Karbonate Minerals Corp. Plans to 'Strike While the Iron is Hot' at Summer Gulley, Tarapaca, Chile

The results of the five test drill holes in an area called Mistral Plains have been revealed, showing an average gold grade of nearly 4 grams per ton across the five holes. Noteworthy results include test drill hole KMC-23-003, which reached a depth of 22.8 metres and yielded a grade of 2.9 grams of gold per ton. Similarly, test drill hole KMC-23-001 reached a depth of 34.6 metres with a grade of 3.4 grams of gold per ton, while test drill hole KMC-23-004 reached a depth of 29.8 metres with a grade of 3.1 grams of gold per ton.

The standout results came from test drill holes KMC-23-02 and KMC-23-05. KMC-23-02 reached a depth of 41.1 metres and showed a grade of 4.7 grams of gold per ton, while KMC-23-05 reached a depth of 37.4 metres and had a grade of 4.4 grams of gold per ton.

Simon Ogilvy, the Production Director at Karbonate Minerals Corp., expressed his excitement about the results, stating, "Since commencing production at the project four years ago, this is only our second round of test drilling, with the first being conducted prior to our acquisition of the project. The results are truly remarkable, and our intention is to begin production before the end of the year, capitalizing on the current favourable conditions to maximize the available resources of the entire project."

Prior to Karbonate Minerals Corp.'s purchase in March 2019, private developers had held the project for approximately six years. Limited exploration had been carried out on the property until Karbonate Minerals Corp. surveyed the project in February 2019. Subsequently, the company initiated a twelve-hole drill program covering a total of 1,950 metres in April 2019 to verify the accuracy of the few historical drill results available. As a result of this program, production at the project commenced just eight weeks later in an area named Initial Plains.

"We have already identified a third area of interest within the project, for which we plan to undertake a ten-hole test drill program once production has commenced at Mistral Plains. We expect to have the results of this program by the first quarter of 2024," added Simon Ogilvy.