Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce the results of a recently completed surface geochemical
sampling and reconnaissance mapping program at the Mercedes Target,
which is located 3km to the north of the Company’s flagship
Marimaca Oxide Deposit (“MOD”).
Highlights
- Geochemical sampling has identified a large copper
anomaly with grades as high as 0.6% in surface sampling
- Central geochemical high is approximately 300 metres by
300 metres and is coincident with historical mine workings with
grades ranging from 0.2% up to 0.6% copper
- A large plus 200ppm Cu anomaly extends over an area of
approximately 600 metres by 500 metres, which compares favorably to
the MOD
- Approximately half of the Mercedes Target is concealed
by post mineral gravels
- The geochemical anomaly is potentially larger than the
footprint indicates
- Very little of the mineralized zone is exposed at
surface and there is a superficial leached zone
- Indicates the current anomaly is strong relative to
typical background copper levels in this area and compares
favorably to the MOD
- The geochemical anomaly has the same host rocks and
controlling structures as observed at the MOD
- Intensely fractured monzodiorite host
rock
- North-south striking, east dipping, parallel sheeted
fractures hosting mineralization
- North-west trending late or post mineral fractures that
control the supergene oxidation at MOD
- Naguayán Fault System, the key controlling fault at the
MOD, crosses the Mercedes Target
- 1:1000 geological mapping and reconnaissance and
geochemical sampling has commenced at the Cindy Target,
approximately 1.5km to the north of the Mercedes
Target
- Exploration work is underway to further refine targets
for the upcoming drilling campaigns which are expected to commence
in early Q1 2021.
Sergio Rivera,
VP Exploration of Marimaca
Copper, commented:
“We have identified a large surface copper
anomaly coincident with the previously identified magnetic anomaly
at Mercedes, which is very encouraging. We continue to note the
many similarities with the MOD including the intensely fractured
intrusive host rock, the presence of key copper oxides, the flat
sheeted structural controls of mineralization as well as dyke
swarms and faulting which cross the anomalous area.
“We believe this anomaly compares favourably
with the surface anomaly encountered at the MOD and, while the
anomalous area is already large, a significant proportion of it is
covered by gravels. Unlike the MOD, very little of the
mineralization is exposed. To have grades as high as 0.6% Cu in
surface geochemical sampling – which is well above the economic
cut-off grade at the MOD – is a very encouraging indication of the
potential mineralization. As a result, it presents an exciting
target for a shallow scout drilling program early in the New
Year.
“We are in the process of building our surface
facilities and mobilizing our drilling contractors to start the
next phase of exploration drilling which, based on our current
timelines, we expect to commence in early 2021.”
Surface Geochemical
Sampling and Reconnaissance
Geology
The Mercedes Target is located approximately 3km
to the north of the MOD and was identified as a large-scale
magnetic anomaly, which has many characteristics in common with the
MOD (refer to release 23 September 2020) including
its structural orientation and size.
The magnetic anomaly is within close proximity
to the important, regionally extensive, Naguayán Fault System, dips
in a similar orientation to the magnetic anomaly at Marimaca and is
also coincident with historical artisanal, open pit, oxide copper
workings.
The Company has completed a sampling program on
a 50 metre by 50 metre grid in the area immediately coincident with
the magnetic anomaly, extending to the west over the area believed
to be prospective for oxide mineralization, as well as completing
geological mapping and reconnaissance work over the same area. This
defined a large copper anomaly extending approximately 600 metres
by 500 metres with values above 200ppm copper.
Key features noted were similar host rocks (a
strongly fractured monzodiorite) and structures to those observed
at Marimaca. In particular, north-south striking, east dipping,
parallel sheeted fracturing intruded by various dykes and crosscut
by late stage faulting on a west north west orientation. The copper
mineralization includes brochantite, chrysocolla and atacamite,
which are the key oxide minerals at the MOD.
Figure
1: Map Showing the Area
of Interest and Geochemical Anomaly Relative to the Magnetic
Anomaly
- https://www.globenewswire.com/NewsRoom/AttachmentNg/9cb09514-ae90-48ba-a11e-f26c0d8addc8
The core of the geochemical anomaly is also
coincident with an area which has several small scale historical
artisanal workings. Grades in this area were as high as 0.6% Cu,
with numerous samples of between 0.2% and 0.5% Cu. These workings
have exposed mineralization and structural controls and allowed
Marimaca Copper’s geological team to observe numerous similarities
with the MOD. One key feature is the presence of easterly dipping,
north-south oriented, sheeted fracture zones which were prevalent
at the MOD. As at Marimaca, the sheeted fractures host and control
the copper mineralization at Mercedes.
Figure 2 shows
a small artisanal pit which has exposed oxide mineralization.
Importantly, it very clearly shows a similar style of easterly
dipping, sheeted, fracturing which controls the oxide
mineralization at Mercedes, and which is so prevalent at the
MOD.
Figure 2:
Photo of Small-Scale Artisanal Workings, looking South,
Exposing Mineralization and Structure
- https://www.globenewswire.com/NewsRoom/AttachmentNg/6c185bef-a393-4cdb-b09b-0d9715152429
As part of the mobilization process for the
upcoming drilling campaigns, the Company will build new roads and
drill pads, which should expose the mineralization horizon and
allow for more detailed mapping and sampling to be completed prior
to drilling these exciting targets.
The area coincident with the large magnetic
anomaly at Mercedes is overlain by an extensive cover of post
mineralization gravels. These gravels tend to get thicker towards
the west of the magnetic anomaly, which is the area believed to be
most prospective for Marimaca Style oxide mineralization. Surface
geological mapping has identified several areas where oxide
mineralization has been exposed below gravel cover which provides
additional evidence for the potential for oxide mineralization at
Mercedes.
Figure
3: Oxide Mineralization
Exposure below Gravel Cover and Extensive
Gravel Cover at the Mercedes Target
- https://www.globenewswire.com/NewsRoom/AttachmentNg/2fb28a0a-e2ff-455d-b891-f3ad4b0008bc
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.
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