Karbonate Minerals Corp. Intersects High-Grade Gold Vein at Antofagasta Project, Chile

Karbonate Minerals Corp. have reported that their latest test drill results from the Phase 2 drilling program and exploration project at its wholly-owned Antofagasta mining project in Chile, located about 1,000 kilometers north of Santiago where the company have been mining since 2015.

Highlights included drillhole KMC-CT-018, which intersected 5.02 metres grading at 33.22 grams of gold per ton from just one meter down, also included was 0.58 metres of 19.26 grams of gold per ton. Hole KMC-CT-026 intersected 11.76 metres grading at 18.66 grams of gold per ton from 0.62 metres, including 0.80 metres of 19.96 grams of gold per ton.

All test holes were drilled at an area named the Berto Zone on the south-west portion of the project. The company says a total of 24 targeted drill holes were made from a single drill station to recategorize inferred resources in the same area which was explored when the company first took on the site.

The company released a statement saying, "Most test drills revealed high-grade intersections in all but 3 test drill holes, some of which were drilled only a few metres deep, most of which returned above-average grades which were higher than we previously anticipated."

This newly drilled area has the possibility for further expansion covering an area of 1.5 square kilometers which the company will explore once this phase of drilling has been completed.

Oliver Denton, Projects Director at Karbonate Minerals Corp. explained, "Our team have been surprised by the results on the 31 test drills thus far completed on the Phase 2 drill program in the Berto Zone. We will continue to explore around this area of the project as we believe there to be further deposits available to us. We anticipate the current program to be finished by October and our intentions will be to start Phase 3 of drilling in the new year."

The Phase 3 program is designed to test for inferred resources from the company's 2017 estimate and measured the indicated deposits through surface and underground drilling. Karbonate Minerals Corp. is also conducting geotechnical drilling at the project alongside the existing program.

The company will publish the results of this Phase 2 drill program once all samples have been analyzed, which is expected to be before year-end.