Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce the results from the remaining drill holes completed to
test the extensions of mineralization below the Marimaca Oxide
Deposit (“MOD”), which have yielded promising results that may have
positive implications for the future leachable Mineral Resource
Estimate (“MRE”) for the MOD. These initial drill holes were aimed
to test the extensions of mineralization below the MOD. Drilling of
a nine-hole program at the Cindy Target has commenced,
infrastructure preparation is underway at Mercedes and Robles and
the Company remains on track to test all targets by the end of H1
2021.
Highlights
- Significant
down dip and along strike extensions to mixed oxide-secondary
sulphide mineralization immediately below the limits of the PEA
defined open pit
- Mar-127
intersected:
- 38m @ 0.30%
CuT from 148m, extending and broadening the lower-grade oxide halo
around the MOD
- 106m @
0.39% CuT from 502m (incl. 58m @ 0.46% CuT from 502m) of mixed
oxide and secondary sulphides
- Mar-35
Extension, designed to confirm and extend the results from MAR-127,
intersected:
- 78m @ 0.50%
CuT from 310m of mixed oxide and secondary sulphides
- 34m @ 0.41%
CuT from 416m of mixed oxide and secondary sulphides
- Sequential
copper analysis of all samples is currently underway which will
provide an indication of leaching potential and potential
metallurgical recoveries via heap leach
- Phase 4
met testing program previously indicated strong recoveries in the
mixed mineralization zones tested
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“These results indicate that the oxide / mixed
mineralization zone of the MOD is not closed off and, in fact,
extends quite significantly at depth and along strike, presenting
an opportunity to materially increase the size of the leachable
resource for the MOD.
“The mineralization intersected in the current
drilling is predominantly mixed oxide and secondary sulphide with
minor chalcopyrite. We are currently completing full sequential
copper analysis to define the leaching potential of this
material.”
Luis Tondo, Chief Operating Officer of
Marimaca Copper, commented:
“The results of our Phase 4 metallurgical test
work program indicate that mixed and enriched mineralization can
leach very effectively. As a result, we are excited at the
potential of these results to eventually become part of a mine plan
for the MOD. This will, of course, be dependent on the leaching
potential of the material, which we will understand better once we
have received the sequential copper analysis.
“If this material is leachable, with recoveries
similar to the results achieved in our metallurgical testing, it
may provide an opportunity to increase the scale of production for
the MOD. We are currently completing a detailed options study to
define the basis of design for the upcoming Feasibility Study for
the MOD and we will incorporate the potential for increasing the
scale of the project into our decision-making process.”
Discussion of Campaign Objectives and
Results
The Company completed a five-hole drilling
campaign at the Marimaca Copper Project, which was designed to test
for extensions to mineralization below the MOD. Based on the
structural controls of the mineralization, the results of previous
geophysical campaigns and earlier drilling, which extended beyond
the current Mineral Resource Estimate (“MRE”) area, the Company
believes there is the potential for extensions of the mineralized
body at depth across the full strike length of the MOD. All drill
holes were planned to be drilled with an azimuth of
270o and at -60o, roughly
perpendicular to the north-south striking, easterly dipping
mineralizing structures. Intercepts should, therefore, be
relatively close to the true width of the mineralization.
Figure 1: Plan View of Drill Holes and
Significant
Intersects:https://www.globenewswire.com/NewsRoom/AttachmentNg/ac6e23d2-0400-4f71-9684-1f71d2ab0f61
MAR-127 and MAR-35-EXT
MAR-127 is located approximately 400m to the
south of MAR-125, the first drill hole of the campaign
(refer to press release of 7 April 2021), and was
designed to test extensions at depth and along strike. It
intersected two zones of copper mineralization, the first of which
was shallow, dominantly green oxides over a downhole width of 38m
with an average grade of 0.30% CuT. Although relatively lower-grade
than the MOD, this would be considered an infill drill hole and the
widths and grades intersected were above what has been estimated in
this area by the block model used in the MOD MRE.
The second intersection was deeper and is
believed to represent a material downdip extension of the known
mixed mineralization zones. It intersected 106m of mixed oxide,
secondary and minor primary sulphide mineralization with an average
grade of 0.39% CuT, including 58m at 0.46% CuT, starting from 502m
downhole.
Figure 2: North West Section with
MAR-35-Ext and Projection of MAR-127 Relative to PEA Open Pit
Outline:https://www.globenewswire.com/NewsRoom/AttachmentNg/be880393-b617-4143-9169-88b85001d431
MAR-35-EXT is the continuation, at depth, of a
previous drill hole and was drilled with the aim of testing the
continuity of the mixed mineralization intersected in MAR-127. The
results were, once again, very positive with two broad zones of
mixed oxide, secondary and primary sulphide mineralization
intersected up dip from MAR-127. Results included 78m with an
average grade of 0.50% CuT from 310m and 34m with an average grade
of 0.41% CuT from 416m, for over 100m of copper mineralization.
Both drill holes encountered what is believed to be the downdip
extension of mixed copper mineralization encountered in previous
drilling. These drill holes include MAR-25 which intersected 106m
at 0.58% CuT, MAR-29 with 90m at 0.55% CuT and MAR-107 with 62m at
0.40% CuT. The majority of these mineralized zones were not
captured in the Preliminary Economic Assessment (“PEA”) mine
plan.
The Company will examine all of these drill
holes, with respect to sequential copper analysis and the expected
favourable metallurgical response achieved for the mixed zones of
mineralization in the Phase 4 metallurgical program (refer
to press release of 8 September 2020), to ascertain
whether this material may form part of an upgraded MRE and future
mine plans for the Project.
MAR-126
MAR-126 is located on the eastern margin of the
MRE and was designed to test for extensions of mineralization at
depth. It provided a significant amount of information with respect
to the geological model for Marimaca and intersected a zone of
oxide mineralization from surface (26m with an average grade of
0.33% CuT), providing evidence for a material broadening of the
lower-grade halo around the current MOD MRE.
At depth, the drill hole intersected several
narrower zones of primary copper sulphide including 22m with an
average grade of 0.61% CuT from 524m downhole. These intersections,
and the orientations of the structures observed in drilling, remain
consistent with the magnetic anomaly that dips to the east
(refer to press release of 23 September 2020).
Figure 3: Cross Section with Drill Results
from
MAR-126:https://www.globenewswire.com/NewsRoom/AttachmentNg/3a0ec800-b09d-4c6c-8a06-c0d024ba5fc9
MAR-128
MAR-128 is located approximately 700m to the
south of MAR-125, the first drill hole of the campaign
(refer to press release of 7 April 2021), and was
designed to test the southernmost limits of the MOD. Once again,
drilling encountered oxide mineralization, but the mineralization
is noted to be thinning, which is consistent with the other
drilling on the southernmost extremities of the MOD.
Notwithstanding this point, there continues to be potential for
minor extensions to both the south and north of the MOD, which
could add to overall mine life and will be followed up in future
drilling campaigns.
Sampling and Assay Protocol
True widths cannot be determined with the
information available at this time. Marimaca Copper 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), 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 Qualified Person for content other than
geology, drilling and mineralization in this news release is Luis
Tondo, Chief Operating Officer of Marimaca Copper, a mining
engineer with more than 30 years of experience and a Fellow of The
Australasian Institute of Mining and Metallurgy, who is the
Qualified Person for the purposes of NI 43-101.
Both QPs confirm they have visited the project
area, have reviewed relevant project information, are responsible
for the information contained in this news release, and consent 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, 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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