Bocana Resources Corp. (TSXV: BOCA) (Frankfurt: VC1)
("
Bocana" or the "
Company") – is
pleased to provide additional information with respect to the
previous announced non-binding letter of intent dated March 25,
2024 (the "
LOI"), for the proposed acquisition of
all of the outstanding shares of Empresa Minera Inti Raymi S.A.
("
Inti Raymi") (the
"
Transaction"). The Company has initiated
geological reviews several assets within the Kori Pakaska project
owned by Inti Raymi (the "
Project"). Additional
details on the Kori Kollo asset are provided below.
As previously disclosed in the April 1, 2024,
news release (the "Release"), the Project includes
privately held concessions, which include two former open pit
mines, dumps and tailings stockpiles, historical processing and
mining facilities. Beyond the short term potential of the tailings
and low-grade surface waste dumps, the Company believes there are
extensive historical resources, based on drill testing, occurring
below the original Kori Kollo open pit. The evolving geological
review of the Project, and the Kori Kollo asset in particular, will
initially consist of locating and compiling of all electronic or
paper copies of drill test results, maps, metallurgical tests, and
any other geological reports available to review.
The Kori Kollo Deep Deposit The
area is called "Deep Kori Kollo" and was successfully drill tested,
by Inti Raymi, beneath the abandoned open pit. For example, drill
hole DK-1353 obtained drill lengths of 1.70 g/tonne gold over 45.0
metres and 5.10 g/tonne gold over 24.0 metres as indicated in
Figure #1 below.
Kori Kollo, the largest deposit on the property,
consists of relatively high-grade ore occurring in structurally
controlled breccias, while veinlets are found in medium grained
dacite. Wall rock alteration consists of intense silicification,
seritization, pyritization and gold mineralization with local,
minor kaolinite. The Au-Ag rich polymetallic ores were emplaced
along NE trending structures, generally dipping between 60° NW and
vertical. Mineralization is present principally in fractures and
veinlets but also in breccia zones, stockworks and
disseminations.
Figure # 1 Korri Kollo Cross
Sectionhttps://www.globenewswire.com/NewsRoom/AttachmentNg/9f75a715-9346-46ce-96b7-dda87a56343c
Table # 2, below, is a
historical resource estimate completed under the supervision of
Inti Raymi’s geological engineer Carlos Thompson in 2016 on the
Kori Kollo Deep sulphide potential. As part of the review, Company
geologists will continue to examine all historical data. As of now
a qualified person has not done sufficient work to classify the
historical estimate as current mineral resources or mineral
reserves; and the issuer is not treating the historical estimate as
current mineral resources or mineral reserves.
Table # 2
|
Type |
|
Grade |
Grade |
|
|
Project |
Resources |
Tonnes |
Gold |
Silver |
Oz Gold |
Oz Silver |
Kori Kollo Deep |
Indicated |
22,531,047 |
1.52 |
8.23 |
1,101,082 |
5,238,110 |
(Sulfide) |
Inferred |
8,365,877 |
1.40 |
8.21 |
376,560 |
2,209,332 |
|
As the Company progresses with the other assets
of the Project, the Company will provide additional details on the
historical resource estimates as provided to the Company by Inti
Raymi.
In addition to the due diligence efforts
currently underway, the Company is also seeking possible
non-dilutive funding for the start-up funds necessary for the down
payment and newly anticipated capital expenditures for the advanced
onsite processing facilities.
Qualified
Person
Mr. Lorne Warner, P.Geo., is a "Qualified
Person" as defined by National Instrument 43-101. Mr. Warner has
approved the scientific and technical information included in this
news release for dissemination.
About Bocana
Resources Corp.
Bocana is a mineral exploration and development
company focused on the acquisition, exploration, and development of
mineral properties in South America. Bocana, through its wholly
owned subsidiary, Huiracocha International Service SRL, currently
holds a 100% working interest in the mineral properties known as
the Escala area concessions located at the Department of Potosi,
Sud Lipez Province, Bolivia as awarded by Comibol.
Contact
Information
For more information on Bocana, visit:
https://bocanaresources.com
For more
information or
interview requests,
please contact:
Timothy J. Turner – Chief Executive
Officer – info@bocanaresources.com
Forward-Looking
Information
This news release contains "forward-looking
information" within the meaning of applicable securities laws.
Forward-looking information can be identified by words such as:
"intend", "believe", "estimate", "expect", "may", "will",
"approximately", "planning", "projected", "anticipate" and similar
references to future periods. 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 Bocana, as the case may be, to be materially
different from those expressed or implied by such forward-looking
information, including but without limitation, statements
pertaining to the Transaction including Bocana's ability to obtain
financing and the necessary approvals, including regulatory
approvals for the Transaction, and the results of any geological
reports. All statements included herein involve various risks and
uncertainties because they relate to future events and
circumstances beyond Bocana's control.
Although Bocana 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. Readers are cautioned not to
place undue reliance on forward-looking information. The
forward-looking statements contained in this news release are made
as of the date hereof, and the Company undertakes no obligation to
update publicly or revise any forward- looking statements or
information, except as required by law.
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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