Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
provide an update on its exploration work in the new Marimaca
Copper District (“Marimaca” or “the Project”), which is advancing
rapidly. The success of the two magnetic surveys (
refer
announcements on 14th July 2020 and 23rd September 2020)
provide several areas for follow-up work to further refine targets
with the objective of commencing drilling in early 2021,
notwithstanding the ongoing impact of COVID-19 and the potential
for delays in this work program.
Highlights
- Induced Polarization Survey underway at Marimaca
Sulphide Target
- Commenced in the first week of October
- Objective to identify sulphide zones for priority
drilling
- Results of survey expected December
- Downhole magnetic susceptibility
- Testing underway, results expected towards end of
October
- Provides additional definition of the magnetic anomaly
at the Marimaca Sulphide Target
- Permitting nearly complete for drilling at Marimaca
Sulphide Target in early 2021
- Detailed geological mapping of district scale targets
underway at Mercedes and Cindy
- 1:1000 geological mapping
- 50m x 50m surface geochemical sampling
- Results for Mercedes expected in December, and results
for Cindy expected January
- Surface indications at Mercedes show encouraging
magnetite related copper oxide mineralization
- Atacamite noted in several locations at Mercedes, one
of the key oxide minerals at the Marimaca Oxide
Deposit
- Other exploration work planned includes:
- IP for District Targets – Mercedes, Cindy, Llanos and
Emilia
- Extensions of magnetic surveys along the full 15km
length of the interpreted Naguayan Fault Zone
- Geological reconnaissance in the extension
areas
- Follow-up work on the highly prospective Robles Fault
Structure
Hayden Locke, President of Marimaca
Copper commented:
“Following the success of the magnetic surveys,
we have defined several priority targets for follow up. Our team of
geologists, led by Sergio Rivera, has wasted no time in commencing
the next phase of field work, which will help us to further refine
the highest priority targets for drilling as soon as possible.
Although COVID-19 is yet to have an impact on our operations, we
continue to be cautious in our approach to these work programs to
ensure we mitigate risk of shutdown.
“We are also looking further afield to continue
to identify Marimaca Style deposits in our large claims package,
which controls over 20km of prospective strike. Work has commenced
on the Naguayan Fault Zone, which has only recently been identified
in its fullest extent, and we believe is an important structure for
controlling mineralization in the district. Furthermore, we are
excited at the potential in the separate Robles Fault Zone and will
commence follow-up work there in the coming months.
“We are in the final phase of permitting our
future drilling campaigns, which will then allow us to mobilize our
teams, build the new exploration camp and get the drill rigs onsite
to start testing these targets as soon as possible, starting with
the Marimaca Sulphide Target.”
Overview of Exploration Work Programs
Underway
MARIMACA SULPHIDE TARGET – INDUCED
POLARIZATION
The Company has commenced an Induced Polarization (“IP”) Survey
at the Marimaca Sulphide Target to help further refine drill hole
location and orientations to test this exciting opportunity. These
surveys highlight areas of higher sulphide content and help to
identify priority zones, within the larger anomaly.
Figure 1: Map of Planned IP Lines at
Marimaca Sulphide
Targethttps://www.globenewswire.com/NewsRoom/AttachmentNg/3f95d6fd-6a03-4da8-b569-3ad27f9200c0
The IP survey is being completed by GRS
Geophysical Resources & Services with a total of 35line km of
surveys completed with East-West lines and two control lines
North-South, all on 300m spacings. Results for the IP survey are
expected during December and, based on these results, the Company
will begin detailed planning for the maiden drilling campaign.
Figure 2: Induced Polarization Equipment
on Site at Marimaca Sulphide
Targethttps://www.globenewswire.com/NewsRoom/AttachmentNg/c2102b45-0fe2-49d5-b891-7834784ae3d5
Concurrently with the IP surveys, the Company is
completing downhole magnetic susceptibility measurements, which
will provide greater detail with respect to the magnetic anomaly
within the Marimaca Sulphide Target. This can provide valuable
information with respect to structures which may be important for
mineralization at depth.
Figure 3: Downhole Geophysics (Magnetic)
Team Onsite at Marimaca Sulphide
Targethttps://www.globenewswire.com/NewsRoom/AttachmentNg/2b60c856-950f-4f12-81bb-b7fc09f2889a
The Company is in the process of finalizing the
permits required for the next phase of drilling which includes the
district targets. It is expected that these will be received during
October, which will allow the Company to mobilize the drilling
contractors, commence camp construction and preparation of roads
and drill pads. The first target to be drilled will be the Marimaca
Sulphide Target, which the Company expects will commence in early
2021.
DISTRICT TARGETS – SURFACE
GEOLOGY
North of the Marimaca Oxide Deposit, the district scale 7.5km by
5km magnetics survey (refer announcement on
23rd September 2020)
identified several targets which are prospective Marimaca style
deposits. The initial focus will be on the Mercedes and Cindy
targets, which have striking similarities with Marimaca including
spatial relationship of the magnetic anomalies with the important
Naguayan Fault, the orientation and dip of the magnetic anomalies
as well as their proximity to historic artisanal copper workings
hosting oxide and sulphide copper mineralization.
Figure 4: Map Showing Areas for Surface
Geological
Workhttps://www.globenewswire.com/NewsRoom/AttachmentNg/d92c5381-7f59-475e-ae62-01887a4c3cfa
Marimaca’s geological team is completing a range
of work including geochemical sampling on a 50m by 50m grid and
1:1,000 geological mapping, which will provide more granular detail
of the key geological features across these targets. The results of
these programs are expected in November 2020 for Mercedes and late
December 2020 or early January 2021 for Cindy.
Figure 5: Mercedes - Atacamite
Outcrop with Actinolite-Magnetite Veining (Left) and
Intensely Albitized Magnetite Breccia
(Right)https://www.globenewswire.com/NewsRoom/AttachmentNg/b138e12c-b6ce-44ae-9369-e078cb7fb8fb
At Mercedes, the Company has noted several areas
with copper oxide mineralization at surface in conjunction with
brecciation, which is a key feature of mid-level iron-oxide copper
gold (“IOCG”) deposits such as Marimaca. The oxide mineralization
is atacamite, but several other species have been noted in previous
work. The Company will complete sampling of these surface
zones.
Figure 6: Geologists on the Ground
Mapping at Mercedes
Targethttps://www.globenewswire.com/NewsRoom/AttachmentNg/3318db56-e660-46b3-8457-d21e97845bbd
At Cindy, the Company notes the presence of
historic underground artisanal workings which mined high grade
magnetite-chalcopyrite mineralization. Important features are the
high magnetic susceptibility associated with the rocks containing
chalcopyrite and the notable brecciation which, as described above,
is a key feature of mid-level IOCG deposits.
Figure 7: Cindy – Magnetite-Chalcopyrite
Mineralization near Historical Artisanal
Workingshttps://www.globenewswire.com/NewsRoom/AttachmentNg/43601a49-00ba-4268-b18d-cd6d8d6e5948
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.
Mr Rivera confirms that he has visited the
Marimaca Project on numerous occasions, is responsible for the
information contained in this news release and consents to its
publication.
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