Giglio said that the company has re-explored historically explored areas with different geological and exploratory models incorporating the use of new technologies and operational improvements which have enabled it to make new discoveries.

Having drilled 37 holes for 47,970m in four campaigns at Encierro, the company has defined an inferred resource of 522 million tonnes grading 0.79% copper equivalent at a 0.5% cut-off within a global inventory of 2.4 billion tonnes grading 0.56% at a 0.35% cut-off.

Encierro is in the El Indio-Maricunga belt near Vallenar in the Atacama region, where its exploration efforts began in 2016 under an option agreement with Barrick Gold. Drilling highlights have included 756m grading 0.96% copper equivalent, indicating a 700m strike length.

"This is one of the most important copper porphyry discoveries in the belt and it is open for further exploration," said Giglio.

At Cachorro in the Antofagasta region it has built an inferred resource of 155Mt grading 1.2% at a 0.5% cut-off within a global inventory of 300Mt grading 1% at a 0.4% cut-off. "This is just one part of the potential at Cachorro where we see potential for more than 300Mt grading 1%," said Giglio.

Cachorro is a blind discovery in the coastal cordillera with an oxide and sulphide orebody discovered under gravels. Drilling highlights include 146m grading 1.53% copper and 156m grading 3.25% copper.

Cachorro was included in the company's 2021 annual resource statement, Encierro is due to be included in the 2022 resource statement.