Pampa Metals Mobilises Drill Rig to its Cerro Buenos Aires Project After Completing More Than 1,900m in 7 Holes at Redondo-Veronica

Rhea-AI Summary

Pampa Metals Corp. has successfully completed its drill program at the Redondo-Veronica project, totaling 1,956 meters across 7 reverse circulation (RC) holes. The drill rig has now moved to the Cerro Buenos Aires project, where drilling has commenced, aiming for at least 2,000 meters of testing. Assay results for the 926 samples from Redondo-Veronica are expected in 3 to 5 weeks. Despite the ongoing COVID-19 pandemic, operations have proceeded with minimal disruption, although future impacts remain uncertain.

Positive

• Completion of a 1,956-meter drill program at Redondo-Veronica.
• Mobilization of drilling team to Cerro Buenos Aires with a commitment to drill at least 2,000 meters.
• Initial results from Redondo-Veronica are expected soon, which could indicate valuable mineral discoveries.

Negative

• Potential disruptions from the COVID-19 pandemic could adversely affect future operations.
• The uncertainty around the full impact of COVID-19 on financial results and operations remains.

VANCOUVER, BC / ACCESSWIRE / July 29, 2021 / Pampa Metals Corp. ("Pampa Metals" or the "Company") (CSE:PM)(FSE:FIRA)(OTCQX:PMMCF) is pleased to report that it has completed its drill program at its Redondo-Veronica project, with a total of 1,956 meters drilled in 7 reverse circulation ("RC") holes, and has now mobilised the drill rig and support team to its Cerro Buenos Aires project.

RC drill chips from every 2m sample drilled into rock at Redondo-Veronica (excepting chips from post-mineral overburden) have been bagged and are in the process of being shipped to the sample preparation laboratory in Chile. A total of 926 2m field samples are being shipped. An additional 118 control samples, representing more than 12.5% of the field samples, and comprising blanks, duplicate samples, and certified value standards, have been randomly inserted into the sample batches for each drill hole and will be assayed by the same method as the field samples, in order to monitor and control the accuracy and precision of the sample preparation and analytical processes. Assay results are expected to be turned around within 3 to 5 weeks.

As indicated in its news release of July 7, 2021, the Company has several geological, geophysical, and geochemical anomalies that it plans to test with RC drilling at Cerro Buenos Aires, initially focused on the Cerro Chiquitin area of the project. The drill rig has arrived on site and drilling has commenced. Pampa Metals plans to drill at least 2,000m in total at Cerro Buenos Aires.

The relatively small Cerro Chiquitín outcrop (+/- 500m across) exposes portions of a tourmaline breccia body as well as a diorite porphyry complex. The tourmaline breccia shows weak phyllic alteration with some porphyry-style D-type quartz veinlets, and a fine-grained diorite has sub-parallel porphyry-style A-type quartz veinlets on its eastern flank, both of which are interpreted to indicate that a porphyry-related system is located in the vicinity. The results from the previously reported gradient array IP together with historic Heli-borne TEM and magnetics data and surface soil geochemical data are supportive of this interpretation, and several anomalous features occur around the Cerro Chiquitin outcrop in areas covered by post-mineral gravels, and will be targeted by the current drilling campaign.

Qualified Person
Technical information in this news release has been approved by Mario Orrego G, Geologist and a Registered Member of the Chilean Mining Commission and a Qualified Person as defined by National Instrument 43-101. Mr. Orrego is a consultant to the Company.

COVID-19
The global outbreak of COVID-19 has led governments worldwide to enact emergency measures to combat the spread of the virus. Such measures may result in a period of business disruption including reduced operations, which could have a material adverse impact on the Company's results of operations, financial condition and the market and trading price of the Company's securities.

As of the date of this news release, the duration and immediate and eventual impact of the COVID-19 pandemic remains unknown. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Company. The outbreak of COVID-19 has not caused significant disruptions to the Company's business to date, with field activities being conducted by Chile-based specialists and consultants, although international travel to Chile for management is currently not practical. Important business communication is largely reliant on digital media. However, the COVID-19 outbreak may yet cause disruptions to the Company's business and operational plans.

ABOUT PAMPA METALS
Pampa Metals is a Canadian company listed on the Canadian Stock Exchange (CSE:PM) as well as the Frankfurt (FSE:FIRA) and OTC (OTCXQ:PMMCF) exchanges. Pampa Metals owns a highly prospective 59,000-hectare portfolio of eight projects for copper and gold located along proven mineral belts in Chile, one of the world's top mining jurisdictions. The Company has a vision to create value for shareholders and all other stakeholders by making a major copper discovery along the prime mineral belts of Chile, using the best geological and technological methods. For more information, please visit Pampa Metals' website www.pampametals.com .

ON BEHALF OF THE BOARD
Julian Bavin | Chief Executive Officer

INVESTOR CONTACT
Ioannis (Yannis) Tsitos | Director
investors@pampametals.com
www.pampametals.com

Neither the CSE nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS
This news release contains certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical fact, that address events or developments that Pampa Metals expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential', 'indicate' and similar expressions, or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Although Pampa Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaranteeing of future performance and actual results may differ materially from those in forward-looking statements.

SOURCE: Pampa Metals Corp.

View source version on accesswire.com:
https://www.accesswire.com/657532/Pampa-Metals-Mobilises-Drill-Rig-to-its-Cerro-Buenos-Aires-Project-After-Completing-More-Than-1900m-in-7-Holes-at-Redondo-Veronica

FAQ

What drilling project did Pampa Metals complete before moving to Cerro Buenos Aires?

Pampa Metals completed a 1,956-meter drill program at the Redondo-Veronica project.

How many drill samples were collected from the Redondo-Veronica project?

A total of 926 samples were collected from the Redondo-Veronica project.

When are the assay results for the Redondo-Veronica project expected?

Assay results for the Redondo-Veronica project are expected within 3 to 5 weeks.

What is the total drilling target for the Cerro Buenos Aires project?

Pampa Metals plans to drill at least 2,000 meters at the Cerro Buenos Aires project.

How is the COVID-19 pandemic affecting Pampa Metals operations?

While Pampa Metals has experienced minimal disruption, future impacts from COVID-19 remain uncertain.