Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce the results of an induced polarization (“IP”) survey
completed at the Marimaca Copper Project (“Marimaca” or “the
Project”), which has identified an extensive chargeability anomaly
below the Company’s flagship Marimaca Oxide Deposit (“MOD”). The
Company completed a Preliminary Economic Assessment (“PEA”) for the
MOD in 2020, which highlighted its unique characteristics and shows
the Project has the potential to be among the lowest capital and
operating cost copper projects when in production, delivering a
post tax NPV8 of US$524m using a US$3.15/lb copper price
(
refer to release: 4 August 2020). The PEA is
considered preliminary in nature and includes Inferred Mineral
Resources that are considered too speculative, geologically, to
have the economic considerations applied that would enable
classification as Mineral Reserves. There is no certainty that the
conclusions within the PEA will be realized. The PEA is based on
the material assumptions outlined in the release dated the 4th of
August 2020.
Highlights
- Extensive high chargeability anomaly identified,
indicating widespread presence of sulphide mineralization below the
MOD
- Survey results provide numerous targets for the
upcoming drilling campaign
- Survey results provide additional information regarding
structural controls of mineralization and continue to add to the
geological understanding of Marimaca
- Surface geological mapping and geochemical sampling at
Cindy target completed, results pending
- IP results for Mercedes and Cindy targets expected
imminently
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“We are very pleased with the results of the IP
survey, which show a large, laterally extensive, chargeability
anomaly beneath the Marimaca Oxide Deposit. This provides us with
valuable data to inform drill hole targeting.
“The IP has provided significant additional
structural information, including highlighting the importance of
the various cross-cutting fault structures for the mineralization
at Marimaca. This has provided us with several areas of focus for
drilling at the Marimaca Sulphide Target.
“We have also completed IP and geochemical
sampling at our Cindy and Mercedes targets and are now assembling a
considerable portfolio of targets which we believe could represent
repetitions of Marimaca style mineralization, close to our flagship
Marimaca Copper Project.
“We expect 2021 to be a pivotal year for our
Company, with numerous value creating opportunities, and we look
forward to executing on our exploration strategy over the coming
months.”
Overview of Induced Polarization Survey and
Results
The Company completed an IP survey over the MOD
with the objective of identifying areas of sulphide mineralization
associated with, or proximal to, the MOD. The IP method was
selected because of its deep penetration and high levels of
resolution.
The survey was completed by GRS Chile Ltda. and
consisted of five east-west lines on 300m north-south spacing for a
total of 17.5 line kilometres.
Figure 1: Location of IP Lines and
Resistivity and Chargeability Sections. Drill holes with
significant sulphide intersections shown on location map
- https://www.globenewswire.com/NewsRoom/AttachmentNg/583676ae-f0dd-4fbc-bd5e-673e351bd611
The resistivity low anomalies (darker colours)
are consistent with the existence of an upper, highly fractured,
supergene altered, intrusive host rock, with some discrete
anomalies accompanying the supergene oxide blanket. To
the east, a quite regular resistivity high (lighter colours)
maintains the north-south striking, east dipping nature of the main
fracture pattern (see Figure 1).
The IP chargeability high anomaly shows a broad,
laterally extensive, blanket like distribution (See Figure 1). The
highest values appear to be coincident with the major
west-north-west trending fractures that are thought to be important
controls of mineralization for the MOD (See Figure 2). The
chargeability anomaly is strongest and most consistent in the
southern portion of the MOD, where it is also most coincident with
the magnetic anomaly identified in the high-resolution drone
mounted magnetic survey (refer to announcement on
14th July 2020). From a
geological point of view, the north-south striking, east dipping
main structure is represented by low chargeability zones, while the
upper limit of hanging wall alteration is well defined
(see Figure 2).
The magnetic anomaly showed good correlation
between geology and structural patterns defined by drilling. A
direct relationship between magnetite and chalcopyrite was
confirmed through magnetic susceptibility measurements on drill
samples at Marimaca, follow-up down hole magnetic susceptibility in
combination with Gamma-Ray surveys and Fe assays.
Figure 2: Map and Sections with Magnetic
Inversion and Chargeability
- https://www.globenewswire.com/NewsRoom/AttachmentNg/922bad6d-77be-4c62-9e6b-52194a6f811d
In plan view, 3-D modelling of the copper
sulphides intersected in drilling at Marimaca shows an apparent
correlation with the NW trending fault structures identified across
the deposit, except for the central zone around the Marimaca fault.
It is thought that the drilling in other areas, which was completed
in topographical highs (as opposed to the valley of the Marimaca
fault) may have been too shallow to have intersected potential
sulphide mineralization.
Figure 3: Plan View Copper Sulphide
Leapfrog TM Model with W-NW
Trending Faults
- https://www.globenewswire.com/NewsRoom/AttachmentNg/ee07d290-4950-404b-8095-0d3aaff724b8
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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