Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce the assay results of the first drill hole of a five-hole
program targeting extensions of sulphide mineralization below the
Company’s flagship Marimaca Oxide Deposit (“MOD”). Drilling
encountered a broad zone of chalcopyrite and minor chalcocite,
indicating potential for economic sulphide mineralization.
Highlights
- Drill
hole MAR-125 intersected 116m (expected approximate true width) at
an average grade of 0.51% CuT from 162m, including two higher grade
zones of:
- 20m with an
average grade of 0.77% CuT from 162m; and
- 42m with an
average grade of 0.92% CuT from 236m.
-
Intersection represents a significantly broader zone of
mineralization than anticipated from earlier, nearby, sulphide
drilling intersections
- First
drill hole of an initial five-hole campaign to test for extensions
of mineralization at depth
- First hole
designed to extend mineralization closer to sulphide zones
identified in historical drilling
- Remaining
four holes designed to test the limits of mineralization with step
outs of approximately 300m at depth and between 400m and 700m along
strike to the north and south of the first hole
- Sulphide
drilling to be completed shortly, with assay results on remaining
holes expected by the end of April 2021
- In
response to escalating COVID situation in Chile, the Company has
initiated a break in drilling which is not expected to impact the
original target of testing all identified targets by the end of 1H
2021.
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“The results of the first hole of this initial
campaign are extremely pleasing, exceeding both the widths and
grades we had projected for this zone based on earlier drilling
completed nearby. The broad intercept of chalcopyrite
mineralization shows good continuity downhole, with potentially
economic grades, especially at the bottom of the intercept.
“The drilling has also provided additional
geological information, which we are using to refine our
understanding of the controls of mineralization and to inform
future drillhole locations, targeting mineralized extensions at
depth and along strike.
“The next four holes are significant step outs
from the known mineralized zones outside of the Mineral Resource
Estimate area and are designed to test the limits of the
mineralized body, both at depth and along strike. The second hole
will be collared approximately 350m to the east of MAR-125,
targeting mineralization up to 300m below the current deepest
mineralization. The third, fourth and fifth holes will be located
between 400m and 700m to the north and south of MAR-125, aiming to
test for extensions along strike.
“This first hole has provided encouragement that
there is potential for economically interesting sulphide
mineralization at Marimaca, while the next four drill holes are
designed to better delineate the tonnage potential of this.”
Discussion of Campaign Objectives and
Results
The current five-hole drilling campaign at the
Marimaca Copper Project is designed to test for extensions to
mineralization below the MOD. Based on the structural controls of
the mineralization, the results of previous geophysical campaigns
and earlier drilling, which extended beyond the current Mineral
Resource Estimate (“MRE”) area, the Company believes there is the
potential for extensions of the mineralized body at depth across
the full strike length of the MOD. All drill holes will be drilled
at an azimuth of 270o and at -60o, roughly perpendicular to the
north-south striking, easterly dipping mineralizing structures.
Intercepts should, therefore, be relatively close to the true width
of the mineralization.
Figure 1: Cross Section showing location
of MAR-125 and planned MAS-003 relative to historical drilling and
MRE
- https://www.globenewswire.com/NewsRoom/AttachmentNg/572b37e5-f803-40a1-a2ae-4963cd448be1
The first drill hole (MAR-125)
encountered a broad zone of dominantly chalcopyrite mineralization
with some pyrite and minor chalcocite over a down hole width
(expected to be equivalent to approximate true width) of 116m with
an average grade of 0.51% CuT. This includes two zones of
higher-grade mineralization including 20m with an average grade of
0.77% CuT and 42m with an average grade of 0.92% CuT at the end of
the mineralized intercept. The hole was collared to test
mineralization approximately 100m to the east of the earlier hole
ATR-82, which intersected 44m of sulphide copper mineralization
with an average grade of 1.05% CuT, and 200m and 300m east of holes
ATR-93 and ATR-94 respectively, which both intersected
mineralization with true widths of around 40m with average grades
above 1.0% CuT. MAR-125 has demonstrated an
extension to this higher-grade mineralization and provides further
areas to target for follow up drilling.
MAR-125 is located in the
center of the current MRE area, proximal to a zone of relatively
high-grade sulphide mineralization intercepted in several drill
holes over widths of between 30m and 50m. The remaining four drill
holes have been located to test the limits of the mineralization by
stepping out significantly at depth and along strike beyond the
current MRE area. The collar of the second hole, MAS-03, is located
approximately 100m to the south and 350m to the east of
MAR-125 and is aimed to intersect mineralization
approximately 300m below MAR-125. MAS-02 and
MAS-04, located approximately 400m and 700m, respectively, south of
MAR-125, and are planned as significant step outs
along strike, targeting the conductivity high noted in the IP
survey completed across the MOD
Figure 2: Plan View of Drillhole
Locations
- https://www.globenewswire.com/NewsRoom/AttachmentNg/6744bbff-91a6-4c0b-a107-5f87741f5a82
Sampling and Assay Protocol
True widths cannot be determined with the
information available at this time. Marimaca Copper RC holes were
sampled on a 2-metre continuous basis, with dry samples riffle
split on site and one quarter sent to the Andes Analytical Assay
preparation laboratory in Calama and the pulps then sent to the
same company laboratory in Santiago for assaying. A second quarter
was stored on site for reference. Samples were prepared using the
following standard protocol: drying; crushing to better than 85%
passing -10#; homogenizing; splitting; pulverizing a 500-700g
subsample to 95% passing -150#; and a 125g split of this sent for
assaying. All samples were assayed for CuT (total copper), CuS
(acid soluble copper) by AAS. A full QA/QC program, involving
insertion of appropriate blanks, standards and duplicates was
employed with acceptable results. Pulps and sample rejects are
stored by Marimaca Copper for future reference.
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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