Marimaca Appoints Leonardo Hermosilla as Vice President, Projects; Provides Progress Update at the Marimaca Copper Project
August 22 2022 - 6:00AM
Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
welcome Mr. Leonardo Hermosilla to the Team as Vice President,
Projects. Mr. Hermosilla brings over 30 years of international
mining development, construction, and operational experience to
Marimaca. In addition, Marimaca announces an update on various
project development workstreams at the Marimaca Copper Project (the
“Project”).
Highlights
Leonardo Hermosilla Appointed as Vice
President, Projects
- Mr. Hermosilla will
provide senior technical leadership as the Marimaca Project
advances towards the 2023 Feasibility Study and a construction
decision
- Mr. Hermosilla will
be based out of Marimaca’s Santiago, Chile office
- Mr. Hermosilla is a
global mining executive and brings over 30 years of experience in
mine development and construction to Marimaca. He formerly held the
roles of:
- Director of
Projects and Growth, South America for Barrick;
- General Manager and
SVP Copper for SNC Lavalin Chile;
- Project Development
Director at Hatch Engineering where he oversaw the development of
the US$4 billion El Morro Project; and
- VP Project
Development for Kingsgate Consolidated
2022 Drilling Campaigns Now
Complete
- The 2022 Infill and
MAMIX drilling campaigns were completed on August 18th 2022, with
remaining results pending final assays
- 2022 Infill and
MAMIX programs totalled 38,570m across 177 drill holes
- Geological
interpretation and resource modelling is currently underway ahead
of the planned 2022 Mineral Resource Update (“MRE”) expected in
late Q3
- The 2022 MRE will
capture drilling data completed up to June 30th, 2022, with the
balance of the infill drilling (targeting conversion to Measured
and Indicated Resource categories) to be captured in a subsequent
MRE planned for early 2023
Water Engagement Update
- Significant
progress has been made on negotiations with potential seawater
suppliers located in the Bay of Mejillones (~20km from the Marimaca
Project) to secure a seawater supply option for the Marimaca
Project
- Marimaca is
targeting completion of the water supply option, which guarantees
seawater supply for the Marimaca Project, by year-end 2022
MAMIX Transitional and Primary Copper
Extraction Concept Study
- Marimaca is
currently completing a proof-of-concept study led by 5Q
Technologies (“5Q”) (the “5Q Study”), a privately-help specialist
mineral processing company based in Santiago, Chile
(www.5qxt.com/)
- 5Q specializes in
the extraction of copper from complex transitional and primary ores
using their proprietary QX-Cu technology
- The study aims to
evaluate the potential for improving and optimizing the recovery of
the deeper transitional material located in the MAMIX-zone, the
depth extension to the Marimaca Oxide Deposit (“MOD”)
- A proof-of-concept
study is currently underway with initial laboratory results
expected in the near term. Marimaca and 5Q may then elect to
advance to a next phase of study with a larger sample size
- The 5Q study will
supplement the Phase 5 Metallurgical Program (see announcement
dated June 15, 2022) which represents the culmination of a
rigorous, bankable-level 5-phase metallurgical program at the
MOD
Geotechnical and Condemnation
Drilling
- Marimaca has now
completed the 2022 geotechnical diamond drilling campaign which was
executed alongside the 2022 Infill and MAMIX campaigns
- 2022 geotechnical
and geological campaign totalled 3,000m across 13 diamond drill
holes
- Data from the 2022
geotechnical campaign will be used in the 2023 Feasibility Study
and relevant permitting submissions planned for 2023
- Planning and
budgeting are currently underway for the condemnation drilling
program across key infrastructure areas
Hayden Locke, President & CEO of
Marimaca Copper, commented:
“I am very excited to welcome Leonardo to the
team as we start our transition to developer and, eventually,
operator of the Marimaca Oxide Deposit. He brings enormous
experience in mine development and will provide important technical
leadership as Marimaca moves toward production.
“The 2022 infill drilling campaign is now
complete and we remain confident that the first mineral resource
update, towards the end of September, will deliver a step change in
the scale of the Marimaca Project. We continue to make good
progress with the various work programs aimed at moving the project
towards production, and we look forward to updating the market on
these as they’re completed.”
Contact InformationFor further
information please visit www.marimaca.com or contact:
Tavistock +44 (0) 207 920
3150Emily Moss / Adam Baynesmarimaca@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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