Alta Copper Provides Update on Preliminary Economic Assessment, Drilling and Community Relations - Seite 3

At this time the Company will be making an application by way of a DIA to drill approximately 95 drill holes from 40 platforms from which several holes may be drilled at various angles and depths. The proposed 95 drill holes would allow for up to 47,000 meters of drilling but the Company intends to drill total of 20,000 meters in two separate phases of 10,000 meters in 2024.  

The amount of drilling proposed by way of the DIA is deemed appropriate in view of the drilling completed to date of 85,183 meters in 289 holes which currently represents a significant mineral resource most of which is included in the measured and indicated category.

Community Relations and Field Activities
Alta Copper continues to advance its long-term involvement with the community in a fashion that will benefit all stakeholders. In March 2023, a new Benefits Agreement (the “Agreement”) was reached with the portion of the community closest to the Cañariaco Project. This Agreement allows Alta Copper to conduct environmental studies in 2023. Discussions are underway regarding the longer-term Impact and Benefits Agreement required for the upcoming drill program.

Alta Copper has also ratified its commitment to contribute 750,000 soles (US$ 200,000) for the development of sustainable projects in the area. These projects are to be managed by a committee made up of community members, Cañariaco Copper team and the Lambayeque Chamber of Commerce.

In addition to the ESIA studies by YAKU, Alta Copper currently has field personnel working with locals and consultants preparing for the upcoming drill program. The team has been conducting maintenance work on our field camp as well as other various environmental tasks and archeological studies required for the drilling. In addition to the technical aspects, this work allows us increased community engagement.

Since February 2023, three additional community offices have opened (for a total of four), allowing the Alta Copper team many more opportunities to connect with the local community. The dialogues and the exchange of information with the local community are much more frequent and continuous now. Both the engagement allowed by the offices and that through the increased field presence on the project indicates a greater interest and adhesion in the community for the project to advance more quickly.