Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce the results of assays for gold and silver from hole MAD-22
and to outline the first phase of follow-up drilling of the
exciting new sulphide target identified in diamond drill hole
MAD-22, which intersected 120m at 1.7% CuT including 92m at 2.11%
CuT (
refer to announcement dated 15 December
2022). The anomalous gold and silver encountered towards
the end of MAD-22 is the first anomalous precious metal content
encountered at the Marimaca Project (“Marimaca” or “the Project”).
Highlights
- First
anomalous gold and silver identified at Marimaca coincident with
higher grades of primary copper mineralization in MAD-22
- 100m of
anomalous gold (majority >0.02g/t) and silver (majority
>1g/t) from 140m
- 40m with an
average grade of 3.74% CuT and 0.07g/t Au and 7g/t Ag from
186m
- Represents
40m with an average grade of 3.84% CuEq1
from 186m
- MAD-22
intersected over 240m of continuous mineralization from surface
with a high grade primary mineral zone at depth including:
- Reconfirms
strong association of high-grade chalcopyrite with high magnetic
susceptibility
- Encountered
massive chalcopyrite over an interval of 92m with an average copper
grade of 2.11% CuT from 140m
- Located
immediately adjacent to the eastern wall of the whittle pit limits
for the October 2022 MRE, indicating potential for high grade, open
pit-able mineralization
- Indications
are that mineralization relates to a second, later stage,
mineralizing event when compared to the broader Marimaca Oxide
Project
- Large scale
magnetic anomaly previously identified believed to be prospective
for mineralization similar to the primary zone in
MAD-22
- Five-hole
diamond drilling program planned, and rig mobilised, to follow up
results of MAD-22:
- 50m to 100m
step outs from MAD-22
- First phase
tests approximately 300m of strike potential around MAD-22 with a
target width of up to 300m
- Drilling
will test deeper extensions below the limit of drill hole MAD-22,
which terminated in mineralization
- Second
phase of up to five holes based on results of first phase increase
tested strike length to 500m+
- Fully
funded to test the exciting sulphide target
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“MAD-22 was a spectacular drill hole in terms of
grade, continuity and the shallow nature of mineralization, and
provided us with valuable information with respect to potential
sulphide feeder zones for the Project. As we have noted in previous
releases, there is a strong correlation between magnetic anomalism
and the presence of primary copper mineralization. MAD-22 once
again strongly confirmed the relationship. It has also been noted
that outcropping zones with higher prevalence of magnetite, in
veins and stringers, could be a good surface vector for future
exploration targeting Marimaca-style IOCG (Iron Oxide Copper Gold)
deposits.
“In 2020, we completed high resolution magnetic
work and developed a 3D model which highlights a large-scale
magnetic anomaly, which we estimate to be over 175
million3 meters in volume, or approximately 475 million2
tonnes of high magnetic susceptibility rock mass. MAD-22 was
drilled into the southern extent of this anomaly, which extends
over strike of approximately 1.0km and to a depth of around 800m
below surface.
“The result of MAD-22 is an exciting
confirmation of our view that there is significant sulphide
potential below the MOD. We have mobilized a rig to complete an
initial follow up program to test the immediate 300m to 500m of
strike around MAD-22. Based on the results we achieve we will then
plan an expanded programme.”
Overview
Following extensive drilling and geophysical
work, the Company developed an exploration model which was based on
a strong correlation between higher grade chalcopyrite
mineralization and high magnetic susceptibility, which was used to
vector for future deeper drilling campaigns. During the 2021
campaign, the deeper drilling, which was targeting deeper sulphide
potential, encountered additional oxide and secondary sulphides in
a zone now known as MAMIX (refer to announcement dated 5
May 2021). This extended the envelope of leachable copper
minerals by, in some cases, several hundred meters. This discovery
was a core component of the upgraded Mineral Resource Estimate
(“MRE”) released in October 2022 (refer to announcement
dated 13 October 2022), but left the sulphide potential
unaddressed.
A review of historical drilling data highlighted
numerous broad zones of, typically remnant, primary mineralization,
especially around the centre of the project, which were identified
but never properly followed up on due the focus on the MAMIX Zone.
Notable intersections were identified along section N7.435.800,
with at least six drill holes encountering remnant primary copper
mineralization over a width of approximately 300m, east-west,
across strike. There was a notable increase in magnetic
susceptibility as the sulphide zones were entered, although it
should be noted that most of the drilling on N7.435.800 was not
directly coincident with the magnetic anomaly, but rather was on
the periphery of it.
1 CuEq is calculated using gold price of
US$1,850/oz, silver price of US$22.50/oz and copper price of
US$4.0/lb2 Based on average specific gravity of 2.75g/cm3
Figure 1: Section N7.435.800 with
Significant Sulphide Intersections and Magnetic
Anomaly
MAD-22 was drilled on section N7,435,550, which
is located 250m to the south of N7,435,800 (figure
1) and intersected very high-grade primary copper
mineralization, which is not interpreted to be remnant in nature.
In contrast to the drill holes on N7.435.800, MAD-22 was drilled
directly into an area with some of the highest magnetic
susceptibilities encountered at the project. As noted in the
release in December 2022, MAD-22 encountered very high grades of
primary copper mineralization over broad downhole widths. MAD-22
noted similar mineral textures of magnetite veins and stringers and
massive chalcopyrite. Notably, MAD-22 was collared further to the
east than all of the drilling on the northern section, and was
drilled in the opposite orientation. It is thought that the higher
grade, primary (non remnant) mineralization on section N 7,435,800
should be further to the east of drill holes MAR-125 and ATR-82 as
noted in Figure 1.
Figure 2: Cross Section N 7,435,550 with
MAD-22 Drill Hole
Borehole Teleview analysis of MAD-22 indicates
that the structures controlling high-grade primary mineralization
are oriented north-north-east dipping at 75 to 80 degrees to the
east. This is in contrast to the general structural sense of the
Marimaca Oxide Deposit, where dominant structures are oriented more
north south and are more shallow dipping to the east. The
importance of dacitic dykes and the north-west trending regional
faults and structures is also noted for the confluence of these
important geological features and their proximity to higher grade
mineralization, both in the oxide and primary mineral zones.
Furthermore, it appears that the mineralization
in MAD-22 is related to a second, later stage, mineralizing event.
This could explain the anomalous levels of precious metals, which
have as yet been unobserved in drilling and exploration work for
the Marimaca Oxide Project to date.
Follow Up Drilling Plan
The Company plans to step out drill an area
covering approximately 500m of strike potential immediately around
MAD-22 including Section N7.435.800 in the north, where the
previous high grade remnant chalcopyrite intersections were noted.
The target zone is approximately 300m in width, east to west,
across this area. Given the scale of the magnetic anomaly, the
Company believes there is potential for significant depth
extensions, but for the initial program, 300m drill holes are
planned, which will extend the depth of MAD-22 by approximately
60m.
Drilling will be completed in two phases, with
the second phase final design being based on the results from phase
1 and the Company is fully funded to deliver both phases based on
current work programmes.
Figure 3: Planned Drill Hole Locations of
Phase 1 and 2 Sulphide Follow-up
Geophysics
In July 2020, Marimaca released the results from
an initial drone mounted high resolution magnetic survey covering
the Marimaca Project (refer to announcement on 14th July 2020). The
results showed a large scale magnetic anomaly immediately adjacent
and downdip of the Marimaca Oxide Deposit (“MOD”), within the same
geometry as the interpreted downdip extensions of the key
controlling structures for the MOD. Based on the 3-D magnetic model
created, it was estimated that the magnetic anomaly had a volume of
approximately 175 million cubic meters, which is equivalent to
approximately 475 million tonnes assuming a specific gravity of
2.75g/cm3.
Figure 4: Marimaca Large Scale Magnetic
Anomaly with >0.1% CuT Outline
In parallel with this work, the Company
completed a full review of all drill samples across the project to
identify any relationships with magnetic susceptibility and
mineralization potential. A clear relationship exists between
magnetism and the presence of chalcopyrite was noted across the
full drilling database of nearly 100,000m.
A review of MAD-22 showed this relationship
clearly, with an increasing trend of magnetic susceptibility more
generally when moving into the primary mineralization zone, and
strong spikes of magnetic susceptibility with the highest grades of
copper encountered in the drill hole.
Figure 5: Relationship of Magnetic
Susceptibility and Drilling Across the Project
Table 1. Summary of Anomalous Precious
Metal Intervals
Hole |
Depth (m) |
|
From (m) |
To (m) |
Intersection (m) |
% CuT |
Au (g/t) |
Ag (g/t) |
MAD-22 |
300 |
|
0 |
240 |
240 |
1.01% |
n/a |
n/a |
Including |
140 |
240 |
100 |
1.95% |
0.05 |
6 |
Including |
182 |
226 |
44 |
3.44% |
0.07 |
7 |
Including |
186 |
224 |
40 |
3.74% |
0.07 |
7 |
Table 2. Drill Collars and
Survey
Hole |
Easting |
Northing |
Elevation (m) |
Azimuth |
Inclination |
Depth (m) |
MAD-22 |
375143.8 |
7435536.2 |
1,124.9 |
85 |
-55 |
240 |
Sampling and Assay Protocol
True widths cannot be determined with the
information available at this time. DDH holes were sampled on a 2m
continuous basis, halved by a conventional core splitter on site
with one half sent to the Andes Analytical Assay preparation
laboratory in Calama and the pulps then sent to the same company
laboratory in Santiago for assaying. Samples were prepared using
the following standard protocol: drying; crushing all sample to
-1/4” and passing through a secondary crusher to better than 80%
passing -10#; homogenizing; splitting; pulverizing a 400-600g
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) and Ag AAS. Au was Fire Assayed. 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
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.
Photos accompanying this announcement are available
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