Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce that reverse circulation (“RC”) drilling completed at the
Mercedes Target (“Mercedes”), has intersected significant oxide
copper mineralization from surface, with an initial area of
interest measuring 400m along strike and 300m width. A total of 17
holes were completed of which 12 intersected mineralization.
Mercedes is located less than 1km to the north of the northern edge
of the Marimaca Oxide Deposit (“MOD”) and offers clear potential to
add to the Company’s leachable resource base.
Highlights
- Broad zones
of near surface oxide copper mineralization intersected in eight
holes:
- MER-12
intersected 86m with an average grade of 0.44% CuT from 6m
including 42m @ 0.64% CuT
- MER-16
intersected 48m with an average grade of 0.42% CuT from 20m
including 20m @ 0.57% CuT
- MER-06
intersected:
- 74m with an
average grade of 0.30% CuT from 18m including 46m @ 0.38% CuT;
and
- 18m with an
average grade of 0.52% CuT from 132m.
- MER-14
intersected 26m with an average grade of 0.42% CuT from 80m
including 12m @ 0.69% CuT
- MER-03
intersected 58m with an average grade of 0.34% CuT as part of a
broader 98m @ 0.30% CuT from 4m
- MER-04
intersected 36m with an averaged grade of 0.34% CuT as part of a
broader 86m @ 0.26% CuT from 6m
- MER-17
intersected 50m with an average grade of 0.25% CuT from
2m
- MER-01
intersected 28m with an average grade of 0.21% CuT from
4m
- Underground
mapping of historical workings indicates continuous zones of
higher-grade mineralization than encountered in the first phase of
drilling
- The current
drilled area of interest extends 400m along strike and 300m
east-west and remains open to south and east
- Weak or
thinner mineralization was intersected in MER-02, 05, 09, 13, 15
and no significant mineralization intersected in holes MER-07, 08,
10 and 11
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“We are very pleased with the results from the
discovery drilling campaign at Mercedes, which has identified
significant shallow oxide copper mineralization less than one
kilometre away from the flagship Marimaca oxide deposit. The
mineralization consists of broad zones of predominantly green
oxides, commencing at surface, with some mixed, enriched and copper
wad sections.
“The structural controls observed at Mercedes
are very similar to the MOD and we note that the higher-grade
materials appear to be spatially related to the presence of dacitic
dykes, which become more prevalent to the east of the currently
drilled area.
“Mercedes remains open to the east and to the
south, where it is within 1km of the northern extent of the MOD. We
are examining whether Mercedes and the MOD may be part of a larger
mineralizing system and plan further exploration accordingly.”
Hayden Locke, President and CEO, of
Marimaca Copper, commented:
“We have now drilled two conceptual exploration
targets and identified significant shallow, oxide, copper
mineralization in both. We have several other targets close to the
MOD that have yet to be drilled, and we take great encouragement
from the success at both Cindy and Mercedes. We own the entire land
position, which we believe is prospective for Marimaca style
mineralization, and this will allow any shallow oxide discoveries
to form part of our future development plans and add value to what
is already a project with compelling economics.”
Overview of Drilling Campaign Objectives
and Results
The initial drilling campaign at Mercedes
(located less than 1km to the north of the northern edge of the
MOD) consisted of nine shallow, RC drill holes targeting the
anomalies identified in both the magnetic survey and surface
geochemical sampling previously completed (refer to
announcements on 23 September 2020 and 17 February 2021
respectively). Based on the results of the first nine
holes, the program was extended to seventeen holes across
approximately 700m of north-south strike. The objective was to
identify new, broad zones of shallow oxide mineralization that
could complement the existing resources at the MOD.
Figure 1: Plan view of Selected Drill
Holes at
Mercedeshttps://www.globenewswire.com/NewsRoom/AttachmentNg/aa1dc258-57d0-46d0-bf90-2655f09a0f31
The seventeen holes were drilled at various
orientations over an area of approximately 700m by 300m, and eight
encountered notable oxide copper mineralization. Drill holes
MER-03, MER-04, MER-06, MER-12, MER-16 and MER-17 in particular,
intersected broad zones (approximately 50m downhole or more) of
oxide copper mineralization commencing near surface. These drill
holes define an approximate area of interest for follow up drilling
extending 400m north-south and 300m east-west.
MER-12, located on the northern limb of the area
of interest, was an especially positive drill hole, intersecting
86m with an average grade of 0.44% CuT from 6m, including a
higher-grade zone of 42m at 0.64% CuT. As at the MOD, this
mineralization is structurally controlled by pervasive east dipping
fractures in the host monzodiorite and consists of dominant
atacamite-brochantite and chrysocolla with increasing copper wad
material in the deeper intersections.
In addition to drilling, the Company has
completed extensive mapping and sampling of the small scale
historical underground workings at Mercedes. The results from this
work highlights the extensive and continuous nature of the
mineralization with broad zones of copper oxide. The underground
workings were sampled continuously over 434m with an average grade
of 0.49% CuT over this length and encompassing several higher-grade
zones, including 66m at 0.80% CuT, 60m at 0.70% CuT, and 20m at
1.55% CuT. The copper minerals were the same as those observed in
the drilling program.
Figure 2: Plan view of Mercedes and
Selected Results of Underground Mapping and Channel
Samplinghttps://www.globenewswire.com/NewsRoom/AttachmentNg/b53d8457-e4fc-4b43-9886-dc96a673425f
Mercedes is structurally controlled by a
pervasive sheeted fracturing of the intrusive host, which dips to
the east at between 45 and 60 degrees. Similar to the MOD, there is
zonation of mineralization trending from more dominant green oxides
at the top of the intersections to more mixed and copper wad types
at the peripheries and towards the bottom of the intersections.
Figure 3: Cross Section EW 7,437,725
(Drill holes MER-12 and
MER-14)https://www.globenewswire.com/NewsRoom/AttachmentNg/840b6a34-6dce-455a-863b-921ce57b83bf
Figure 4: Cross Section EW 7,437,600
(Drill holes MER-12 and
MER-14)https://www.globenewswire.com/NewsRoom/AttachmentNg/36abfd38-fcca-49e7-8852-ec24cef0d49c
Overview of Mercedes
Mercedes is located less than 1km from the
northern edge of the MOD. It was identified initially through the
results of the high-resolution drone-mounted magnetic survey
(refer to release on 23 September 2020), which was
followed up by reconnaissance mapping and geochemical sampling
(refer to release on 9 December 2020).
Mercedes is hosted in the same intrusive units
as the MOD, which shows pervasive fracturing striking north to
south with an easterly dip of between 45 and 60 degrees. The unit
is cross-cut by various dykes and faults, all of which are
important for the development of copper mineralization.
Mercedes is the second of three new exploration
targets drilled by the Company within a radius of 5km around the
MOD, each of which presents a compelling opportunity to add
shallow, oxide resources to the MOD project.
Figure 5: Map of MOD Resource and Near
MOD Exploration
Targetshttps://www.globenewswire.com/NewsRoom/AttachmentNg/dbffc0c1-4c4b-4b18-86f5-12bce37b97b1
Summary of Mercedes Drilling
Results
HOLE |
EAST |
NORTH |
AZIMUTH |
DIP |
DEPTH (m) |
Intersections |
MER-01 |
7,437,463 |
374,798 |
270 |
-60 |
300 |
28m @ 0.21% CuT from 4m; and10m @ 0.23% CuT from 92m; and6m @ 1.18%
CuT from 130m |
MER-02 |
7,437,458 |
374,800 |
220 |
-60 |
300 |
16m @ 0.15% CuT from 6m; and12m @ 0.43% CuT from 30m; and10m @
0.28% CuT from 150m |
MER-03 |
7,437,603 |
374,657 |
270 |
-60 |
300 |
94m @ 0.30% CuT from 4m including 58m @ 0.34% CuT; and10m @ 0.37%
CuT from 118m; and20m @ 0.33% CuT from 140m; and20m @ 0.31% CuT
from 270m |
MER-04 |
7,437,601 |
374,661 |
220 |
-60 |
300 |
86m @ 0.26% CuT from 6m including 36m @ 0.34% CuT |
MER-05 |
7,437,609 |
374,595 |
270 |
-60 |
250 |
6m @ 0.81% CuT from 40m; and16m @ 0.27% CuT from 98m; and12m @
0.44% CuT from 140m; and12m @ 0.31% CuT from 224m |
MER-06 |
7,437,606 |
374,737 |
270 |
-60 |
300 |
74m @ 0.30% CuT from 18m including 46m @ 0.38% CuT; and10m @ 0.26%
CuT from 100m; and48m @ 0.26% CuT from 132m including 18m @ 0.52%
CuT; and24m @ 0.13% CuT from 202m |
MER-07 |
7,437,802 |
374,493 |
270 |
-60 |
200 |
NSI |
MER-08 |
7,437,914 |
374,558 |
270 |
-60 |
250 |
NSI |
MER-09 |
7,438,050 |
374,659 |
270 |
-60 |
200 |
6m @ 0.31% CuT from 92m; and24m @ 0.17% CuT from 126m |
MER-10 |
7,438,052 |
374,799 |
270 |
-60 |
250 |
NSI |
MER-11 |
7,437,877 |
374,618 |
270 |
-60 |
250 |
NSI |
MER-12 |
7,437,738 |
374,648 |
270 |
-60 |
270 |
86m @ 0.44% CuT from 6m including 42m @ 0.64% CuT; and16m @ 0.27%
CuT from 122m; and20m @ 0.22% CuT from 238m |
MER-13 |
7,437,857 |
374,719 |
270 |
-60 |
200 |
6m @ 0.33% CuT from 70m |
MER-14 |
7,437,724 |
374,724 |
270 |
-60 |
250 |
26m @ 0.42% CuT from 80m including 12m @ 0.69% CuT; and8m @ 0.36%
CuT from 212m |
MER-15 |
7,437,717 |
374,720 |
220 |
-60 |
250 |
12m @ 0.19% CuT from 2m; and18m @ 0.31% CuT from 46m; and6m @ 0.45%
CuT from 74m; and12m @ 0.24% CuT from 118m |
MER-16 |
7,437,540 |
374,643 |
270 |
-60 |
250 |
48m @ 0.42% CuT from 20m including 20m @ 0.57% CuT; and12m @ 0.30%
CuT from 76m; and20m @ 0.14% CuT from 90m; and12m @ 0.15% CuT from
158m; and8m @ 0.15% CuT from 194m |
MER-17 |
7,437,422 |
374,816 |
220 |
-60 |
250 |
50m @ 0.25% CuT from 2m; and6m @ 0.44% CuT from 144m; and8m @ 0.19%
CuT from 176m |
Sampling and Assay Protocol
True widths cannot be determined with the
information available at this time. RC holes were sampled on a 2m
continuous basis, with dry samples riffle split on site and one
quarter sent to the Andes Analytical Assay preparation laboratory
in Calama and the pulps then sent to the same company laboratory in
Santiago for assaying. A second quarter was stored on site for
reference. Samples were prepared using the following standard
protocol: drying; crushing to better than 85% passing -10#;
homogenizing; splitting; pulverizing a 500-700g subsample to 95%
passing -150#; and a 125g split of this sent for assaying. All
samples were assayed for %CuT (total copper) and %CuS (acid soluble
copper) by AAS. A full QA/QC program, involving insertion of
appropriate blanks, standards and duplicates was employed with
acceptable results. Pulps and sample rejects are stored by Marimaca
Copper for future reference.
Qualified Person
The technical information in this news release,
including the information that relates to geology, drilling and
mineralization was prepared under the supervision of, or has been
reviewed by Sergio Rivera, Vice President of Exploration, Marimaca
Copper Corp, a geologist with more than 36 years of experience and
a member of the Colegio de Geólogos de Chile and of the Institute
of Mining Engineers of Chile, and who is the Qualified Person for
the purposes of NI 43-101 responsible for the design and execution
of the drilling program.
The QP confirms he has visited the project area,
has reviewed relevant project information, is responsible for the
information contained in this news release, and consents to its
publication.
Contact InformationFor further
information please visit www.marimaca.com or contact:
Tavistock +44 (0) 207 920
3150Jos Simson/Oliver Lamb / Nick
Elwesmarimaca@tavistock.co.uk
Forward Looking Statements
This news release includes certain
“forward-looking statements” under applicable Canadian securities
legislation. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made and are based upon
a number of assumptions and estimates that, while considered
reasonable by Marimaca Copper, are inherently subject to
significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors, both known and
unknown, could cause actual results, performance or achievements to
be materially different from the results, performance or
achievements that are or may be expressed or implied by such
forward-looking statements and the parties have made assumptions
and estimates based on or related to many of these factors. Such
factors include, without limitation: risks related to share price
and market conditions, the inherent risks involved in the mining,
exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other
geological data, fluctuating metal prices, the possibility of
project delays or cost overruns or unanticipated excessive
operating costs and expenses, uncertainties related to the
necessity of financing, the availability of and costs of financing
needed in the future as well as those factors disclosed in the
annual information form of the Company dated March 29, 2021, the
final short form base prospectus and other filings made by the
Company with the Canadian securities regulatory authorities (which
may be viewed at www.sedar.com). Accordingly, readers should
not place undue reliance on forward-looking statements. Marimaca
Copper undertakes no obligation to update publicly or otherwise
revise any forward-looking statements contained herein whether as a
result of new information or future events or otherwise, except as
may be required by law.
Neither the Toronto Stock Exchange nor the
Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this
release.
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