Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce the results from the first five (6) reverse circulation
(RC) drill holes, totaling 1,000m, targeting the depth extensions
of the Marimaca Oxide Deposit (“MOD”) in the area known as the
MAMIX Zone (see press release dated October 14 2021).
Drilling was designed to step-out from the
original MAMIX discovery (Exploration Target area outlined in press
release January 19, 2022), as well as to commence infill drilling
in some of the high-grade areas identified in previous drilling.
The results have positive implications for the Mineral Resource
Estimate (“MRE”) update planned for Q3 2022.
Highlights
- MAR-19 extended intersected
420m at 0.54% CuT from surface, including the new re-entry
intersection of 120m of 0.50% CuT from 300m
- Drilling continues to
demonstrate the thickness of the mineralized column at the MOD and
significant extension into the MAMIX zone
- Extensions identified to
the south-west and south-east from the high grade central MAMIX
zone
- Re-entry hole LAR-49Ext
intersected a broad zone of higher-grade mixed copper oxides and
extends MAMIX mineralization to the south-west beyond the edge of
the PEA open pit
- LAR-49 extended intersected
292m of 0.34% CuT from 18m, including the new re-entry intersection
of 90m of 0.39% from 220m
- Complements and extends
previous results from infill drill hole LAR-87 which intersected
288m of oxide mineralization from surface including 46m of 0.41%
CuT from 258m, also extending outside the PEA open
pit
- MAR-12 Ext and MAR-34 Ext
extend the MAMIX mineralization to the south-east well beyond the
limits of the previously defined area of the MAMIX Zone
- MAR-12 extended intersected
320m at 0.30% CuT from surface, including the new re-entry
intersection of 170m of 0.24% CuT from 150m, including a higher
grade intersection of 42m of 0.54% from 278m
- MAR-34 extended intersected
224m at 0.47% CuT from 106m, including the new re-entry
intersection of 60m at 0.26% from 270m including a higher-grade
zone of 24m at 0.50% CuT from 306m
- Expected to have positive
implications for MAMIX resource potential and the upcoming MRE
update
- Re-entry depth extensions
of MAR-51 Ext and MAR-26 Ext intercepted thinner, lower grade,
zones interpreted to be impacted by NW-SE trending fault
structures
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“This drilling was largely designed to test
potential for lateral extensions to the MAMIX Zone, which we
discovered last year. The results are positive and confirm our
interpretation that the MAMIX Zone is open in several
directions.
“LAR-49 intersected a broad zone of good grades
with several zones of higher-grade mineralization. Importantly, the
results confirm, and step out from, the previously reported results
from infill hole LAR-87 which intersected MAMIX style
mineralization at depth. MAR-12Ext and MAR-34Ext both significantly
extend MAMIX mineralization to the south-east.
“MAR-51, which was also a step out hole, was
drilled very close to a NW trending structure, which explains its
lower grade and thinning mineralization.
“MAR-19Ext was an outstanding drill hole and
confirms excellent continuity of the higher grade core of MAMIX
zone at depth in the centre of the previous discovery area.
“Overall, we are very pleased with the first
results from MAMIX and we continue to believe it will add material
tonnes and grade to our upcoming MRE update.”
Overview of Drilling Campaign Objectives
and Results
Marimaca’s 2022 drilling campaign consists of
22,500m of planned infill drilling of the MOD and an additional
10,000m of drilling of the MAMIX Zone (see press releases dated
February 9, 2022 and January 20, 2022). The 2022 programs are aimed
at converting the MOD’s existing Inferred Resource (see press
release dated December 2, 2019) to Measured and Indicated
categories, as well as resource growth through infill drilling of
the MAMIX Zone made in 2021
The current results are the first from the MAMIX
focused drilling program, which is specifically directed at
increasing the mineral resource inventory for the project. The
results were very positive, with extensions identified both to the
south-west and south-east.
Figure 1: Plan View 2022 Infill &
MAMIX Drilling at
MOD:https://www.globenewswire.com/NewsRoom/AttachmentNg/8ded016c-44b8-492c-a3e7-3501b41e942b
Drill hole LAR-49Ext is a re-entry and extends
the MAMIX zone to the south-west, outside the previously identified
area of interest. It intercepted 90m with an average grade of 0.39%
CuT from 220m within a broader historic + new intersection of 292m
of 0.34% CuT from 18m. This is consistent with other re-entry holes
drilled in the MAMIX zone. It extends the deeper, higher-grade
intercept, which was noted in infill drill hole LAR-87 (see press
release on 9 May 2022 which intercepted 46m of 0.41% CuT from 258m
as part of a broader 288m of 0.21% CuT from surface).
MAR-12Ext and MAR-34Ext are both re-entry holes
and extend the MAMIX zone to the south-east, outside the previously
identified area of interest. MAR-12Ext encountered a broad zone of
oxide and mixed mineralization with a higher-grade zone towards the
bottom of the hole, consistent with the previous MAMIX zone
drilling. MAR-34Ext also encountered a relatively broad zone of
mixed mineralization including a higher-grade zone at the bottom of
the hole.
MAR-19 Ext was a MAMIX infill hole and confirms
the excellent continuity of mineralization from surface into the
higher-grade core of the MAMIX zone, returning a historic + new
intersection of 420m of 0.54% CuT, extending from the 300m depth
base of MAR-19 a further 120m into the MAMIX zone at similar
grades.
The updated Mineral Resource Estimate (“MRE”) is
planned for early Q3 2022, immediately following the completion of
the current drilling program.
Figure 2: 3D Section of PEA Pit and
MAMIX extensional drilling, looking
north:https://www.globenewswire.com/NewsRoom/AttachmentNg/1306c5d2-0da7-4a4f-bf5b-ec41b0a24760
Figure 3: 3D Section of PEA Pit, 2021
& 2022 MAMIX drilling, looking
East:https://www.globenewswire.com/NewsRoom/AttachmentNg/8ee9e1ab-b6ed-425f-b7fe-484a1c4d7d91
Figure 4: 3D Section of PEA Pit, 2021
& 2022 MAMIX drilling, looking
North:https://www.globenewswire.com/NewsRoom/AttachmentNg/c2fb1484-ffda-49f2-8c59-6f7b0a16b337
Table 1. Summary of Drill
Results
Hole |
New or HistoricalIntersection |
From (m) |
To (m) |
Length (m) |
%CuT |
MAR-12 |
Historic |
0 |
118 |
118 |
0.47 |
|
Historic + New |
0 |
320 |
320 |
0.30 |
incl |
New |
150 |
320 |
170 |
0.24 |
incl |
New |
150 |
218 |
68 |
0.20 |
incl |
New |
150 |
194 |
44 |
0.20 |
incl |
New |
204 |
218 |
14 |
0.32 |
incl |
New |
278 |
320 |
42 |
0.54 |
incl |
New |
278 |
292 |
14 |
1.27 |
incl |
New |
298 |
320 |
22 |
0.21 |
MAR-34 |
Historic |
106 |
270 |
164 |
0.55 |
|
Historic + New |
106 |
330 |
224 |
0.47 |
incl |
New |
270 |
330 |
60 |
0.26 |
incl |
New |
306 |
330 |
24 |
0.50 |
MAR-51 |
Historic |
130 |
204 |
74 |
0.26 |
|
New |
416 |
430 |
14 |
0.15 |
MAR-26 |
Historic |
56 |
146 |
90 |
0.66 |
|
New |
250 |
260 |
10 |
0.42 |
|
New |
384 |
394 |
10 |
0.17 |
LAR-49 |
Historic |
18 |
194 |
176 |
0.36 |
|
Historic + New |
18 |
310 |
292 |
0.34 |
incl |
New |
220 |
310 |
90 |
0.39 |
incl |
New |
222 |
242 |
20 |
0.65 |
incl |
New |
266 |
288 |
22 |
0.68 |
MAR-19 |
Historic |
0 |
300 |
300 |
0.55 |
|
Historic + New |
0 |
420 |
420 |
0.54 |
incl |
New |
300 |
420 |
120 |
0.50 |
incl |
New |
322 |
388 |
66 |
0.76 |
Table 2. Drill collars and
survey
Hole |
Easting |
Northing |
Elevation |
Azimuth |
Inclination |
OriginalDepth |
Extension |
Final Depth |
MAR12-EXT |
375091.8 |
7435117.5 |
1046.7 |
310 |
-55 |
150 |
250 |
400 |
MAR19-EXT |
374894.7 |
7435480.4 |
1084.0 |
310 |
-55 |
300 |
120 |
420 |
MAR26-EXT |
374973.9 |
7435275.2 |
1059.2 |
310 |
-50 |
250 |
150 |
400 |
MAR34-EXT |
375131.6 |
7435219.5 |
1085.7 |
310 |
-55 |
270 |
180 |
450 |
MAR51-EXT |
375162.4 |
7435328.7 |
1103.2 |
310 |
-55 |
250 |
200 |
450 |
LAR49-EXT |
374709.7 |
7435464.2 |
1052.0 |
220 |
-60 |
220 |
100 |
320 |
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/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, 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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