Marimaca Copper Corp. (“Marimaca Copper” or the “Company”) (TSX: MARI) is pleased to announce the results from the first five (6) reverse circulation (RC) drill holes, totaling 1,000m, targeting the depth extensions of the Marimaca Oxide Deposit (“MOD”) in the area known as the MAMIX Zone (see press release dated October 14 2021).

Drilling was designed to step-out from the original MAMIX discovery (Exploration Target area outlined in press release January 19, 2022), as well as to commence infill drilling in some of the high-grade areas identified in previous drilling. The results have positive implications for the Mineral Resource Estimate (“MRE”) update planned for Q3 2022.

Highlights

  • MAR-19 extended intersected 420m at 0.54% CuT from surface, including the new re-entry intersection of 120m of 0.50% CuT from 300m
    • Drilling continues to demonstrate the thickness of the mineralized column at the MOD and significant extension into the MAMIX zone
  • Extensions identified to the south-west and south-east from the high grade central MAMIX zone
    • Re-entry hole LAR-49Ext intersected a broad zone of higher-grade mixed copper oxides and extends MAMIX mineralization to the south-west beyond the edge of the PEA open pit
    • LAR-49 extended intersected 292m of 0.34% CuT from 18m, including the new re-entry intersection of 90m of 0.39% from 220m
      • Complements and extends previous results from infill drill hole LAR-87 which intersected 288m of oxide mineralization from surface including 46m of 0.41% CuT from 258m, also extending outside the PEA open pit
    • MAR-12 Ext and MAR-34 Ext extend the MAMIX mineralization to the south-east well beyond the limits of the previously defined area of the MAMIX Zone
      • MAR-12 extended intersected 320m at 0.30% CuT from surface, including the new re-entry intersection of 170m of 0.24% CuT from 150m, including a higher grade intersection of 42m of 0.54% from 278m
      • MAR-34 extended intersected 224m at 0.47% CuT from 106m, including the new re-entry intersection of 60m at 0.26% from 270m including a higher-grade zone of 24m at 0.50% CuT from 306m
    • Expected to have positive implications for MAMIX resource potential and the upcoming MRE update
  • Re-entry depth extensions of MAR-51 Ext and MAR-26 Ext intercepted thinner, lower grade, zones interpreted to be impacted by NW-SE trending fault structures

Sergio Rivera, VP Exploration of Marimaca Copper, commented:

“This drilling was largely designed to test potential for lateral extensions to the MAMIX Zone, which we discovered last year. The results are positive and confirm our interpretation that the MAMIX Zone is open in several directions.

“LAR-49 intersected a broad zone of good grades with several zones of higher-grade mineralization. Importantly, the results confirm, and step out from, the previously reported results from infill hole LAR-87 which intersected MAMIX style mineralization at depth. MAR-12Ext and MAR-34Ext both significantly extend MAMIX mineralization to the south-east.

“MAR-51, which was also a step out hole, was drilled very close to a NW trending structure, which explains its lower grade and thinning mineralization.

“MAR-19Ext was an outstanding drill hole and confirms excellent continuity of the higher grade core of MAMIX zone at depth in the centre of the previous discovery area.

“Overall, we are very pleased with the first results from MAMIX and we continue to believe it will add material tonnes and grade to our upcoming MRE update.”

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 (see press releases dated February 9, 2022 and January 20, 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 Zone made in 2021

The current results are the first from the MAMIX focused drilling program, which is specifically directed at increasing the mineral resource inventory for the project. The results were very positive, with extensions identified both to the south-west and south-east.

Figure 1: Plan View 2022 Infill & MAMIX Drilling at MOD:https://www.globenewswire.com/NewsRoom/AttachmentNg/8ded016c-44b8-492c-a3e7-3501b41e942b

Drill hole LAR-49Ext is a re-entry and extends the MAMIX zone to the south-west, outside the previously identified area of interest. It intercepted 90m with an average grade of 0.39% CuT from 220m within a broader historic + new intersection of 292m of 0.34% CuT from 18m. This is consistent with other re-entry holes drilled in the MAMIX zone. It extends the deeper, higher-grade intercept, which was noted in infill drill hole LAR-87 (see press release on 9 May 2022 which intercepted 46m of 0.41% CuT from 258m as part of a broader 288m of 0.21% CuT from surface).

MAR-12Ext and MAR-34Ext are both re-entry holes and extend the MAMIX zone to the south-east, outside the previously identified area of interest. MAR-12Ext encountered a broad zone of oxide and mixed mineralization with a higher-grade zone towards the bottom of the hole, consistent with the previous MAMIX zone drilling. MAR-34Ext also encountered a relatively broad zone of mixed mineralization including a higher-grade zone at the bottom of the hole.

MAR-19 Ext was a MAMIX infill hole and confirms the excellent continuity of mineralization from surface into the higher-grade core of the MAMIX zone, returning a historic + new intersection of 420m of 0.54% CuT, extending from the 300m depth base of MAR-19 a further 120m into the MAMIX zone at similar grades.

The updated Mineral Resource Estimate (“MRE”) is planned for early Q3 2022, immediately following the completion of the current drilling program.

Figure 2: 3D Section of PEA Pit and MAMIX extensional drilling, looking north:https://www.globenewswire.com/NewsRoom/AttachmentNg/1306c5d2-0da7-4a4f-bf5b-ec41b0a24760

Figure 3: 3D Section of PEA Pit, 2021 & 2022 MAMIX drilling, looking East:https://www.globenewswire.com/NewsRoom/AttachmentNg/8ee9e1ab-b6ed-425f-b7fe-484a1c4d7d91

Figure 4: 3D Section of PEA Pit, 2021 & 2022 MAMIX drilling, looking North:https://www.globenewswire.com/NewsRoom/AttachmentNg/c2fb1484-ffda-49f2-8c59-6f7b0a16b337

Table 1. Summary of Drill Results

Hole New or HistoricalIntersection From (m) To (m) Length (m) %CuT
MAR-12 Historic 0 118 118 0.47
  Historic + New 0 320 320 0.30
incl New 150 320 170 0.24
incl New 150 218 68 0.20
incl New 150 194 44 0.20
incl New 204 218 14 0.32
incl New 278 320 42 0.54
incl New 278 292 14 1.27
incl New 298 320 22 0.21
MAR-34 Historic 106 270 164 0.55
  Historic + New 106 330 224 0.47
incl New 270 330 60 0.26
incl New 306 330 24 0.50
MAR-51 Historic 130 204 74 0.26
  New 416 430 14 0.15
MAR-26 Historic 56 146 90 0.66
  New 250 260 10 0.42
  New 384 394 10 0.17
LAR-49 Historic 18 194 176 0.36
  Historic + New 18 310 292 0.34
incl New 220 310 90 0.39
incl New 222 242 20 0.65
incl New 266 288 22 0.68
MAR-19 Historic 0 300 300 0.55
  Historic + New 0 420 420 0.54
incl New 300 420 120 0.50
incl New 322 388 66 0.76

Table 2. Drill collars and survey

Hole Easting Northing Elevation Azimuth Inclination OriginalDepth Extension Final Depth
MAR12-EXT 375091.8 7435117.5 1046.7 310 -55 150 250 400  
MAR19-EXT 374894.7 7435480.4 1084.0 310 -55 300 120 420  
MAR26-EXT 374973.9 7435275.2 1059.2 310 -50 250 150 400  
MAR34-EXT 375131.6 7435219.5 1085.7 310 -55 270 180 450  
MAR51-EXT 375162.4 7435328.7 1103.2 310 -55 250 200 450  
LAR49-EXT 374709.7 7435464.2 1052.0 220 -60 220 100 320  

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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