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Marimaca Oxide Drilling Encounters Higher than Expected Grades at Marimaca North; intersects 30m at 2.18% CuT from 46m, 464m at 0.45% from 4m

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Marimaca Oxide Drilling Encounters Higher than Expected Grades at Marimaca North; intersects 30m at 2.18% CuT from 46m, 464m at 0.45% from 4m

 

 

 

 

 

Marimaca Copper Corp. (TSX: MARI) is pleased to announce further results from the 2022 infill and extensional drilling campaign at the Marimaca Oxide Deposit. Results reported are for a total of 7,102m across 35 reverse circulation drill holes.

 

The drilling intersected two higher grade green oxide zones located in the northern, Atahualpa, sector of the Marimaca Oxide Deposit. Green oxides typically have higher acid solubilities and expected higher recoveries based on the results of the various phases of comprehensive metallurgical testing completed. Results from the 7,102m released today were received post the data cut-off for the 2022 Interim Mineral Resource Estimate (see press release dated October 13, 2022) and will be captured in the updated MRE planned for Q1 2023.

 

The Atahualpa sector, forming the northern extent of the MOD, was previously considered to be host to dominantly lower grade green and black oxide mineralization and today’s results highlight the potential for the definition of additional high-grade centers, similar to that found in the south-central MOD (see Figure 2).

 

Highlights

  • Results from holes ATR-121, ATR-126, ATR-127, ATR-129 and ATR-132 demonstrate potential for a new, shallow, high-grade centre located in the north and north-eastern areas of the MOD
    • Grades significantly above interpolated grades in this area from previous MREs
    • ATR-132 intersected 118m at 0.78% CuT from 24m, including 62m at 1.23% CuT from 38m and 30m at 2.18% CuT from 46m
    • ATR-127 intersected 80m at 0.62% CuT from 2m within a broader intersection of 268m at 0.34% CuT from 2m
    • ATR-121 intersected 82m at 0.53% CuT from 16m, including 38m at 0.71% CuT from 16m
  • Results from ATR-116, ATR-120, ATR-122, ATR-124, ATR-130, ATR-135 and ATR-137 confirm extensions of higher-grade green oxide mineralization toward the northeast margins of the MOD
    • ATR-122 intersected 96m at 0.63% CuT from 8m including 60m at 0.89% CuT from 44m
    • ATR-116 intersected 32m at 1.09% CuT from 22m within 84m at 0.49% CuT from 8m
    • ATR-120 intersected 22m at 0.98% CuT from 2m
    • ATR-135 intersected 18m at 0.94% CuT from 172m
  • MAR-174, drilled in the central zone of the MOD, intersected shallow green oxide mineralization extending into higher grade MAMIX mineralization at depth
    • Highlight intercepts include 464m at 0.45% CuT from 4m, including 58m at 0.73% CuT from 72m, and 108m at 0.87% CuT from 292m
  • Drilling results from this release will be captured in the updated MRE, targeting conversion of Inferred Resources to Measured and Indicated categories, planned for early 2023
    • New higher grade centre expected to have positive implications for average grade in northern area of the deposit for the next MRE update and for the 2023 DFS mine-planning
    • Additional infill RC and diamond drilling to be released ahead of the planned Q1 2023 MRE

 

Sergio Rivera, VP Exploration of Marimaca Copper, commented:

 

“As with previous infill drilling campaigns at the MOD, we have been pleasantly surprised by this set of results, located towards the northern end of the MOD. Drilling has intersected broad zones of high-grade oxide mineralization, in most cases near or at surface. The grades are significantly above those interpolated for the northern area in previous MREs and, as such, we expect this drilling to have positive implications for the average grade of our Q1 2023 MRE update, which is targeting 90% of resources in the Measured and Indicated Categories.

 

The October 2022 MRE included infill drilling across the central high-grade core of the MOD, which is an important driver of the Marimaca Project’s strong project economics, with the results only improving our confidence in its continuity and grade. This new discovery complements and extends the high-grade core and, given its near surface nature, it will also likely form part of the early years of mine life. We, therefore, expect this drilling to lead to further improvement the Project’s already exceptional economics.

 

The final 2023 MRE will form the basis the Definitive Feasibility Study, which will be completed in 2023 and will contemplate production scenarios in the range of 50kt to 60kt of copper cathode per annum.”

 

Overview of Drilling Campaign Objectives

 

Marimaca’s 2022 drilling campaign consists 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 ~41,500m of drilling (reverse circulation (“RC”) + diamond) completed in 2022 for a total of over 110,000m of drilling completed since 2016. The balance of the 2022 infill drilling program, totalling approximately 28,000m including the 7,102m 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 the Definitive Feasibility Study (“DFS”) planned for 2023.

 

Figure 1: Plan View of Infill Drilling Results


https://www.globenewswire.com/NewsRoom/AttachmentNg/ea423d8a-041f-4795-bfb4-9cb1bc096b20

 

Figure 2: Plan View – 2022 MRE plan view with grade distribution


https://www.globenewswire.com/NewsRoom/AttachmentNg/9e98fc26-a9de-41f0-b6e4-d1b2b940f7b9

 

Figure 3: 3D View – Highlight Infill Results with 2022 MRE Pit Shell


https://www.globenewswire.com/NewsRoom/AttachmentNg/2650fedc-bd9f-4c7c-8a70-3eade474370d

 

Figure 4: 3D View – North-East High Grade Zone with Highlight Infill Results 2022 MRE 0.60% CuT Grade Shell


https://www.globenewswire.com/NewsRoom/AttachmentNg/3fbe7357-1f6c-488a-bf73-fef73ebb101e

 

Table 1. Summary of Drill Results

 

Hole Depth (m)   From (m) To (m) Intercept (m) CuT (%)
ATR-114 260   14 40 26 0.21
  86 144 58 0.21
including 112 134 22 0.35
ATR-115 52   8 38 30 0.50
ATR-116 250   8 208 200 0.27
including 8 92 84 0.49
including 22 54 32 1.09
  172 202 30 0.22
ATR-117 200   146 196 50 0.20
ATR-118 170 including 4 22 18 0.21
ATR-119 240   106 158 52 0.23
including 118 130 12 0.37
ATR-120 250   2 132 130 0.28
including 2 24 22 0.98
and 86 124 38 0.26
ATR-121 250   2 250 248 0.31
including 16 98 82 0.53
including 16 54 38 0.71
and 68 98 30 0.53
  136 216 80 0.25
including 136 182 46 0.24
and 200 216 16 0.48
ATR-122 180   8 104 96 0.63
including 12 24 12 0.38
and 44 104 60 0.89
ATR-123 200   2 10 8 0.21
including 106 126 20 0.28
ATR-124 150   2 96 94 0.28
including 2 28 26 0.36
and 54 96 42 0.36
ATR-125 210 including 80 112 32 0.20
ATR-126 200   16 28 12 0.20
  100 142 42 0.42
including 112 142 30 0.50
ATR-127 270   2 270 268 0.34
including 2 122 120 0.46
including 2 82 80 0.62
  188 270 82 0.39
including 210 270 60 0.49
ATR-128 200   76 120 44 0.25
including 100 120 20 0.36
ATR-129 200   2 26 24 0.73
including 68 84 16 0.30
ATR-130 200   2 84 82 0.30
including 2 46 44 0.46
  146 160 14 0.43
         
ATR-131 160 No significant intercepts      
ATR-132 200   24 142 118 0.78
including 38 100 62 1.23
including 46 76 30 2.18
and 102 138 36 0.41
ATR-133 270   6 70 64 0.32
including 18 46 28 0.48
ATR-134 160 No significant intercepts      
ATR-135 220   4 206 202 0.26
including 4 118 114 0.24
including 4 56 52 0.21
and 62 118 56 0.30
  146 206 60 0.38
including 172 190 18 0.94
ATR-137 150   2 112 110 0.27
including 2 28 26 0.42
and 90 112 22 0.58
LAR-97 170   4 18 14 0.26
LAR-98 200 No significant intercepts      
LAR-99 200   4 72 68 0.24
including 32 60 28 0.30
  112 124 12 0.25
LAR-100 200   2 14 12 0.20
  88 94 6 0.48
  164 190 26 0.22
including 164 172 8 0.39
LAR-101 160   6 28 22 0.21
  132 160 28 0.25
including 132 144 12 0.47
LAR-102 250 including 16 138 122 0.28
including 16 34 18 0.31
and 64 92 28 0.39
and 98 138 40 0.24
  238 250 12 0.28
LAR-103 200   2 104 102 0.31
including 2 38 36 0.41
  56 96 40 0.38
including 56 74 18 0.70
LAR-104 90 (*)   2 52 50 0.24
including 28 52 24 0.32
LAR-105 120 (*)   2 96 94 0.37
including 2 16 14 0.38
  32 96 64 0.48
including 32 68 36 0.38
and 76 96 20 0.64
LAR-106 200   12 32 20 0.20
  68 86 18 0.22
  164 174 10 0.23
MAR-173 200   6 18 12 0.32
including 120 138 18 0.20
MAR-174 470   4 468 464 0.45
including 4 130 126 0.45
including 4 64 60 0.24
and 72 130 58 0.73
  144 280 136 0.21
  222 244 22 0.28
  260 468 208 0.64
including 260 280 20 0.68
and 292 400 108 0.87
and 408 468 60 0.43

 

 

Table 2. Drill Collars and Survey

 

Hole Easting Northing Elevation (m) Azimuth Inclination Depth (m)
ATR-114 375119.8 7435963.2 1144.8 310 -60 260
ATR-115* 374879.3 7436016.4 1014.2 310 -60 52
ATR-116 374876.8 7436011.1 1014.5 220 -60 250
ATR-117 375120.0 7435955.2 1144.8 220 -60 200
ATR-118 374756.5 7436140.8 1014.3 310 -60 170
ATR-119 375136.8 7436013.9 1153.7 310 -60 240
ATR-120 374804.4 7436095.8 1016.2 220 -60 250
ATR-121 375160.5 7436046.5 1150.6 310 -60 250
ATR-122 374888.0 7436181.3 1028.7 310 -60 180
ATR-123 375165.0 7436036.6 1151.1 220 -60 200
ATR-124 374886.0 7436169.9 1028.8 220 -60 150
ATR-125 374685.8 7436144.3 990.3 220 -60 210
ATR-126 375106.8 7436067.1 1142.7 220 -60 200
ATR-127 375095.7 7436107.2 1132.6 310 -60 270
ATR-128 374722.6 7436210.8 995.8 220 -60 200
ATR-129 375094.1 7436098.9 1133.0 220 -60 200
ATR-130 374834.6 7436105.7 1028.3 310 -60 200
ATR-131 374724.9 7436341.9 1014.3 220 -60 160
ATR-132 375120.6 7436128.0 1129.8 220 -60 200
ATR-133 374858.7 7435888.1 1020.2 220 -60 270
ATR-134 374742.8 7436282.3 1023.7 310 -60 160
ATR-135 374949.1 7436234.7 1061.5 310 -60 220
ATR-137 374856.3 7436287.4 1060.9 220 -60 150
LAR-97 374522.7 7435811.0 984.6 220 -60 170
LAR-98 374704.1 7435883.0 1019.1 310 -60 200
LAR-99 374692.7 7435932.1 1010.0 310 -60 200
LAR-100 374689.9 7435923.6 1010.7 220 -60 200
LAR-101 374642.2 7435957.6 992.1 220 -60 160
LAR-102 374816.8 7435934.7 1010.8 310 -60 250
LAR-103 374817.9 7435927.3 1011.2 220 -60 200
LAR-104* 374819.0 7435928.8 1011.1 270 -60 90
LAR-105* 374756.9 7435930.3 1021.1 310 -60 120
LAR-106 374667.8 7435994.3 978.2 310 -60 200
MAR-173 375211.8 7436015.1 1149.2 220 -60 200
MAR-174 374950.1 7435617.8 1111.9 270 -60 470

*Target depth not reached

 

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.

 

Posted November 21, 2022

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