Marimaca Copper Corp. (“Marimaca Copper” or the “Company”)
(TSX: MARI) is pleased to announce it has recently
completed a thorough review of the data from previous drilling
campaigns and its associated geology at its flagship Marimaca
Copper Project (“Marimaca” or “the Project”). This has resulted in
an updated geological interpretation indicating the potential for
sulphide mineralization beneath the Marimaca Oxide Deposit (“MOD”).
Highlights
- Numerous deeper holes drilled at Marimaca during Phase
II drilling intercepted sulphide mineralization below the MOD.
Significant results previously released to the market
include:° 42 metres averaging 0.57% CuT from
272 metres in ATR-30° 26 metres
averaging 0.97% CuT from 178 in ATR-78
° 16 metres averaging 1.4% CuT from 122 in
ATR-79° 44 metres averaging 1.05% CuT
from 206 in ATR-82° 26 metres averaging
0.84% CuT from 148 in ATR-84° 36 metres
averaging 1.68% CuT from 84 in
ATR-85° 38 metres averaging 1.04% CuT
from 180 in ATR-93; and° 48 metres
averaging 1.30% CuT from 78 in ATR-94.
- Structures that host the oxide mineralization at
surface are interpreted to have the potential to extend into the
sulphide mineralized zones with the same
geometry° Indicates surface structure
hosting Marimaca deposit has strong potential to continue beneath
the MOD • Strong evidence that oxide
deposit has been generated by in-situ oxidation of sulphide
mineralisation and grades in sulphide are, therefore, expected to
be broadly similar to Marimaca° If
surface deposit geometry continues the volume and tonnes for the
sulphide zone could be significant
- Review of key geological and mineralogical features
shows strong relationship between chalcopyrite and magnetite
throughout deposit° Allows generation
of sulphide exploration targets below the MOD using geophysical
methods • Marimaca Copper is
conducting a drone mounted high resolution magnetometry survey with
results expected shortly
• Induced Polarization (IP) planned
- Objective to test the sulphide targets generated by
geophysics during 2H 2020
Michael Haworth, Executive Chairman of
Marimaca Copper commented:
“During the 2018/19 exploration drilling program
at Marimaca, many of the deeper drill holes encountered interesting
sulphide zones in terms of widths and grades. Following a detailed
review of the structural controls of the deposit, and the
relationship between the oxide and sulphide zones, the geological
team believes the structures which host the MOD at surface have the
potential to extend below it and host further sulphide
mineralization.
“What is most exciting is that copper
mineralization in this type of IOCG deposit can extend down dip
substantially. Several reviews, including one by reputed copper
geologist, Richard Sillitoe, indicate that if the deposit is
correctly judged to be only modestly eroded, then the sulphide
mineralization could extend down-dip for several hundred metres. If
this were the case, Marimaca could host a meaningful sulphide
resource. Drilling will be required to test this hypothesis, but
Management believes there is sufficient evidence to warrant
additional capital to be invested in examining the sulphide
potential.
“While the excitement of this geological
interpretation lends itself to immediately drilling some deeper
holes at the Project, a thorough review of the mineralogy of the
deposit also showed some interesting geological markers, which we
believe will allow the use of geophysics to delineate high priority
drilling targets. The geophysical campaign, which will include high
resolution magnetometry and induced polarization, has commenced and
is expected to be completed during 2H 2020. These programs should
allow our team to understand the size of the potential target below
the MOD. We will need to obtain additional permits for drilling and
will be working to achieve this as quickly as possible noting the
potential impacts of the ongoing Coronavirus pandemic.
“The PEA for Marimaca continues to progress well
and we look forward to releasing the results to the market in July
2020.”
Marimaca Copper Project
Overview
Marimaca Copper released an updated Mineral
Resource Estimate (“MRE”) for Marimaca of 70 million tonnes, with
an average grade of 0.60% copper, within the Measured &
Indicated Categories (approximately 420Kt of contained copper) and
40 million tonnes, with an average grade of 0.52% copper, within
the Inferred Category (approximately 224kt of contained copper)
(refer release on 2 December 2019). This
represents an increase of almost 100% from the MRE released in
April 2018 and makes the Project one of the most significant copper
oxide discoveries in Chile in the last decade.
The Company is currently undertaking a PEA for
the Project, which is anticipated to be released in early July
2020. The Project is expected to benefit from low upfront capital
development costs and, due to the favourable geometry of the
orebody and relatively simple oxide processing through SX-EW,
Management believes the Project will have very competitive
operating costs, delivering compelling economics in the
PEA.
Overview of Geological Model for
Sulphide Potential and Exploration Plans
The Marimaca Project comprises a dominant
structural feature of broad zones of sheeted dykes and fracture
zones, oriented north-north-east and dipping 45-60o to the east,
which host copper mineralisation at surface.
There is strong evidence that the oxide zones
encountered at surface were generated as a result of the in-situ
oxidation of primary sulphide minerals, mostly chalcopyrite. During
the 2018/19 drilling program, numerous drill holes intercepted
sulphide mineralisation below the current resource within the
broader MOD. The location of the Marimaca deposit is interpreted to
be controlled by a dilationary structural jog and the Company
believes that this control applies both to the MOD and to its
downwards continuation into the sulphide zone.
Figure 1: Schematic Diagram of Structural
Controls Showing Potential for Down-Dip Sulphide Extensions at
Marimaca is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/624fd8d1-030e-4fb5-ab27-cbff0c619405
Based on the interpretation of the in-situ
oxidation of primary sulphides, grades would be expected to be in
the same range as observed for the MOD. Furthermore, the iron oxide
zonation defined by previous exploration indicates that Marimaca is
preserved as a medium-high level IOCG system, which further
reinforces the belief for the potential of depth extensions.
In primary mineralization, a strong relationship
between chalcopyrite and magnetite is observed throughout the
deposit area. The Company has completed magnetic susceptibility
work on most of the drill core available confirming this clear
relationship. This is an important feature as it allows the use of
targeted geophysical campaigns to further identify zones of
coincident magnetic and IP anomalies for follow up drilling. The
Company has initiated a drone mounted high resolution magnetometry
survey to identify magnetic anomalies and will also undertake high
resolution/deep IP surveys to further refine potential sulphide
targets for future exploration. These surveys are expected to be
complete during 2H 2020.
Following the completion of the geophysical
campaigns, the Company will use the data to delineate several high
priority drill targets and plan future work programs.
Qualified Persons
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 Geologos 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 Qualified Person for content other than
geological information in this news release is Luis Tondo, Chief
Executive Officer and Director of Marimaca Copper, a mining
engineer with more than 30 years of experience and a Fellow of The
Australasian Institute of Mining and Metallurgy, who is the
Qualified Person for the purposes of NI 43-101.
Both QPs confirm that they have visited the
Marimaca Project on numerous occasions, are responsible for the
information contained in this news release and consent to its
publication.
Marimaca Copper and the Marimaca
Project
Marimaca is fast becoming recognised as one of
the most significant copper discoveries in Chile in recent years as
it represents a new type of deposit which challenges accepted
exploration wisdom and promises to open up new frontiers for
discoveries elsewhere in the country. Marimaca is hosted by
intrusive rocks while the numerous manto deposits in the same
region are hosted by volcanics. With a lack of new copper
exploration discoveries in Chile, the growing Marimaca resource is
a high-profile development project as it is situated in the coastal
belt at low elevation close to Antofagasta and Mejillones. This
prime location could enable its future development at a relatively
modest capital investment. Marimaca will benefit from nearby
existing infrastructure including roads, powerlines, ports, a
sulphuric acid plant, a skilled workforce and seawater.
Contact Information
For further information please visit
www.marimaca.com or contact:
Tavistock +44 (0) 207
920 3150Jos Simson/Emily Mossmarimaca@tavistock.co.uk
Forward Looking Statements
This news release includes certain
“forward-looking statements” under applicable Canadian securities
legislation. These statements relate to future events or the
Company’s future performance, business prospects or opportunities.
Forward-looking statements include, but are not limited to, the
impact of a rebranding of the Company, the future development and
exploration potential of the Marimaca Project. Actual future
results may differ materially. 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
Company’s documents filed from time to time with the securities
regulators in the Provinces of British Columbia, Alberta,
Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince
Edward Island and Newfoundland and Labrador. 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.
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