Atacama Copper Corporation announced the results and near completion of the initial phase of exploration at its 100% owned Placeton and Caballo Muerto projects. The geological and detailed structural mapping focused on key elements for porphyry copper assessment in the three targets areas (Placeton North, Placeton Central, and Placeton South) was performed over 25 km square from November until December 2021. A rock chip sampling program was carried out from December 2021 to January 2022.

136 samples were taken over the three targets which were integrated and analyzed alongside 159 samples taken during 2014. A study was carried out using the Mag-Drone method over an approximate area of 1,165 ha. A historical IP survey covering 4km of the Placeton South target was integrated into the current analysis.

The identified intrusives are composed of a rhyodacite dome, monzonitic porphyry, and monzonite- granodioritic bodies. The alteration is silicification and phyllic (sericite, quartz) argillic (illite, montmorillonite, kaolinite) with developments of sub-propylitic halos (epidote chlorite, magnetite) and local tourmaline. A leach capping with hematite and goethite, including pitch limonite and copper oxides (atacamite-chrysocolla) is developed in veins, disseminated, and breccia matrix.

D-veins and local evidence of A-veins were identified. These elements, when combined, provide strong evidence of the presence of an altered porphyry copper system. Additionally, a new phyllic altered porphyry dome outcrop area, south-east of Placeton South, has been identified with potential to add volume to the current target zone.

The geochemical anomalies exhibit a high correlation with the altered-mineralized centers, supporting the metal input location. In the case of copper, the most significant geochemical anomalies (up to 1,674 ppm) were found in the Monzodioritic Porphyry unit, and from the rhyodacitic dome the most significant molybdenum geochemical anomalies (up to 5.0 ppm) come mainly from intrusive facies of the Eocene Complex. Values from 22 to 28 ppm of Mo, are related with copper oxide mineralization at the central porphyry and near-by structures at the volcano-sedimentary bedrock.

The magnetic susceptibility modeling process ("MVI") shows a notable magnetic anomaly in the Central Placeton area which is extending into Placeton North (making an integrated target of both area for magnetic-deeper zones of porphyry copper model). The central part of the anomaly coincides partially with the phyllic- altered monzodioritic porphyry unit. The presence of a monzodioritic porphyry mapped at the surface and the high magnetic anomaly slightly displaced to the east, suggest a porphyry related magnetic alteration zone in Placeton Central (extended to the north).

The historical geophysics at Placeton South, shows a strong chargeability anomaly 300m below surface coincident with the felsic body. The strong chargeability anomaly continues from 300m approximately 600m below surface. The geological mapping focused on the central target area was performed over a 10km sqaure area from November until December of 2021.

A rock chip sampling was carried out from December 2021 to January 2022. A total of 66 samples were taken over the target area. A magnetometry survey covering an area of 6 km square (600 ha) was conducted over the target area.

Subsequently, an IP line was designed and completed in an NW-SE magnetic anomaly trend, covering a total distance of 4 km. Results: A 600 x 700 m outcrop of an Eocene dacitic porphyry was identified in the central area of Caballo Muerto, which intrudes the Paleogene Estratos del Gaucho volcanoes-sedimentary sequence to the west. The target presents an argillic and well-defined phyllic alteration, with pitch limonite and boxworks of copper sulfides.

To the west and the east of the phyllic center, chlorite-epidote alteration is developed in a 3 x 3 km halo surrounding the porphyry target. These results, suggest a coherent framework for a well-centered porphyry alteration system. Copper geochemical anomalies (up to 147 ppm) present in the rhyodacitic porphyry unit and, locally, the volcanic rocks of Cerro El Gaucho Strata, are related with NW-SW structures.

Average Mo grades in the Caballo Muerto sector is 29 ppm. The most significant Mo anomalies (up to 72 ppm) were found in the rhyodacitic porphyry unit (average 45 ppm), with a maximum value of 282 ppm. These elevated molybdenum anomalies, which could be found in the center axis of the porphyry systems, are strong indication of the metal source.

The 4 km long IP profile reached a depth of almost 1,000 m. The profile was designed to encompass the NW and SE magnetic anomalies. The most significant anomaly is in the central anomaly, which brings together all the desirable aspects for sulfide mineralization: Intense high-chargeability moderate conductor centered, but radiating outside of a moderate-high magnetic anomaly. The presence of the phyllically altered porphyry, the IP anomaly, together with the terrestrial magnetometry, is configuring a consistent new 2 x 1km untested porphyry target with potential to the south and at depth.