Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce that, following the positive vote by the Antofagasta
Environmental Evaluation Commission (
refer
to news release on 5 November
2020), it has received its Environmental Qualification
Resolution (“RCA”), which allows it to undertake new exploration
campaigns at the Marimaca Copper Project (the “Project”) and in the
broader Marimaca District.
Highlights
- Final
RCA received from the Environmental Assessment
Service completes
the thorough permitting process
for the Company
-
Evaluation process demonstrates
that the Company and the Project,
including its surrounding areas, comply with all
environmental regulations
-
Approvals granted for the construction
of up to 365 drill pads over the next three
years,
encompassing 3,800
hectares of highly prospective
exploration ground
-
Exploration work continues
with the objective of further
refining targets
ahead of the upcoming drilling
campaigns-- Surface geology and mapping at
Mercedes Target
continues to highlight
outcrops of oxides with similar
geological features and mineralization to
Marimaca-- Expanded surveys underway at Cindy
Target and to be commenced at the new Robles
Target-- IP surveys at Marimaca
Sulphide Target to be complete by early December,
results available prior to year end-- Commencement
of facilities construction and
mobilization of drilling contractors
expected in December and
January
- On
track to drill first targets in
early Q1 2021
- Subject
to closing of overnight marketed transaction raising C$25.2m, the
Company is fully financed for the next phase of exploration work at
Marimaca
Hayden Locke,
President of Marimaca
Copper, commented:
“We have now received the final documentation to
allow the Company to undertake its aggressive exploration plans in
2021. We are especially pleased that the rigorous environmental
baseline studies, which were completed, indicated that the Project
is unlikely to have any significant impacts on the local
environment.
“Our geological team has been on the ground for
several weeks completing the various surveys to allow the further
delineation of high priority targets for drilling in early 2021. Of
particular interest is the increasingly observed presence of
outcropping oxide mineralization noted during reconnaissance work
at the Mercedes target, approximately 3km north of the Marimaca
Oxide Project. We will provide an update on this as soon as the
surveys are complete.
“With the successful upsized overnight marketed
deal to raise C$25.2m, we are now well funded to commence our
exploration programs which will assess the potential of the
Marimaca Sulphide Target and the several targets which have been
identified further to the north in the Marimaca District.”
Area Approved by RCA
The RCA provides approval for exploration
drilling over an area of 3,800 hectare encompassing the Marimaca
Oxide Project and the area immediately surrounding it including the
high priority exploration targets – Mercedes, Cindy, Llanos and
Emilia – to the north and Robles to the east.
Figure 1: Map of Approved Prospecting Area
- https://www.globenewswire.com/NewsRoom/AttachmentNg/e63f106c-e1c9-4c00-91ba-6ac0818bce67
Overview of
Exploration Work Programs
Underway
OXIDE MAPPING AND SAMPLING AT
MERCEDES
Marimaca Copper’s team of geologists have been
on the ground undertaking reconnaissance work to the north of
Marimaca, near the recently identified Mercedes Target
(refer to news release 23
September 2020). The team continue to note the presence of
substantial outcropping of copper oxide mineralization occurring
with brecciation, which is a key feature of mid-level iron-oxide
copper gold (“IOCG”) deposits such as Marimaca. Geochemical
sampling has now been completed and the assay results are expected
in mid December.
SURFACE MAPPING AND SAMPLING AT CINDY
AND ROBLES
Detailed geological mapping of old mine workings
and outcrops as well a detailed sampling program has commenced at
Cindy, the site of historical, high grade, artisanal
chalcopyrite-magnetite mining. This program will be extended to the
Robles area – to the east of Mercedes – taking into account the
recent favorable evidence of alteration-mineralization observed in
these areas, which is similar to that identified at Marimaca.
Figure 2:
Map Showing Areas for Surface Geological Work
(Cindy and Mercedes)
- https://www.globenewswire.com/NewsRoom/AttachmentNg/c04cc3e4-4c8f-4711-ba92-1942e84b4984
MARIMACA SULPHIDE
EXPLORATION
The Induced Polarization survey is in progress
for the Marimaca Sulphide Target and results are expected during
the first half of December. The Company has also implemented a
comprehensive machine learning data processing, on the raw data
from the high resolution magnetics data at the Marimaca Sulphide
Target, which has helped to confirm the relationship between
magnetics, especially related to magnetite content and magnetic
susceptibility data from the deeper drill holes. This exercise has
indicated that the probable distribution of magnetite can be
correlated with expected distribution of copper sulphides, as the
drill hole data highlights. All information has been checked via
down the hole susceptibility measurements and Fe plus ICP
characterization assays from drill samples.
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