Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce that the Antofagasta Environmental Evaluation Commission
has approved, by a majority vote, the Company’s new exploration
campaigns, which will encompass further drilling at the Marimaca
Oxide Deposit (“MOD”), exploration drilling at the Marimaca
Sulphide Target and in the broader Marimaca District.
Highlights
- Approval for new exploration programs received from
regional environmental authority
- Marimaca Copper successfully completed the Declaración
de Impacto Ambiental (“DIA”) process, which is expected to be a
similar process for the environmental approvals for the eventual
development of the Marimaca Oxide Deposit
- Baseline studies were completed to analyse flora and
fauna and potential environmental impacts of the
project
- Approvals granted for the construction of up to 365
drill pads (“platforms”) over the next three years
- Approvals encompass 3,800 hectares of highly
prospective ground including the recently defined district targets
around the Marimaca Project as well as the Marimaca Sulphide
Target
- Awaiting receipt of the final Resolution de
Calificación Ambiental (“RCA”) from the Environmental Assessment
Service (“SEA”), which is expected within the next 10
days
- Exploration work underway to further refine targets for
the upcoming drilling campaigns which are expected to commence in
Q1 2021.
Hayden Locke,
President of Marimaca Copper
commented:
“As we move to the next phase of our
development, with an increased focus on exploration, our team has
completed the environmental impact assessment process where
extensive baseline environmental work was completed, in line with
the strict environmental assessment procedures in Chile. We are
pleased to announce that we now have the approvals required to
commence our next phase of aggressive exploration work, which will
focus on the Marimaca Sulphide Target, as well as the several,
recently defined, large scale targets to the north of the Marimaca
Oxide Deposit.
“We are currently completing Induced
Polarization and downhole magnetic surveys over the Marimaca
Sulphide Target, which will allow us to further refine our drill
hole targeting. In addition, we have commenced surface geological
work at the regional targets, to the north of the Marimaca Oxide
Project, which we believe will generate several high priority oxide
drill targets for scout drilling in early 2021.
“2021 is going to be an exciting year in our
development as we hope to make another significant copper discovery
to complement the unique Marimaca Oxide Deposit, which boasts
industry leading capital costs and bottom quartile
all-in-sustaining cash operating costs.”
DIA Approval
The Company undertook a rigorous environmental
baseline study, which included flora and fauna studies and
indicated no red flags for the project’s exploration to move ahead.
In addition, archeological baseline studies have been completed and
no relevant archeological findings were made, which the Company
believes will reduce complexity in future permitting programs.
The area approved by the DIA covers a footprint
of 3,800 hectares and includes the MOD, the Marimaca Sulphide
Target and all of the new targets generated to the north of
Marimaca.
Exploration work at the MOD will include an
infill drilling campaign to convert the Inferred resources into
Measured and Indicated, ahead of the execution of a Pre-Feasibility
Study or Feasibility Study. The Company’s current plan is to
complete the infill drilling in 2021, after conditions improve
related to the Covid-19.
The Company will look to commence drilling on
the exciting new targets identified through recent magnetic surveys
as a matter of priority.
Overview of
Exploration Work Programs
Underway
MARIMACA SULPHIDE TARGET
– INDUCED POLARIZATION
The results from the high resolution, drone
mounted, magnetic survey (please
refer to the Company’s press
release dated 14 July
2020) identified a significant magnetic anomaly beneath
the current Marimaca Oxide Deposit (“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.
Figure 1: Cross Section
N 7.435.800 with Interpreted Sulphide
Zone, Previously Completed Sulphide
Drill Results and Vector
Inversion Magnetic Anomaly > 0.03
SIhttps://www.globenewswire.com/NewsRoom/AttachmentNg/95bf75d3-14ec-445d-b789-7d3c9a122122
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
2: Map of Planned IP Lines at Marimaca
Sulphide
Targethttps://www.globenewswire.com/NewsRoom/AttachmentNg/2ddae7f3-0531-4fd2-bb3f-d57fd439f60a
The Company is also 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 around structures
which may be important for mineralization at depth.
DISTRICT
TARGETS – SURFACE GEOLOGY
North of the Marimaca Oxide Deposit, the
district scale 7.5km by 5km magnetics survey
(please refer
to the Company’s press release dated 23
September 2020) identified several targets which are
prospective Marimaca style deposits. The initial focus will be on
the Mercedes and Cindy targets, which have noticeable 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.
Marimaca’s geological team is currently
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 Company believes this work will generate high priority
oxide drill targets for scout drilling in the first half of
2021.
The Company will then move the IP survey teams
north to Mercedes and Cindy to refine drill targets for the deeper
magnetic anomalies, which the Company believes are prospective,
large scale, copper sulphide targets.
Figure
3: Map Showing Areas for Surface
Geological
Workhttps://www.globenewswire.com/NewsRoom/AttachmentNg/e4dbf1fb-8930-41ab-8479-d16c6aa06b17
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
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.
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