Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce results from the first seven (7) reverse circulation (RC)
drill holes, totaling 2,150m, from the 2022 infill drilling
campaign at the Marimaca Oxide Deposit (“MOD”). The first drill
holes were completed in the south-eastern area of the MOD in an
area previously considered to be on the margin of the near-surface
oxide copper mineralization.
The drilling intersected broad zones of
near-surface green copper oxide mineralization in six out of seven
holes. Importantly, several zones appear to be extensional to the
existing Mineral Resource Estimate (MRE) (released December 2019)
for the MOD, and the interpretation of the new mineralized
intersections indicates that the MOD remains open at depth and to
the south-east, indicating potential upside with ongoing drilling
in this area.
A video is available with Hayden Locke,
President & CEO, discussing today’s results.
Highlights
- Expected
mineralization encountered in six out of seven holes with grades
often exceeding those modelled in MRE
- MAR-134 and
MAR-132 extend mineralization into areas previously interpreted to
be barren or lower-grade
- Expected to
have positive implications for the updated MRE
- Notable
intersections include:
- MAR-134
intercepted 106m of 0.53% CuT from 2m, including 28m of 1.05% CuT
from 72m
- MAR-132
intercepted 54m of 0.62% CuT from 80m and a high-grade feeder
structure of 20m at 1.62% CuT from 278m at the bottom of the hole,
all within a broader intercept of 226m of 0.43% CuT from
72m
- MAR-135
intercepted 58m of 0.41% CuT from 2m
- MAR-131
intercepted 202m of 0.31% CuT from 42m, including 74m of 0.47% CuT
from 162m
- MAR-133
intercepted 76m of 0.26% CuT from 156m
- MAR-129
intercepted 58m of 0.27% CuT from 68m
- MAR-130
intercepted lower grade copper mineralization corresponding to
leached and fractured rocks along a known late fault
zone
- Drilling
continues to highlight the lateral continuity as well as the
thickness of the MOD mineralized column as well as ongoing
potential for extensions at depth
- The MOD
remains open to the southeast towards the Sierra satellite target,
located 400m southeast from the margin of the MOD (see Figure 5 and
announcement dated January 20, 2022)
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“The first seven drill holes were aimed at
infilling an area in the south-eastern corner of the MOD that was
interpreted in previous as lower grade material and was considered
to mark the limits of copper oxide mineralization. We were
pleasantly surprised with the results, which show significant
mineralization in nearly all of these holes.
“There are two important takeaways from today’s
results: firstly, there remains potential resource upside at the
MOD, demonstrated by the first holes from the infill program, where
several intersections had grades well above those interpreted in
the 2019 MRE. Secondly, the results provide confirmation that the
MOD remains open to the south-east towards the Sierra Target and at
depth. The Sierra Target was hypothesised as an extension of the
MOD and these results support that conclusion, which provides an
exciting opportunity for further resource growth.
“The infill program will now progress north
towards the central part of the MOD targeting conversion of our
existing Inferred Resources to Measured and Indicated
categories.”
Overview of Drilling Campaign Objectives
and Results
Marimaca’s 2022 drilling campaign consists of
22,500m of planned infill drilling of the MOD and an additional
10,000m of drilling of the MAMIX zone, the depth extension of the
MOD (see press releases dated February 9, 2022 and January 20,
2022). Both programs will support an updated Mineral Resource
Estimate (“MRE”) planned for early Q3 2022. The 2022 programs are
aimed at converting the MOD’s existing Inferred Resource (see press
release dated December 2, 2019) to Measured and Indicated
categories, as well as resource growth through infill drilling of
the MAMIX discovery made in 2021 (see press release dated October
14, 2021).
https://www.globenewswire.com/NewsRoom/AttachmentNg/8429ae3a-d213-4021-a540-cde2b88c3646
Figure 1: Plan View of Infill Drilling
Results, Planned Holes and MOD PEA Pit Shell
https://www.globenewswire.com/NewsRoom/AttachmentNg/230204dd-6d3a-49e9-843b-8d206c121780
Figure 2: 2022 Infill Drilling, Looking
East, with 2020 PEA Pit Shell
https://www.globenewswire.com/NewsRoom/AttachmentNg/d1cfe75b-b405-47cc-9c2b-1512f3044c37
Figure 3: 2022 Infill Drilling, Looking
East with 2020 PEA Pit Shell and 0.4% CuT Grade Shell
https://www.globenewswire.com/NewsRoom/AttachmentNg/16ad6719-4780-4b0a-b9ec-c5eafe6d08d6
Figure 4: 2022 Infill Drilling, Looking
North, with 2020 PEA Pit Shell and 0.4% CuT Grade
Shell
https://www.globenewswire.com/NewsRoom/AttachmentNg/ea965903-8afb-4c6f-b56f-6d4bf5b48df9
Figure 5: Plan View of Marimaca Oxide
Deposit + Satellite Targets (Sierra immediately southeast of
MOD)
Table 1. Summary of Drill
Results
Hole |
From (m) |
To (m) |
Length (m) |
%CuT |
MAR-129 |
16 |
34 |
18 |
0.12% |
and |
68 |
126 |
58 |
0.27% |
including |
68 |
82 |
14 |
0.13% |
and |
94 |
126 |
32 |
0.42% |
including |
102 |
126 |
24 |
0.51% |
and |
184 |
316 |
132 |
0.31% |
including |
184 |
194 |
10 |
0.32% |
and |
214 |
302 |
88 |
0.40% |
including |
220 |
248 |
28 |
0.65% |
and |
266 |
290 |
24 |
0.54% |
MAR-130 |
4 |
16 |
12 |
0.16% |
and |
128 |
160 |
32 |
0.20% |
including |
132 |
142 |
10 |
0.34% |
and |
182 |
214 |
32 |
0.26% |
including |
204 |
214 |
10 |
0.36% |
MAR-131 |
42 |
244 |
202 |
0.31% |
including |
42 |
74 |
32 |
0.25% |
including |
50 |
60 |
10 |
0.45% |
including |
92 |
146 |
54 |
0.31% |
including |
106 |
118 |
12 |
0.72% |
including |
162 |
236 |
74 |
0.47% |
including |
162 |
186 |
24 |
0.66% |
including |
210 |
234 |
24 |
0.51% |
MAR-132 |
4 |
20 |
16 |
0.24% |
and |
72 |
298 |
226 |
0.44% |
including |
80 |
134 |
54 |
0.62% |
including |
102 |
134 |
32 |
0.92% |
and |
156 |
200 |
44 |
0.47% |
including |
172 |
200 |
28 |
0.60% |
and |
230 |
248 |
18 |
0.38% |
and |
278 |
298 |
20 |
1.62% |
MAR-133 |
24 |
62 |
38 |
0.10% |
and |
118 |
136 |
18 |
0.14% |
and |
156 |
232 |
76 |
0.26% |
including |
156 |
166 |
10 |
0.24% |
including |
184 |
216 |
32 |
0.30% |
MAR-134 |
2 |
108 |
106 |
0.53% |
including |
2 |
46 |
44 |
0.43% |
including |
2 |
24 |
22 |
0.58% |
including |
72 |
100 |
28 |
1.05% |
including |
82 |
100 |
18 |
1.57% |
and |
150 |
174 |
24 |
0.13% |
and |
216 |
238 |
22 |
0.12% |
MAR-135 |
2 |
98 |
96 |
0.32% |
including |
2 |
60 |
58 |
0.41% |
including |
6 |
42 |
36 |
0.52% |
including |
78 |
98 |
20 |
0.27% |
Table 2. Drill collars and
survey
Hole |
Easting |
Northing |
Elevation (m) |
Azimuth |
Inclination |
Depth (m) |
MAR-129 |
375,268.14 |
7,435,167.07 |
1061.2 |
310 |
-60 |
350 |
MAR-130 |
375,224.61 |
7,435,232.15 |
1065.2 |
310 |
-60 |
300 |
MAR-131 |
375,314.41 |
7,435,059.43 |
1047.8 |
310 |
-60 |
250 |
MAR-132 |
375,250.53 |
7,435,123.43 |
1046.6 |
310 |
-60 |
300 |
MAR-133 |
375,264.30 |
7,435,030.51 |
1019.9 |
310 |
-60 |
350 |
MAR-134 |
375,213.47 |
7,435,087.36 |
1043.8 |
310 |
-60 |
350 |
MAR-135 |
375,216.08 |
7,435,079.50 |
1043.9 |
220 |
-60 |
250 |
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 28, 2022, 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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