Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”)(TSX: MARI) is pleased to
announce results from a further ten (10) reverse circulation (RC)
drill holes, totaling 3,320m, from the 2022 infill drilling
campaign at the Marimaca Oxide Deposit (“MOD”).
The drilling intersected broad zones of
near-surface green copper oxide mineralization in all holes. As
with the first infill results (see release from March 28, 2022),
these holes confirmed the mineralized zones as interpreted in the
existing Mineral Resource Estimate (MRE) (released December 2019)
area for the MOD, but with several zones encountering higher grades
than expected. Furthermore, several intercepts were extensional,
falling outside the 2019 MRE block model, with positive
implications for future resource updates. There is also evidence of
extensions to the recently discovered MAMIX zone (see press release
dated October 13, 2021).
A video summarizing today’s results is available
for viewing.
Highlights
- All drill
holes display excellent continuity of mineralization and are in
line with the interpretations expected from MRE model
- LAR-87
intersected a broad zone of mineralization outside the
south-western limit of MRE block model
- Extensions
and higher than expected grades for infill portion anticipated to
have positive implications for the MRE
- Higher
grade zones at the bottom of hole interpreted as north-west
extension of previously reported MAMIX discovery
- MAR-138 and
MAR-139 both extend mineralization outside the previous MRE block
model and therefore have positive implications for the future MRE
update
- MAR-139
extends the >0.4% CuT shell well outside the previous MRE, with
positive implications for grade in that area
- Notable
intersections include:
- MAR-143
intercepted 144m of 0.70% CuT from 4m, including 86m of 1.0% CuT
from 36m
- MAR-145
intercepted 142m of 0.54% CuT from 8m, including 102m of 0.71% CuT
from 40m
- MAR-138
intercepted 240m of 0.33% CuT from 130m, including 50m of 0.52% CuT
from 204m and 50m of 0.56% CuT from 294m
- MAR-139
intercepted 284m of 0.25% CuT from 10m, including 80m of 0.48% CuT
from 138m
- LAR-87
intercepted 288m of 0.21% CuT from 16m, including 46m of 0.41% CuT
from 258m
- Drilling
continues to highlight the lateral continuity as well as the
thickness of the MOD mineralized column as well as continuing
potential for higher grade extensions at depth
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“These ten drill holes from our infill campaign
have continued to highlight the excellent continuity of
mineralization at the MOD. We intersected the expected
mineralization in all holes. Of note were several areas with grades
exceeding those expected in the MRE models, which we anticipate
will positively impact our future resource estimations.
“The results of LAR-87, drilled in an area
interpreted and modelled as a thinner zone of lower grade,
peripheral mineralization, are especially positive and point to
potential for further resource growth in this area. The
intersection of a relatively continuous column of 288 metres
significantly extends the overall mineralized envelope on the
south-western edge of the deposit. Of particular interest were the
zones of higher-grade material at the bottom of the drill hole,
which significantly exceeded the expected grades for this area.
These results point to a potential extension of the high grade
MAMIX zone discovery, made in 2021.
”We are awaiting the first drill holes from the
MAMIX infill program, which is focused on stepping out from the
original discovery and should be available imminently. Drilling has
been delayed due to the previously announced operational issues
with our drilling partners. We have contracted additional rigs to
make up the lost time and hope to have completed the program in
early July.”
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). The objective of these programs is to convert the MOD’s
existing Inferred Resource (see press release dated December 2,
2019) to Measured and Indicated (“M&I”) categories, as well as
growing the M&I resource inventory through infill drilling the
MAMIX discovery made in 2021 (see press release dated October 14,
2021).
The initial results of the infill program (see
press release dated March 28, 2022) extended the known mineralized
envelope, especially along the southern margin of the deposit and
encountered grades above those interpreted in previous MREs. This
is expected to positively impact the MRE update in the second half
of 2022.
The current results have confirmed the
geological and resource modelling, with mineralization encountered
in the expected areas. Once again, there have been positive
surprises. Several zones encountered grades exceeding expectations
in the MRE models and interpretation, with zones extending well
beyond the previously interpreted mineralized envelope.
Figure 1: Plan View 2022 Infill Drilling
at MOD with Current
Resultshttps://www.globenewswire.com/NewsRoom/AttachmentNg/5097f7d6-9c13-48d3-9843-a5a304aad586
Drill holes LAR-85, LAR-86 and LAR-87 are
located on the south-western limit of the MRE which was previously
interpreted to be of lower grade and with limited opportunities for
resource expansion. LAR-87, which intersected a broad zone of
mineralization from surface, is particularly interesting. Based on
the MRE interpretation, it is expected that this intercept will
provide a good basis for further resource growth towards the
south-west, outside of the current MRE area limits. Additionally,
the higher-grade zones encountered at the bottom of the drill hole
are interpreted as a northern extension of the previously
discovered MAMIX zone.
Figure 2: 3D Section, Looking North-East,
2022 Infill Drilling with 2019 MRE Block
Modelhttps://www.globenewswire.com/NewsRoom/AttachmentNg/33a2b75b-cfc4-4bce-ac2e-ec5edba22ced
Drill holes MAR-136, MAR-137 and MAR-138 all
display excellent continuity with broad zones of oxide
mineralization from surface, in line with the MRE interpretations
and Preliminary Economic Assessment (PEA) block models. Each of
these mineralized intersections contain higher grade sections;
MAR-136 with 48m @ 0.77% CuT, MAR-137 with 36m @ 0.53% CuT and
MAR-138 with 50m @ 0.52% CuT and 50m @ 0.56% CuT.
Holes MAR-139, MAR-142, MAR-143 and MAR-145 are
located at the central to eastern limit of the deposit. Once again,
results confirm mineralization expected from the MRE interpretation
and PEA block model. MAR-142 and MAR-139 are located towards the
edge of the deposit in an area interpreted to be lower grade.
Results confirm broad low-grade oxide from surface but with several
higher grade zones which exceeded those expected from the block
model. MAR-142 intercepted 30m of mixed mineralization at @ 0.84%
CuT from 176m, MAR-139 with 28m @ 0.61% CuT from 138m and 34m @
0.57% CuT from 184m.
Holes MAR-143 and MAR-145 are located in the
higher-grade core of the project, representing the first five years
of the PEA mine plan and as expected, intersected broad, continuous
zones of mineralization from surface, with strong grades. MAR-143
intercepted 144m @ 0.7% CuT and MAR-145 intercepted 142m @ 0.54%
CuT.
Figure 3: 3D Section, Looking North, 2022
Infill Drilling with 2019 MRE Block
Modelhttps://www.globenewswire.com/NewsRoom/AttachmentNg/a0732352-d45e-4aab-83a4-2222ce05188b
The results once again confirm the excellent
lateral and vertical continuity of mineralization and confirm the
previous interpretations of mineralization, which underpins the
2019 MRE.
The updated Mineral Resource Estimate (“MRE”) is
planned for early Q3 2022, immediately following the completion of
the current drilling program.
Table 1. Summary of Drill
Results
|
|
|
|
|
|
|
Hole |
TD |
|
From |
To |
m |
%CuT |
MAR-136 |
350 |
|
4 |
264 |
260 |
0.23 |
|
4 |
134 |
130 |
0.34 |
including |
4 |
12 |
8 |
0.24 |
and |
54 |
102 |
48 |
0.77 |
|
238 |
250 |
12 |
0.81 |
MAR-137 |
400 |
|
4 |
170 |
166 |
0.32 |
|
4 |
110 |
106 |
0.42 |
including |
4 |
40 |
36 |
0.53 |
and |
66 |
110 |
44 |
0.51 |
|
128 |
170 |
42 |
0.22 |
including |
152 |
170 |
18 |
0.37 |
and |
276 |
294 |
18 |
0.32 |
LAR-85 |
200 |
|
8 |
108 |
100 |
0.12 |
including |
8 |
38 |
30 |
0.23 |
LAR-86 |
300 |
|
18 |
198 |
180 |
0.16 |
|
18 |
78 |
60 |
0.18 |
including |
18 |
36 |
18 |
0.19 |
and |
44 |
78 |
34 |
0.20 |
|
142 |
198 |
56 |
0.29 |
including |
142 |
178 |
36 |
0.35 |
LAR-87 |
350 |
|
16 |
304 |
288 |
0.21 |
|
16 |
122 |
106 |
0.33 |
including |
28 |
88 |
60 |
0.37 |
and |
104 |
122 |
18 |
0.57 |
|
238 |
304 |
66 |
0.33 |
|
258 |
304 |
46 |
0.41 |
MAR-138 |
300 |
|
130 |
370 |
240 |
0.33 |
including |
152 |
172 |
20 |
0.35 |
and |
204 |
254 |
50 |
0.52 |
and |
294 |
344 |
50 |
0.56 |
MAR-139 |
300 |
|
10 |
294 |
284 |
0.25 |
including |
10 |
46 |
36 |
0.32 |
|
138 |
218 |
80 |
0.48 |
including |
138 |
166 |
28 |
0.61 |
and |
184 |
218 |
34 |
0.57 |
MAR-142 |
250 |
|
10 |
206 |
196 |
0.22 |
including |
10 |
22 |
12 |
0.37 |
|
86 |
116 |
30 |
0.14 |
|
176 |
206 |
30 |
0.84 |
MAR-143 |
300 |
|
4 |
148 |
144 |
0.70 |
including |
36 |
122 |
86 |
1.00 |
MAR-145 |
150 |
|
8 |
150 |
142 |
0.54 |
|
40 |
142 |
102 |
0.71 |
including |
68 |
116 |
48 |
1.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 2. Drill collars and
survey
Hole |
Easting |
Northing |
Elevation |
Azimuth |
Inclination |
Depth |
MAR-136 |
374967.7 |
7435253.1 |
1051.6 |
310 |
-60 |
350 |
MAR-137 |
374991.2 |
7435306.5 |
1060.7 |
310 |
-60 |
400 |
MAR-138 |
375154.4 |
7435208.1 |
1079.9 |
310 |
-60 |
400 |
MAR-139 |
375223.9 |
7435476.4 |
1125.3 |
310 |
-60 |
300 |
MAR-142 |
375165.5 |
7435694.7 |
1102.8 |
220 |
-60 |
250 |
MAR-143 |
375026.7 |
7435619.9 |
1109.1 |
220 |
-60 |
300 |
MAR-145 |
374865.8 |
7435758.8 |
1095.4 |
220 |
-60 |
150 |
LAR-85 |
374639.6 |
7435583.6 |
1063.9 |
310 |
-60 |
200 |
LAR-86 |
374668.0 |
7435500.7 |
1058.5 |
310 |
-60 |
300 |
LAR-87 |
374667.6 |
7435493.2 |
1058.1 |
220 |
-60 |
350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 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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