The company prides itself on establishing solid community relations as part of growing the portfolio.

Porphyry exploration specialist CopperEx Resources came into being in May 2021 with three tier-one assets in its portfolio, and in July that year secured C$6.3mn in a seed financing campaign that originally sought C$5mn.
A major reason for the strong support from investors was the firm’s 20,750Ha flagship property Exploradora Norte, on the Domeyko mineral belt with BHP’s Escondida some 60km to the north and Codelco’s Exploradora deposit immediately to the south.
«People have been trying to get hold of Exploradora Norte for some time because it’s structurally complex, with ample visible mineralization at surface, but was underexplored by the likes of BHP because of market cycles and varying strategic objectives at the time of previous exploration. In certain cases, past activity focused purely on copper without considering gold,» CopperEx president and CEO Dave Prins told Chile Explore Report.
“As a result of systematic surface sampling and geochemical assaying, we have encountered several very interesting clusters of gold anomalies with extended footprints, and are now viewing this target for its potential as a carbonate replacement system.” he added.
After 102km of geophysics surveying and thousands of trench samples the team has settled on six drill targets and is now seeking a drilling contractor with a view to starting work on the first target in June. Trench samples at the Sorpresa target returned 16m @ 1.6g/t Au, and 12m @ 1.8 g/t Au, with a maximum of 4.57 g/t.
The camp is ready, trench sampling continues, and other targets should be drill-ready by September, so the eventual drill program should run to 6000m by year-end.

The geophysics have confirmed the geology and some compelling anomalies, and there is possibly scope for a small amount of infill geophysics near certain targets, Prins noted.

DERISKED BY OTHER PROPERTIES

Prins expects CopperEx to be ready to file for an IPO in the final quarter of 2022, depending on a number of circumstances, such as market conditions, drill results and the possible addition of other properties in the portfolio.
In the meantime, the company is preparing NI 43-101 documentation for Exploradora Norte and expects to have this ready in May.
CopperEx now has a cash position of C$4.7mn and expects exploration and IPO costs to require a budget of C$11.5mn through the 12 months ending in April 2023.
The flagship site is derisked geologically and politically by the 5,325Ha Kio Buggy property, in the Paleocene Belt between BHP’s Spence and Cerro Colorado operations. Kio Buggy is 100% owned, whereas Exploradora is subject to a four-year option agreement on 65%.

Despite being free of the development deadlines built into Exploradora Norte’s option agreement, Kio Buggy has advanced rapidly thanks to an access agreement secured in December 2021 with the Aymara community in the neighbouring town of Quillagua. Prins believes several other firms were also negotiating with the local community and didn’t prosper, whereas CopperEx won out because of its honest and direct approach.
The site already has NI 43-101 documentation completed, but this will be revised as the possibility of an IPO becomes more concrete.
In the meantime, the team is expected to proceed with initial fieldwork as soon as the immediate option agreement requirements for Exploradora are met, most likely in May or June. Those requirements include 6,000m of drilling by December 20th, a US$100,000 payment in August and US$100,000 in December this year.
The fieldwork includes geological mapping, surface sampling for geochemical assays, potentially geophysics and field magnetometry work, as well as trenching and other work that will advance the project to drill-ready status. Historic drill results suggest at least two porphyry targets, Prins indicated.
A third asset, the 7,800Ha La Rica property in Peru is also 100% owned and is geologically similar to the Las Bambas mine, but will remain on hold pending access agreements with local communities. In 2021 CopperEx staked an additional 9,900Ha of adjacent territory north and east of the land already held.
Mr Prins’ background is in mine design, with a proven ability to complete projects ahead of schedule, so he is prepared for CopperEx to take on the mine development 

Dave Prins, CEO of CopperEx

“We have encountered several very interesting clusters of gold anomalies with extended footprints, and are now viewing this target for its potential as a carbonate replacement system.”

phase of these projects should discoveries warrant it, however this scenario would depend on the shareholders’ wishes, he affirmed.

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