Drilling Progressing at the Marimaca Oxide Deposit; MAMIX campaign expanded
09 Februar 2022 - 3:31PM
Marimaca Copper Corp. (“Marimaca Copper” or the “Company”) (TSX:
MARI) is pleased to announce that the Company’s 22,500m infill
drilling campaign at the Marimaca Oxide Deposit (the “MOD”) has
commenced. Planning is also near-finalized for the MOD depth
extension (“MAMIX”) drilling program which will be completed in
parallel with the MOD infill drilling.
Highlights
-
Drilling commenced, first 5 drill holes complete of the
22,500m infill drill program at the MOD
- Drill
pad construction in the southern area of the MOD has exposed zones
of copper oxide mineralization in areas previously considered to be
unmineralized (see Figure 1)
-
Additional drill rigs are expected to be added in the
coming weeks for the MAMIX infill campaign
- MAMIX
campaign to be increased to up to 10,000m (from 2,500m) given
positive metallurgical review of potential leachability and the
addition of planned step-out holes to the north
- Ongoing
review of MAMIX target highlights the potential for additional
extensions outside of the of the recently released MAMIX
Exploration Target area (refer to the announcement on 19 January
2022)
- Company
will seek to accelerate program where possible to ensure drilling
is finished in Q2 2022
Sergio Rivera, Vice President
Exploration of Marimaca Copper, commented:
“We are pleased with the smooth start of the
2022 infill campaign at the MOD. The program’s objective is to
convert our existing Inferred Resources to the Measured and
Indicated Categories for the mid-year MRE, which will then form the
basis for the Feasibility Study planned for the second half of
2022.
“The discovery of the MAMIX zone offers
outstanding potential to increase the overall scale of the Marimaca
Project. We recently released an Exploration Target to quantify the
potential size of this opportunity and we intend to test it as part
of the expanded MOD infill program.
“The MOD continues to show excellent continuity
of near-surface copper oxide mineralization. Drill pad construction
has exposed green copper oxides in the southern portion of the MOD,
in areas that were previously interpreted to be barren in the 2019
Resource estimate. We look forward to drilling from these newly
constructed platforms and believe there may be upside to our
current MOD resource model.
“We believe we are still in the early chapters
of the discovery process at Marimaca and anticipate further growth
of the deposit during 2022.”
Hayden Locke, President and CEO of
Marimaca Copper, commented:
“We are now very focused on the upside potential
at Marimaca. Our internal work indicates the MAMIX presents a
compelling opportunity to increase the scale of the deposit, both
in terms of contained metal tonnes and potential annual production,
which will be used as the basis for the Feasibility Study.
“COVID continues to impact our business,
especially with the relatively small size of our team, and we are
working hard to mitigate these impacts on our timeline for
releasing the updated MRE and commencing further engineering
studies. The technical workstreams continue to advance rapidly and
will be finalised well before commencing the Feasibility Study
engineering. The Company is in the final stages of the Phase V
metallurgical program, which will be released when available and
the water supply engagement and permitting preparation are
progressing well.”
Figure
1: https://www.globenewswire.com/NewsRoom/AttachmentNg/09d90312-67a7-416f-abbf-9885d2e604f9
Figure 2:
https://www.globenewswire.com/NewsRoom/AttachmentNg/8d7c4138-38fb-476c-992a-c7115d9afb49
Figure
3: https://www.globenewswire.com/NewsRoom/AttachmentNg/c5bb5c80-30ba-4ebb-a33a-f82bfd720f4a
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
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, 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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