Bell Copper Corporation reports that drilling has been completed on hole K-23 on the Company's Perseverance porphyry copper project in Arizona. The Perseverance project is held under a joint venture and earn- in agreement with Cordoba Minerals Corp. Under the terms of the agreement, Cordoba has the right to earn up to 80% of Perseverance through the expenditure of $14.2 million before April 24, 2026.

Up to the present, Cordoba has earned a 51% interest and Bell Copper retains a 49% interest in the project. In January 2024, hole K-23 was drilled approximately 1000 meters southeast of hole K-22 and 1000 meters east-northeast of hole K-20. Both holes returned evidence to support the existence of a nearby porphyry system.

Hole K-22 tested a large low resistivity anomaly generated by a Magneto Telluric (MT) survey. The hole encountered clay-filled breccia zones with minor occurrences of pyrite, chalcopyrite in quartz veins and stringers representing distal alteration and mineralization to a porphyry copper system. Hole K-20, intersected 321 meters of anomalous copper assaying 541pm copper, within a low MT resistivity anomaly that was interpreted as being on the outer margin of a porphyry copper deposit.

Hole K-23 targeted an undrilled area that could potentially host the core of a porphyry system. The hole drilled through a thick series of gravel followed by a sequence of volcanic basalt that blankets the valley floor before being covered over by the recent gravel fill. Underlying the basalt, Laramide-age porphyry volcanic and tuffaceous units were intersected at 516 meters, which are intensely oxidized with hematite and limonite representing weathered pyrite and chalcopyrite that has formed as a gossan on the surface exposure of potential porphyry copper mineralization long before the basalt was extruded onto the land surface.

Arizona copper deposits that produced approximately 10% of the world's copper were directly associated with Laramide intrusive rocks. Hole K-23 continued in hematite, limonite impregnated and fracture-filled Laramide porphyry and tuffaceous rocks that were strongly sericite altered and acid leached to a depth of 571 meters. This style of alteration and leaching is commonly referred to as a "leached cap" situated at the top of a porphyry copper deposit.

At 571 meters, the hole crossed through a major fault and breccia zone, and into weakly altered Laramide porphyry intrusive rocks with minor quartz veins with sphalerite, galena and tennantite to 579 meters. The hole ended at 590 meters in Laramide porphyry rocks with minor disseminated pyrite. The core interval between 516 meters and 590 meters in hole K-23 will be submitted for assay.

Future work on Perseverance may include the use of Ivanhoe Electric's proprietary Typhoon system to map out the extent of sulphide mineralization and explore for possible supergene, copper-enriched sulphide (chalcocite) mineralization with associated oxide copper mineralization. Diamond drilling of any compelling anomalies identified by the Typhoon survey would be expected to follow.