Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce that two holes of an initial nine-hole, wide spaced,
reverse circulation drilling campaign completed at the Cindy Target
(“Cindy”) have intersected significant near surface copper oxide
mineralization. Cindy is located less than 5km to the north of the
Marimaca Oxide Deposit (“MOD”) and offers potential to add to the
Company’s leachable resource base and extend mine life or increase
the scale of future operations. Assay results from the remaining
six holes have been subject to delays in the laboratory but are
expected shortly and turnaround times are expected to improve.
Highlights
- New near
surface oxide zone discovered at Cindy less than 5km to the north
of the MOD
- Close
enough to form part of the MOD development strategy if resource
definition drilling is successful
- Broad zones
of ore grade copper oxide mineralization intersected in both
holes:
- CIR-03
intersected 70m with an average grade of 0.39% CuT from 24m
including 44m @ 0.51% CuT from 48m
- CIR-02
intersected 124m with an average grade of 0.22% CuT from 8m
including 20m @ 0.33% CuT from 8m
- Additional
holes planned to better define the limits to the mineralized zones
at Cindy and to identify any higher-grade areas, for eventual
resource definition drilling
- CIR-01
intersected a broad zone of lower grade primary sulphide
mineralization in the southern part of Cindy
- Assays for
remaining six holes have been subject to delays in lab turnaround,
but improvements are expected
- Results
confirm the Company’s exploration model for the broader Marimaca
District including the Mercedes and Roble Targets
- Mercedes
drilling progressing well with the first six RC holes of an initial
nine-hole program
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“These first drill holes confirm Cindy is a new,
near surface, oxide discovery. We are pleased that the exploration
model we have developed, based on our strong geological
understanding of the MOD, has been confirmed at our first target.
CIR-02 was lower grade, but we believe it represents the western
periphery of the mineralized body, while CIR-03 was better grade
with dominantly green oxide copper mineralization, which is
analogous to the central, higher grade zones at the MOD.
“There is a clear broadening in the mineralizing
structures as we move north from the Cindy underground workings
and, as a result, we would expect better drill results to be around
this area. The next phase of drilling at Cindy will focus on
defining the extent of the mineralization and indicate its
potential scale before we move to resource definition drilling.
“We are currently drilling the Mercedes Target,
which is located immediately to the north of the MOD and shares
numerous characteristics with it. There were some delays in the
most recent turnarounds for assays, but we hope to have resolved
those issues and return to better timelines going forward.”
Hayden Locke, President and CEO, of
Marimaca Copper, commented:
“Marimaca is one of only a handful of new copper
discoveries made globally in the last five years. We believe Cindy,
Mercedes and Robles, the first of several exciting nearby targets
to be drilled, have the potential to be new discoveries and to add
significant shallow oxide mineralization that could meaningfully
increase the Company’s leachable copper resource base. We are
planning to expand our drilling programs and we have started to
incorporate the potential for increased scale of copper production
into our decision-making process for the planned MOD feasibility
study.”
Overview of Drilling Campaign Objectives
and Results
The initial drilling campaign at Cindy consists
of nine, shallow, RC drill holes targeting the area identified in
both the magnetic survey and surface geochemical sampling
previously completed (refer to announcements on 23
September 2020 and 17 February 2021 respectively). The
objective was to identify new, broad zones, of shallow oxide
mineralization that could complement the existing resources at the
MOD, and potential deeper sulphide bearing structures which could
indicate a larger copper system.
The nine holes were drilled on approximately
250m section lines to the north and south of the historical
underground workings at Cindy, extending over roughly 1.2km of
strike. Two sections, located in the northern part of Cindy, each
consisted of two drill holes, and tested the interpreted broadening
of the various structures, which are believed to be key controls to
mineralization at Cindy.
Figure 1: Plan view of completed drill
holes at
Cindy:https://www.globenewswire.com/NewsRoom/AttachmentNg/12e0b936-220d-4d0c-8eb9-9df8de2d0ee8
All three drill holes encountered broad zones of
mineralization. The first, CIR-01, was drilled directly beneath the
historical underground workings at Cindy, to target potential
extensions at depth of the known higher-grade mineralization which
had been mined artisanally. It intersected several zones of copper
mineralization, primarily chalcopyrite, including 76m at an average
grade of 0.15% CuT.
CIR-02 stepped out approximately 550m to the
north from CIR-01, on the western edge of the Cindy structures. The
objective was to target shallow oxide mineralization in the area
interpreted as broadening of the mineralizing structures prevalent
across the Cindy area. It encountered a broad zone of 124m of mixed
oxides from 8m down hole with an average grade of 0.22% CuT (0.1%
CuS) including 20m at 0.33% CuT (0.15% CuS) from 8m downhole.
Notably, the mineralization in CIR-02 showed many similarities to
the lower grade halo on the periphery of the MOD, including the
presence of copper wad, which tended to have low acid solubility
but leached relatively well in the metallurgical testing completed
for the MOD.
CIR-03 was also a step out, approximately 800m
to the north of the Cindy underground workings (250m north of
CIR-02) but located slightly further to the east, in the center of
the identified mineralizing structures. It also encountered a broad
zone of 70m of oxide copper from 24m down hole with an average
grade of 0.39% CuT (0.2% CuS) including 44m at 0.50% (0.28% CuS)
from 48m down hole. CIR-03 contained dominantly green oxides which
are analogous to the higher-grade core of the MOD.
While there are many similarities with the MOD,
there are also some key differences. Firstly, there is more
magnetite related to the mineralization at Cindy. Secondly, Cindy
mineralization, especially in the south, appears to be controlled
by a series of very well defined, discrete, structures whereas the
MOD is characterized by the presence of pervasive fracturing of the
intrusive host unit. As a result, the Company expects to focus most
of its follow up work on the northern part of the Cindy area, where
there is the potential for dilations to the key mineralizing
structures and bulk tonnage oxide mineralized material.
Overview of Cindy
Cindy is located less than 5km to the north of
the MOD and is coincident with both a large magnetic anomaly
(refer to announcement on 23 September 2020) and
an extensive copper geochemical anomaly (refer to
announcement on 17 February 2021). Cindy is also the site
of extensive underground mine workings, which cover approximately
200 meters of north south strike over four levels giving a vertical
extent of 80 meters (refer to announcement on 19 May
2021).
Figure 2: Map with Cindy Target and
Geochemical Anomaly Relative to Marimaca Oxide
Deposit:https://www.globenewswire.com/NewsRoom/AttachmentNg/d7c2354f-bc1a-49cb-84fa-501ddc163a6f
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, Vice President of Exploration, Marimaca
Copper Corp, a geologist with more than 36 years of experience and
a member of the Colegio de Geólogos de Chile and of the Institute
of Mining Engineers of Chile, 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
3150Jos Simson/Oliver Lamb / Nick
Elwesmarimaca@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 29, 2021, 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.