Vancouver, British Columbia (June 26, 2024) – Quetzal Copper Corp. (TSXV: Q) (“Quetzal” or the “Company”) is pleased to announce the commencement of field work at the Cristinas Project in Chihuahua, Mexico, with the mobilization of field and drill crews to site.
The planned field program includes 1,500 m to 3,000 m drill program focused on stepping down-dip from open, high-grade copper intercepts from the 2014 program. Then the company plans to perform a downhole InfiniTEM XL geophysical survey – a deep penetrating tool with a depth of investigation of up to 1,000 m below surface – to expand on the existing EM anomalies.
Matthew Badiali, Chief Executive Officer, commented, “We are excited finally get to work at Cristinas. We designed the drill program to evaluate the continuity of the high-grade copper mineralization below the existing historic drilling. The accompanying geophysical survey will give us a much clearer understanding of the potential extent of the sulphide mineralization. We know this project holds excellent copper mineralization. We now need to understand its potential to be a large copper deposit.”
Figure 1: Location of Drill Target and Historical Drilling at Cristinas
In addition, the drill program will target the two conductors identified in the 2022 electro-magnetic geophysical survey (EM). As previously discussed in the April 26, 2024, press release, these conductors are associated with the down-dip projection of mineralization in the historic mine and drill holes.
The Coatl vein conductor aligns with the down-dip projection of the mine workings and most of the shallow drill intercepts and continues to depth of at least 350m below surface. The Company interprets the conductor to be related to sulphide (e.g., chalcopyrite and/or pyrite) mineralization like that observed in the drill holes.
The survey identified a second conductor with the same vertical extent as the Coatl vein conductor. However, it is located approximately 90 m into the hanging wall. The Hanging Wall conductor projected to surface coincides with copper intercepts at the top of the historic drill hole LC13DD07. That interval contained 0.9 m true width of 2.0% copper in (Figure 2).
Figure 2: EM Targets Beneath Open Drill Intercepts
The Company plans to do a follow up downhole EM survey, after drilling. The downhole EM survey will provide the Company with more detailed data on the extent and geometry of the Coatl vein and Hanging Wall conductors. A limited loop geometry, as well as oxidation of sulphide minerals at surface may have limited the 2022 survey’s ability to determine the full extent of the vein-associated EM conductors.
About the Cristinas Project
The 685-hectare Cristinas Project is in northeastern Chihuahua state, Mexico, approximately 2 hours by car from Chihuahua City in a prolific belt of carbonate-hosted deposits that extends from south-central Mexico north through the United States (Figure 3). The Cristinas Project includes a historic copper mine that operated in the 1950’s on shallow copper oxide mineralization. The project features a >1,250 m long zone of copper mineralization traced through rock chips on surface and 12 historical (2014) drill holes. The copper mineralization is open along strike and at depth with significant expansion potential highlighted by limited geophysical surveys.
Figure 3: Major Carbonate-Hosted Deposits in the Southwestern US & Mexico
QP Statement
Dr. Roy Greig, P.Geo., a Qualified Person as defined under National Instrument 43-101, has reviewed, and approved the technical content in this release.
About Quetzal Copper
Quetzal is engaged in the acquisition, exploration, and development of mineral properties in British Columbia and Mexico. Quetzal currently has a portfolio of three properties located in British Columbia, Canada and one in Mexico. The Company’s principal project, Princeton Copper, is located adjacent to Hudbay’s Copper Mountain mine in southern British Columbia.
Quetzal Copper Limited
Matthew Badiali, CEO
Phone: (888) 227-6821
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events, or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to exploration and development of the Company’s properties.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated, accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
