Marimaca Files Technical Report on Updated Mineral Resource Estimation
November 28 2022 - 5:30PM
Marimaca Copper Corp. (“Marimaca Copper” or the “Company”)
(TSX: MARI) is pleased to announce that further to its
news release dated October 13th, 2022 it has filed a technical
report in accordance with Canadian Securities Administrator’s
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“
NI 43-101”) on the Marimaca Copper
Project titled “Updated Mineral Resource Estimation for the
Marimaca Copper Project, Antofagasta Region, Chile”. The technical
report is dated November 28, 2022 with an effective date of October
13th, 2022.
The Technical Report is available under the
Company's profile on SEDAR at www.sedar.com. As a result of the
completion of this Technical Report, the previous report titled
“Preliminary Economic Assessment, Marimaca Project, Antofagasta, II
Region, Chile” (effective date: August 4, 2020), filed by the
Company in September 2020 (the “2020 PEA”) no
longer reflects the current economic potential of the project,
should be seen as historical in nature and should not be relied
upon. As the 2020 PEA is no longer current, information related to
an “advanced property” as defined in NI 43-101 is no longer
relevant to this Technical Report.
The 2022 Mineral Resource Estimate
(“2022 MRE”) incorporates 19,580m of new drilling
(reverse circulation + diamond) completed in 2021 and 2022 for a
total of over 110,000m of drilling completed at the Marimaca Oxide
Deposit (“MOD”) since 2016. The balance of the
2022 infill drilling program not captured in the 2022 MRE,
totalling approximately 28,000m, will be included in a subsequent
Mineral Resource Estimate planned for early 2023 with the objective
of converting Inferred Resources to the Measured and Indicated
Categories to underpin the planned 2023 Definitive Feasibility
Study (“DFS”).
Table 1. 2022 Mineral Resource Estimate
(Effective Date: October 13th,
2022)
Mineral Resource Category and Type |
Quantity |
CuT |
CuS |
CuT |
CuS |
(kt) |
(%) |
(%) |
(t) |
(t) |
Total Measured |
47,051 |
0.54 |
0.36 |
253,157 |
167,614 |
Total Indicated |
92,516 |
0.45 |
0.26 |
412,375 |
244,200 |
Total Measured and Indicated |
139,567 |
0.48 |
0.30 |
665,531 |
411,814 |
Total Inferred |
82,678 |
0.39 |
0.16 |
322,910 |
128,416 |
*Pit shell constrained resources with demonstrated
reasonable prospects for eventual economic extraction (RPEEE) are
generated using series of Lerchs-Grossmann pit shell optimizations
completed by NCL* CuT means total copper and CuS means acid soluble
copper. Technical and economic parameters include: copper price
US$4.00/lb; base mining cost US$1.51/t ($1.76/t average); Heap
Leach (“HL”) processing cost US$5.94/t (incl. G&A); Run-of-Mine
(“ROM”) processing cost US$1.65/t (incl. G&A); selling cost
US$0.16/lb Cu; HL recovery 76% of CuT; ROM recovery 40% of CuT; and
42°-52° pit slope angle* With the economic parameters stated above,
the Cut-Off grade of the Mineral Resource Estimate is approximately
0.15% CuT and a strip ratio of 1:1 has been estimated by NCL.*An
external dilution factor was not considered during this resource
estimation. Internal dilution within a 5 m x 5 m x 5 m is
considered and the use of small loading equipment is foreseen for
adequate selectivity. Assumes 100% mining recovery.*Quantities and
grades in a mineral resource estimate are rounded to an appropriate
number of significant figures to reflect that they are
approximations.* Mineral resources which are not mineral reserves
do not have demonstrated economic viability. Due to the uncertainty
which may attach to inferred mineral resources, it cannot be
assumed that all or any part of an inferred mineral resource will
be upgraded to an indicated or measured mineral resource as a
result of continued exploration
Table 2. Mineral Resource Sensitivity
(Effective Date: October 13th,
2022)
Cut-off grade(% CuT) |
Measured |
Indicated |
Measured + Indicated |
Inferred |
|
|
Quantity kt |
CuT [%] |
CuS [%] |
Quantity kt |
CuT [%] |
CuS [%] |
Quantity kt |
CuT [%] |
CuS [%] |
Quantity kt |
CuT [%] |
CuS [%] |
|
0.40 |
24,607 |
0.79 |
0.53 |
37,550 |
0.72 |
0.44 |
62,158 |
0.74 |
0.48 |
27,222 |
0.68 |
0.25 |
|
0.30 |
32,157 |
0.68 |
0.46 |
54,563 |
0.60 |
0.37 |
86,720 |
0.63 |
0.40 |
41,422 |
0.56 |
0.22 |
|
0.25 |
36,837 |
0.63 |
0.42 |
65,910 |
0.55 |
0.33 |
102,746 |
0.58 |
0.36 |
52,332 |
0.50 |
0.20 |
|
0.22 |
40,000 |
0.60 |
0.40 |
73,517 |
0.51 |
0.31 |
113,517 |
0.54 |
0.34 |
60,431 |
0.47 |
0.19 |
|
0.20 |
42,206 |
0.58 |
0.39 |
78,880 |
0.49 |
0.30 |
121,086 |
0.52 |
0.33 |
66,256 |
0.44 |
0.18 |
|
0.18 |
44,291 |
0.56 |
0.37 |
84,610 |
0.47 |
0.28 |
128,900 |
0.50 |
0.31 |
72,670 |
0.42 |
0.17 |
|
0.15 |
47,051 |
0.54 |
0.36 |
92,516 |
0.45 |
0.26 |
139,567 |
0.48 |
0.30 |
82,678 |
0.39 |
0.16 |
|
0.10 |
50,536 |
0.51 |
0.34 |
100,946 |
0.42 |
0.25 |
151,482 |
0.45 |
0.28 |
96,064 |
0.35 |
0.14 |
|
0.05 |
57,125 |
0.46 |
0.30 |
119,653 |
0.36 |
0.21 |
176,777 |
0.39 |
0.24 |
123,552 |
0.29 |
0.11 |
|
0.00 |
61,333 |
0.43 |
0.28 |
129,985 |
0.34 |
0.20 |
191,318 |
0.37 |
0.22 |
134,056 |
0.27 |
0.11 |
|
*Pit shell constrained resources with demonstrated
reasonable prospects for eventual economic extraction (RPEEE) are
generated using series of Lerchs-Grossmann pit shell optimizations
completed by NCL* CuT means total copper and CuS means acid soluble
copper. Technical and economic parameters include: copper price
US$4.00/lb; base mining cost US$1.51/t ($1.76/t average); Heap
Leach (“HL”) processing cost US$5.94/t (incl. G&A); Run-of-Mine
(“ROM”) processing cost US$1.65/t (incl. G&A); selling cost
US$0.16/lb Cu; HL recovery 76% of CuT; ROM recovery 40% of CuT; and
42°-52° pit slope angle* With the economic parameters stated above,
the Cut-Off grade of the Mineral Resource Estimate is approximately
0.15% CuT and a strip ratio of 1:1 has been estimated by NCL.*An
external dilution factor was not considered during this resource
estimation. Internal dilution within a 5 m x 5 m x 5 m is
considered and the use of small loading equipment is foreseen for
adequate selectivity. Assumes 100% mining recovery.*Quantities and
grades in a mineral resource estimate are rounded to an appropriate
number of significant figures to reflect that they are
approximations.* Mineral resources which are not mineral reserves
do not have demonstrated economic viability. Due to the uncertainty
which may attach to inferred mineral resources, it cannot be
assumed that all or any part of an inferred mineral resource will
be upgraded to an indicated or measured mineral resource as a
result of continued exploration
The technical and economical parameters used for
the 2022 Whittle run were informed by the 2020 PEA assumptions, a
comparison of which is presented below. Due to the designation of
mined material to either heap leach or ROM, certain cost elements
from mining costs have been reallocated to heap leach costs and ROM
cost to be appropriately captured in the Whittle run. However, on
an aggregate basis, they are identical. The 2020 PEA cost
assumptions are considered to be the most relevant cost assumptions
for the 2022 MRE Whittle run at this stage.
Table 3. Summary of Input Costs – 2022
MRE relative to 2020 Preliminary Economic Assessment
(PEA)
Parameter |
2022 MRE |
2020 PEA |
Mining cost (US$/t mined) |
$1.51 base ($1.76 avg.) |
$1.76 avg. ($1.51 base) |
MCaf (US$/t-10m bench) |
$0.04 |
$0.04 |
Heap Leach Cost (including G&A and mining cost component from
pit to Heap Leach for 2022 MRE) |
US$5.94/t processed |
US$5.39/t processed |
Run-of-Mine Cost (including G&A and mining cost component from
pit to ROM leach for 2022 MRE) |
US$1.65/t processed |
US$1.35/t processed |
Selling Cost including SX-EW processing cost (US$/lb Cu) |
$0.16 |
$0.16 |
Heap Leach Recovery (% CuT) |
76% |
76% |
ROM Recovery (% CuT) |
40% |
40% |
Pit Slope angle |
42 - 52° |
42 - 52° |
Qualified Person
The technical information in this news release,
including the information related to drilling, modeling and
resource estimation, and the application of technical and economic
parameters has been reviewed and approved by Luis Oviedo, P. Geo,
an independent Consulting Geologist with more than 45 years of
experience. Mr. Oviedo is a member of the Colegio de Geólogos and
the Institute of Mining Engineers of Chile and is an Independent
Qualified Person as defined by National Instrument 43-101 –
Standards of Disclosure for Mineral Projects.
The QP confirms he has visited the project area,
has reviewed relevant project information, 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
3150Emily Moss / Adam Baynes
marimaca@tavistock.co.uk
Forward Looking Statements
This news release includes certain
“forward-looking statements” under applicable Canadian securities
legislation. 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
annual information form of the Company dated March 28, 2022, the
final short form base prospectus and other filings made by the
Company with the Canadian securities regulatory authorities (which
may be viewed at www.sedar.com). 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.
Neither the Toronto Stock Exchange nor the
Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this
release.
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