Drilling Intersects Best Results to Date at the Marimaca Oxide Deposit: 308m at 0.94% CuT from 32m including 186m at 1.37% CuT from 154m; 26m at 4.83% CuT from 202m
January 23 2023 - 6:30AM
Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce the final reverse circulation (“RC”) drill results from
the 2022 infill drilling campaign. Results reported in this release
reflect 2,766m of drilling across 13 drill holes predominantly
located in the northern portion of the Marimaca Oxide Deposit
(“MOD”). The results include the best copper intersection drilled
to date (LAR-109), on a grade-times-width basis, at the MOD, since
it’s discovery in 2016. Drilling was focused in the northern and
central zones of the MOD, following up on the higher-grade green
oxide centres identified in the previously reported 2022 infill
drilling in the northern MOD.
Highlights
- Drilling
focused on the northern and central zones of the MOD – following up
on previous 2022 infill results which identified high-grade green
oxide zones in the northern MOD (see press release dated December
5th, 2022 and November
21st, 2022)
- The
northern MOD was previously interpreted to be lower grade,
dominantly WAD (black oxide) copper mineralization
- Results
expected to have positive implications for average grade in
northern area of the deposit for the updated Mineral Resource
Estimate (“MRE”) planned for the first half of 2023, targeting
conversion of Inferred Resources into Measured and Indicated
categories
- Highlights
from reported results include
- LAR-109
intersected 308m at 0.94% CuT from 32m, including 186m at 1.37% CuT
from 154m, including 26m at 4.83% CuT from 202m
- TAR-37
intersected 62m at 1.02% CuT from 2m, including 28m at 1.84% from
2m
- ATR-167
intersected 46m at 1.23% CuT from 180m within a broader
intersection of 76m at 0.79% CuT from 150m
- TAR-40
intersected 68m at 0.30% CuT from 60m including 26m at 0.60% CuT
from 90m
- The
northern MOD continues to demonstrate potential for growth beyond
the northeast limits of the 2022 MRE pit
- Results
represent the final assays of the 2022 infill RC campaign
- 2,762m of
diamond drilling (geological and geotechnical drilling) remains
outstanding from the 2022 program with final assays
pending
2023 Exploration Planning
- Marimaca is
finalizing plans for the H1 2023 exploration program which will
follow-up on drill hole MAD-22, which intersected primary sulphides
(dominantly chalcopyrite) down-dip of the MOD (92m at 2.11% CuT
from 140m including 22m at 5.27% CuT) – see press release dated
December 15, 2022
- The Company
will provide an update to the market in due course
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“The final results of the 2022 infill RC program
mark the completion of an exceptionally successful year at the MOD.
Grades intersected in the northern MOD continue to surprise us to
the upside, while results from LAR-109, the best hole we have
drilled to date at the MOD, highlights the continuity of
higher-grade copper mineralization in the central MOD.
Today’s results improve our confidence in the
potential for upside in the planned 2023 MRE – as discussed
previously, the higher-grade nature of mineralization identified in
the northern MOD vs. the current interpolation of grades has
positive implications for Marimaca’s mineral inventory.
Equally as exciting, we are in the final stages
of planning for the H1 2023 exploration program where we intend to
investigate the potential for extensions to the sulphide
mineralization identified in MAD-22. We look forward to updating
the market when plans have been finalized.”
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 will be included in a subsequent MRE
planned for H1 2023 with the objective of converting Inferred
Resources to the Measured and Indicated Categories to underpin a
Definitive Feasibility Study (“DFS”).
Figure 1: Plan View of Infill Drilling
Results
Table 1. Summary of Drill
Results
Hole |
Depth (m) |
|
From (m) |
To (m) |
Interval (m) |
CuT (%) |
ATR-164 |
200 |
|
68 |
102 |
34 |
0.27 |
including |
44 |
56 |
12 |
0.31 |
|
170 |
196 |
26 |
0.26 |
ATR-165 |
300 |
|
18 |
80 |
62 |
0.20 |
ATR-166 |
250 |
|
84 |
96 |
12 |
0.28 |
|
124 |
158 |
34 |
0.28 |
|
192 |
214 |
22 |
0.23 |
ATR-167 |
226 |
|
150 |
226 |
76 |
0.79 |
including |
180 |
226 |
46 |
1.23 |
MAR-178 |
150 |
|
72 |
118 |
46 |
0.29 |
LAR-109 |
350 |
|
32 |
340 |
308 |
0.94 |
|
32 |
136 |
104 |
0.32 |
including |
32 |
44 |
12 |
0.42 |
and |
64 |
122 |
58 |
0.40 |
|
154 |
340 |
186 |
1.37 |
including |
160 |
198 |
38 |
0.41 |
and |
202 |
228 |
26 |
4.83 |
|
238 |
262 |
24 |
0.62 |
and |
278 |
328 |
50 |
1.60 |
TAR-36 |
230 |
No significant intercepts |
TAR-37 |
250 |
|
2 |
64 |
62 |
1.02 |
including |
2 |
30 |
28 |
1.84 |
|
172 |
218 |
46 |
0.37 |
including |
182 |
216 |
34 |
0.42 |
TAR-38 |
150 |
|
90 |
104 |
14 |
0.28 |
|
120 |
128 |
8 |
0.22 |
TAR-39 |
200 |
|
4 |
62 |
58 |
0.24 |
|
86 |
92 |
6 |
0.35 |
TAR-40 |
160 |
|
60 |
128 |
68 |
0.30 |
including |
90 |
116 |
26 |
0.60 |
TAR-41 |
150 |
|
24 |
72 |
48 |
0.27 |
including |
24 |
42 |
18 |
0.51 |
TAR-42 |
150 |
No significant intercepts |
Table 2. Drill Collars and
Survey
Hole |
Easting |
Northing |
Elevation |
Azimuth |
Inclination |
Depth |
ATR-164 |
375234.3 |
7436107.9 |
1111.5 |
220 |
-60 |
200 |
ATR-165 |
375144.9 |
7436169.9 |
1116.3 |
310 |
-60 |
300 |
ATR-166 |
374962.3 |
7436343.4 |
1065.1 |
220 |
-60 |
250 |
ATR-167 |
374936.5 |
7436366.9 |
1065.6 |
220 |
-60 |
226 |
LAR-109 |
374812.7 |
7435702.0 |
1123.7 |
220 |
-60 |
350 |
MAR-178 |
375276.7 |
7435695.8 |
1132.8 |
220 |
-60 |
150 |
TAR-36 |
375034.8 |
7436346.5 |
1069.2 |
310 |
-60 |
230 |
TAR-37 |
375188.5 |
7436205.0 |
1099.9 |
220 |
-60 |
250 |
TAR-38 |
375036.0 |
7436340.3 |
1069.4 |
220 |
-60 |
150 |
TAR-39 |
375252.9 |
7436221.5 |
1092.3 |
220 |
-60 |
200 |
TAR-40 |
375411.5 |
7436156.4 |
1130.4 |
220 |
-60 |
160 |
TAR-41 |
375297.0 |
7436256.0 |
1085.3 |
220 |
-60 |
150 |
TAR-42 |
375220.6 |
7436321.6 |
1082.2 |
220 |
-60 |
150 |
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 of Exploration, Marimaca Copper Corp,
a geologist with more than 35 years of experience and a member of
the Colegio de Geólogos de Chile, Instituto de Ingenieros de Minas
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 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
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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