VANCOUVER, BC / ACCESSWIRE / January 24, 2024 / Infinitum Copper Corp. (TSXV:INFI)(OTCQB:INUMF) ("Infinitum" or the "Company") is pleased to report that it has met the necessary expenditure commitment to earn an initial 80% of La Adelita from Minaurum Gold Inc. ("Minaurum") by making a total expenditure on the project of $CAD3,042,090. The company is also reporting results from the last six diamond drill holes at La Adelita in Sonora, Mexico.
Completion of Initial Earn In and Establishment of Joint Venture
Following completion of the expenditure commitment of $CAD3,000,000 under the Property Option & Joint Venture Agreement entered into with Minaurum on February 17, 2021 the Company will now restructure the shares of its wholly owned Mexican subsidiary Exploraciones Maragrita SA, such that the Company and Minaurum will now own 80% and a 20% carried interest respectively. The joint venture partners will form a management agreement to oversee future operations.
2023 Drilling Results
"Infinitum’s latest results, in combination with historical drilling programs and our ongoing surface sampling program, continue to demonstrate the potential of La Adelita. Our 2023 program was designed to test the regional potential of the system. Similar geophysical and geochemical evidence that led to the exceptional high-grade results of historic drilling was used to locate the 2023 drill holes. (Historic drill results: https://infinitumcopper.com/projects/la-adelita-project ) While the 2023 drilling did not produce the same exciting results as earlier campaigns the company can now focus on the high-grade core of the La Adelita system. Based on the knowledge we have gained the company has applied for permits to allow the removal and sale of high grade mineralised material which will allow it to potentially generate revenue and also engage in direct exploration of the La Adelita ore body. Discussions with contractors and potential offtake partners in the immediate area are progressing" commented Matt Hudson, President and CEO.
The 2023 drill campaign was focused on two key targets: the Las Trancas gold-copper target and the Cerro Grande copper zone. Drill hole AD-23-0029 returned 11.75m (True Width) of 0.16 g/t Au starting at 86.35m down hole in the Las Trancas zone. This hole, along with ADD-23-0030, was designed to test for mineralisation beneath the Sangre del Torro feature identified in the 2022 trenching campaign. AD-23-0030 returned 6.30m of 0.219 g/t Au from 149.70m down hole including 1.35m of 0.7 g/t Au. AD-23-0031 returned 145.50m of 0.172% Zn from 15.0m down hole as well as 15.75m of 0.195% Cu and 5.755 g/t from182.00m down hole. Ag AD-23-0032, also in the Las Trancas zone, encountered 30.0m @ 0.253% Zn as well as a narrow intercept of 0.50m @ 3.32% Cu and 87.9 g/t Ag. Drill holeAD-23-0034 , encountered sporadic mineralisation across multiple horizons, see Table 1.
Table 1. Hole AD-23-0034 Drill Results
|
From |
To |
Cu |
Au g/t |
Ag g/t |
Zn% |
|
43.5m |
46.5m |
0.081% |
0.205 |
15.55 |
0.696% |
|
149.1 |
150.05 |
0.401% |
0.461 |
86.00 |
0.257% |
|
174.8 |
177.6 |
0.117% |
1.032 |
29.84 |
0.178% |
|
205.8 |
209.85 |
0.904% |
0.184 |
42.5 |
0.334% |
Quality Assurance / Quality Control
Diamond drill core sampling from the 2023 program was supervised by Infinitum Copper personnel. The split core samples were delivered to the internationally certified ALS Minerals laboratory facilities in Hermosillo City, where the samples were prepared by creating a pulp, and then shipped to Vancouver, Canada for analysis. Assaying was done by ALS in Canada under an ISO 1702 Quality management system. Samples were fire assayed for Au (Au-AA24) and analyzed for multi-elements using method code ME- ICP61, following an aqua regia digestion. Over limits were analyzed using the most appropriate method. Multi-element geochemical standards, blanks, and duplicates are inserted systematically into the rock sampling series to monitor lab performance. The control samples are inserted into every 20 samples in the case of standards, blanks, and duplicates, and for rejects and pulps duplicates, each 30 samples intercalated. Chain of custody controls track the samples which are transported from La Adelita project to the camp in Picachos village and then to ALS in Hermosillo City, by Company personnel.
Qualified Person
Steve Robertson, Chairman of the Company, has acted as the Qualified Person as defined in National Instrument 43-101 for this disclosure and supervised the preparation of the technical information in this release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of Canadian securities legislation. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. – 2 – Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, are inherently subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated with the Company’s business, as described in the Company’s Filing Statement dated February 11, 2022. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
SOURCE: Infinitum Copper
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