Marimaca Copper Corp. (“Marimaca Copper” or the “Company”)
(TSX: MARI) is pleased to announce the results of a high
resolution, drone mounted, magnetic survey at the Company’s
flagship Marimaca Copper Project (“Marimaca” or “the Project”) in
Chile. This work follows on from the updated geological
interpretation for Marimaca (
refer to release 8 June
2020), which indicates strong potential for sulphide
mineralization beneath the Marimaca Oxide Deposit (“MOD”).
Highlights
- Large magnetic anomaly,
which provides a copper sulphide target for follow-up exploration,
located underneath the MOD, within the interpreted extensions of
the same structures that host copper mineralization at
surface— Total volume of the favourable magnetic anomaly is
approximately 175 million cubic metres— Equivalent to circa
475 million tonnes assuming an average specific gravity of
2.7g/cm³
- Magnetic susceptibility
testing of drill samples from Marimaca and a review of key
geological and mineralogical features shows strong relationship
between chalcopyrite and magnetite mineralization at
depth
- Deeper drilling at Marimaca
encountered broad zones of higher-grade sulphide material
immediately adjacent to, or at the border of, the new interpreted
magnetic anomaly
- The next step, prior to
drilling, is to confirm the existence of sulphide related to the
magnetite bodies by means Induce Polarization / Resistivity lines
crossing the magnetic anomaly
- Success of drone mounted
magnetic survey provides impetus to extend surveys to cover the
area surrounding Marimaca to target potential repetitions of
similar style mineralization
The drone mounted magnetic survey identified a
significant magnetic anomaly beneath the current MOD, which dips to
the east with the same geometry as the interpreted extension of the
surface structures that host the copper mineralization at Marimaca.
The strong correlation of the magnetic response and the primary
sulphide bearing mineralized zones (mainly chalcopyrite), which was
identified during the magnetic susceptibility testing of drill
samples from Marimaca, provides a clear indication of a major
copper sulphide target. The total volume of the magnetic anomaly,
as generated by the Geosoft’s™ Magnetic Vector Inversion
modelling method, is approximately 175 million cubic metres, which
equates to approximately 475 million tonnes assuming a specific
graphic of 2.7g/cm3.
Figure 1: Cross Section with Interpreted
Sulphide Zone, Previously Completed Sulphide Drill Results and
Vector Inversion Magnetic Anomaly > 0.03
SI:https://www.globenewswire.com/NewsRoom/AttachmentNg/bd116ea6-7bf6-4839-9ec6-38886a15890d
Sergio Rivera, VP Exploration of
Marimaca Copper commented:
“The results of this magnetic survey, which have
provided stunning clarity with respect to the magnetic anomaly and
large structures around the Marimaca deposit, have confirmed our
interpretation of the potential for down dip extensions at
Marimaca. We are excited by this potential and will look to
complete a complementary Induced Polarization/Resistivity survey to
further assist in targeting sulphide mineralization.
“These results build on the exceptional work of
our geological team in identifying geological markers which we hope
will help us to target additional oxide and sulphide zones in the
future. The application of this modern geophysical tool, combined
with our largely completed geological mapping and geochemistry,
will provide the groundwork for identifying interesting anomalies
for follow-up exploration work.”
Marimaca Copper Project Overview
As previously announced, the Company 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 to release 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 the coming
weeks. 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.
Summary of Geology and Ongoing Exploration
Potential
Geological Interpretation
The Marimaca Copper Project is interpreted to be
a medium-high level exposed Iron-Oxide Copper Gold (“IOCG”)
deposit. It comprises a dominant structural feature of broad areas
of sheeted dykes and fracture zones, oriented north-north-east and
dipping 45-60° to the east (see Figure 2),
which host the copper mineralisation at surface.
The MOD has been extensively drilled and the
surrounding area has been covered by detailed surface mapping and
geochemical sampling. The Company completed a lower resolution
magnetic survey in 2016, followed by a high-resolution drone
mounted earlier this year which showed magnetic anomalies fairly
coincident with the broader MOD. This has provided a large base of
information from which geological interpretations can be made.
Based on the recent reassessment of the geological model for
Marimaca (refer to release 8 June 2020) the
Company believes it has the potential for significant sulphide
mineralization at depth. Furthermore, the interpretation of its
genesis being the result of in-situ oxidation of primary copper
sulphides, with a low pyrite content, suggests that the grades in
the sulphide zone would in the same range as observed for the
MOD.
Figure 2: Marimaca Deposit East Dipping
Sheeted Fractures Controlling Mineralization (looking
North):https://www.globenewswire.com/NewsRoom/AttachmentNg/f3ba27b5-e519-4b46-bf33-b8240307c4cb
Marimaca benefits from nearly 90,000 metres of
drilling, which provides large quantities of data to build a
detailed geological model. A review of the structure of the
deposit, obtained from surface mapping and core from diamond
drilling completed at Marimaca, shows that the structural controls
of the mineralization continue in the deeper parts of the deposit,
perhaps extending to considerable depths.
In addition, several of the deeper drill holes
at Marimaca, completed during the Phase II resource drilling
program, intercepted sulphide mineralization below the MOD resource
area. These results (refer to release 8 June 2020)
highlighted broad zones of higher-grade copper sulphide
mineralization including:
- 42 metres averaging 0.57% CuT from 272m downhole in
ATR-30;
- 26 metres averaging 0.97% CuT from 178m downhole in
ATR-78;
- 16 metres averaging 1.40% CuT from 122m downhole in
ATR-79;
- 44 metres averaging 1.05% CuT from 206m downhole in
ATR-82;
- 26 metres averaging 0.84% CuT from 148m downhole in
ATR-84;
- 36 metres averaging 1.68% CuT from 84m downhole in ATR-85;
- 38 metres averaging 1.04% CuT from 180m downhole in ATR-93;
and
- 48 metres averaging 1.30% CuT from 78m downhole in ATR-94.
Magnetic Susceptibility Measurements and
Relationship with Primary Copper Sulphides
A strong relationship between chalcopyrite and
magnetite is observed throughout the deposit area. The Company has
completed magnetic susceptibility work on over 42,800 samples
representing 85km of available drilling. The results, which have
been analysed on the basis of rock types as well as mineral
sub-zones across the Marimaca deposit, show a clear correlation of
high- magnetic susceptibility in the zones with primary sulphide
and the feeder zones associated with this mineralization as
compared to the oxide zones (see Figure 3).
Of the dataset analysed, the 1,458 samples which
included chalcopyrite mineralization show a mean magnetic
susceptibility significantly greater than the other mineral
subzones of the Project. This observation was also true for other
sulphides including covellite and chalcocite.
Figure 3: Summary of Magnetic
Susceptibility Analysis by Mineral Completed on Drill Core from
Marimaca:https://www.globenewswire.com/NewsRoom/AttachmentNg/4cfcce87-9004-4ce2-b1bc-7a5d44441e80
Magnetic Survey Results
The Company completed a drone mounted, high
resolution, magnetic survey over an area of 2km by 2km which is
directly coincident with the MOD and its immediate surrounding
area. The survey was completed on 25m line spacings oriented
east-west with north-south control lines every 250m, and with an
average flight altitude of 20m above the ground, for a total of
1,600 line kilometres of survey data (see Figure
4).
Figure 4: Pole Reduced Drone Mag Results
on 2km x 2km Area over Marimaca Copper Project with location of
main dykes and structures and the >0,1% CuT oxide surface
outline. Cross section from Figures 1 and 5 is located for
reference:https://www.globenewswire.com/NewsRoom/AttachmentNg/71843d66-0683-4d47-b32f-53a2c721c464
The results show a large magnetic anomaly
adjacent to and underlying the current MOD Mineral Resource
Estimate (“MRE”) area. The magnetic anomaly, which extends to circa
700m below the MOD MRE area, appears to be controlled or truncated
by the late stage, west-northwest trending Manolo fault. The
magnetic anomaly also appears oriented on a north-south to
north-north east strike, which is consistent with the strike of the
MOD at surface.
In the following cross section obtained from the
Magnetic Vector Inversion (Geosoft™) Model , it can clearly be seen
that the magnetic anomaly dips to the east with an angle of
approximately 45 degrees, which is consistent with the structures
observed in surface mapping and also in the deeper diamond drilling
completed at Marimaca, which show structures dipping to the east at
between 45 and 60 degrees. The sulphide intercepts, which are shown
in Figure 5 in white, appear to be immediately
adjacent to the magnetic anomaly.
Figure 5: Cross Section Showing Down Dip
Extension of Magnetic
Anomaly:https://www.globenewswire.com/NewsRoom/AttachmentNg/4d1ddb99-a773-48f6-a198-ad7f15bed693
The 25m spacing and low flight altitude has
allowed the creation of a detailed 3-Dimensional interpretation of
magnetic anomaly in the Project area. Based on this interpretation,
the total volume of the magnetic anomaly which provides a target to
follow-up for copper sulphide exploration, with greater than 0.03
SI, is approximately 175 million cubic metres, which equates to a
tonnage of circa 475 million tonnes assuming a specific gravity of
2.7g/cm³.
Figure 6: 3-Dimensional View of Magnetic
Anomaly > 0.03 SI as obtained from the Magnetic
Vector Inversion (Geosoft™) Model Looking
North-East:https://www.globenewswire.com/NewsRoom/AttachmentNg/1afaaa1e-14ff-4800-9ba7-4caa5704d75c
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.
Marimaca Copper (TSX:MARI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Marimaca Copper (TSX:MARI)
Historical Stock Chart
From Jul 2023 to Jul 2024