Karbonate Minerals Corp. Upgrades Site Estimate at Valparaiso Project, Launches USD $2 Million Exploration Program

Karbonate Minerals Corp. has announced an upgraded their mineral resource estimate for the Valparaiso project in Chile.

The revised resource is now estimated at 106,000 tons grading 0.31 grams of gold per ton for 32,000 ounces of gold, an increase from 72,000 tons made 2 years ago.

"One of the key objectives for our initial 2022 exploration program was to identify areas of interest that we deemed to be worthwhile to us in preparation for completing preliminary economic studies," said Mr. Charles Nadeau, Chairman and Chief Executive Officer at Karbonate Minerals Corp.

"The work we completed over the past 6 months has successfully added almost 40% more ounces to the project’s initial estimates and has extended the life of the mine by at least 5 years," he added.

The company said that exploration efforts would focus on the areas named, Rose Gully, Moore Creek and Folly Creek which each area being subject to a further 80 test drill holes.

The highlights include drill holes thus far were VP-038-25, which intersected 23 metres grading 0.62 grams of gold per ton starting at a depth of 19 metres at Moore Creek, and hole VP-026-25, which intersected 34 metres grading 0.81 grams of gold per ton starting at a depth of 32 meters at Rose Gully.

The company announced that its board of directors had all approved the USD $2 million exploration program with work expected to start in the fourth quarter of the year.

In quarter one of next year the company also plans to begin drilling at the Moses Pit, a 950 square meter area adjoining Rose Gully.