Antofagasta, Chile, June 23, 2022 (GLOBE NEWSWIRE) — Pampa Metals Corp. (“Pampa Metals” or the “Company”) (CSE: PM / FSE: FIRA / OTCQX®: PMMCF) is pleased to report that Quantec Geoscience Chile Ltda. (“Quantec”) has recently completed an IP geophysical survey over the Buenavista target and other covered magnetic anomalies at the Company’s Block 4 project in northern Chile, with encouraging results (see previous news release dated May 24, 2022).
Block 4 is located along the principal porphyry copper belt of northern Chile, about 110 km south of the giant La Escondida copper mine. The principal target identified to date, called Buenavista, comprises a poorly exposed quartz-veinlet stockwork zone hosted within a dacite porphyry intrusion, which is spatially coincident with a magnetic high and anomalous molybdenum geochemistry. Copper oxide occurrences and anomalous gold values are zoned around the central stockwork zone to the west, south and east.
Block 4 IP Survey – Findings & Key Takeaways
The survey comprised 37 linear kilometers (“km”) of pole-dipole IP measurements distributed along five E-W lines each 5 to 7 km long. The lines were not evenly distributed, and do not form a regular grid, as they were designed as a preliminary test of a series of separate geological, geochemical, and magnetic anomalies.
The results of the IP geophysical survey at Block 4 have given results consistent with the previously published results for the Buenavista target (see Figure 1). Two of the lines located over the Buenavista target, with porphyry-type quartz veinlets, quartz-sulfide breccias to the west, and skarn-type mineralization with coarse chalcopyrite relicts to the east, have a good correlation with chargeability and resistivity anomalies on lines 7,205,000N and 7,205,750N. The anomalies define an area of interest significantly greater than 1 km x 1 km in size at Buenavista, starting at shallow depths and open beyond depths of 600m. This confirms Buenavista as a priority drill target.
These two IP lines and others cover a variety of additional magnetic anomalies, mostly under post-mineral cover, to the east, northeast and southeast of Buenavista, and reveal other coincident chargeable and magnetic features with geophysical characteristics similar to Buenavista. These are also being evaluated as possible drilling targets.
Line 7,205,750N – 7 km W-E – 750m north of the Buenavista target, and crossing a post-mineral covered magnetic anomaly to the east (see Figure 3).
Line 7,203,500N – 6 km W-E – 1,500m south of the Buenavista target, and crossing a magnetic low to the southwest of Buenavista, and magnetic highs to the east (see Figure 4).
Lines 7,207,600N & 7,209,000N – each 5 km W-E – 2.5 km to 4 km north of the Buenavista target, and crossing a series of post-mineral covered magnetic features (see Figure 1).
About Block 4
A ground magnetics survey and follow-up geological fieldwork led to the discovery of a porphyry-related quartz-veinlet stockwork zone spatially coincident with a dacite porphyry and magnetic anomaly (see news release dated October 18, 2021), subsequently named the Buenavista target. A limited trenching program returned anomalous molybdenum geochemistry associated with the stockwork zone, together with copper and gold values around the margins, including 24m @ 0.14% Cu and (separately) 24m @ 0.25 g/t Au (see news released date March 15, 2022).
The trenching program at Buenavista revealed relicts of coarse chalcopyrite disseminations from a skarn-type system on the eastern edge of the stockwork zone, as well as green and black copper oxide mineralization from in-situ oxidation of chalcopyrite-pyrite mineralisation in a quartz-sulfide breccia on the west flank of the stockwork. Gold anomalies are also associated with this latter area.
Simultaneous soil geochemistry and pole-dipole IP geophysics surveys were initiated in May 2022, centred on the Buenavista target. IP results are published here, and field sampling for the soil survey totalling around 2,500 samples is about 50% completed, with all assay results pending. Soil sampling results will be published in due course. ABOUT PAMPA METALS
Pampa Metals is a Canadian company listed on the Canadian Stock Exchange (CSE: PM) as well as the Frankfurt (FSE: FIRA) and OTC (OTCQB®: PMMCF) exchanges. Pampa Metals owns a highly prospective, wholly owned, 60,000-hectare portfolio of eight projects for copper and gold located along proven mineral belts in Chile, one of the world’s top mining jurisdictions. The Company is actively progressing four of its projects, including completed and planned drill tests, and has two additional projects optioned to Austral Gold Ltd., with Austral already drill testing its first target on Pampa Metals’ ground. The Company has also signed an agreement with VerAI Discoveries Inc. giving Pampa Metals access to the latest in artificial intelligence technologies in relation to mineral exploration, as well as a further 18,700 hectares of highly prospective terrain in the core of the highly productive mineral belts of northern Chile.
The Company has a vision to create value for shareholders and all other stakeholders by making a major copper or gold discovery along the prime mineral belts of Chile, using the best geological and technological methods. For more information, please visit Pampa Metals’ website www.pampametals.com. Qualified Person
Technical information in this news release has been approved by Mario Orrego G, Geologist and a Registered Member of the Chilean Mining Commission and a Qualified Person as defined by National Instrument 43-101. Mr. Orrego is a consultant to the Company.
Note: The reader is cautioned that Pampa Metals’ projects are early-stage exploration projects, and reference to existing mines and deposits, or mineralization hosted on adjacent or nearby properties, is not necessarily indicative of any mineralization on Pampa Metals’ properties.
ON BEHALF OF THE BOARD
Paul Gill | CEO & Director
www.pampametals.com INVESTOR CONTACT
Ioannis (Yannis) Tsitos | Director
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This news release contains certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical fact, which address events or developments that Pampa Metals expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “indicate” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Pampa Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaranteeing of future performance and actual results may differ materially from those in forward-looking statements.