Marimaca Continues
to Improve Confidence in the High-Grade Core of the MOD: MAR-68 EXT
intersects 384m at 0.64% CuT from 2m; ATR-112 intersects 118m at
0.96% CuT from 4m
Vancouver,
British Columbia, Canada -- July 20, 2022 – InvestorsHub NewsWire
- Marimaca Copper Corp. ("Marimaca Copper" or the
"Company") (TSX: MARI)
is pleased to announce further results
from the 2022 infill and extensional drilling campaign. Results
reflect a total of 4,068m across 20 drill holes.
The drilling intersected broad zones
of near-surface green copper oxide mineralization in 19 of the 20
drill holes. Drilling
was focused on infilling the higher-grade central core of the MOD,
and the MAMIX depth-extension zone discovered in the 2021 drilling
campaign (see press release dated October 14, 2021). As with
previous results (see announcements dated June 13, 2022, May 19,
2022, and May 10, 2022), drilling continues to demonstrate the
excellent thickness and continuity of the mineralized column at the
Marimaca Oxide Deposit (MOD).
Highlights
- Drilling
continues to improve confidence in high-grade central core of the
MOD, including additional, new extensions at depth below the
existing PEA pit limits
- Drilling completed up to
late June 2022 will inform the planned updated mineral resource
estimate ("MRE") for late Q3 2022, with balance of infill drilling
expected to be included for subsequent MRE update
- All budgeted MAMIX
extensional drilling was completed before the data cut-off and is
expected to be captured in the planned 2022 MRE
update
- Drill results will continue
to be released as assays are returned from the
lab
MOD Infill
- Holes
MAR-156 and ATR-112 confirm the higher grade green oxide zones at
the core of the MOD
- ATR-112 intersected 118m at
0.96% CuT from 4m, including 56m at 1.85% CuT from
66m
- MAR-156 intersected 230m at 0.53% CuT from
surface, including 102m at 0.85% CuT from
34m
- Hole
MAR-155, drilled in the south-west of the MOD, encountered expected
mineralization intersecting 72m at 0.35% CuT from 6m including 26m
at 0.82% CuT from 30m
- Holes MAR-152 and MAR-154
encountered the lower grade oxide halo at the south-east margin of
the MOD
- Hole MAR-157 was drilled
outside the eastern PEA pit limit and encountered lower-grade
mineralization along a west-north-west fracture
set
MAMIX Infill
- Holes MAR-68 EXT and MAR-23
EXT demonstrate the continuity of higher grades at depth into the
MAMIX zone
- MAR-68 EXT intersected 384m
at 0.64% CuT from 2m, including new intersection of 136m of 0.69%
CuT from 250m
- MAR-23 EXT intersected new
intersections of 96m at 0.71% CuT from 354m and 58m at 1.07% CuT
from 392m to the base of the hole within a broader intersection
436m at 0.38% CuT from
14m
- MAR-25 EXT intersected 422m
of 0.48% CuT from surface, including new intersection of 110m at
0.34% CuT from
314m
- MAR-153 intersected 216m at
0.41% CuT from 28m, including 96m at 0.73% CuT from
90m
- MAR-151 intersected 266m at
0.34% CuT from 22m, including 52m at 0.45% CuT from 22m, 102m at
0.43% from 186m, 100m at 0.42% CuT from 200m and 28m at 0.58% CuT
from
230m
- MAR-07 EXT intersected 268m
at 0.42% CuT, including new intersection of 64m at 0.33% CuT from
222m
- MAR-45 EXT, MAR-13 EXT,
MAR-43 EXT and ATR-81 EXT intersected broad zones of lower grade
oxide mineralization from
near-surface
- MAR-21 EXT, MAR-69 EXT,
MAR-20 EXT and MAR-63 EXT intersected known post-mineral faults and
dyke systems in the downhole
extensions
Sergio Rivera,
VP Exploration of Marimaca Copper, commented:
"We have now completed the
drilling planned to be captured in the 2022 MRE update, which
includes all the planned MAMIX and peripheral drill holes
targeting resource growth.
Results continue to be in-line
with our geological interpretation at the MOD, with the excellent
grade and vertical continuity of the Marimaca system demonstrated
again in this latest batch of results. The 2022 infill campaign has
been an important de-risking milestone for Marimaca as our
confidence in the ore body continues to improve."
Overview of
Drilling Campaign Objectives
Marimaca's 2022 drilling campaign
consists of over 32,000m of planned drilling between the MOD infill
and the MAMIX zone, the depth extension of the MOD. Both programs
will support an updated Mineral Resource Estimate ("MRE") planned
for late Q3 2022.
Results from the infill and MAMIX
program continue to return positive results. Drilling released in
today's announcement was largely targeted at infilling and
improving confidence in the higher-grade central portion of the MOD
and the MAMIX depth extension below. The higher grade, green oxide
core is located from surface and continues into the MAMIX zone to
depths of up to 462m – the deepest drilled at the MOD to date. The
near-surface, higher grade green oxide zones are accessible in the
early years of the PEA mine plan (see announcement dated August 4
2020) with the 2022 infill drilling program targeting conversion of
the Inferred-category resources to Measured & Indicated
level.
Figure 1: Plan View
of Infill Drilling Results, Planned Holes and MOD PEA Pit
Shell
Table 1. Summary of
Infill Drill Results
Hole
|
|
From
|
To
|
m
|
% CuT
|
ATR-112
|
|
4
|
122
|
118
|
0.96
|
including
|
4
|
30
|
26
|
0.30
|
and
|
66
|
122
|
56
|
1.85
|
MAR-152
|
|
2
|
34
|
32
|
0.14
|
|
50
|
68
|
18
|
0.11
|
|
160
|
190
|
30
|
0.27
|
MAR-154
|
|
10
|
48
|
38
|
0.17
|
including
|
32
|
48
|
16
|
0.23
|
|
80
|
120
|
40
|
0.11
|
MAR-155
|
|
6
|
78
|
72
|
0.35
|
including
|
30
|
78
|
48
|
0.49
|
including
|
30
|
56
|
26
|
0.82
|
|
150
|
190
|
40
|
0.11
|
MAR-156
|
|
0
|
230
|
230
|
0.53
|
including
|
0
|
10
|
10
|
0.28
|
and
|
34
|
136
|
102
|
0.85
|
and
|
154
|
210
|
56
|
0.48
|
MAR-157
|
|
120
|
198
|
78
|
0.12
|
Table 2. Summary of
MAMIX Drill Results
Hole
|
New/Historic
|
|
From
|
To
|
m
|
%CuT
|
MAR-151
|
New
|
|
22
|
288
|
266
|
0.34
|
including
|
22
|
74
|
52
|
0.45
|
and
|
130
|
174
|
44
|
0.38
|
and
|
186
|
288
|
102
|
0.43
|
|
200
|
300
|
100
|
0.42
|
including
|
230
|
258
|
28
|
0.58
|
MAR-153
|
New
|
|
28
|
244
|
216
|
0.40
|
including
|
90
|
186
|
96
|
0.73
|
and
|
228
|
244
|
16
|
0.2
|
MAR-43
EXT
|
Historic + New
|
|
4
|
376
|
372
|
0.20
|
New
|
|
248
|
328
|
80
|
0.17
|
New
|
including
|
278
|
316
|
38
|
0.24
|
New
|
and
|
354
|
376
|
22
|
0.15
|
MAR-69
EXT
|
Historic + New
|
|
10
|
388
|
378
|
0.28
|
New
|
|
206
|
388
|
182
|
0.10
|
New
|
including
|
312
|
330
|
18
|
0.20
|
MAR-25
EXT
|
Historic + New
|
|
2
|
424
|
422
|
0.48
|
New
|
|
314
|
424
|
110
|
0.34
|
New
|
including
|
332
|
384
|
52
|
0.63
|
MAR-45
EXT
|
Historic + New
|
|
0
|
400
|
400
|
0.46
|
New
|
|
202
|
384
|
182
|
0.13
|
New
|
including
|
202
|
244
|
42
|
0.26
|
New
|
and
|
352
|
370
|
18
|
0.19
|
MAR-68
EXT
|
Historic + New
|
|
2
|
386
|
384
|
0.64
|
New
|
|
250
|
386
|
136
|
0.69
|
New
|
including
|
250
|
352
|
102
|
0.88
|
New
|
and
|
430
|
440
|
10
|
0.24
|
MAR-21
EXT
|
Historic + New
|
|
4
|
352
|
348
|
0.24
|
New
|
|
300
|
352
|
52
|
0.13
|
MAR-13
EXT
|
Historic + New
|
|
8
|
400
|
392
|
0.26
|
New
|
|
150
|
172
|
22
|
0.20
|
New
|
|
202
|
400
|
198
|
0.13
|
New
|
including
|
202
|
236
|
34
|
0.20
|
New
|
and
|
274
|
288
|
14
|
0.32
|
New
|
and
|
354
|
400
|
46
|
0.16
|
MAR-63
EXT
|
Historic + New
|
|
4
|
268
|
264
|
0.27
|
New
|
|
204
|
268
|
64
|
0.10
|
MAR-20
EXT
|
Historic + New
|
|
0
|
274
|
274
|
0.49
|
New
|
|
252
|
274
|
22
|
0.12
|
MAR-23
EXT
|
Historic + New
|
|
14
|
450
|
436
|
0.38
|
New
|
|
354
|
450
|
96
|
0.71
|
New
|
including
|
354
|
366
|
12
|
0.40
|
New
|
and
|
392
|
450
|
58
|
1.07
|
MAR-07
EXT
|
Historic + New
|
|
18
|
286
|
268
|
0.42
|
New
|
|
222
|
286
|
64
|
0.33
|
New
|
including
|
222
|
256
|
34
|
0.51
|
New
|
and
|
270
|
286
|
16
|
0.21
|
ATR-81
EXT
|
Historic + New
|
|
2
|
270
|
268
|
0.37
|
New
|
|
232
|
270
|
38
|
0.18
|
New
|
including
|
256
|
270
|
14
|
0.28
|
Table 3. Infill
collars and survey
Hole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Inclination
|
Depth
|
ATR-112
|
374942.7
|
7435691.4
|
1080.7
|
220
|
-60
|
300
|
MAR-152
|
375257.3
|
7434999.4
|
1027.6
|
220
|
-60
|
200
|
MAR-154
|
375310.9
|
7434984.0
|
1022.6
|
220
|
-60
|
200
|
MAR-155
|
374731.5
|
7435428.6
|
1050.8
|
220
|
-60
|
200
|
MAR-156
|
375028.5
|
7435700.7
|
1058.5
|
220
|
-60
|
250
|
MAR-157
|
375322.8
|
7435913.5
|
1118.8
|
310
|
-60
|
300
|
Table 4. MAMIX
collars and survey
Hole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Inclination
|
Extension
|
Final
Depth
|
MAR-151
|
375184.4
|
7435513.9
|
1120.3
|
310
|
-55
|
-
|
300
|
MAR-153
|
374831.9
|
7435470.3
|
1076.9
|
220
|
-60
|
-
|
350
|
MAR-45-EXT
|
374994.2
|
7435645.3
|
1093.5
|
310
|
-55
|
200
|
400
|
MAR-63-EXT
|
375000.7
|
7435642.2
|
1093.3
|
220
|
-60
|
100
|
300
|
MAR-43-EXT
|
374933.7
|
7435582.0
|
1124.3
|
310
|
-55
|
200
|
400
|
MAR-13-EXT
|
375155.0
|
7435148.1
|
1057.6
|
310
|
-55
|
250
|
400
|
MAR-20-EXT
|
374869.9
|
7435452.1
|
1062.3
|
310
|
-55
|
150
|
400
|
MAR-21-EXT
|
374967.1
|
7435351.1
|
1066.5
|
310
|
-55
|
150
|
450
|
MAR-25-EXT
|
375009.7
|
7435379.9
|
1081.5
|
310
|
-55
|
150
|
450
|
MAR-23-EXT
|
375046.0
|
7435422.6
|
1090.8
|
310
|
-55
|
150
|
450
|
MAR-07-EXT
|
375115.8
|
7435527.6
|
1113.0
|
310
|
-55
|
140
|
350
|
MAR-68-EXT
|
374954.1
|
7435615.7
|
1111.4
|
220
|
-60
|
200
|
450
|
MAR-69-EXT
|
374952.9
|
7435620.9
|
1111.6
|
310
|
-60
|
200
|
400
|
ATR-81-EXT
|
374993.1
|
7435750.8
|
1040.2
|
220
|
-60
|
78
|
278
|
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
Information
For further information please visit
www.marimaca.com or contact:
Tavistock
+44 (0) 207 920
3150
Jos Simson / Emily Moss / Nick
Elwes
marimaca@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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