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 press release. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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