Bocana Resources Corp. (TSXV: BOCA) (Frankfurt: VC1)
("
Bocana" or the "
Company") is
pleased to announce assay results from diamond drill holes
HRC2303-HRC2305 on the Escala area concession in southwest Bolivia.
Assay results confirmed high grade gold/silver and base
metals associated with late stage hydrothermal breccias.
The Company's inaugural drilling was completed
on October 24, 2023, and tested both the Cerro Galapagos and Cerro
Blancos areas as well the Laura Zone. The Cerro Galapagos target
area hosts a large, multi-phased, felsic intrusive complex with
extensive alteration and up to 4 phases of sulphide mineralization
observed. HRC2303 and HRC2304 tested the Cerro Galapagos area,
HRC2305 was completed in the Cerro Blanco area.
Highlights of assay results for holes
HRC2303-HRC2305 are as follows in Table # 1:
Table # 1 – Selected Assay Results
Hole Number |
From |
To |
Core Length* |
Gold |
Silver |
Copper |
Lead |
Zinc |
|
(m) |
(m) |
(m) |
(g/tonne) |
(g/tonne) |
(ppm) |
(ppm) |
(ppm) |
|
|
|
|
|
|
|
|
|
HRC2303 |
277 |
278.8 |
1.8 |
0.89 |
23.3 |
13600 |
75.7 |
188 |
|
|
|
|
|
|
|
|
|
HRC2304 |
208.84 |
210.27 |
1.43 |
3.12 |
78.9 |
8910 |
685 |
1564 |
|
257.93 |
258.43 |
0.55 |
1.85 |
>100 |
>10000 |
>10000 |
>10000 |
|
279.57 |
282 |
1.47 |
1.97 |
>100 |
>10000 |
>10000 |
>10000 |
|
|
|
|
|
|
|
|
|
HRC2305 |
42.82 |
43 |
0.18 |
4.11 |
97.5 |
>10000 |
219 |
492 |
*Core length is not true width. True width is
unknown.
Discussion of Results
Cerro
Galapagos
Cerro Galapagos contains a large approximately,
2.0 X 2.0-kilometre, circular, induced polarization (IP)
chargeability high and moderate to high resistivity anomalies.
Diamond drill holes (HRC2303-2304) were completed at Cerro
Galapagos where a large, felsic porphyry complex containing
multiple phases and extensive argillic and phyllic alteration zones
occur.
HRC2303 is located approximately 200 metres north
of the central core of the IP chargeability anomaly. The core depth
was extended by more than 200 metres due to the extent of and the
increasing concentrations of sulfides being observed with depth.
Several intrusive phases were encountered, most of which were
mineralized again by pyrite and minor arsenopyrite-pyrite phases.
Starting at 277.0 metres for 1.8 metres of core length hydrothermal
breccia with observed chalcopyrite was noted.
HRC2304 was added to the program after the visual
sulfides concentration in HRC2303 and is located 100 metres
southwest from the HRC2303 collar location. The hole contains
several intrusive phases including intrusive and intrusion breccia
and a significant increase in hydrothermal breccias. HRC2304 hosted
at least 4 phases of mineralization with base metal mineralization
occurring in the apparently youngest, hydrothermal breccias. Again,
most of the rock types encountered were mineralized with pyrite and
minor arsenopyrite mineralization as disseminations and fracture
fillings. Three significant intervals of hydrothermal breccia were
noted in Table # 1 and contained visible chalcopyrite, galena and
sphalerite mineralization.
Figure # 1 is a surface plan view of the three
areas drill tested with drill hole surface projections. Table # 1
lists all the details on the drill holes completed on the
program.
Figure # 1 Drill Plan Map
Cerro
Blanco
HRC2305-HRC2306 were completed for a total
of 331.2 metres testing IP, chargeability, and resistivity highs.
Both holes encountered approximately 5-10 metres of sediments
before encountering a single phase of a quartz eye porphyry. Minor
pyrite and chalcopyrite mineralization occurs at the
sediment/intrusive contact in both holes and approximately 30
metres of crackle fractured intrusive in hole HRC2306 healed by
finer grained pyrite with traces of chalcopyrite. As indicated in
Table # 1 Hole HRC2305 encountered high grade copper and associated
gold mineralization over a 0.18m interval.
Table # 2 below provides collar data for
those holes discussed today.
Escala 2023 Drilling |
|
|
|
DDH |
UTM |
E |
N |
Elev. (m) |
Azimuth |
Dip |
EOH (m) |
HRC2303 |
19S |
718901 |
7612378 |
4044 |
315 |
-65 |
452.1 |
HRC2304 |
19S |
718830 |
7612305 |
4039 |
315 |
-65 |
313.4 |
HRC2305 |
19S |
719624 |
7610666 |
3983 |
240 |
-55 |
206.2 |
HRC2306 |
19S |
719435 |
7610373 |
3975 |
240 |
-55 |
125 |
Conclusions
The 2023 drilling program did locate an
extensive, highly altered felsic porphyry system, with the
continuity of gold throughout the potential bulk tonnage system
remained generally low, under >0.10 g/t gold. However,
significant concentrations of silver and gold also occurred in
select areas. Several phases of mineralization occurred within the
porphyry system, the apparent last phase was hydrothermal breccias
with observed chalcopyrite, galena and sphalerite mineralization.
The hydrothermal breccias encountered are probably associated with
structures and might be in the form of “pipes”.
It was recommended to Bocana that additional
surveys be completed to determine the orientation and extent of
these hydrothermal “pipes”. Additionally, detailed geological
mapping within the Cerro Galapagos porphyry system, adding these
core results with the historical diamond drilling results, is
recommended prior to any additional drill testing, as part of the
Phase 1 diamond drilling program recommendations found in the
43-101 Technical Report.
Sampling Methodology, Chain of Custody,
Quality Control and Quality Assurance:
All drill core samples have been collected under
the supervision of Company employees. Drill cores were transported
from the drill platform to the camp’s logging facility where it was
geotechnically and geologically logged, photographed, and split by
diamond saw prior to being sampled. Samples were then bagged,
sealed, and numbered in order to maintain a chain-of-custody.
Company employees also inserted blank, duplicate and a certified
standard sample in each batch of twenty samples prior to
transportation from the Escala area camp to the independent
laboratory site of ALS Bolivia Ltda. in Oruro, Bolivia. ALS will
provide Bocana with sample preparation and analysis services at its
ISO/IEC 17025 accredited facilities. The ALS unit in Oruro is ISO
9001:2008 and ISO 17025:2005 accredited and ALS is the only
laboratory in South America that has a high number of analytical
methods accredited by ISO IEC 17025 and has the sample preparation
stage included in this accreditation.
Qualified Person
Bocana’s disclosure of metallurgical,
scientific, and technical information included in this press
release has been reviewed and approved by Mr. Lorne Warner, P.Geo.,
geological consultant to the Company and a Qualified Person under
the definition of NI 43-101, Standards of Disclosure for Mineral
Projects.
About Bocana Resources
Corp.
Bocana is a mineral exploration company focused
on the acquisition, exploration, and development of mineral
properties in South America. Bocana, through its wholly owned
subsidiary, Huiracocha International Service SRL, 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
Officerinfo@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. Although Bocana believes that, in
light of the experience of its officers and directors, current
conditions and expected future developments and other factors that
have been considered appropriate, the expectations reflected in
this forward-looking information are reasonable, undue reliance
should not be placed on them because Bocana can give no assurance
that they will prove to be correct. 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 not limited to: general business,
economic, competitive, geopolitical and social uncertainties; the
actual results of current exploration activities including Phase 1;
risks associated with operation in foreign jurisdictions; ability
to successfully integrate purchased properties or mining rights
awarded; foreign operations risks; and other risks inherent in the
mining industry. 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. Additional
risks include those disclosed in the Information Circular, which
are incorporate herein by reference and are available through SEDAR
at www.sedar.com. 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.
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securities for sale in the United States. The securities described
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in the United States or to, or for the account or benefit of, U.S.
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of 1933, as amended) absent registration or an exemption from
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sale of the securities in any state in which where such offer,
solicitation or sale would be unlawful.
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the adequacy or accuracy of this news release.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/05606367-6247-404b-bf43-573d94edf02d
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