Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”)(TSX: MARI) is pleased to
announce the results of a recently completed rock geochemistry and
reconnaissance mapping program at the Cindy Target, which is
located 5km to the north of the Company’s flagship Marimaca Copper
Project .
Highlights
- Geochemical
sampling has identified a very large copper anomaly with grades as
high as 2.9% Cu ° Greater than 200ppm
Cu anomaly extending over 1km of strike, several ore grade samples
noted° Coincident with historical
underground artisanal workings exploiting high grade
magnetite-chalcopyrite mineralization
° A significant proportion of the Cindy
Target is concealed by post mineral gravels, similar to the
Mercedes Target • The
geochemical anomaly is potentially larger than the footprint
indicates
- Underground
sampling provided valuable information regarding mineralizing
structures and depth of
oxidation° Indicates potential for
broad zones of oxide mineralization above the level of the
underground workings
- Geochemical
anomaly has the same host rocks and controlling structures as
observed at the Marimaca Oxide Deposit
(“MOD”)° The Naguayán Fault System, the
key controlling fault at the MOD, crosses the Cindy
Target
- IP surveys
completed for Mercedes and Cindy Targets, results
pending
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“Following the success of our geochemical
sampling program at Mercedes, which identified a large anomaly for
follow-up work, we have completed a similar program for the Cindy
Target.
“Once again, the results showed a large-scale
surface geochemical anomaly, which is coincident with both the
Cindy/Llanos magnetic anomaly, identified through previous surveys,
and with historical, high grade, underground artisanal workings
which mined magnetite-chalcopyrite mineralization.
“We continue to note many similarities with the
Marimaca Oxide Deposit including the presence of the parallel
sheeted, intensely fractured, dyke intruded host monzodiorite
adjacent to the regionally extensive Naguayán Fault System which
appear to host mineralization. The underground workings provide
valuable geological information on controlling structures, but also
with respect to the depth of the oxidation profile, indicating the
potential for broad zones of oxide mineralization above the level
of the underground workings.
“We believe the Cindy Target presents an
exciting drill target and could represent a Marimaca style deposit,
with potential for both near surface oxides and sulphides at
depth.
“Based on the success of this program, we will
look to prioritise the drilling of the Cindy Target, potentially
mobilizing additional rigs to drill this target as soon as
possible.”
Surface Geochemical Sampling and
Reconnaissance Geology
The Cindy Target is located approximately 5km to
the north of the MOD, and 2km to the north of the Mercedes Target
(refer to release 9 December 2020) and was
initially also 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 adjacent to the
important, regionally extensive, Naguayán Fault System, dips at a
similar orientation to the magnetic anomaly at Marimaca and is also
coincident with historical high-grade artisanal, underground,
copper workings.
The Company has completed a rock geochemistry
survey on a 50 metre by 50 metre grid as well as completing
geological mapping and reconnaissance over the same surface area.
This defined a large-scale anomaly, exceeding 200pm Cu, which
extends over a north-south strike of approximately 1km.
Figure 1: Map Showing the Area of Interest
and Geochemical Anomaly Relative to the Magnetic Anomaly
- https://www.globenewswire.com/NewsRoom/AttachmentNg/80ef5cff-3672-4b4e-858c-eab6ff36c3a7
Mapping and reconnaissance of the historical
underground workings was also completed, highlighting the presence
of high-grade magnetite chalcopyrite mineralization and providing
valuable information regarding the mineralizing structures and the
depth of oxidation for the Cindy Target area.
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 chalcopyrite, brochantite, chrysocolla and
atacamite, which are the key copper minerals at the MOD.
Figure 2: Locations of Ore Grade Samples at
Cindy Target
- https://www.globenewswire.com/NewsRoom/AttachmentNg/84687afa-7f53-4e92-b4ef-ccd854dc5df1
While several samples were high grade, including
2.9% at the historical workings and 0.9% Cu approximately 500m to
the south of the workings, the Cindy Target has much lower levels
of exposure and, as with Mercedes, large portions of it appear to
be covered by post mineralization gravels. This indicates that the
mineralizing system could be significantly larger than the
geochemical footprint indicates.
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
Cindy Target area 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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