Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
provide an update on the Company’s district exploration program
following a review of the 2021 campaign. This campaign was
completed in parallel with the MOD and MAMIX drilling and has
successfully demonstrated the potential for repetition of Marimaca
style copper oxide discoveries across the Company’s extensive land
package.
Highlights
- 2021
district exploration drilling campaign successfully defined three
core satellite targets within 5km of the MOD
- Oxide
discoveries made at Mercedes, Cindy and Robles in the first
systematic exploration program (geophysics, geochemistry and scout
drilling) of the broader Marimaca district
-
Proof-of-concept of Marimaca’s repetition-style district
potential along with core regional structures
- Several new
prospective targets were identified during a review of the 2021
campaign results and the 25km x 5km high-resolution MagDrone
survey, with three highest-priority designated for
follow-up:
- Mercedes
East (~1km northeast of the MOD)
- Mititus
(~6km north of the MOD, immediately north of Cindy
target)
- Santos
(~6km southwest of the MOD)
- The 2021
program focused on a ~7.5km north-south structural trend
intersecting the MOD, with the rest of Marimaca’s land position,
extending 23.5km along strike, remaining untested
- Extended
MagDrone survey, geological mapping and geochemical grids have
highlighted several areas of interest for future grassroots
exploration along the Naguayan Belt and Robles Trend
- Satellite
targets will be prioritized for additional exploration drilling
tentatively planned for H2 2022 following the completion of the MOD
and MAMIX drilling campaigns
- Program
will focus on increasing confidence in previously announced
exploration target grade-tonnage ranges of Mercedes, Cindy and
Robles (see announcement dated January 20, 2022) and testing newly
identified targets
Update on MOD and MAMIX infill
drilling
The MOD and MAMIX infill drilling programs have
been impacted by supply chain disruptions impacting machinery
utilisation rates. To date, over 10,000m have been completed, with
the results from the first 2,150m released (see announcement dated
March 28, 2022) and 7,850m awaiting final assay results. The
Company is mobilizing two new drilling contractors to mitigate
delays and expects the program to be substantially complete by the
end of Q2 2022, allowing for a resource update early in Q3 2022 as
planned. The Company expects to add an RC drill rig on-site in late
April, taking the total site count to 5 drill rigs (3 RC and 2 DD)
through Q2 2022.
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“The 2021 scout drilling of our district
exploration targets confirmed our exploration model targeting
proximal repetitions of Marimaca (MOD) style, at-surface, copper
oxide mineralization and the resulting Mercedes, Cindy and Robles
discoveries offer potential to add leachable resources to the
MOD.
“The success of this program led to the
extension of the MagDrone survey, which identified several new
targets with the same key features as these discoveries. There has
been no previous systematic exploration of these targets, and we
believe the potential for additional MOD-satellite discoveries
remains exceptional. We look forward to updating the market as our
exploration program advances.”
Summary of New Exploration
Targets
https://www.globenewswire.com/NewsRoom/AttachmentNg/f72159f1-7e16-4097-8057-3195b6937c5d
Figure 1. HR MagDrone survey overlay on
Marimaca Project Area and District Exploration Potential along the
prospective Naguayan Trend
Mercedes East Target
Mercedes East is immediately adjacent to the
Mercedes Target, which was drilled during the 2021 scout program
(see announcement dated September 15, 2021). Mercedes East was
generated during a geological and geochemical review of the
Mercedes target, which has very similar structural controls to the
MOD. During the 2021 campaign, the presence of dacitic dykes was
noted east of the drilled area at Mercedes. Dacitic dykes are an
important control to mineralization of the MOD. Rock geochemistry
completed across the Mercedes and Mercedes East areas shows an
anomaly corresponding to the area with the highest concentration of
dacitic dykes.
https://www.globenewswire.com/NewsRoom/AttachmentNg/43f0a3e8-b5d0-45aa-84d6-a0f6c87a01b8
Figure 2. Mercedes & Mercedes East
Target Relative to Previous Scout Drilling (white)
Mititus Target
The Mititus Target is located approximately
5.5km north of the MOD, 0.5km north of Cindy and 2km north of
Mercedes. Mititus was identified by the extension of the
high-resolution MagDrone survey, which defined an anomaly of
similar dimensions north of Cindy. Outcropping oxide copper
mineralization was also identified in the geological mapping of
Mititus. The northern extensions of Mitius may have the potential
for continuous mineralization under gravel cover. No previous or
historical drilling has ever been completed at the Mititus
target.
https://www.globenewswire.com/NewsRoom/AttachmentNg/dcf7dcda-156b-4780-baaa-5a03b9bcc6f1
Figure 3. Mititus Target, immediately
north of Cindy (view looking NE)
Santos Target
The Santos Target is located 6km southwest of
the MOD and was identified as a large-scale magnetic anomaly during
the HR MagDrone campaign. The anomaly is very similar in size and
orientation to the anomaly associated with the MOD, and it is
located proximal to the Naguayan structural trend. Geological
mapping and prospecting have identified a system of NE trending
veins, similar to the feeder-veins at the MOD and hosted by
intrusive rocks and dyke suites with similar alteration assemblages
to Marimaca. Historic drilling targeted the shallow, high-grade
feeder veins, but the potential for more extensive copper oxide
mineralization has not been tested.
https://www.globenewswire.com/NewsRoom/AttachmentNg/2cabbf8f-05a5-4936-ac96-304628ccab3c
Figure 4. HR MagDrone Over Extended MOD
Project Area + Proximal Satellites
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, 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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