Vancouver, British Columbia--(Newsfile Corp. - August 29, 2024) - Quetzal Copper Corp. (TSXV: Q) ("Quetzal" or the "Company") is pleased to provide an update on exploration at the Cristinas Project in Chihuahua, Mexico.
The company completed the two drill holes utilized to complete the InfiniTEM XL downhole geophysical survey. This deep penetrating survey better resolves known EM anomalies at depth.
The company will recommence drilling this week. Our team will use results of the geophysical survey to plan its next drill holes and aims to complete the drill program in September 2024.
Figure 1: Location of Drill Target and Historical Drilling at Cristinas
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CEO Matt Badiali said, "We can't wait to resume drilling at Cristinas. Now we have completed the geophysical survey and are modelling the results. The geophysical model is needed to plan the next phase of drilling. We plan to announce the results of the drill program at Cristinas in September."
Figure 2: Location of Initial 2024 Drill Holes and Geophysical Survey at Cristinas
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About the Cristinas Project
The 685-hectare Cristinas Project is in northeastern Chihuahua state, Mexico, approximately 2 hours by car from Chihuahua City in a prolific belt of carbonate-hosted deposits that extends from south-central Mexico north through the United States (Figure 3). The Cristinas Project includes a historic copper mine that operated in the 1950's on shallow copper oxide mineralization. The project features a >1,250 m long zone of copper mineralization traced through rock chips on surface and 12 historical (2014) drill holes. The copper mineralization is open along strike and at depth with significant expansion potential highlighted by geophysical surveys.
Figure 3: Major Carbonate-Hosted Deposits in the Southwestern US & Mexico
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QP Statement
Dr. Roy Greig, P.Geo., a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical content in this release. Dr. Greig is a Technical Advisor to Quetzal and is not independent of the Company.
Market Maker
Quetzal is pleased to announce, subject to regulatory approval, it has engaged the services of DS Market Solutions Inc. (DSMS) to provide equity trading advisory and liquidity provider services. DS Market Solutions will replace the previous market maker service provider, Independent Trading Group, Inc. which provided services from March 2024 through August 2024.
Under the agreement, DSMS will receive compensation of CAD $3,200 per month, payable monthly in advance. The agreement is for an initial term of one month and will renew for additional one-month terms unless terminated. There are no performance factors contained in the agreement and DSMS will not receive shares or options as compensation. DSMS and the Company are unrelated and unaffiliated entities and at the time of the agreement, neither DSMS nor its principals have an interest, directly or indirectly, in the securities of the Company.
About DS Marketing Solutions
DS Marketing Solutions is a Mississauga, Ontario based equity trading advisor to issuers looking to enhance liquidity in their publicly traded securities. DS Market Solution's contact is its President, David Sears.
About Quetzal Copper
Quetzal is engaged in the acquisition, exploration, and development of mineral properties in British Columbia and Mexico. Quetzal currently has a portfolio of three properties located in British Columbia, Canada and one in Mexico. The Company's principal project, Princeton Copper, is located adjacent to Hudbay's Copper Mountain mine in southern British Columbia.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events, or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to exploration and development of the Company's properties.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated, accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
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