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
July 20 2022 - 6:00AM
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 is available
at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b5c7a9ff-c3cc-4585-a16d-3d78f0378c8a
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 InformationFor further
information please visit www.marimaca.com or contact:
Tavistock +44 (0) 207 920
3150Jos Simson / Emily Moss / 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 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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