November 2, 2021
Vancouver – November 2, 2021 – Pampa Metals Corp. (“Pampa Metals” or the “Company”) (CSE: PM / FSE: FIRA / OTCQX®: PMMCF) is pleased to provide an update and status report for its high-quality portfolio of copper and gold exploration projects located in northern Chile.
Pampa Metals has assembled a unique property portfolio for a junior company of eight (8) wholly owned projects, covering a series of greenfield copper and gold targets along the highly productive, world-class mineral belts of northern Chile. The company has a highly qualified board and management, with lengthy experience with major and junior mining companies, participation in significant discoveries, and multiple decades of experience in South America. Technical updates include a current in-house focus on 4 projects and third-party expenditures on a further 2 projects:
- Drilling at Cerro Buenos Aires continues vectoring towards a large and well-developed copper-gold porphyry-related alteration and mineralization system, covered by post-mineral gravels, where follow-up deeper diamond drilling is being planned.
- Drilling at Redondo-Veronica indicates deep porphyry potential with vectors derived from hydrothermal alteration and geochemical anomalies found in relevant drill holes, together with geophysical anomalies. Follow-up deeper diamond drilling is being contemplated.
- Field work at Block 4 has revealed the coincidence of a discrete magnetic high with a dacite porphyry intrusion exhibiting an intense quartz-veinlet stockwork zone. Further field work, including trenching due to limited outcrops, is planned to help define drill targets.
- Field work at Block 3 has revealed multiple magnetic features of potential interest in post-mineral covered areas, and geological mapping around the periphery of the covered areas has confirmed the prospective nature of the area. Further geophysical surveying is being planned to help define possible drill targets.
- Third-party Expenditures: Pampa Metals’ partner, Austral Gold Ltd (“Austral”), has commenced field work at the Company’s Morros Blancos project and has recently announced positive preliminary results for a gold target. A second optioned project, Cerro Blanco, is also being advanced by Austral.
- Business Development: The Company continues to actively pursue additional business development opportunities with third parties, to continuously upgrade the Company’s property portfolio and to create maximum value-add.
Julian Bavin, CEO of the Company, commented: “We are delighted with the progress of the Company’s exploration activities to date over a period of 11 months since inception. We believe the Company has delivered on an aggressive approach to exploring its greenfield property portfolio in some of the most geologically prospective mineral belts in the world. Pampa Metals now has clear line of sight towards at least two and possibly three deep porphyry copper targets from its relatively shallow drill testing of 4 target areas at its Cerro Buenos Aires and Redondo-Veronica projects. Extensive geophysical campaigns, including drone-flown and ground-based magnetic surveys, 3D Vector IP, gradient array IP, and magnetotelluric surveys, have complemented detailed geological mapping in the field by a porphyry copper expert on 5 properties. The recent discovery of a potentially important zone of quartz veinlet stockworking at our Block 4 project is further encouraging news. Furthermore, having a proactive approach to business development activities has given rise to an agreement whereby 3rd-party funding is advancing two additional projects at Morros Blancos and Cerro Blanco, both of which have significant gold potential. We are looking forward to the next steps in our own and our partner’s activities over the next 6 months, including further drill programs.”