Tribeca Resources has signed a definitive option agreement to acquire a 100% interest in the 10,000-hectare Jiguata Porphyry Copper property in northern Chile.  

The agreement allows the company to complete the acquisition over five years.  

The Jiguata property lies in northern Chile, around 120km north of the major mining districts of Collahuasi and Quebrada Blanca. 

The property features a large epithermal and interpreted porphyry alteration system within the Chilean Eocene-Oligocene Belt, partially covered by younger Miocene rocks.  

The site offers drive-up access through the paved Collahuasi road and nearby infrastructure.  

Soil sampling, historic drilling, geological surveys and geophysics have defined an exploration target measuring roughly 5km×3km, which includes two near drill-ready targets. 

Under the option agreement, Tribeca Resources will make staged cash payments totalling $100,000 (C$139,443) within the first two years and conduct a minimum of 3,000m of drilling.  

Pre-drilling work at Jiguata will be carried out concurrently with additional drilling at Tribeca's flagship La Higuera property. 

Tribeca Resources CEO Paul Gow said: “We are very pleased to have now signed the definitive option agreement for this exciting porphyry copper exploration opportunity at Jiguata. Following the successful financing last week, preparations now are under way to commence fieldwork at Jiguata in the coming weeks. 

“The next 12 months will be a period of high activity for Tribeca, with drilling planned at our cornerstone La Higuera Property as well as at the Jiguata Property. Our now expanded portfolio of three high-potential Chilean copper projects positions Tribeca Resources to capitalise on growing interest in quality copper exploration.” 

Tribeca Resources is a copper exploration company focused on discovering and developing deposits within the coastal iron oxide-copper-gold belt in northern Chile.