Marimaca
Intersects
Significant
Near
Surface Copper
Oxides
at
Cindy
Vancouver,
British Columbia, June
15,
2021
–
InvestorsHub NewsWire -- Marimaca Copper Corp. ("Marimaca
Copper" or the "Company") (TSX:
MARI)
is pleased
to announce
that
two
holes of
an
initial nine-hole, wide
spaced, reverse circulation
drilling
campaign completed
at
the Cindy
Target ("Cindy")
have
intersected
significant
near
surface copper oxide mineralization.
Cindy is
located less than
5km to the
north of the Marimaca Oxide Deposit ("MOD") and offers
potential
to add
to the Company's
leachable
resource
base and
extend mine life or increase the scale of future
operations. Assay results from the
remaining six holes have been subject to delays in the
laboratory but are expected shortly and turnaround times are
expected to improve.
Highlights
-
New
near
surface oxide
zone
discovered
at
Cindy less
than
5km to
the north of the MOD
-
Close
enough to form part of the MOD development strategy if resource
definition drilling is successful
-
Broad
zones of ore grade copper oxide mineralization
intersected
in both holes:
-
CIR-03
intersected
70m
with an average grade of 0.39%
CuT
from
24m
including
44m @ 0.51%
CuT
from
48m
-
CIR-02
intersected
124m
with an average grade of 0.22%
CuT
from
8m
including
20m @
0.33% CuT
from
8m
-
Additional
holes planned to better
define the limits
to the
mineralized zones at
Cindy and
to
identify
any higher-grade areas,
for
eventual resource definition drilling
-
CIR-01
intersected a broad
zone of lower
grade
primary
sulphide
mineralization in the
southern part of Cindy
-
Assays
for
remaining
six
holes
have been subject to delays in lab
turnaround,
but improvements are expected
-
Results
confirm
the
Company's exploration
model for the broader Marimaca District including the Mercedes and
Roble Targets
-
Mercedes
drilling progressing well with the
first six
RC
holes of
an
initial nine-hole
program
Sergio Rivera,
VP Exploration
of
Marimaca Copper,
commented:
"These
first drill holes confirm Cindy is a new,
near surface,
oxide discovery. We are pleased that the exploration model we have
developed, based on our strong geological understanding of the
MOD,
has been
confirmed
at
our
first
target.
CIR-02 was lower grade, but we believe it represents the
western
periphery of the mineralized body, while CIR-03
was better grade
with
dominantly green oxide copper mineralization, which is
analogous to the central,
higher grade zones at the MOD.
"There is a clear broadening in the mineralizing
structures as we move north from the Cindy underground
workings
and, as a result, we would expect better drill results to be around
this area.
The
next phase of drilling
at Cindy
will focus on
defining
the
extent
of the
mineralization
and
indicate
its potential scale before we move to resource definition
drilling.
"We
are currently drilling the Mercedes Target,
which is
located
immediately to the north of the MOD and shares numerous
characteristics with it.
There were some delays in the most recent turnarounds for assays,
but we hope to have resolved those issues and return to better
timelines
going forward."
Hayden Locke,
President and CEO,
of
Marimaca Copper,
commented:
"Marimaca
is one
of only a handful of new copper discoveries
made
globally in the last five years.
We believe
Cindy,
Mercedes
and Robles,
the first of several exciting nearby targets
to be drilled,
have
the potential
to be new discoveries
and to add
significant shallow oxide mineralization that could
meaningfully
increase
the Company's
leachable copper resource
base.
We are planning to expand our drilling programs
and
we have started to incorporate the potential for
increased
scale of
copper production
into our
decision-making
process for the
planned
MOD feasibility study."
Overview
of Drilling
Campaign Objectives and Results
The
initial
drilling
campaign at Cindy consists of nine, shallow, RC drill holes targeting the
area identified in both the magnetic survey and surface geochemical
sampling previously completed (refer to
announcements on 23 September 2020 and 17 February 2021
respectively). The objective was to
identify new, broad zones, of shallow oxide mineralization
that
could
complement the existing resources at the MOD, and potential deeper
sulphide
bearing
structures which could indicate a larger copper
system.
The nine holes
were drilled on
approximately 250m
section
lines to the north and south of
the historical underground workings at Cindy, extending over
roughly
1.2km of
strike. Two sections, located in the
northern part of Cindy,
each
consisted of
two drill holes, and tested
the interpreted
broadening of the various structures,
which are
believed to be key controls to mineralization at Cindy.
Figure 1:
Plan view of completed drill holes at
Cindy
All three drill
holes encountered broad zones of mineralization. The first, CIR-01,
was drilled directly beneath the historical
underground workings at Cindy, to target potential
extensions at depth
of the known
higher-grade mineralization which had been mined
artisanally.
It
intersected
several
zones of
copper
mineralization,
primarily chalcopyrite, including 76m at an average grade of
0.15% CuT.
CIR-02
stepped out approximately
550m to the north
from
CIR-01, on the western edge of the
Cindy structures. The objective was to
target shallow oxide mineralization in the area
interpreted as
broadening of the mineralizing structures prevalent across
the Cindy area. It encountered a broad
zone of 124m of mixed oxides from 8m
down hole with an average grade of 0.22% CuT (0.1% CuS) including 20m at
0.33% CuT (0.15% CuS) from 8m
downhole. Notably, the mineralization in
CIR-02 showed many similarities to the lower grade halo
on the
periphery of the MOD, including the presence
of copper
wad,
which tended to have low acid solubility but leached relatively
well in the metallurgical testing completed for the MOD.
CIR-03 was also a step
out, approximately
800m to the north of the
Cindy underground workings (250m north of
CIR-02) but located slightly
further to the east, in the center of the identified mineralizing
structures. It also encountered a broad
zone of 70m of oxide
copper
from
24m down hole with an average
grade of 0.39% CuT (0.2% CuS) including
44m at 0.50% (0.28% CuS) from 48m down
hole. CIR-03 contained dominantly green
oxides which are analogous to the higher-grade core of the
MOD.
While there are many
similarities with the MOD, there are also
some key differences. Firstly, there is more magnetite related to
the mineralization at Cindy. Secondly, Cindy mineralization,
especially in the south, appears to be controlled by a series of
very well defined, discrete, structures whereas the MOD is
characterized by the presence of pervasive fracturing of the
intrusive
host unit. As a
result, the Company
expects to
focus most of its follow up work on
the northern part of the Cindy area, where
there is the potential for dilations to the key mineralizing
structures and bulk tonnage oxide mineralized
material.
Overview
of Cindy
Cindy is
located less than
5km to the
north of the MOD and is coincident with both a large magnetic
anomaly (refer to
announcement on 23 September 2020) and an extensive
copper
geochemical
anomaly (refer to
announcement on 17 February 2021). Cindy is also the site
of extensive underground mine workings, which cover approximately
200 meters of north south strike over four levels giving a vertical
extent of 80 meters (refer to
announcement on 19 May 2021).
Figure
2:
Map with Cindy Target and Geochemical Anomaly Relative to Marimaca
Oxide Deposit
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/Oliver
Lamb / 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 29, 2021, 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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