Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
provide an update on the ongoing exploration work being completed,
ahead of drilling, at the Roble Target (“Roble”). Roble is located
less than 3km to the northeast of the Company’s flagship Marimaca
Oxide Deposit (“MOD”), and mineralization may extend over 3km of
potential strike. The commencement of drilling at Roble has been
delayed primarily because the Company elected to expand the
drilling program at the Mercedes Target based on encouraging
mineralization observed in drilling, but also due to some delays
caused by COVID restrictions.
Highlights
- Additional
rock chip reconnaissance sampling at Roble has materially expanded
the footprint of outcropping oxide mineralization
- Mapped
outcrop extends further north at Roble and south and east at
Pele
- Extends
strike potential to over 3km with widths at surface ranging from
300m to over 500m
- Three
discrete areas of consistently outcropping mineralization, each
extending over approximately 600m by 400m, separated by gravel and
sand cover
- Potential
for connection of the larger Roble system through these covered
areas
- Geophysics
identified the continuation at depth of significant regional
structures which control the location of mineralization in the
Marimaca district
- Interpreted
structures are strongly coincident with surface trends of
outcropping Cu oxide mineralization with greater than 0.1%
CuT
- Drilling to
commence imminently at Roble with an initial twelve-hole reverse
circulation (RC) discovery drilling program
- The Company
has expanded the RC drilling campaign at Mercedes from nine holes
to eighteen holes due to encouraging mineralization
intersected
- Resultant
delay to the commencement of drilling at Roble, which is now
expected during July
- Additional rigs planned for 2H 2021 based on expanded
exploration programs at Marimaca Depth Extensions, Cindy, Mercedes
and Roble
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“We have expanded our reconnaissance work at
Roble which continues to indicate a potentially significant
mineralized system, with outcropping mineralization now extending
over quite a broad 3km corridor of strike. It is highly unusual to
identify an undrilled target, with extensive outcropping
mineralization, in a mature copper jurisdiction like Chile.
“We have also completed Induced Polarization
(IP) surveys to complement the magnetics, surface reconnaissance
and sampling work. This shows, quite clearly, the extensive north
trending structural controls of the Roble Fault System are
identifiable at depth. Notably, the resistivity anomaly is strongly
coincident with the northern trend identified in the surface
sampling work, highlighting a broad area of greater than 0.1% CuT
coincident with the Roble Fault System and the magnetic anomaly
identified in previous surveys. For IOCG deposits, large-scale
structures controlling mineralization are essential for forming
more extensive systems, and we believe the indications are Roble
could be a significant system.
“We have been delayed slightly in commencing our
drilling campaign at Roble, but we are currently finalizing our
planning and infrastructure construction and expect to be drilling
Roble during July.”
Overview of Exploration
Results
Roble is located less than 3km to the northeast
of the Company’s flagship Marimaca Oxide Deposit (“MOD”), within
the north-north-east trending Roble Fault System. This is a splay
off the regional scale Naguayán Fault System, which is an important
control for mineralization at the MOD.
Figure 1: Map with New Targets for
Exploration Defined by Magnetic Survey Relative to Marimaca Oxide
Deposithttps://www.globenewswire.com/NewsRoom/AttachmentNg/e48c104e-c2c0-4fd0-9278-7f9685e7997c
Roble is associated with a large magnetic
anomaly previously identified in the regional, high-resolution,
drone mounted magnetics survey (refer to announcement on 23
September 2020). The Company has subsequently completed
surface exploration work including rock grid geochemical sampling,
reconnaissance mapping and outcrop sampling which defined a large
copper-in-rock anomaly and also highlighted the significant extent
of outcropping copper oxide mineralization at the surface
(refer to announcement on 22 April 2021).
The initial exploration work and subsequent
reconnaissance mapping and sampling of outcropping oxide
mineralization has defined three distinct zones, each extending
approximately 600m along strike by 400m across strike. These zones
are separated by post mineralization gravels and sands and the
Company believes there is the potential for them to be connected
under the areas of cover.
Figure 2: Map Showing Three Discrete
Areas with Interpreted Limits of Outcropping
Cu Oxide Mineralization > 0.1% CuT on IP-R Survey
Lineshttps://www.globenewswire.com/NewsRoom/AttachmentNg/42ff55e1-2867-4a89-8cc5-86192ffdafa6
Following the success of the initial surface
exploration work, the Company engaged GRS Geophysics to complete
two 2.5km Induced Polarization (“IP”) surveys (AMT-MIMDAS) for a
total of 5km of survey, with one line located in the central area,
the other approximately 750m to the north, on the northern part of
the area of interest.
Both lines show attractive coincident
resistivity and chargeability anomalies associated with the high
magnetic response and clearly highlights the regional scale of
Roble Fault System, which the Company believes could be important
for controlling copper mineralization in the area. Furthermore, the
geophysical anomalies (both magnetic and IP) appear to be strongly
coincident with the outcropping copper mineralization mapped in the
reconnaissance work, both of which follow the broader northerly
trend of the Roble Fault System.
Figure 3: IP and Magnetic Section
7.437.950-Nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/f3c4c684-f187-4f68-b4aa-043c62d75e8c
Figure 3: IP and Magnetic Section
7.438.700-Nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/ca23b157-2696-4a03-b69c-b8bea23c1558
Figure 4: Typical Copper Oxide
Exposureshttps://www.globenewswire.com/NewsRoom/AttachmentNg/8fef172e-fd71-41cc-98b4-ce3dd518207e
Preparation of drill pads and associated
infrastructure at Roble is currently underway and the Company
expects to be drilling the target during July 2021. The Company
will complete an initial twelve-hole RC drilling program to test
key targets at Roble, Nepal and Pele.
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.