Pampa Metals drills 317 ppb gold over 8.02 metres at Buenavista, Chile

Pampa Metals Corp. [PM-CSE; PMMCF-OTCQB; FIRA-FSE] reported assay results from a three-hole diamond drilling program recently completed on its 100%-owned Buenavista target located in northern Chile.

Buenavista assay results: As previously reported, hydrothermal alteration and mineralization indicative of the upper parts of a porphyry copper system was intersected in all three holes. Multiple Au-Ag-Cu and Mo intercepts confirm a high-sulphidation epithermal style of mineralization in transition to a porphyry system.

Individual samples reported maximum assay grades of 1.86 g/t Au (hole BV02-2023), 30 g/t Ag (hole BV02-2023), 0.45% Cu (hole BV02-2023) and 1,715 ppm Mo (hole BV03-2023).

Hole BV02-2023 cut multiple narrow zones of Au-Ag-Cu mineralization related to quartz-sulphide veins and breccias including 8 metres of 0.12% Cu, 0.32g/t Au, 5.9 g/t Ag from 174.18 metres downhole. Significant molybdenum (286 ppm Mo) was reported from a tourmaline breccia towards the bottom of the hole (515.2m) suggesting possible proximity to an inter-mineral porphyry source.

Hole BV03-2023, like BV02-2023, was collared in the quartz-sulphide breccia zone with copper oxides mapped at surface and cut several narrow zones of Au-Ag-Cu mineralization related to quartz-sulphide veins and breccias, including 4 metres of 0.14% Cu, 0.44g/t Au, 2.1 g/t Ag. High grade molybdenum (4m @ 574ppm Mo) was also reported from veins at 656 metres downhole.

Cu-Au-Ag values in a series of narrow granodiorite dykes cut in BV02-2023 and BV03-2023 confirm the presence of early inter-mineral intrusions.

Hole BV01-2023, drilled on the central Buenavista quartz-veinlet stockwork zone and associated Tertiary-dated (60 Ma) dacite porphyry, reflected surface geochemistry and was highly anomalous in molybdenum along most of the hole length, with individual assay highs of 222 ppm Mo.

Commenting on the results, Joseph van den Elsen, President and CEO, stated: “We are pleased to report the results from this first scout drilling program at Buenavista. Results clearly show that drilling has penetrated the peripheral portions of at least one (BV02-2023 and BV03-2023) and possibly two (BV01-2023) porphyry systems, with the source inter-mineral porphyry or porphyries lying beneath or to the side of current drilling. Assay results confirm the fertility of the system (or systems) and other geophysical anomalies on the property are still to be drill tested, giving encouragement to pursue further work. Pampa considers the Buenavista target and the Buenavista project more broadly to be highly prospective for the discovery of a porphyry copper-gold-molybdenum deposit and is evaluating alternatives to continue advancing a full assessment of the property. Concurrently the company continues to assess other high potential opportunities for the discovery of large-scale copper deposits in the Americas.”

About the Buenavista Target: Pampa Metals completed a program of 3 diamond drill holes totaling 1,957 metres during April and May 2023 at the Buenavista project, located along the Domeyko porphyry copper belt of northern Chile, halfway between the Escondida and El Salvador porphyry copper mining districts. Drilling was designed to test coincident geological, geochemical, and geophysical anomalies, which together demonstrated an environment favorable for the presence of one or more Tertiary-aged porphyry Cu-Au-Mo systems.

Pampa Metals wholly owns a 47,400-hectare portfolio of seven projects highly prospective for copper, molybdenum and gold located along proven and highly productive mineral belts in Chile, one of the world’s top mining jurisdictions.