Tribeca Resources to Acquire Option over Jiguata Porphyry Copper Project in Chile

(TheNewswire)

19 JUNE, 2025 | VANCOUVER, BC – TheNewswire - Tribeca Resources Corporation (TSXV: TRBC) (OTCQB: TRRCF) (“ Tribeca Resources ”,the “ Company ”) is pleased to announce it has entered into a letter ofintent (“the LOI ”) with private vendors (the “Project Vendors” ) to acquire a 100% interest in a 10,000 hectare property(the “ Jiguata Property ”) over aperiod of 5 years. The Jiguata property, located in northern Chile,120km north of the major mining company controlled Collahuasi andQuebrada Blanca mines (Figure 1), will be progressed in parallel withthe Company’s two existing projects: La Higuera and Chiricuto.

Highlights:

• Property

  • Large epithermal and interpreted porphyry alterationsystem in the northern extension of the prolific Chileanporphyry-bearing Eocene-Oligocene Belt. Overprinted and partly coveredby rocks of the younger Miocene Belt

  • Soil sampling, historic drilling, geological mappingand geophysics highlight a large 5km x 3km exploration target, withtwo existing discrete near drill-ready targets

  • Located 120km north of Collahuasi(Anglo-Glencore-Mitsui) and Quebrada Blanca (Teck-Codelco-Mitsui) atan altitude of 4,200-4,600 meters. Drive-up access via pavedCollahuasi road and nearby accommodation

• Proposed work

  • The agreement allows for a thorough testing withexpenditure going into the ground to advance towards adiscovery

  • Pre-drilling activities at the Jiguata Property will beundertaken in parallel with planned further drilling at theCompany’s flagship La Higuera Project

• Proposed transaction

  • Letter of intent entered to acquire a 100% interest inthe Jiguata Property

  • US$15 million purchase price over a 5-year optionperiod; including US$14.45 million bullet payment upon optionexercise

  • Parties will work to enter into a definitive agreementwithin 90 days of the date of the LOI

Tribeca Resources CEO, Dr. Paul Gowcommented:

“We are delighted to be acquiring this significantlandholding of 10,000 hectares, which hosts two near drill-readytargets, and extensive blue sky potential that has only been lightlyexplored. This is an extensive alteration system in northern Chile, adistrict that hosts truly world-class porphyry copper deposits. Thesystem is exposed through an erosional window in the thin overlyingyounger Miocene volcanics, whose presence is part of the reason, webelieve, that this part of the northern extension of the ChileanEocene-Oligocene Belt has not been adequately explored. While theproject is at an altitude of approximately 4400m, the excellent accessand infrastructure and the relatively benign winter at this farnorthern latitude makes for exploration access much of theyear.”

“The pre-existing geoscience database at the projectfits with the Tribeca strategy of seeking projects with recognisedindications of a potential mineralized system and a well populateddatabase so that drill targets can be firmed up in short order. Welook forward to working from this LOI to complete the acquisition overthe coming months and commence fieldwork.”

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Figure 1. Location of the Jiguata Property (10,000hectares) in the Eocene-Oligocene metallogenic belt of northern Chile,where it is overprinted by the younger Miocene belt.

The Jiguata Property

Highlights

• 34 exploration concessions covering 10,000hectares

• Situated in the northern extension of the prolificEocene-Oligocene porphyry copper belt of northern Chile, approximately120km north of the Collahuasi and Quebrada Blanca copper-molybdenumdeposits.

• Pre-existing geological mapping, soil and rockgeochemistry and Induced Polarization (IP) survey and limited historicdrill data outline two drill targets, with additional earlier stagetargets elsewhere on the property remaining to be detailed withadditional field work.

• Excellent existing access to the area via a maintainedroad that passes through the property.

The Jiguata Property is located in the northernextension of the Eocene-Oligocene metallogenic belt of northern Chile(Figure 1), where it has been overprinted by the Miocene magmaticbelt. The prolific Eocene-Oligocene Belt hosts the giant Collahuasi,Chuquicamata and Escondida deposits, while the Miocene Belt, furtherto the south, hosts many of the current crop of high-profileChilean-Argentine porphyry copper projects including Filo del Sol,Valeriano, Encierro and Altar.

The project area encompasses a large advanced argillicalteration zone (25 square km) hosted within a volcanic tuffaceousunit under a thin blanketing cover of fresh unaltered Miocene daciticvolcanic rocks dated at approximately 9-5 Ma (Figure 2). Thealteration zone has been exposed via an erosional window in theoverlying Miocene volcanic rocks. The age of the tuffaceous unithosting the alteration is unknown age but likely Eocene-Oligocene orMiocene. Within the alteration zone, previously unmappedfeldspar-biotite-(hornblende) bearing porphyritic units arerecognised. The alteration zone is representative of a lithocap anddominated by epithermal mineralogy and textures (e.g. extensivequartz-alunite alteration and the presence of steam-heated,chalcedonic silica and quartz ledges), although porphyry-style veinsare present at surface and propylitic alteration and quartz stockworkis recorded from shallow historic drilling. The historic drillingcomprised two reverse circulation (RC) drill holes that were completedin 1993 to depths of 250m and 300m. The drill holes appear to havebeen targeted at silica ‘ledges’ within a large soil molybdenumanomaly (to 867ppm Mo in soils) in the incised valley. Highlyanomalous Mo was recorded in the drill holes (e.g. 248m @ 255ppm Mo indrill hole 3546), with copper above background at 250 ppm. Variouscopper or molybdenum sulphide minerals have been reported from thedrilling, including chalcopyrite, bornite, chalcocite andmolybdenite.

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Figure 2. Oblique view to the NE of the incisedadvanced argillic alteration system at Jiguata (pale rocks) hostingmapped porphyritic units (in red). A thin cover of Miocene volcanicrocks (dark sub-horizontal unit) cover this alteration zone. The twohistoric RC drill holes from Codelco (250m and 300m depth) are shownin the southern valley floor.

IP surveying was completed on six one kilometer-spacedlines over part of the project area in 2014, delineating two largechargeability anomalies which coalesce to form a zone of 1.5km x 5kmat >20 mV/V (Figure 3), with associated high- and low-resistivityzones, which comprise high-priority near-term drill targets.

The project area is traversed by an existing goodquality maintained road (97-B) which is partly asphalted, allowing forrapid access within 3 ½ hours (220km) from the port city of Iquiquevia the Collahuasi access road (highway 65). The altitude in theproject area generally ranges between 4200m-4600m, but the northerlylatitude of the project provides only short interruptions to accessfor exploration activities, with a variably short snow season inJuly-August and a rainy period (“Bolivian winter”) inJanuary-February. Other companies holding exploration tenure in thegeneral area include, Vale, Codelco, BHP, Teck, Glencore andAntofagasta Minerals.

Tribeca Resources plans to undertake further mapping,surface sampling and additional geophysics prior to proceeding withdrilling at the Jiguata Property.

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Figure 3. Location of IP survey lines shown relative tothe large advanced argillic alteration zone at the Jiguata Project .The modelled chargeability sections are shown for lines 5000N and6000N, which host two high chargeability drill targets. The deeppurple colors on the sections represent chargeability values ofapproximately 30 mV/V.

Key Transaction Terms

The key terms under which Tribeca Resources has theright, but not the obligation, to acquire a 100% interest in theJiguata Property (the "Purchase Option” ) are asfollows:

• Duration: 5-year option to purchase a 100% interest in the Jiguata Property

• Purchase price: Cumulative payments totallingUS$15M to be paid as follows:

  • On signing: US$25,000

  • At 12 months: US$75,000

  • At 24 months: US$125,000

  • At 36 months: US$150,000

  • At 48 months: US$175,000

  • At 60 months: US$14,450,000

• Holding costs: Tribeca Resources to pay annual concession fees (currently less thanUS$50,000/year)

• Deliverables: To maintain the Purchase Option, Tribeca must have completed at least3,000 metres of drilling, with a minimum hole depth of 500m within thefirst 24 months.

• Extension right: Option period extendible to 6 or 7 years, by paying theProject Vendors US$1,000,000 for each 12-month extension

• NSR Royalty: Ifthe Purchase Option is exercised, the Project Vendors retain a 2.0%NSR Royalty over the Jiguata Property. Tribeca has a right torepurchase 100% of this royalty for US$20 million

With the exception of the reimbursement of 2025 mininglicence fees (approximately US$44,000) to the Project Vendors and theUS$25,000 payment on signing of a definitive agreement, all paymentsand work commitments are optional; Tribeca Resources will not beobliged to make any payments or complete any work should it elect notto maintain or execute the Purchase Option.

Tribeca Resources will be the operator of the project.The transaction is subject to approval of the TSX Venture Exchange.

Chiricuto Project final drill results

Assay results were reported from the first three holes(CHR001 TO CHR003) at the Chiricuto project in the northern Atacamaregion on 7 May 2025, and included the intersection in CHR001 of athick (>400m) interval of porphyry-style veining and alterationwith a strong sulphide component and three 10-12m intervals of0.10-0.12% copper with gold up to 0.53 g/t. Final assay results havenow been received from the final two holes at Chiricuto (CHR004 andCHR005). The holes tested the weaker southern portion of the IPanomaly drilled by CHR001.  Both holes intersected altered andesiteand monzodiorite with lesser sulphide and copper mineralization, withthe best copper-bearing intervals being:

• 8m @ 0.14% Cu, 0.06ppm Au, 76ppm Co and 6.4% Fe from144m in CHR004

• 6m @ 0.16% Cu, 0.37ppm Au, 31ppm Co and 5.8% Fe from212m in CHR004

This final data is now being integrated to understandif potential for higher grade copper mineralization exists related tothe porphyry-style alteration system intersected in holes CHR001, CHR004 and CHR005.

More detailed information including drilling locationmaps and drill hole collar details can be found in the news releasefrom Tribeca dated 7 May 2025.

La Higuera Project update

Tribeca intends to recommence drilling at the LaHiguera Project in 2H 2025. Targets have been identified fromgeophysical data and historic drilling under gravel cover on theflanks of the Chirsposo Sur target system, and as follow-up drillingfrom the 2024 Phase 2 drill program at the Gaby IOCG discovery.Further information on these proposed programs will be released asavailable.

Qualified Person

All scientific and technical information in this pressrelease has been prepared by, or approved by, Dr. Paul Gow, who is theCEO of Tribeca Resources. He is a Member of the Australian Instituteof Geoscientists (MAIG), a Member of the Australasian Institute ofMining and Metallurgy (MAusIMM) and a qualified person for thepurposes of NI 43-101. Dr. Gow has not verified any of the informationregarding any of the properties or projects referred to herein otherthan the La Higuera Property, the Chiricuto Property and the JiguataProperty. Mineralization on any other properties referred to herein isnot necessarily indicative of mineralization on the La Higuera,Chiricuto or Jiguata Properties.

About Tribeca Resources

Tribeca Resources is acopper exploration company focused on discovering and developingcopper assets in northern Chile. The Company’s management team,whose members are significant shareholders of the Company, hasworld-leading copper expertise including a discovery history with ironoxide copper-gold deposits in the world’s great IOCG Belts of theCaraj ás district inBrazil and the Gawler and Cloncurry provinces of Australia, andporphyry-copper project and business development experience in PapuaNew Guinea, the Philippines, Peru, Argentina and Chile.

Tribeca Resources’ objective is to provide themineral resources for the next generation of copper mines in Chile. Itis focused on building a portfolio of projects, with emphasis on midto advanced-stage copper exploration and resource developmentprojects. To this end, mineral targets are regularly assessed inpursuit of acquisition, strategic exploration and significantdiscovery.

Tribeca Resources’ flagship property is the LaHiguera Project that comprises 4,147 hectares of granted mining andexploration licences and is located towards the southern end of theChilean Coastal IOCG Belt in the Coquimbo Region of northern Chile.Further information about the project can be found in the NI 43-101Technical Report lodged by Tribeca Resources on SEDAR on 24 October2022.

On behalf of Tribeca ResourcesCorporation

Cautionary Note

Neither the TSX Venture Exchange Inc. nor itsRegulation Service Provider (as that term is defined in the policiesof the TSX Venture Exchange Inc.) accepts responsibility for theadequacy or accuracy of this press release.

This press release does not constitute or form a partof any offer or solicitation to purchase or subscribe for securitiesin the United States. The securities referred to herein have not beenand will not be registered under the Securities Act of 1933, asamended (the “Securities Act”), or with any securities regulatoryauthority of any state or other jurisdiction in the United States, andmay not be offered or sold, directly or indirectly, within the UnitedStates or to, or for the account or benefit of, U.S. persons, as suchterm is defined in Regulation S under the Securities Act(“Regulation S”), except pursuant to an exemption from or in atransaction not subject to the registration requirements of theSecurities Act.

Forward Looking Information

This press release contains forward-looking statementsand information that are based on the beliefs of management andreflect the Company's current expectations. When used in this pressrelease, the words "estimate", "project","belief", "anticipate", "intend","expect", "plan", "predict","may" or "should" and the negative of these wordsor such variations thereon or comparable terminology are intended toidentify forward-looking statements and information. Theforward-looking statements and information in this press releaseinclude statements regarding the LOI, the transaction and theCompany’s Purchase Option of the JiguataProperty, the ability of theCompany to develop and define suitable drill targets at the JiguataProperty, the relationship between geophysical survey results,alteration observed at surface and in drilling and potentialmineralization, the ability of the Company to raise appropriatefunding to complete the work program at the Jiguata, Chiricuto and LaHiguera Properties and to fund the acquisition, and other future plansand objectives of the Company, including explorationprojects.

Such statements and information reflect the currentview of the Company. By their nature, forward-looking statementsinvolve known and unknown risks, uncertainties and other factors,which may cause our actual results, performance or achievements, orother future events, to be materially different from any futureresults, performance or achievements expressed or implied by suchforward-looking statements. Such factors include, among others,: theability of the Company to obtain TSX Venture Exchange approval of thetransaction, the ability of the Company to pay the purchase price aswell as any other payments required by the LOI, risks associated withmineral exploration, including the risk that actual results ofexploration will be different from those expected by management,  andthe risk that new laws or regulations could adversely affect thebusiness and results of operations of the Company and anticipated workon the Company’s projects.

There are several important factors that could causethe Company’s actual results to differ materially from thoseindicated or implied by forward-looking statements and information.Such factors include, among others: reliance on key management;changes in the credit or security markets; results of operationactivities; unanticipated costs and expenses;fluctuations in commodity prices; and general market and industryconditions. The Company cautions that the foregoing list of materialfactors is not exhaustive. When relying on the Company'sforward-looking statements and information to make decisions,investors and others should carefully consider the foregoing factorsand other uncertainties and potential events.

The Company has assumed that the material factorsreferred to in the previous paragraph will not cause suchforward-looking statements and information to differ materially fromactual results or events. The forward-looking information contained inthis press release represents the expectations of the Company as ofthe date of this press release and, accordingly, is subject to changeafter such date. Readers should not place undue importance on forwardlooking information and should not rely upon this information as ofany other date. While the Company may elect to, it does not undertaketo update this information at any particular time except as requiredin accordance with applicable laws.

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