Drilling Intersects 100+ Meters of Copper Porphyry at Undrilled Chile Target

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Nobel Resources Corp. (NBLC:TSXV) announced that it identified a new mineralized copper porphyry system at its Cuprita project in northern Chile while conducting the first diamond drill program on the property. The company stated that exploration surveys completed over the past year by its Chilean technical team identified geological and geophysical characteristics typically associated with mineralized porphyry copper systems in the region, leading to the start of a diamond drilling campaign in January.

The company reported that the fourth drill hole of the program, CUP004, intersected more than 100 meters of copper-bearing mineralized porphyry. Assays are pending for all drilling completed to date and will be disclosed when received. Earlier drilling also provided geological information used for targeting, with drill hole CUP003 intercepting weakly mineralized porphyry that appeared to clip the edge of the system and provided alteration vectors observed in the hole.

According to the company, drill hole CUP004 showed geological changes beginning at 218 meters depth, where tourmaline veins increased, and the rock transitioned into an intrusive breccia containing porphyry clasts. Copper values measured using a portable XRF analyzer reached locally up to 1,700 parts per million within the breccia. The company noted that portable XRF measurements are point-source readings from drill core and are not representative of the overall intercept.

Between 285.5 meters and 382 meters depth, the company reported a sulfide-rich interval characterized by increasing quartz-sulfide veins with disseminated pyrite plus or minus chalcopyrite and locally bornite. Alteration in this interval is primarily sericite-chlorite with moderate to strong intensity. Portable XRF measurements within this interval reached up to 2.9% copper in chrysocolla-bearing veinlets and 2.6% copper in pyrite-chalcopyrite veinlets. From 382 meters to 408.8 meters, the company reported a post-mineralization dike barren of sulfide minerals. Below the dike, weakly mineralized porphyry was intercepted before the hole ended at a depth of 460.6 meters.

The drill program is targeting an area centered on a lithocap identified by Nobel geologists through surface mapping in 2025. The company stated that the lithocap consists of strongly silicified rock forming a silica-rich matrix with cavities caused by leaching of minerals and pyrite boxwork textures. It has been mapped along a structural corridor trending approximately N10 degrees to 20 degrees east and extending at least 1,000 meters in length and 300 meters in width. The lithocap is located within a broader soil anomaly zone where copper values exceed 200 parts per million and reach a maximum of 9,000 parts per million in soils.

Vernon Arseneau, COO of Nobel, stated in a company news release, "Based on my over 35 years of exploring in the Chile for these types of deposits, it is very rare to find such an extensive new lithocap with associated mineralization and geophysical anomalies, that has never been drilled. This is an exciting start to the program."

Copper Prices React to Inventory Surge and Shifting Global Demand

Bloomberg News reported on March 6 that conditions in the copper market had become increasingly strained as inventories rose and demand weakened in some regions. The publication wrote that "a bearish mood is sweeping through the physical copper market" as sellers struggled to move cargoes amid softer demand, particularly in China. Bloomberg also reported that copper inventories had increased significantly across major exchanges, stating that "metal is piling up fast in warehouses around the world," with Shanghai Futures Exchange inventories reaching a record level. The report noted that inventories across major exchanges had risen by more than 500,000 tons since the start of the year, while copper was heading for a weekly decline on the London Metal Exchange amid rising deliveries into exchange warehouses.

The same report described a disconnect between physical market conditions and futures pricing, noting that the metal market appeared "increasingly oversupplied, yet futures prices remain at near-record levels thanks to demand from bullish investors." According to Bloomberg, weakening demand among Chinese manufacturers contributed to the shift in sentiment, while producers and traders attempted to move cargoes through the spot market. Ni Hongyan, vice general manager of Eagle Metal International Pte., stated that "there has been more African EQ material available on the market," adding that "this means supply will increase, and if consumption can't keep up, domestic discounts will widen further."

Couloir Capital wrote on March 9 that copper prices had declined during the week as inventories increased and macroeconomic factors influenced sentiment across industrial metals. According to the report, "copper prices declined by 4.1% during the week, mainly due to a sharp rise in exchange inventories, which signaled improved near-term supply and weighed on market sentiment." The firm noted that stocks held in London Metal Exchange warehouses in the United States had risen by approximately 44%, lifting total LME inventories to around 282,200 tonnes, which it described as the highest level since October 2024. Couloir Capital also wrote that "copper also faced additional pressure from macro factors, including a stronger U.S. dollar."

FactSet reported on March 9 that copper trading reflected broader commodity market movements tied to geopolitical developments and currency strength. According to FactSet, "copper recovered from earlier weakness, following nickel higher amid the Middle East turmoil and related shipping concerns," while aluminum moved lower as the stronger U.S. dollar weighed on base metals. The report noted that price movements occurred alongside fluctuations in other metals and shifting investor sentiment in global commodity markets.

Analyst Report Cites Porphyry Indicators and Sets CA$0.15 Technical Target

According to a December 23 report from John Newell of John Newell & Associates, the analyst rated the company a "Speculative Buy" and highlighted its portfolio of four copper exploration projects in northern Chile totaling approximately 6,050 hectares. Newell wrote that the properties were located in established metallogenic belts and showed copper mineralization at surface.

The report focused on the Cuprita project in the Atacama Region within the Paleocene Porphyry Copper Belt, which hosts deposits including El Salvador, Spence, Cerro Colorado, and Sierra Gorda. Newell stated that the project displayed "many of the classic hallmarks of a porphyry copper system," including copper oxide mineralization at surface, hydrothermal breccias, quartz stockwork veining, and alteration assemblages consistent with low-pyrite porphyry systems. He noted that surface sampling returned rock chip values ranging from approximately 0.25% to over 3% copper and that induced polarization surveys had identified chargeability and resistivity anomalies roughly 200 meters below surface.

From a technical perspective, Newell wrote that the shares had been consolidating in the CA$0.03 to CA$0.05 range and stated that a move above CA$0.05 "would be constructive and could open the door to a test of higher resistance zones near CA$0.07 and CA$0.08." He added that the analysis included an initial working technical target of CA$0.15 while reiterating his "Speculative Buy" rating.

Exploration Programs and Project Targets Across Northern Chile Portfolio

According to the company's corporate presentation, the Cuprita project is located approximately 20 kilometers northwest of Inca de Oro village and about 120 kilometers north northeast of Copiapó and covers about 1,000 hectares. Drill permits were received in mid-October, and the project is located in the Paleocene Porphyry Copper Belt, which hosts several porphyry copper mines, including Cerro Colorado, Spence, Sierra Gorda, and Fortuna. Geological, geochemical, and geophysical characteristics at Cuprita include copper mineralized stockwork related to extensive propylitic alteration identified at the surface by Nobel geologists. Surface mineralization includes copper oxides such as atacamite, brochantite and chrysocolla found in outcrops and fractures. Tourmaline breccias and quartz stockwork veining have been observed and interpreted as indicators of hydrothermal activity associated with porphyry copper environments.

The company reported geochemical sampling and geophysical surveys that support a shallow porphyry concept at the Cuprita property. Copper and molybdenum soil anomalies indicate near-surface mineralization, with molybdenum considered less mobile in surface environments and therefore tending to occur closer to the source of mineralization. Rock chip sampling returned copper values ranging from 0.25% to 3.46% copper, with chalcocite, chalcopyrite, and bornite observed in sampled rocks. An induced polarization chargeability and resistivity anomaly was also identified approximately 200 meters below surface.

Nobel also holds the Janett project in the same region, where a mineralized system has been demonstrated by past small-scale production. The property lies within a productive mining area with supporting infrastructure. Channel sampling along a five-meter width on the south wall of the Janett open pit returned an interval of 55 meters grading 0.79% copper. The copper mineralization at the Janett open pit remains open to the north, east, south, and west. Within the Janett project area, the Michos target is located about three kilometers north of Janett and approximately 1.3 kilometers east of an IP survey line. The target contains four small pits about three meters in diameter and up to 20 meters deep that were staked in 1966 and have seen limited work. The area has flat topography with shallow alluvial cover less than one meter thick and no evidence of modern exploration.

Another property in the portfolio is the Pampa Austral project, an iron oxide copper gold type project located about 35 kilometers north of Diego de Almagro and accessible by gravel roads throughout the year. The project lies within a metallogenic belt that includes deposits such as Manto Verde and Santo Domingo. Past exploration by Far West in the early 2000s returned a drill intercept of 70 meters grading 0.7% copper. Geochemical grid sampling at Pampa Austral identified a widespread soil anomaly exceeding 200 parts per million copper, with some areas showing values above 300 parts per million near mineralized quartz veins. An induced polarization survey outlined an anomaly measuring approximately two kilometers by three kilometers beneath a flat pampa, along with two additional chargeability anomalies to the south.

The company also holds the Anais IOCG project, a past producing copper mine that has been exploited since the early 1970s and produced high-grade copper ore sold to the Enami El Salado plant. In the early 2000s, Far West drilled hole 4c3-001 at the project and intercepted 60 meters grading 2.47% copper and 0.33 grams per tonne gold, including a zone of 10 meters grading 6.91% copper. The project is located near the Manto Verde mine and within a metallogenic belt that includes the Santo Domingo deposit and the Barreal Seco mine.

Across the portfolio, the company stated that acquisition terms for the four exploration properties include an initial cost of US$20,000 per project for years one and two, totaling US$80,000. Payments increase to US$50,000 in year three, up to US$200,000 total, and US$150,000 per project in year four. On the fourth anniversary, a payment of between US$500,000 and US$1 million per project is required. Each property carries a 1.5% net smelter return royalty with a 0.5% buyback option for US$2 million. The company noted that individual properties can be returned to the vendor at any time and that exploration activities can be carried out year-round.