Marimaca Copper Corp.
(“Marimaca Copper” or the
“Company”) (TSX: MARI)
is pleased to announce the results of a high resolution, drone
mounted, magnetic survey (the “Survey”) in the district surrounding
the Company’s flagship Marimaca Copper Project (“Marimaca” or “the
Project”) in Chile. The Survey has identified several large-scale
magnetic anomalies which the Company believes are prospective for
Marimaca IOCG style deposits. The Company will host a webinar on
this release on Monday the 28th of September 2020 at 11am EST (8am
Pacific; 4pm UK). Questions can be submitted through the webinar
platform, or via email to marimaca@tavistock.co.uk no later than
two hours prior to the scheduled start time.
Webinar link details below:
Webinar Link
Highlights
-
Four large scale magnetic anomalies
identified,
believed to be
prospective for Marimaca style
deposits○ All similar size to or
larger than the Marimaca Sulphide Target
(175 million
m3)
- All targets
are adjacent to key regional structures which are
believed to control mineralization at
Marimaca○ Regional structures clearly shown in magnetic survey
results○ Naguayán Fault,
which controls
Marimaca,
clearly defined over 6km
strike length○ Cross cutting faults, an important
mineralization control at Marimaca, noted at all targets
-
Regional structure identified over
25km○ New ground staked
and option agreements
executed covering full extent of
prospective structures○ Expanded magnetic
surveys planned to identify additional targets for follow-up
work
-
Three smaller targets on
new fault
structures,
proximal to successful
previous shallow scout
drilling campaign
-
Potential for blind
copper oxide
mineralization beneath shallow
gravel, as well as large
scale sulphide targets
-
Cindy, Llanos
and Mercedes Targets marked by
high-grade,
artisanal, copper
workings○ A key feature of Marimaca
- Improved
understanding of Marimaca and its structural controls help to
further refine the exploration model to target repetitions of
Marimaca IOCG
style mineralization
- Follow-up
work underway including IP surveys, surface geological work and
drill hole planning○ Targeting drilling the Marimaca Sulphide
Target in early 2021
Sergio Rivera, VP Exploration of Marimaca
Copper commented:
“The clarity of the magnetic anomaly at
Marimaca, gave us a clear impetus to expand the size of our survey
to identify new targets within our now expanded land package. The
results are exceptional. There are several large-scale magnetic
anomalies adjacent to the important Naguayán Fault to the north of
Marimaca which exhibit similar geometry and spatial relationship
with regional structures. Perhaps most exciting is that many of the
target areas are covered by gravel, suggesting that any near
surface oxide mineralization associated with these magnetic
anomalies is likely to be blind.
“We believe we have the potential to discover a
new copper district in Chile and we are mobilizing geological teams
for follow-up work prior to drilling. At the Marimaca Sulphide
Target, we will complete an Induced Polarization survey to further
define the best locations for drilling. We will also commence
surface geological work to help prioritize the new targets
identified in the magnetic survey for follow-up work and we look
forward to drill testing these as soon as possible.”
Figure
1: District
Map Showing Seven High Potential Marimaca
Style Deposit
Targetshttps://www.globenewswire.com/NewsRoom/AttachmentNg/52a54a0e-f163-414f-9629-5dd2df4ebd36
Expanded Land Position to Control 25km of
Prospective Strike
The Company has materially expanded its land
position, staking new claims and executing several option
agreements over ground along strike to the north and south of the
Marimaca deposit. With the execution of these agreements, Marimaca
Copper now controls most of the 25km of prospective strike of the
main regional structures that are believed to be the main controls
for mineralization in the district. Most of the new claim package
now controlled by Marimaca Copper were recently staked, but
additionally, two new option agreements were executed, the terms of
which are:
New Option Agreements:
- Signed on 22 July
2020 & 14 August 2020 respectively;
- US$10,000 on
signing
- US$80,000 12 months
post signing
- US$110,000 24
months post signing
- US$300,000 36
months post signing
- 1.5% NSR royalty
with an option to buy back 0.5% for US$500,000 at the Company’s
option; and
- Right of first
refusal over any sale of the remaining royalty
Marimaca Copper is now planning to extend the
high-resolution drone mounted magnetic survey over the new claims
to identify additional targets for follow-up exploration work. It
is expected that these surveys will commence in late September or
early October and take approximately four weeks to complete with
results expected to be available before the end of 2020.
Follow-Up Exploration Work
Planned
Follow-up work at the Marimaca Sulphide Target,
as defined in the prior magnetic survey (refer release on
14 July 2020), planned to be completed before the end of
2020, will include:
- Completion of an
Environmental Impact Declaration (“DIA”) to provide all
environmental permits required for drilling, expected in October
2020
- Induced
Polarization Survey, which is underway
- Downhole magnetic
susceptibility testing
- Drill camp
construction and contractor mobilization
- Exploration drill
hole planning; and
- Road and
infrastructure construction
The Company is planning to drill the Marimaca
Sulphide Target in early 2021.
Follow-up surface work at the new targets to the
north of Marimaca - Cindy, Llanos, Mercedes and Emilia - planned to
be completed by the end of Q1 2021, will include:
- 1K Geological
Mapping
- Rock geochemistry
on a 50m x 50m grid spacing
- Induced
Polarization Surveys
- Exploration drill
hole planning
- Road and
infrastructure construction
Follow-up district exploration work:
- Expanded high resolution drone
mounted magnetic surveys
A Potential New IOCG District
Multiple Large-Scale
Sulphide Targets
Magnetic susceptibility work at Marimaca has
shown a strong correlation between magnetic response and the
primary copper sulphide chalcopyrite. The Company flew a high
resolution, drone mounted, magnetic survey at Marimaca, which
highlighted a large magnetic anomaly (refer release on 14
July 2020), in the interpreted down dip extension of the
Marimaca Oxide Deposit. The success of this exploration work has
allowed the Company to develop an exploration model which it
believes can target repetitions of Marimaca’s IOCG style
mineralization in its claims package.
The Company completed a broader magnetic survey,
extending around the previous survey at Marimaca. The results were
excellent and confirmed, in noticeably clear resolution, the
Company’s geological understanding of the district, but also
provided significant further information on local and regional
structures, especially the regionally extensive Naguayán and Robles
Fault Systems, which extend to the north and to the north-east
respectively (refer Figure 1).
Four large scale magnetic anomalies, defining
the new Cindy, Llanos, Mercedes and Emilia areas, were identified,
which the Company believes are prospective copper exploration
targets. All are proximal to historic high-grade artisanal copper
workings where chalcopyrite was extracted along with magnetite and,
in the case of Mercedes, open pits which exposed some copper oxide
mineralization.
Figure
2: Plan View and Sections of New
Magnetic Targets along
the Naguayán
Faulthttps://www.globenewswire.com/NewsRoom/AttachmentNg/a6987a92-66e0-439a-8be8-11ccd87b5a68
The magnetic susceptibility intensity levels,
the orientation and geometry of the new magnetic anomalies, and
their spatial location relative to the Naguayán Fault, is virtually
identical to what is observed in the magnetic anomaly at the
Marimaca Sulphide Target. These shared characteristics support the
conclusion of the potential for Marimaca style deposits.
Potential Blind Oxide Deposits
Given the similarities between the new magnetic
anomalies and Marimaca, there is clearly potential for oxide
deposits similar to Marimaca in these new exploration areas. In
contrast to Marimaca, there is a prevalence of transported cover in
the form of gravels, especially in the valleys to the west of the
sulphide targets at Cindy and Mercedes. This means that any
geochemical signature of an oxide deposit is likely to be notably
reduced or nonexistent and that if an oxide deposit exists in these
valleys, it will be a blind deposit. The gravels have also been
interpreted in the magnetic survey (refer Figure
2).
Figure
3: Sections of Mercedes and Cindy Targets
Showing Location of Blind Oxide TargetsRelative to
Magnetic
Anomalieshttps://www.globenewswire.com/NewsRoom/AttachmentNg/83406f5c-bc14-4065-9061-a823c2869974
At Marimaca the oxides were exposed at surface
and it, therefore, had a large geochemical signature.
Figure 4 shows the location of
the Marimaca Oxide Deposit relative to the magnetic anomaly, as
well as the orientation and scale of the magnetic anomaly relative
to the Naguayán Fault. The similarities, when comparing the
anomalies and potential location of the blind oxide targets at both
Cindy-Emilia and Mercedes (refer Figure
3) to Marimaca (refer
Figure 4), can be clearly
seen.
The Company sees potential for shallow oxide
deposits in the valleys to the west of the magnetic anomalies at
both the Cindy-Emilia and Mercedes targets and is planning
follow-up surface geological work to further refine targets for
drilling. The discovery of new mineralization that could provide
additional oxide resources, within 5km of Marimaca, could
materially change the scale and mine life of what is already an
outstanding project. Because of their proximity to Marimaca, any
new discoveries in these locations could be processed through a
centralised SX-EW plant, with potential benefits to both capital
and operating costs.
Figure
4: Section of Marimaca Showing Location of
Oxide Deposit Relative to Magnetic
Anomalyand Regional
Structureshttps://www.globenewswire.com/NewsRoom/AttachmentNg/550ada60-c24b-4e62-ae8d-a111fac1ac37
HR Magdrone Technical
References
The magnetic survey was completed by GFDas
Impronta Geofisica, which also completed the first survey at
Marimaca. The total surveyed area was 37.5 km2, extending 7.5km
north-south and 5km east-west. The survey was completed on 25 metre
space east-west oriented lines with control lines oriented
north-south every 250 meters. Flight altitudes ranged from 15
meters to 38 meters and averaged 20 meters above ground level. In
total, 1,600-line kilometers were completed. A 3-Dimentional
magnetic susceptibility model was generated utilising Geosoft’s
Magnetic Inversion Vector™ software.
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 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 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, and globally, 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 as
highlighted in the Company’s PEA, which was released in early
August 2020. Marimaca will benefit from nearby existing
infrastructure including roads, powerlines, ports, a sulphuric acid
plant, a skilled workforce and seawater.
Contact InformationFor 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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