Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce ‘Exploration Targets’ for the Marimaca Oxide Deposit
(“MOD”) depth extension zone (the “MAMIX” target) discovered in
2021 (see announcement dated October 14 2021), as well as for the
Mercedes, Cindy and Roble satellite oxide targets discovered during
the successful 2021 Marimaca District exploration drilling
campaigns (see announcements dated September 15 2021, July 14 2021
and July 1 2021).
Highlights
- Exploration Targets
demonstrate potential to grow Marimaca’s existing Mineral Resource
Estimate (“MRE”) of 70.7m tonnes at 0.60% CuT in Indicated and
43.4m tonnes at 0.52% CuT in Inferred categories for 424kt and
226kt of contained copper, respectively (see announcement dated
August 4th, 2020)
- >25,000m drilling
planned for 2022 across the MOD infill, MAMIX zone, and further
drill testing the Mercedes target
MAMIX (MOD Depth Extension)
- MAMIX Exploration Target
Range of 30 million - 50 million tonnes at 0.4% - 0.5%
CuT
- MAMIX infill drilling program in planning phase,
targeting completion in H1 2022 alongside the 22,500m MOD infill
drilling program
- MAMIX drilling will
investigate potential for further extensions at depth to the north
and south of the MOD
- Assuming a successful
outcome to the 2022 drilling program, the Company will consider
increased production cases for the upcoming Definitive Feasibility
Study planned for H2 2022
Satellite Oxide Targets and MOD Oxide
Extensions
- Total oxide Exploration Target of 120 million - 170
million tonnes at 0.3% to 0.4% CuT across oxide satellite
discoveries Mercedes, Cindy and Roble, and the MOD north-south
extension zones
- Potential to play an
important role in future oxide mine life extensions
- Mercedes remains the
highest priority satellite target, with additional drilling planned
for H2 2022
- Discoveries confirm
district scale potential across the Company’s land package, with
other targets identified through district scale geophysics
remaining to be followed up (see announcement dated September 23,
2020)
Definitive Feasibility
Study
- Drill crews now mobilized
to commence 22,500m MOD infill program
- Updated MOD Mineral
Resource Estimate planned for late Q2 2022
- The Company continues to
progress project related technical workstreams including the Phase
5 Metallurgical program, permitting, water and power engagement and
planning for the Definitive Feasibility Study
The potential quantity and grade
presented in the exploration target ranges are conceptual and have
insufficient exploration and drill density to define a Mineral
Resource. At this stage, it is uncertain if further exploration
will result in the targets being delineated as a Mineral Resource.
Estimates of exploration targets are not Mineral Resources and are
too speculative to meet the NI 43-101 reporting standards. The
detailed methodology for preparing the Exploration Targets and a
summary of supporting technical data can be found at the end of
this announcement.
Table 1: Summary of Exploration Targets
for Further Exploration at Marimaca
Target |
Exploration Target RangeTonnage (Mt) |
Exploration Target RangeGrade (% CuT) |
Mineralization Type |
MAMIX |
30 |
50 |
0.40% |
0.50% |
Mixed + Enriched * |
Mercedes |
30 |
40 |
0.30% |
0.40% |
Oxide |
Cindy |
30 |
40 |
0.30% |
0.40% |
Oxide |
Roble NE |
20 |
30 |
0.20% |
0.30% |
Oxide |
Sierra |
20 |
30 |
0.30% |
0.40% |
Oxide |
Tarso |
20 |
30 |
0.20% |
0.30% |
Oxide |
*Mixed refers to a combination of oxides +
secondary + primary sulphides and Enriched refers to secondary
sulphides (predominantly chalcocite and covellite, with minor
chalcopyrite)
Table 2: 2019 Marimaca Oxide Deposit
Mineral Resource
Estimate*https://www.globenewswire.com/NewsRoom/AttachmentNg/91ae3c79-bd6c-497b-ab7e-152f5c38f79e*CuT
means total copper and CuS means acid soluble copper. Mineral
resources that are not mineral reserves do not have demonstrated
economic viability. Does not include primary sulphides. Refer to
news release “Coro Announces Substantial Increase in Resources;
Development Studies Underway” 2 December 2019. Technical and
economic parameters included: copper price US$3.00/lb; mining cost
US$2.00/t; HL processing cost including G&A US$9.00/t; ROM
processing cost including G&A US$2.50/t; selling cost
US$0.07/lb; heap leach recovery 76% of CuT; ROM recovery 40% of
CuT; pit slope angle 44-46°.
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“In 2021, drilling beneath the Marimaca Oxide
Deposit encountered significant continuations of higher-grade,
leachable mineralization in the form of oxide, mixed and secondary
enriched sulphide materials, as well as some primary sulphides.
This has clear potential to increase the MOD mineral resource
beyond the current Preliminary Economic Assessment (PEA) pit
shell.
“In late 2020, we took the geological model we
have developed for Marimaca and applied it to the surrounding
district. We identified three satellite targets – Cindy, Mercedes
and Robles – all of which we drill tested, looking for near surface
oxide resources to complement the MOD project. In all three
targets, we discovered copper oxide mineralization starting from
surface, some with potential for significant scale, that had many
similarities to Marimaca. Each of the satellite targets have the
potential to deliver meaningful open pit tonnages to any eventual
development plans for the Marimaca District. Less well-defined
mineralization at the Tarso and Sierra targets remains to be
followed up.”
Hayden Locke, President and CEO of
Marimaca Copper, commented:
“Sergio and his exploration team had a
remarkable year in 2021. Drill testing three exploration targets,
all of which delivered potential shallow oxide materials to add to
the outstanding MOD deposit was an excellent result and highlights
the underexplored nature of our licence area. A thorough review of
the technical data from the MOD PEA showed us that, although these
targets have lower grade than the MOD, they all had average grades
(in drilling) well above the expected economic cut-off grades for
copper mines in this region. As a result, all should be seen as
potential mine life extensions to be defined with ongoing work.
“More exciting was the discovery of the depth
extensions of the MOD. Following extensive reviews of sequential
copper assays and logging with our metallurgical team, we believe
the extensions are predominantly leachable material and will,
therefore, be processable through the same heap leach and SX-EW
infrastructure as proposed in the PEA for the MOD. The team is
running resource projections, and we are planning to drill MAMIX to
an Indicated Resource level in parallel with the remaining infill
drilling for the MOD. The intention is to release an updated
Mineral Resource Estimate towards the end of the first half of
2022.
“Metallurgical and Feasibility Study related
workstreams and permitting continue to progress rapidly as we move
the exciting MOD towards an eventual investment decision and
construction.”
Overview and Next Steps
The successful MAMIX extensional drilling
program intersected broad zones of mineralization of mixed oxide,
enriched and some primary sulphide mineralization below the MOD PEA
open pit shell. Results indicate the potential for the expansion of
the MOD’s future leachable Mineral Resource Estimate (“MRE”) (refer
to announcement dated October 14, 2021).
At the Marimaca Oxide Deposit itself,
preparatory work is underway for a 22,500m infill campaign. The
Company plans to extend the drilling program to include the MAMIX
zones to potentially expand its mineral resource inventory. Drill
pad and access infrastructure construction are progressing on
schedule, with drilling expected to begin by the end of January and
will an updated Mineral Resource Estimate “MRE” planned for
mid-year.
The 2021 exploration scout drilling campaign
tested several near-surface oxide satellite targets proximal to the
MOD to identify additional Marimaca type oxide deposits. The
Mercedes, Cindy and Robles satellite targets were identified during
an extensive grassroots exploration campaign which included;
geological mapping, rock geochemistry, chip channel sampling, a
high-resolution drone magnetic survey and IP-R line surveys (see
announcement dated September 23, 2020). Each of the three targets
was then drill tested during 2021, with 12,750m of RC drilling
completed and shallow oxide mineralization identified at all
targets. Mercedes was a clear standout, having broad zones of green
oxide mineralization from surface with grades similar to the MOD,
and we plan to conduct follow up drilling later in the year. Cindy
hosted broad zones of oxide mineralization from surface with
slightly lower grades, but with a significant surface footprint,
with the strike extending over 1km. At the same time drilling
encountered shallow oxide mineralization over a large area at
Robles. Both present interesting, albeit lower priority, targets
for follow-up work.
The Company believes that infill drilling the
MOD, defining the MAMIX zone, and further drill testing the
Mercedes target provides the shortest path to value accretion. It
intends to complete over 25,000m of combined diamond and reverse
circulation drilling on these activities for 2022.
Marimaca’s exploration team is also preparing
further generative exploration programs to follow up on important
regional targets identified through geophysical surveys across
Marimaca’s district-scale land package.
Figure 1: Plan view of exploratory scout
drilling program overlain on rock
geochemistryhttps://www.globenewswire.com/NewsRoom/AttachmentNg/2bcb9f72-77e0-481e-8b2b-f7304a6d55a3
Summary of Information and Analysis
Comprising the Exploration Targets
Marimaca Copper has conducted extensive
exploration work to delineate the exploration targets contained in
this announcement. This work includes surface mapping of
mineralized outcrops, geochemical and physical sampling and
assaying, sampling of underground workings, extensive geophysical
surveying, and finally, over 19,000m of exploration RC
drilling.
Table 3: Exploration Target Range
Data
Target |
Target Dimensions (m) |
IntersectionGrades (% CuT) |
Target Location |
Next Expected DrillingTiming |
|
Length |
Breadth |
Height |
Avg. |
|
|
MAMIX |
400 |
350 |
100 |
0.63% |
Below MOD pit limits |
1H 2022 - 8,000m |
Mercedes |
400 |
300 |
125 |
0.31% |
<1km north of MOD pit limit |
2H 2022 - 1,500m |
Cindy |
800 |
300 |
75 |
0.30% |
5km north of MOD |
2023 |
Roble NE |
600 |
400 |
50 |
0.20% |
3km northeast of MOD |
2023+ |
Sierra |
600 |
400 |
50 |
0.30% |
MOD south extension |
2023+ |
Tarso |
400 |
400 |
75 |
0.26% |
MOD north extension |
2023+ |
Dimensions are conservative estimates based on
surface geological mapping and sampling, underground geological
sampling and RC drill intercepts. Grade ranges used in the
Exploration Target Ranges are derived from RC drill interception
grades within the target dimension area and assumes projections of
grades across a mineralized zone. MAMIX dimensions and grade ranges
presented benefit from internal modelling estimates completed in
conjunction with Marimaca’s mining engineering and metallurgical
consultants as part of the 2022 MAMIX infill drilling program
planning.
MAMIX Target
The MAMIX target has been a top priority for the
2021 exploration campaign. MAMIX was initially conceived as a
high-priority conceptual exploration target following a
comprehensive review by the Marimaca exploration team of the key
structural controls of the MOD, as well as complementary magnetic
susceptibility, resistivity and chargeability studies indicating
the potential for extensions at a depth of the MOD associated with
key mineralizing structures (see announcements dated February 2,
2021, and September 23, 2020). The conceptual target was
substantiated during the 2021 exploration drilling program. A total
of 3,120m over 12 re-entry drill holes were completed at MAMIX,
with the maiden program targeting a zone in the southern portion of
the MOD. Drilling commenced at depths ranging from 200m to 300m
downhole to new final depths of 450m to 500m. Drilling results,
discussed in detail in the announcement dated October 14, 2021,
intersected significant zones of mixed, enriched and primary
mineralization below the PEA pit limits.
The initial 12 hole campaign defined a target
area with dimensions of 400m along strike, 350m breadth, and an
average mineralized extensional column of 100m downhole, with
certain drill holes extending mineralization up to 288m downhole. A
plan view diagram of the MAMIX drilling program and certain key
cross sections can be viewed in the announcement dated October 14,
2021.
Mercedes Target
The Mercedes Target is located approximately 3km
to the north of the MOD and was identified as a large-scale
magnetic high during the 2020 high-resolution drone geophysical
campaign. Follow up field work was completed in late 2020, and H1
2021 and included 50m x 50m rock geochemical sampling, geological
and structural mapping, outcrop sampling and extensive sampling of
historic underground workings (refer to announcements dated
December 9, 2020 and March 3, 2021). In addition, an induced
polarization study consisting of a single 3.5km east-west line
across the Mercedes target was completed. Resistivity and
chargeability sections demonstrated the potential for broad,
laterally extensive supergene zones and potential sulphide
mineralization (refer to March 3, 2021 announcement). Surface
geochemistry and geophysical studies were both used to design, plan
and execute the 2021 maiden drill campaign at Mercedes.
The initial drilling campaign at Mercedes
consisted of 4,370m over seventeen shallow RC holes covering
approximately 700m of north-south strike. The drilling successfully
intersected significant oxide copper mineralization from surface,
defining an initial area of interest measuring 400m along strike
and 300m width.
Cindy Target
The Cindy Target is located approximately 5km to
the north of the MOD and 2km to the north of the Mercedes Target
(refer to release December 9 2020) and was initially identified,
along with Mercedes and Roble, as a large-scale magnetic anomaly
during the 2020 drone-mounted geophysics campaign. Cindy lies on a
northern extension of the Naguayán Fault System, the main
controlling structure across the Marimaca project. Following the
magnetic surveys, Marimaca completed an extensive mapping and
sampling campaign in early 2021 and line IP across the target area.
Like the Mercedes work program, a 50m x 50m rock geochemistry
survey was completed over the target area to complement surface and
outcrop geological mapping. In addition, an underground channel
sampling program of the historic, shallow artisanal underground
workings at Cindy was completed. The underground mine workings
cover approximately 200 meters of north south strike over four
levels giving a vertical extent of 80 meters (see announcement
dated February 17, 2021). The underground channel sampling defined
broad zones of higher-grade mineralization with copper hosted
primarily in copper oxides atacamite, brochantite and chrysocolla
with some localized WAD.
The surface geophysical and geological studies
defined an initial target area of interest at Cindy of 800m along
strike by 300m across strike. The maiden 2021 drill campaign
completed nine holes at ~250m north-south spacings across the 800m
strike length. Drilling defined a key target area in the north
sections of the broader Cindy target. The drilling intersection was
significant mineralization in four drill holes north of the
historical underground workings (CIR-02, CIR-03, CIR-08, CIR-09)
(refer to announcement dated July 14, 2021). Drill holes CIR-03 and
CIR-02 intersected broad zones of mixed copper oxide material from
near surface, including 40m with an average grade of 0.51% CuT from
48m downhole and 20m with an average grade of 0.33% CuT from 8m
downhole, respectively. Intersections in CIR-08 and 09 were deeper
and, as expected, contained increased amounts of primary
mineralization when considered in the context of east-dipping
structures controlling mineralization at Cindy.
Equally important at Cindy is the compelling
potential for extensions to the north. An extension of the magnetic
survey that originally identified Cindy also indicated a large
anomaly directly to the north of Cindy, the Mititus target. It is
located less than 500m to the north of Cindy and may represent its
northern continuation. Marimaca is investigating the potential for
extensions of the mineralized zone and structures into this area.
If successful, this could meaningfully increase the strike length
of Cindy.
Roble Target
Roble is located less than 3km to the northeast
of the MOD, within the northeast trending Roble Fault System. This
is a splay off the regional scale Naguayán Fault System, an
important control for mineralization at the MOD. Roble was one of
several high-priority anomalies identified within the Marimaca
District during the 2020 geophysics campaign. Drone-mounted
high-resolution geophysical surveys identified a large magnetic
anomaly that was subsequently subject to a comprehensive field
geology program prior to drilling. Surface exploration work
included rock grid geochemical sampling, reconnaissance mapping,
outcrop sampling and 5km of IP line survey. Surface geological work
defined a large copper-in-rock anomaly and highlighted the
significant extent of outcropping copper oxide mineralization at
the surface (refer to announcement on July 1 2021). The surface
geological programs successfully identified and delineated three
discrete areas of consistently sub-cropping copper mineralization,
each extending over 600m by 400m, separated by gravel and sand
cover – Roble, Nepal and Pele (refer to July 1, 2021
announcement).
A maiden scout RC drilling campaign was
subsequently completed at Roble. Fourteen shallow discovery holes
were drilled totaling 2,770m. Drilling was completed primarily in a
northwest orientation, intercepted mineralization largely
controlled by the northeast trending Roble Fault and associated
splays. As mentioned, the broader Roble area covers 3 distinct 600m
x 400m areas of interest identified through reconnaissance work:
Roble main, Nepal and Pele trending in a north-sound direction and
separated by shallow gravel cover.
Sierra and Tarso Targets
Sierra is located immediately southeast of the
MOD and represents a natural extension of the MOD along the Manolo
fault controlling structure. The area was explored as part of the
2019 MOD drilling campaign and consisted of 2,350m of drilling
across 9 RC holes at approximately 200m spacing. The exploration
campaign extended known limits of the Marimaca Oxide Deposit
roughly 600m SE with an area of interest of 600m x 400m identified.
No follow up drilling has been completed since the 2019 drilling.
Copper mineralization is exposed at surface at old mine workings
and outcroppings. The target area is partially covered by gravels
indicating potential for further extensions undercover.
Tarso is located immediately northeast of the
MOD limits and is predominantly covered by gravel. The area was
explored as part of the 2019 MOD drilling campaign, with a portion
of drilling included in the 2019 MRE (refer to December 2, 2019
announcement). The exploration drilling not included in the 2019
MRE extended known limits of the Marimaca Oxide Deposit roughly
600m SE with an area of interest of 400m x 400m identified. No
follow up drilling has been completed since the 2019 drilling, and
the target represents an attractive opportunity to extend copper
mineralization below cover to the northeast.
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
Cautionary Notice on Exploration
Information
This press release contains information
regarding potential exploration results of exploration targets on
which the Company intends to conduct further exploration in the
near term. The potential quantity and grade of such
exploration targets described in this press release are conceptual
in nature and subject to a number of risks and uncertainties, such
that they are not an indication of any current or future economic
viability, nor do they satisfy applicable disclosure and
information requirements applicable to Mineral Resources. Readers
are therefore cautioned on placing any reliance on such information
and related expectations. In particular, the potential
quantity and grade presented in the exploration target ranges
contained in this press release are conceptual in nature and have
insufficient exploration and drill density to define a Mineral
Resource. At this stage it is uncertain if further exploration will
result in the targets being delineated as a Mineral Resource.
Estimates of exploration targets are not Mineral Resources and are
too speculative to meet
the requirements for reporting Mineral
Resources under NI 43-101 reporting standards. Readers should also
refer to the information provided under Forward-Looking Statements
below in the context of their review of information presented in
this release.
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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