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Nobel29 Resources Corp. Provides Update on Algarrobo Copper-Gold Project, Chile

TORONTO, June 11, Jun 11, 2021 (GLOBE NEWSWIRE via COMTEX) --

Nobel29 Resources Corp. (TSX-V: NBLC) (the "Company" or "Nobel") provides an update on the ongoing exploration program at the Algarrobo project in Chile (Figure 1) (the "Project" or the "Algarrobo Project"). The Company has completed 31 diamond drill holes to date, for which it has assays results for 12 drill holes on wide spaced target areas within the Algarrobo Project. In addition, the Company has received interpreted results for 3,733 line km of high-resolution magnetic survey data covering the Project, and this data indicates numerous highly prospective targets.

The Project area has been subject to artisanal mining for decades which demonstrates the presence of high grade copper mineralization distributed over at least 5 kilometers of strike length in numerous mineralized structures exposed in mine openings in the northeast part of the Project. The Project is unusual in that there is limited basic geological mapping or documentation of the geological controls on the mineralization given the long history of mine development. The ongoing initial drilling by the Company comprises a shallow hole diamond drill program on numerous targets over approximately a 12-kilometer expanse across the Project. The objective of this very wide spaced drilling, along with ongoing structural mapping, trenching and geophysical surveys is:

According to Vern Arseneau, P.Geo., COO of Nobel, "We have learned a great deal from the initial program and continue to improve our knowledge of the Project. The combination of the magnetic survey and the drilling in the southern area of the Project is delivering exceptional targets on features with scale and with copper mineralization associated with them (assays pending for this area). The area in the northeast of the Project, where the historical mining operations have taken place, has shown that there is a level of structural complexity that must be understood in order to effectively delineate the mineralization related to the high grade vein structures that have been mined to date. Holes drilled early in the program did not recognize this complexity, however as new information has been collected the drilling success rate has improved."

Figure 1: Location of the Algarrobo IOCG Project.

Program Summary

Copper mineralization has been intersected at shallow depths on various mineralized structures extending over approximately 12 km across the Project (Figure 2). Intervals for which the Company has assays generally range from 1.5 to 3.5 meters thick, however assays are still pending for the holes drilled later in the program. To date, drilling has targeted previously known mineralized structures and work has not been directed towards the larger scale deposit model pending completion of the magnetic survey. Mineralized intercepts for which assays have been received are listed below. A detailed table with locations is included at the end of the release. Assays are pending for numerous mineralized intercepts and will be reported when received.

Hole      Depth   Grade         Structure
ALG21-015 38.5m   3.5m@2.73%Cu  Ruben Vein
ALG21-016 111.0m  2.5m@1%Cu
ALG21-022 123.9m  0.5m@1.1%Cu   NN Vein
ALG21-002 3.2m    1m@2.91%Cu    MM Vein
ALG21-004 35.5m   2m@1.28%Cu
ALG21-018 18.5m   3.5m@1.65%Cu
ALG21-021 121.2m  1m@1.26%Cu
ALG21-006 24.8m   1.7m@2.73%Cu  Descubridora Vein
ALG21-005 49.0m   3.2m@3%Cu     Gruesa Vein

Drill core is logged in the Company core facility and descriptions entered into a data base. See below for a detailed description of the sampling procedure.

Magnetometer Survey

The detailed magnetic survey was done on 20 meter line spacing over the Project (Figure 2) totaling 3,733 line kilometers of survey with continuous data collection. The magnetic data clearly maps the known mineralized structures and highlights a number of unexposed structures as well. In addition, the extension of the structures is clearly projected under the sand cover into the core of the Project to the southwest where there is no bedrock exposure. Most importantly, the magnetic survey has identified several features with 1-3 kilometer dimensions that have copper mineralization identified within them and represent potential targets for larger scale deposits. Specifically, there is a large central feature from which the main mineralized structures appear to radiate outwards from in the center of the Project area (Figure 2). This area is completely sand covered. The best mineralization in the recent reconnaissance drilling (assays pending) occurs in the south in a new discovery called Gloria in an area well removed from the main historical mining area in the northeast.

Figure 2: Magnetic survey coverage of the Algarrobo Project

The red dots denote areas that have been drilled by the Company as part of the reconnaissance program. Assays for most of this drilling remains pending and the Company will disclose the results when they are received. The northeast mineralized trend is the area in which the numerous artisanal mines have been developed for over a century extending along 6 kilometers strike. Two magnetic features at the south end of this trend and one near the Gruesa Veins are in areas covered by sand and will be covered by further geophysical surveys including gravity and induced polarization (IP). The newly discovered southern mineralized trend in the Gloria area strikes to the northwest. This area is also primarily sand covered with some outcrop exposures and unexplored except for some limited trenching. High grade mineralization has been identified by the current program. The two mineralized trends appear to radiate out from the major magnetic feature in the center of the property, located in an area with complete sand cover. This feature is up to 3 kilometers wide and will be an important large scale target. The Alicia target on the flank of this feature is a zone where a number of the historically worked structures intersect each other and will also be drilled in the near future. The magnetic survey was conducted using a GSM-19W walking magnetometer with internal GPS which records data continuously. A GSM-19 v 6.0 was used for the base station to enable corrections.

Mineralization has been discovered in shallow drill holes at several sites in the Gloria area in the southern part of the Project (Figure 2 and 3). This area is approximately 6 kilometers southeast of the nearest mine workings and the structural controls appear to strike approximately perpendicular to the area with the workings in the northeast. The two mineralized trends appear to intersect within the large magnetic feature in the center of the Project. This feature is completely covered by sand and has never been explored.

David Gower, P.Geo., CEO of Nobel stated, "We are incredibly excited by the potential we see on this Project for a major discovery. There is widespread, high grade copper mineralization well documented across kilometers of structures. With the first reconnaissance programs we have identified a new mineralized trend. We are seeing very interesting features in the magnetic survey data which has only been completed for a few days. The detailed analysis of this important survey data will further enhance our ability to effectively explore the Project. Clearly, there are large, well defined features that are spatially associated with copper mineralization for priority follow up. The next phase of the program will focus on refining the targeting of these larger scale features using IP and/or gravity techniques along with trenching where applicable, in advance of diamond drilling to potentially identify a large mineralized system."

Figure 3: Strongly mineralized intercepts from the newly discovered Gloria mineralized trend (assays pending)

Sampling Protocol

Sampling is conducted in a manner that will allow reasonable averaging and statistical analysis of the data for resource estimation. Standards, blanks and duplicate samples, are used to maintain quality control and to verify laboratory procedures.

Laboratory Analysis

All analyses of the samples were carried out by ALS Limited, an independent laboratory with all regulatory documents and certifications approved and up to date. The sample prep facilities are based in Copiapo, 90 km far from the project.

The analysis package chosen, for Au, Cu and Co, and a multielements, trace level method are as follows:

ALS CODE Lower Limit Upper limit Description INSTRUMENT
         Detection   Detection
Au-AA23: 0.005 ppm   10 ppm      Fire Assay  Atomic Absorption Spectroscopy
Cu-AA62  0.001%      40%         Four Acid   Atomic Absorption Spectroscopy
Co-AA62  0.001%      20%         Four Acid   Atomic Absorption Spectroscopy
ME-ICP61                         Four Acid   Atomic Emission Spectroscopy

Drill Hole Data Table

Drill Hole Data Table
Holes     Northing Easting Elevation Azimut Dip Depth  Main Structure    From   To     Interval Best Cu      Gold   Copper Cobalt
          WGS 84   WGS84   MAMSL     (°)    (°) (m)                      (m)    (m)    (m)      Interval     (g/Tn) (%)    (%)
ALG21-002 345397   7009105 1155      135    -45 140.7  MM VEIN           3.2    4.2    1                     0.168  2.911  0.021
                                                                         88.3   89.3   1                     0.067  1.182  0.023
ALG21-004 345284   7009052 1125      145    -45 53.55  MM VEIN           24.7   25.5   0.8                   0.017  0.659  0.012
                                                                         35.5   36.5   1        2m@1.28%Cu   0.361  1.788  0.05
                                                                         36.5   37.5   1                     0.036  0.78   0.053
ALG21-005 343881   7007009 950       180    -45 100.7  GRUESA VEIN       49     50     1        3.2m@3%Cu    0.337  7.904  0.195
                                                                         50     51     1        0.179        0.47   0.094
                                                                         51     52.2   1.2      0.076        0.59   0.117
                                                                         52.2   53.2   1                     0.008  0.116  0.102
ALG21-006 343628   7007941 930       220    -45 48.1   DESCUBRIDORA VEIN 24.80  25.50  0.7      1.7m@2.73%Cu 0.524  4.822  0.06
                                                                         25.50  26.50  1                     0.95   1.264  0.059
ALG21-010 344236   7007084 965       220    -45 120.3  GRUESA VEIN       99.50  100.50 1                     0.19   0.227  0.149
                                                                         100.50 101.50 1                     0.298  0.299  0.073
                                                                         101.50 102.50 1                     0.064  0.671  0.399
                                                                         102.50 103.70 1.2                   0.041  0.369  0.321
                                                                         103.70 104.70 1                     0.01   0.147  0.092
ALG21-012 344918   7009797 1047      145    -45 39.7   RUBEN VEIN        17.10  17.90  0.8                   0.365  0.961  0.011
                                                                         25.00  26.00  1                     0.056  1.352  0.008
                                                                         26.00  27.20  1.2                   0.015  0.45   0.003
                                                                         34.80  35.60  0.8                   0.051  1.258  0.009
ALG21-015 344841   7009780 1027      150    -45 155.4  RUBEN VEIN        38.50  39.50  1        3.5m@2.73%Cu 0.019  3.521  0.01
                                                                         39.50  40.50  1                     0.055  3.779  0.003
                                                                         40.50  41.50  1                     0.637  1.802  0.01
                                                                         41.50  42.00  0.5                   1.24   0.934  0.01
ALG21-016 344837   7009810 1030      225    -45 185.7  RUBEN VEIN        111.00 112.50 1.5      2.5m@1%Cu    0.01   0.205  0.003
                                                                         112.50 113.50 1.0      0.737        2.077  0.04
ALG21-018 345639   7009067 1203      110    -45 158.75 MM VEIN           18.50  19.70  1.2      3.5m@1.65%Cu 0.037  2.032  0.022
                                                                         19.70  21.00  1.3                   0.77   1.436  0.004
                                                                         21.00  22.00  1.0                   0.011  1.484  0.013
ALG21-020 345031   7009005 1034      335    -45 120.95 MM VEIN           64.90  65.50  0.6                   0.229  0.151  0.072
                                                                         65.50  66.30  0.8                   0.561  0.187  0.187
                                                                         66.30  66.90  0.6                   0.325  0.34   0.087
                                                                         66.90  67.60  0.7                   0.467  0.605  0.169
ALG21-021 344843   7009117 1010      200    -45 140    MM VEIN           121.20 122.20 1.0                   0.58   1.257  0.084
ALG21-022 344801   7009564 1030      200    -45 142.75 NN VEIN           33.40  33.90  0.5                   0.224  0.888  0.006
                                                                         123.90 124.40 0.5                   0.508  1.113  0.656
                                                                         124.40 124.90 0.5                   0.0025 0.381  0.029

For Further Information Please Contact:

David Gower

Nobel29 Resources Corp.

Telephone: (416) 356-4839


Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Mr. Vernon Arseneau, P.Geo, and Mr. David Gower P.Geo., Qualified Persons as defined by National Instrument 43-101 of the Canadian Securities Administrators.

Cautionary Note Regarding Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the mineralization of the Project, the prospectivity of the Project, the Company's exploration program and the results thereof, the Company's drill program and the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", 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". Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Nobel29, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Nobel29 has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Nobel29 does not undertake to update any forward-looking information, except in accordance with applicable securities laws.


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