Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce the mobilization of drilling contractors, the construction
of the first drill pads and the commencement of construction of the
infrastructure and support facilities for the 2021 exploration
program across the Marimaca Copper District.
Highlights
- Drilling
support facilities are under construction to support the upcoming
drilling programs encompassing the Marimaca Sulphide, Mercedes
Oxide and Cindy Targets
- Drilling
contractors mobilized and drill pad construction underway for first
holes at the Marimaca Sulphide
Target° Numerous deeper holes drilled
at Marimaca during Phase II drilling intercepted sulphide
mineralization below the Marimaca Oxide Deposit (“MOD”).
Significant results previously released to the market
include: • 42 metres averaging 0.57%
CuT from 272 metres in ATR-30 • 26
metres averaging 0.97% CuT from 178 metres in ATR-78
• 16 metres averaging 1.4% CuT from 122
metres in ATR-79 • 44 metres averaging
1.05% CuT from 206 metres in ATR-82
• 26 metres averaging 0.84% CuT from 148
metres in ATR-84 • 36 metres averaging
1.68% CuT from 84 metres in ATR-85
• 38 metres averaging 1.04% CuT from 180
metres in ATR-93; and • 48 metres
averaging 1.30% CuT from 78 metres in
ATR-94.° Several holes ended in
mineralization and the sulphide zone remains open in all
directions° Induced Polarization (“IP”)
complete, release pending processing and
interpretation
-
Infrastructure construction underway at the large Mercedes
Oxide Target° Exploration program will
expose mineralization and provide additional information with
respect to oxide target
- Geochemical
sampling and mapping completed at Cindy Target, release pending
assay results and interpretation
- IP
completed at both the Mercedes and Cindy Targets, release pending
processing and interpretation
- Drilling
expected to commence before the end of January, first results by
the end of Q1 2021
Hayden Locke, President of Marimaca Copper,
commented:
“Our team has worked tirelessly over the holiday
season to prepare for the upcoming exploration program and we are
excited to announce that drill rigs have been mobilized and site
preparations are well underway. The first rig will focus on the
Marimaca Sulphide Target, which has the potential to deliver a
meaningful extension to the outstanding Marimaca Oxide Project. We
have completed IP surveys and the results are pending final
processing and review.
“We have also commenced the construction of roads
near the Mercedes Target, coincident with the large surface
geochemical anomaly. This will provide additional geological
information by exposing mineralization and allowing for more
detailed mapping and sampling.
“In addition, the team has completed sampling at
the Cindy Target, just to the north of Mercedes. Widespread copper
mineralization has been noted in the mapping and sampling work
completed and the results should be available to release to the
market in the coming weeks.
“We are entering an exciting phase for the Company
as we move to test several high priority exploration targets, each
of which, if we are successful, could change the scale of the
opportunity at Marimaca.”
Overview of Work Underway in the Marimaca
District
Support Facilities Construction, Drill Pad
Construction and Rig Mobilization
During late December and early January, the Company
commenced construction of the drilling support facilities.
Contractors were mobilized and construction of the first drill pads
commenced for the Marimaca Sulphide Target. Drilling is expected to
commence before the end of January 2021.
Figure 1: Drilling Support Facilities for
2021 Exploration Program
The first holes into the Marimaca Sulphide Target
will focus on extensions of the sulphide mineralization intersected
during previous infill drilling campaigns. These included numerous
broad zones of high-grade material immediately below the oxide
resource, with several of the drill holes ending in mineralization.
Significant results previously released to the market include:
- 42 metres averaging
0.57% CuT from 272 metres in ATR-30
- 26 metres averaging
0.97% CuT from 178 metres in ATR-78
- 16 metres averaging
1.4% CuT from 122 metres in ATR-79
- 44 metres averaging
1.05% CuT from 206 metres in ATR-82
- 26 metres averaging
0.84% CuT from 148 metres in ATR-84
- 36 metres averaging
1.68% CuT from 84 metres in ATR-85
- 38 metres averaging
1.04% CuT from 180 metres in ATR-93; and
- 48 metres averaging
1.30% CuT from 78 metres in ATR-94.
The Company has completed an IP survey for the
Marimaca Sulphide Target. The results are in the final phase of
reprocessing and analysis and should be released to the market, in
the coming weeks.
Figure 2: Preparation of Drill Pads
-- https://www.globenewswire.com/NewsRoom/AttachmentNg/a0f96ecf-fcaa-4ab4-a2cb-5ac9b04b847d
Mercedes Oxide Target
The Mercedes Target is located approximately 3km to
the north of the MOD and was identified as a large-scale magnetic
high, which has many characteristics in common with the MOD
(refer to release 23 September 2020) including its
structural orientation and size.
The Company has completed a sampling program on a
50 metre by 50 metre grid (refer to release 9 December
2020) over the magnetic anomaly and 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 work has defined a large copper anomaly
extending approximately 600 metres by 500 metres with values above
200ppm copper, open to the northwest under the gravels.
Figure 3: Mercedes Target; Location,
Magnetic High and Geochemical Anomaly
-- https://www.globenewswire.com/NewsRoom/AttachmentNg/1acb870d-2550-4e5d-9e68-6c1a5ffded3c
The Mercedes Oxide anomaly is of similar scale to
the original MOD geochemical anomaly, but with a key difference
that, due to limited workings and infrastructure construction in
the area of Mercedes, very little of the mineralization is exposed
at surface. The Company is currently constructing drilling access
roads in the Mercedes area, which should expose areas of
mineralization and allow more detailed mapping and sampling to be
conducted prior to drilling.
In addition, the Company has completed Induced
Polarization surveys at the Mercedes Target with release of results
pending processing and interpretation.
Cindy Target
During December and early January, the Company
completed mapping and geochemical sampling at the Cindy Target,
located just north of the Mercedes Target. Mapping has identified
an extensive area of mineralization, which has been sampled. Cindy
is coincident with a large magnetic high and is also the site of
high grade, chalcopyrite-magnetite, artisanal underground mining.
Results of the geochemical sampling will be released to the market
in the coming weeks.
In addition, the Company has completed Induced
Polarization surveys at the Mercedes Target with release of results
pending processing and interpretation.
Figure 4: Results of Magnetic Survey and
Location of Cindy Target
-- https://www.globenewswire.com/NewsRoom/AttachmentNg/6362a321-c99a-42b5-8a4d-41d9286c2e71
Roble Target
The results of the district magnetic survey
(refer to release 23 September 2020) highlighted
the regionally extensive nature of the Naguayán Fault System, but
also identified another fault system, which was previously unknown
and that is also coincident with a large-scale magnetic
anomaly.
The Roble Target is located on the Roble Fault
System, which splays from the Naguayán Fault System to the north
east. The Company has completed first pass geological mapping,
geochemical sampling and some geophysical work including limonite
index work to understand the level of oxidation beneath the cover.
The results will be available for release to the market in the
coming weeks.
Figure 5: Regional Mag Survey Results and
Roble Target
-- https://www.globenewswire.com/NewsRoom/AttachmentNg/be8b4a75-38f8-4008-94f7-ba4d19369225
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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