Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce results from diamond drill hole MAD-22 which intersected
high grade primary sulphide mineralization down-dip of oxide
mineralization at Marimaca Oxide Deposit (“MOD”). Hole MAD-22 is a
geological/geotechnical diamond drill hole which was drilled from
the eastern MOD through the eastern 2022 Mineral Resource Estimate
(“2022 MRE”) pit wall and intersected high-grade, dominantly
chalcopyrite mineralization. MAD-22 intersected the border of the
magnetic susceptibility high identified in the 2020 geophysical
campaign (see press release dated July 14th, 2020). This
significant magnetic anomaly beneath the current MOD dips to the
east with the same geometry as the interpreted extension of the
structures that host the copper oxide mineralization at the MOD.
True widths are unknown at this stage. MAD-22 was drilled with the
objective of gathering geotechnical and geological information of
the eastern-pit wall area (Figure 1). A discussion on the
geological interpretation and implications for Marimaca exploration
is presented below.
Highlights
- Highlights
from reported results are:
- Full drill
hole intersection of 240m at 1.01% CuT from surface in two separate
zones of oxide and primary sulphide
- Oxide
highlights:
- 82m at
0.53% CuT from 10m including 50m at 0.80% CuT from
42m
- Sulphide
highlights:
- 92m at
2.11% CuT from 140m, including
- 22m at
5.27% CuT from 204m
- Hole MAD-22
was drilled from inside the 2022 MRE pit area toward and through
the eastern border of the MOD at depth
- Consistent
with current MRE for the MOD, MAD-22 intersected oxide and mixed
mineralization before transitioning into primary sulphide
mineralization
- Primary
mineralization is dominated by veins and stringers of massive and
semi-massive chalcopyrite within dominantly magnetite-actinolite
alteration consistent with magnetic highs
- The
occurrence of primary sulphide mineralization down dip to the east
of the MOD is consistent with the current geological model for
Marimaca’s Iron-Oxide-Copper-Gold (“IOCG”)-style copper
mineralization
-
Mineralization at Marimaca is controlled by a regional
scale system of sheeted fractures and dykes, created by a major
extensional event with mineralization introduced along fractures
and structural splays
- The MOD’s
copper oxides were formed by the oxidation of a chalcocite
enrichment blanket derived from original primary
sulphides
- Results
from MAD-22 will be reviewed and the Company will provide an update
to the market on next steps to follow up the results in due
course
- In parallel
the Company will continue to progress permitting and engineering
workstreams to support the planned Definitive Feasibility Study
“DFS” on the Marimaca Oxide Project planned for the second half of
2023
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“The sulphide potential at Marimaca has always
presented a compelling exploration opportunity for the Company. The
size of the oxide resource base at the MOD, as demonstrated in the
2022 Mineral Resource Estimate, is a testament to the scale of the
mineralizing system and hole MAD-22 provides exciting evidence for
potential extensions of sulphide feeder zones down-dip of
Marimaca’s oxide blanket.
“While previous drilling into the down-dip
geophysical targets identified in 2020 and 2021 intersected
additional mixed and secondary sulphides at depth (MAMIX), MAD-22
represents the first significant primary sulphide intersection to
date and could represent a primary high grade feeder structure as
interpreted in our geological model for the deposit.
“With the 2022 drill program now completed,
results from MAD-22 will be considered in our exploration planning
going forward. We look forward to updating the market as our
interpretation and plans for additional exploration work are
finalized.
“In parallel and as discussed in previous
releases, we will continue with our de-risking strategy at the MOD
with the objective of delivering an updated MRE in early 2023,
capturing the second half of the 2022 infill program. This will
form the basis for the DFS on the Marimaca Oxide Deposit planned
for the second half of 2023 or early 2024.”
Marimaca’s 2022 Drilling
Campaign
Marimaca’s 2022 drilling campaign consisted of
over 41,500m of RC and diamond drilling between the MOD infill and
the MAMIX zone, the depth extension of the MOD. The 2022 MRE,
announced on October 13, 2022 incorporates 19,580m of the
approximate 28,374m of drilling completed in 2022 for a total of
over 110,000m of drilling completed since 2016 at the MOD. The
balance of the 2022 infill drilling program will be included in a
subsequent MRE planned for early 2023 with the objective of
converting the remaining Inferred Resources to the Measured and
Indicated Categories to underpin a Definitive Feasibility Study
(“DFS”) planned for later in 2023.
Results Discussion
The Marimaca Copper Deposit is an Iron-Oxide
Copper Gold (“IOCG”) with a medium to high level of exposure. It
comprises a dominant structural feature of broad areas of sheeted
dykes and fracture zones, oriented north/north-east and dipping
45-60 degrees to the east. These structures host oxide and mixed
copper mineralization down to vertical depths of ~500m.The
north/north-east dip is believed to be the result of a post-mineral
tilting event, which would indicate the potential for primary
mineralization east of the MOD, down dip of the oxide blanket
(Figure 2).
A strong relationship between chalcopyrite and
magnetite is observed throughout the deposit area. The Company has
completed magnetic susceptibility work on over 69,582 samples
representing 139,163 m of available drilling. The results, which
have been analysed on the basis of rock types as well as mineral
sub-zones across the Marimaca deposit, and are shown in
Figure 3, present the average magnetic
susceptibility (and a two standard deviation range) for each
mineralogy. It shows a clear correlation of high-magnetic
susceptibility in the zones with primary sulphide and the feeder
zones associated with this mineralization relative to the oxide
zones (Figures 2 and 3). MAD-22’s results provide strong support
for the relationship between primary copper mineralization and
magnetic susceptibility associated with magnetite abundance typical
of IOCG-style mineralisation.
Figure 1: EW Cross Section 7,435,550-N
Looking North
Figure 2: 3D MIV Model - MOD and Magnetic
Inversion Model Demonstrating Copper Sulphide Potential (Looking
Northeast)
Figure 3: Mean Magnetic Susceptibility
per Sample Dominant Mineralogy with 95% Confidence
Interval
Table 1. Summary of Drill
Results
Hole |
Depth (m) |
|
From (m) |
To (m) |
m |
%CuT |
MAD-22 |
240 |
|
0 |
240 |
240 |
1.01 |
% |
including |
10 |
92 |
82 |
0.53 |
% |
Including |
42 |
92 |
50 |
0.80 |
% |
and |
112 |
232 |
120 |
1.65 |
% |
including |
140 |
232 |
92 |
2.11 |
% |
including |
178 |
232 |
54 |
2.80 |
% |
Including |
204 |
226 |
22 |
5.27 |
% |
Including |
214 |
224 |
10 |
8.10 |
% |
Table 2. Drill Collar and
Survey
Hole |
Easting |
Northing |
Elevation |
Azimuth |
Inclination |
Depth |
MAD-22 |
375143,8 |
7435536,2 |
1124,9 |
85 |
-55 |
240 |
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, VP Exploration, Marimaca Copper Corp, a
geologist with more than 35 years of experience and a member of the
Colegio de Geólogos de Chile and of the Society of Economic
Geologist USA, 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 she 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
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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