Mr. Vincent Chen reports

NOBEL PROVIDES UPDATE ON THE PIRCAS VERDES COPPER PROJECT, CHILE

Nobel Resources Corp. has provided the following update with respect to its Pircas Verdes project in Chile. The company, through its wholly owned Chilean subsidiary, has entered into a definitive option agreement to acquire a 100-per-cent interest in the Pircas Verdes project (please see Nobel's Nov. 18, 2022, news release).

The project is located 20 kilometres west of the giant Pelambres-El Pachon porphyry systems. A number of other copper porphyry and porphyry skarn deposits are located near Pircas Verdes.

The company has completed surface mapping and sampling over the previously identified alteration/mineralized areas on the property. During this period, company personnel also collected a total of 23 samples from various phases of intrusive rocks associated with alteration and mineralization in order to identify and classify the different intrusive phases on how they could represent components of porphyry copper systems similar to the large mines in the area.

Eight samples have been collected for radiometric age dating from a selection of quartz porphyry, diorites and dacite porphyry outcrops on the project and sent to Brazil for radiometric age dating of the intrusive rocks. The age of the mineralized intrusives from the world-class Pelambres and El Pachon porphyry deposits, as well as other deposits that have been mined in the area, is Miocene-Pliocene. Demonstrating that the rocks at Pircas Verdes are of a similar age to Pelambres and other deposits mined in the region is considered an important indicator for potentially significant mineralization and greatly enhances the prospectivity of the project. Older intrusive rocks from the Cretaceous age that generally do not host economic copper deposits are also present in the region, and additional planned work will depend in part on the results of the pending age determination of the intrusive rocks. Results of this analysis are expected near the end of July, 2023.

Due to customs restrictions in Chile related to exportation of mineral samples, the samples were prepared in Chile to separate zircons from the rocks prior to sending to the laboratory in Brazil. Sample preparation in Chile was done by JV Circones y Minerales SpA (independent of the company), and the samples were then sent to Laboratorio de Geocronologia U-Pb de la Universidad de Sao Paulo (independent of the company) for processing and definition of the date of the intrusives from Pircas Verdes.

New project evaluations

In addition to the continuing work at Pircas Verde, company personnel continue to evaluate copper prospects, primarily in Chile and Peru, for potential acquisition and to create value for shareholders. The company has reviewed and completed due diligence on approximately 20 prospects at various stages of exploration during the past field season, and the process continues to identify interesting projects for the company. Recently, the company has expanded the search to consider projects outside of the Andes region as well.

About Pircas Verde project

The Pircas Verdes project is situated within a highly productive copper-producing district, close to a number of very large porphyry copper-molybdenum deposits. Within the property, the key geological features that typically indicate potential for porphyry copper related mineralization have been identified by Nobel's team:

• Piton is a leached intrusive with anomalous copper values in rock chip samples that covers an area of 1,500 metres by 800 m (sampling information provided by the vendor and observed in outcrop). Piton is interpreted as possibly representing the upper levels of a buried mineralized porphyry system.
• The Pircas Verdes prospect area contains intense quartz-sulphide stockwork exposed over an area of approximately 450 m by 600 m peripheral to the Piton leached intrusive.
• Other exploration targets peripheral to the main Pircas Verde-Piton hydrothermal centre (Vetarron, Marcelino and West) include quartz-tourmaline breccias and veinlets associated with copper oxides and sulphides. Such veins are commonly associated with copper porphyry systems in Chile.
• No drilling or geophysical surveys have been completed over the property.

The Pircas Verdes property covers a total of 2,015 hectares located in the eastern part of Chile's fourth region of Coquimbo. It is approximately 20 km west of the cluster formed by Antofagasta Minerals' Pelambres mine (2,125 million tonnes grading 0.64 per cent copper (Cu) and 180 parts per million (ppm) Mo (molybdenum)) and the similar-size Fortuna project currently under development, and Glencore's Pachon deposit (3,300 million tonnes grading 0.47 per cent Cu). Other copper projects near Pircas Verde include the Llamuco mine and the Buenaventura project.

Within the district the Llamuco mine, the Pircas Verde project is a pipe-type breccia system with a tourmaline matrix containing primarily copper minerals, including chalcopyrite and bornite, with molybdenum and tungsten also recovered during operations in the 1970s. The deposit is characterized by a zone of secondary enrichment and there are numerous polymetallic veins of copper, gold, molybdenum and lead in the region that are associated with porphyry skarn zones, and also stratified copper deposits, such as the Three Valley copper mine located 25 km west of Pircas Verdes.

At Pircas Verde, the large areas of hydrothermal alteration, presence of tourmaline breccia pipes and veins, extensive copper anomalies and malachite staining on outcrops, and leached intrusive rocks that have not been explored, are all excellent indicators of a potential porphyry copper system in the area.

In the district, there are numerous intrusive bodies of different ages that range from the late Cretaceous to the Miocene period intruding the volcanoclastic rocks of the Vinitas formation. Some of these pulses have generated large colour anomalies, which are represented by extensive areas of hydrothermal alteration (advanced argillic, argillic, phyllic and propylitic), which in some cases are accompanied by mineral occurrences.

The Pircas Verdes project district shows numerous areas with intense hyperspectral colour anomalies corresponding to areas with argillic and phyllic alteration surrounded by propylitic alteration in the volcaniclastic host rocks related to the porphyry mineralization in the region. At the Pircas Verdes project, similar features have been observed: a complex intrusive stock with multipulses and phases is recognized ranging from felsic, aplitic, andesitic and dioritic porphyries, together with greater granodioritic and tonalitic intrusive rocks that intrude into the volcanoclastic sequence of the Vinitas formation. These are associated with zones of alteration and colour anomalies associated with structural breaks and structural controls oriented north-northwest, north-south and east-northeast, typical for deposits in the area.

The Pircas Verdes project has a number of hydrothermal alteration zones identified in outcrop that indicate the prospective attractiveness of the area:

• Target Pitones: Extensive zone of hydrothermal alteration exposed over an area of 1,500 m by 800 m, the zone presents a strong oxidation and leaching of the host rock. This target could potentially represent the upper, leached part of a porphyry copper system. The area is characterized by anomalous copper values in rock.
• Target Pircas Verdes: Strong stockwork of quartz drusiform veinlets with presence of relict sulphides of leached copper veinlets with halos of sericite. These veinlets have a density of between 40 and 60 veins per m, showing a high intensity of alteration. The area of intense veinlets extends for 600 m by 450 m, where it can be observed in outcrop.
• Target West Vetarron: Polydirectional tourmaline veinlets in a coarse-grained intrusive (monzodiorite), also aplitic porphyry with abundant tourmaline rosettes outcropping in the contact zone between the intrusive and volcanoclastic sequence, accompanied by oxidized copper mineralization. Structurally controlled zone of quartz-tourmaline veins with copper mineralization. Twenty-five m to 30 m wide structural corridors have been traced for 300 m along strike and show development of minor lateral stockworks with oxidized copper content.
• Target Marcelino: Drusiform quartz veins with preferential orientation north-60 degrees-east, cutting the volcanoclastic sequence. The veins range from one centimetre to one m with copper content. They are generally oxidized with minor remaining sulphides of chalcopyrite with gold and molybdenum. The strong veinlets develop brecciated areas of 70 m wide and show an increase in the persistence of veins and copper content toward the south.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by David Gower, PGeo, as defined by National Instrument 43-101 of the Canadian Securities Administrators.

About Nobel Resources Corp.

Nobel Resources is focused on exploring for and developing copper projects in Chile, the premier copper mining company globally. The company has a team with a strong background of exploration success in the region.

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