Tribeca Resources Corporation report assay results from the first three holes of the drilling program under way at its La Higuera iron oxide copper-gold (IOCG) project, located 40km north of La Serena, in the Coquimbo region of northern Chile. Hole GBY001 intersected 268m at 0.66% copper, 0.14g/t gold, including 90m at 1.02% copper, 0.23 g/t gold, from the base of gravel cover at 52m. Holes GBY002 and GBY003 (Table 1) intersected well-developed sulphide mineralization of a lower grade, albeit peripheral to the main trend.

Four holes (GBY004 to GBY007) are being geologically processed and analysed, including two drilled as large step-out holes to the north. Results from these holes, together with two additional holes that remain to be drilled at the Chirsposo target 3km to the south, will be released in due course. All three holes reported here have intersected sulphide mineralization, with GBY001 returning assays that are of significantly higher grade than the best results reported in historic drilling (RCH-LH-07).

The Gaby target is a NNW-trending zone, 3km to the northwest of the historic La Higuera mining center. Small copper workings and historic drilling indicates the presence of copper mineralization on small outcropping rises, which is interpreted to continue under thin gravel cover. Historic drilling at the Gaby target in 2005 stopped just north of the limit of the outcrop, where hole LH-RC-07 penetrated 31m vertical thickness of gravel cover before intersecting a thick section of IOCG-style mineralization.

The mineralization returned an intersection of 285m @ 0.40% Cu, 0.08 g/t Au, 23.5% Fe and 259ppm Co from 100m. This information is documented in the NI 43-101 Technical Report filed by Tribeca Resources on SEDAR on 24 October 2022. The first hole drilled by Tribeca Resources at Gaby (GBY001), is a 100m step-out to the north of historic drilling (Figure 1) and intersected a thick zone of IOCG-style mineralization with an intersection of 268m @ 0.66% Cu, 0.14 g/t Au, 330ppm Co (0.74% CuEq) from 52m downhole depth, including 90m @ 1.02% Cu, 0.23g/t Au, 681ppm Co (1.20% CuEq) from 230m.

The intersection comprised 58m of weathered rocks from 52m to 110m depth and 210m of sulphide mineralization from 110m to 320m. The sulphide mineralization continued beyond 320m to the end of hole at 376.8m, but was dominated by the iron sulphide pyrite, with lesser copper sulphide (chalcopyrite) present. Drill holes GBY002 and GBY003 were drilled peripheral to the main trend to test potential extensions to mineralization intersected in the historic drillhole RCH-LH-06 (36m @ 0.66% Cu, 0.14 g/t Au from 196m and 36m @ 0.46% Cu, 0.11 g/t Au from 264m) in the eastern section of the prospect.

The holes intersected extensive sulphide mineralization, albeit containing thinner lower grade copper intersections compared to GBY001.