Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce further results from the 2022 infill drilling campaign.
Results reported in this release reflect 8,444m of drilling across
41 reverse circulation (“RC”) drill holes predominantly located in
the northern portion of the Marimaca Oxide Deposit (“MOD”). The
results further improve confidence in the newly identified
higher-grade centres located in the northern MOD which were
intersected in previously reported drill holes from the 2022
campaign (see press release dated November 21, 2022).
As previously announced Marimaca will
host an Exploration Webinar and Live Q&A with Sergio Rivera,
Vice President Exploration and Hayden Locke, President & CEO to
discuss the takeaways of the 2022 exploration campaign today,
December 5th, 2022 at 11:00am EST
/ 4:00pm GMT / 1:00pm CLST / 8:00am PST. A webinar link will be
available at marimaca.com/webinars
and sign up is available via Investor Meet
Company. Questions can be submitted via the
Investor Meet Company dashboard during the live
presentation.
Highlights
- Infill
drilling continues to improve confidence in the higher-grade
centers identified in the northern infill drilling announced on
November 21st, 2022, and the
higher-grade central MOD (MAR-175)
- Results
continue to demonstrate potential for improved grade profile in the
northern sector from previous grade interpolation of the northern
MOD
- Target of
the northern infill campaign is to improve the resource
categorization from dominantly Inferred Resources (refere to
technical report dated November 28, 2022) to Measured and Indicated
categories for the purpose of future mine planning
- Updated MRE
remains on schedule for early 2023
- Results
from today’s release will be discussed on the Webinar with Sergio
Rivera, VP Exploration, scheduled today at 11:00am ET (see details
above)
- Highlights
from reported results are noted below
- MAR-175
intersected 50m at 1.38% CuT from 64m
- ATR-146
intersected 86m at 0.62% CuT from 2m including 44m at 0.92% CuT
from 34m
- ATR-158
intersected 158m at 0.50% CuT from 26m including 20m at 0.95% CuT
from 138m
- ATR-142
intersected 148m at 0.49% CuT from 2m including 34m at 0.83% from
114m
- ATR-138
intersected 120m at 0.40% CuT from 2m including 38m at 0.65% CuT
from 76m
- LAR-104A
intersected 114m at 0.45% CuT from 32m including 54m at 0.60% CuT
from 32m
- TAR-35
intersected 42m at 0.81% CuT from 2m
- Remaining
drilling from the 2022 campaign, currently awaiting final assays
(approximately 3,000m of RC and 3,000m of diamond drilling), will
be released ahead of the planned 2023 MRE
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“The infill drilling results from Marimaca
continue to provide positive surprises and we are very pleased with
the current results, which are, once again, above the interpolated
grades in the recently released MRE for the northern end of the
MOD.
“Prior to the 2022 campaign, the northern MOD
represented the least-densely drilled area of the deposit and as a
result, the least well-understood. The current results provide
additional support to the exceptional results released on 21
November 2022, and have further improved our interpretation of the
geology and confidence in continuity of the copper mineralization.
Most importantly, both sets of results demonstrate upside to the
previously interpolated grades from our 2022 MRE for the northern
MOD as we prepare for our final updated resource in early 2023,
which will focus on conversion of the majority of resources into
the Measured and Indicated Categories.
“The new high-grade core to the north is
expected to add further copper tonnes to our mineral inventory,
which will underpin the proposed change in production for the
future DFS to either 50ktpa or 60kpta of copper cathode for a life
of mine which we expect to be greater than 12 years. Clearly, we
would expect this to also add significant economic value to the MOD
as compared to the 2020 PEA1, which outlined already exceptional
economics including industry leading capital cost to production and
return on invested capital metrics.”
___________________
1 The 2020 PEA is titled “Preliminary
Economic Assessment, Marimaca Project, Antofagasta, II Region,
Chile” (effective date: August 4, 2020), filed by the Company in
September 2020 (the “2020 PEA”) no longer reflects the current
economic potential of the project, should be seen as historical in
nature and should not be relied upon. As the 2020 PEA is no
longer current, information related to an “advanced property” as
defined in NI 43-101. The Company’s current technical report (the
“2022 MRE”) on the Marimaca Copper Project is dated November 28th,
2022 and is the technical report most recently filed on SEDAR at
www.sedar.com under the Company’s profile.
Overview of Drilling Campaign
Objectives
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 41,500m of drilling completed in 2022 for a total of
over 110,000m of drilling completed since 2016. The balance of the
2022 infill drilling program, including the 8,444m of drilling
announced today, 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.
Figure 1: Plan View of Infill Drilling
Results is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/2a76bcec-a1bf-4316-aaff-89ad61a5c31e
Table 1. Summary of Drill
Results
Hole |
Depth (m) |
|
From (m) |
To (m) |
m |
%CuT |
ATR-136 |
180 |
|
6 |
102 |
96 |
0.26 |
including |
6 |
22 |
16 |
0.38 |
and |
42 |
54 |
12 |
0.36 |
and |
66 |
102 |
36 |
0.34 |
|
134 |
164 |
30 |
0.22 |
including |
148 |
158 |
10 |
0.35 |
ATR-138 |
200 |
|
2 |
122 |
120 |
0.40 |
including |
42 |
66 |
24 |
0.52 |
and |
76 |
114 |
38 |
0.65 |
ATR-139 |
150 |
|
4 |
34 |
30 |
0.24 |
including |
20 |
34 |
14 |
0.42 |
ATR-140 |
150 |
|
6 |
98 |
92 |
0.27 |
including |
6 |
36 |
30 |
0.30 |
and |
50 |
78 |
28 |
0.41 |
ATR-141 |
160 |
|
36 |
66 |
30 |
0.21 |
|
128 |
142 |
14 |
0.34 |
ATR-142 |
210 |
|
2 |
150 |
148 |
0.49 |
including |
8 |
22 |
14 |
0.37 |
and |
50 |
150 |
100 |
0.62 |
including |
114 |
148 |
34 |
0.83 |
|
182 |
200 |
18 |
0.30 |
ATR-143 |
250 |
|
60 |
130 |
70 |
0.30 |
including |
100 |
130 |
30 |
0.45 |
|
152 |
232 |
80 |
0.34 |
including |
152 |
194 |
42 |
0.48 |
ATR-144 |
150 |
|
6 |
98 |
92 |
0.30 |
including |
10 |
48 |
38 |
0.52 |
and |
86 |
98 |
12 |
0.39 |
ATR-145 |
200 |
|
16 |
84 |
68 |
0.36 |
including |
36 |
70 |
34 |
0.56 |
ATR-146 |
300 |
|
2 |
88 |
86 |
0.62 |
including |
34 |
78 |
44 |
0.92 |
ATR-147 |
220 |
|
8 |
62 |
54 |
0.21 |
|
110 |
218 |
108 |
0.30 |
including |
110 |
160 |
50 |
0.33 |
and |
180 |
218 |
38 |
0.36 |
ATR-148 |
300 |
|
2 |
108 |
106 |
0.37 |
including |
16 |
58 |
42 |
0.53 |
and |
138 |
150 |
12 |
0.21 |
ATR-149 |
200 |
|
58 |
190 |
132 |
0.24 |
including |
58 |
90 |
32 |
0.33 |
and |
170 |
190 |
20 |
0.66 |
ATR-150 |
250 |
|
2 |
188 |
186 |
0.29 |
including |
2 |
82 |
80 |
0.32 |
including |
2 |
20 |
18 |
0.54 |
|
152 |
188 |
36 |
0.66 |
including |
152 |
178 |
26 |
0.84 |
ATR-151 |
200 |
|
30 |
38 |
8 |
0.21 |
|
110 |
158 |
48 |
0.27 |
including |
126 |
158 |
32 |
0.33 |
ATR-152 |
250 |
|
130 |
246 |
116 |
0.36 |
including |
130 |
194 |
64 |
0.50 |
including |
130 |
166 |
36 |
0.79 |
and |
230 |
240 |
10 |
0.66 |
ATR-153 |
180 |
|
8 |
66 |
58 |
0.20 |
including |
30 |
48 |
18 |
0.40 |
ATR-154 |
320 |
|
22 |
54 |
32 |
0.20 |
|
222 |
320 |
98 |
0.33 |
including |
244 |
292 |
48 |
0.55 |
and |
276 |
292 |
16 |
1.15 |
ATR-155 |
120 |
|
4 |
62 |
58 |
0.22 |
including |
16 |
34 |
18 |
0.52 |
ATR-156 |
200 |
|
98 |
170 |
72 |
0.51 |
including |
98 |
138 |
40 |
0.58 |
and |
152 |
170 |
18 |
0.68 |
ATR-157 |
200 |
No significant intercepts |
|
|
|
ATR-158 |
200 |
|
26 |
184 |
158 |
0.50 |
including |
34 |
124 |
90 |
0.62 |
and |
138 |
158 |
20 |
0.95 |
ATR-159 |
100 |
No significant intercepts |
|
|
|
ATR-160 |
230 |
|
42 |
76 |
34 |
0.37 |
|
104 |
116 |
12 |
0.22 |
|
166 |
176 |
10 |
0.33 |
ATR-161 |
200 |
No significant intercepts |
|
|
|
ATR-162 |
250 |
|
88 |
138 |
50 |
0.21 |
including |
120 |
138 |
18 |
0.39 |
ATR-163 |
250 |
|
178 |
200 |
22 |
0.21 |
LAR-104A |
200 |
|
32 |
146 |
114 |
0.45 |
including |
32 |
86 |
54 |
0.60 |
LAR-107 |
170 |
|
2 |
8 |
6 |
1.08 |
|
128 |
142 |
14 |
0.24 |
LAR-108 |
250 |
|
22 |
70 |
48 |
0.26 |
including |
32 |
50 |
18 |
0.43 |
MAR-175 |
114 (*) |
|
64 |
114 |
50 |
1.38 |
including |
80 |
106 |
26 |
2.19 |
MAR-175A |
250 |
|
84 |
238 |
154 |
0.38 |
including |
84 |
154 |
70 |
0.55 |
MAR-176 |
150 |
No significant intercepts |
|
|
|
MAR-177 |
250 |
|
34 |
42 |
8 |
0.63 |
|
118 |
250 |
132 |
0.38 |
including |
118 |
178 |
60 |
0.63 |
and |
212 |
232 |
20 |
0.28 |
TAR-29 |
200 |
|
142 |
164 |
22 |
0.28 |
TAR-30 |
160 |
|
12 |
38 |
26 |
0.57 |
TAR-31 |
190 |
|
166 |
184 |
18 |
0.20 |
TAR-32 |
240 |
No significant intercepts |
|
|
|
TAR-33 |
250 |
|
172 |
250 |
78 |
0.53 |
including |
202 |
246 |
44 |
0.74 |
and |
202 |
216 |
14 |
1.58 |
TAR-34 |
200 |
|
18 |
78 |
60 |
0.20 |
|
104 |
122 |
18 |
0.26 |
TAR-35 |
200 |
|
2 |
56 |
54 |
0.69 |
including |
2 |
44 |
42 |
0.81 |
(*) Target depth not reached because underground
working intercept(**) Twin from underground working intercept hole
(3 -5 m apart but angle 70 to 75°)
Table 2. Drill Collars and
Survey
Hole |
Easting |
Northing |
Elevation |
Azimuth |
Inclination |
Depth |
ATR-136 |
374784.9 |
7436361.0 |
1046.7 |
220 |
-60 |
180 |
ATR-138 |
374830.1 |
7436265.8 |
1049.2 |
310 |
-60 |
200 |
ATR-139 |
374774.1 |
7436323.9 |
1047.5 |
220 |
-60 |
150 |
ATR-140 |
374783.2 |
7436365.7 |
1046.7 |
310 |
-60 |
150 |
ATR-141 |
374753.0 |
7436412.2 |
1036.6 |
220 |
-60 |
160 |
ATR-142 |
374854.2 |
7436297.0 |
1061.4 |
310 |
-60 |
210 |
ATR-143 |
375035.1 |
7436003.2 |
1100.6 |
310 |
-60 |
250 |
ATR-144 |
374828.9 |
7436257.5 |
1049.3 |
220 |
-60 |
150 |
ATR-145 |
375084.9 |
7436162.9 |
1103.1 |
220 |
-60 |
200 |
ATR-146 |
374907.4 |
7435876.0 |
1008.1 |
220 |
-60 |
300 |
ATR-147 |
375114.5 |
7436199.8 |
1096.3 |
220 |
-60 |
220 |
ATR-148 |
374905.0 |
7435881.3 |
1007.9 |
270 |
-60 |
300 |
ATR-149 |
374942.7 |
7436297.4 |
1062.8 |
220 |
-60 |
200 |
ATR-150 |
374906.7 |
7435885.1 |
1007.7 |
310 |
-60 |
250 |
ATR-151 |
374890.4 |
7436408.7 |
1070.9 |
310 |
-60 |
200 |
ATR-152 |
374890.5 |
7436400.4 |
1070.6 |
220 |
-60 |
250 |
ATR-153 |
374796.5 |
7436235.0 |
1029.2 |
310 |
-60 |
180 |
ATR-154 |
375082.9 |
7436245.6 |
1083.7 |
310 |
-60 |
320 |
ATR-155 |
374806.3 |
7436166.6 |
1005.9 |
220 |
-60 |
120 |
ATR-156 |
374866.2 |
7436444.1 |
1077.1 |
220 |
-60 |
200 |
ATR-157 |
374763.4 |
7436182.1 |
997.0 |
310 |
-60 |
200 |
ATR-158 |
374884.9 |
7436328.9 |
1072.8 |
220 |
-60 |
200 |
ATR-159 |
374760.9 |
7436175.8 |
996.9 |
220 |
-60 |
100 |
ATR-160 |
374812.0 |
7436310.6 |
1067.3 |
220 |
-60 |
230 |
ATR-161 |
374719.3 |
7436113.5 |
989.9 |
220 |
-60 |
200 |
ATR-162 |
375270.6 |
7436076.7 |
1112.7 |
220 |
-60 |
250 |
ATR-163 |
375235.5 |
7436115.2 |
1111.3 |
310 |
-60 |
250 |
LAR-104A (**) |
374821.7 |
7435929.0 |
1011.2 |
270 |
-75 |
200 |
LAR-107 |
374667.0 |
7435986.0 |
978.3 |
220 |
-60 |
170 |
LAR-108 |
374748.9 |
7436021.6 |
969.7 |
220 |
-60 |
250 |
MAR-175 (*) |
375132.3 |
7435607.8 |
1137.8 |
220 |
-60 |
114 |
MAR-175A (**) |
375133.8 |
7435610.0 |
1137.8 |
220 |
-70 |
250 |
MAR-176 |
375322.3 |
7435907.2 |
1118.6 |
220 |
-60 |
150 |
MAR-177 |
375214.4 |
7435618.5 |
1148.6 |
220 |
-60 |
250 |
TAR-29 |
375383.6 |
7436048.2 |
1144.6 |
220 |
-60 |
200 |
TAR-30 |
375188.4 |
7436276.4 |
1098.5 |
220 |
-60 |
160 |
TAR-31 |
374956.5 |
7436410.7 |
1064.5 |
310 |
-60 |
190 |
TAR-32 |
375117.8 |
7436284.9 |
1080.2 |
310 |
-60 |
240 |
TAR-33 |
375118.1 |
7436273.1 |
1080.3 |
220 |
-60 |
250 |
TAR-34 |
375082.1 |
7436312.7 |
1074.0 |
220 |
-60 |
200 |
TAR-35 |
375190.1 |
7436213.2 |
1099.9 |
310 |
-60 |
200 |
(*) Target depth not reached because underground
working intercept(**) Twin from underground working intercept hole
(3 -5 m apart but angle 70 to 75°)
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 Paola Kovacic, Exploration Manager, Marimaca Copper
Corp, a geologist with more than 20 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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