Marimaca Announces Final Results from 2022 Diamond Drilling Program – MAD-18 intersects 346m at 0.71% CuT from 4m, including 90m at 1.22% CuT from 54m
February 06 2023 - 6:30AM
Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce the final diamond drilling (“DDH”) results from the 2022
geological and geotechnical drilling campaign. Results reported in
this release comprise 2,762m of drilling across 12 drill holes
located in the central Marimaca Oxide Deposit (“MOD”) and target
pit-wall areas (for geotechnical purposes) around the perimeter of
the MOD. These results are the final assays of the 2022 reverse
circulation and DDH program. Marimaca has finalized plans for the
Q1 2023 exploration program, which will follow-up on
previously-released DDH hole MAD-22, which intersected primary
sulphides (dominantly chalcopyrite) down-dip of the MOD (92m at
2.11% CuT from 140m including 22m at 5.27% CuT).
Highlights
- Geological drilling focused
on the central zone of the MOD and was orientated at 220° azimuth –
targeting cross-cutting intersections of the north-west and
west-north-west fault structures that are a dominant control of
mineralization at the MOD
- 2022 geological diamond
drilling totaled 1,600m across six drill holes (MAD-18, MAD-17,
LAD-10, ATD-15, MAD-21, ATD-14)
- Geotechnical drill holes
were focused on the periphery of the MOD and were drilled to gather
geotechnical information on the MOD pit wall zones
- Notwithstanding this, all
holes intersected significant, near surface, mineralized zones with
grades at or well above the average for the October 2022 Mineral
Resource Estimate
- 2022 geotechnical diamond
drilling totaled 1,402m across seven drill holes including
previously released MAD-22 (ATD-16, ATD-17, ATD-18, MAD-20, LAD-11,
MAD-19)
- Highlights from reported
results include:
- MAD-18 intersected 346m at
0.71% CuT from 4m, including 90m at 1.22% CuT from 54m and 74m at
1.17% CuT from 276m
- MAD-17 intersected 140m at
0.50% CuT from 12m, including 12m at 1.89% CuT from
140m
- ATD-15 intersected 110m at
0.49% CuT from 18m, including 30m at 1.07% CuT from
26m
- ATD-14 intersected 62m at
0.78% CuT from 102m, including 10m at 1.76% CuT from
154m
- LAD-10 intersected 176m at
0.46% CuT from 114m
- MAD-19 intersected 46m at
0.49% CuT from 40m including 24m at 0.77% CuT from
62m
- MAD-21 intersected 36m at
0.47% CuT from surface
- Results from the geological
drilling campaign will be incorporated in the updated 2023
geological model supporting the planned 2023 MRE, while rock
quality information from geotechnical drilling will be utilized in
the 2023 development workstreams
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“The ~3,000m of diamond drilling completed
alongside our 2022 ~38,500m reverse circulation infill drilling
program provides us valuable information for our next phase of
studies at the Marimaca Project. Results from the geological
drilling, in the central MOD, confirm our current interpretation of
the MOD mineralization model particularly the important structures
for higher grade mineralization. This information is also
particularly useful when considering the outstanding results of
MAD-22, which we are in the process of following up with additional
drilling during the course of Q1 2023.
“MAD-22 presents a compelling opportunity for
value creation at the MOD, but has also caused us to re-examine our
exploration model for satellite targets and we are looking with
renewed interest at our extensive land package.
“Work is progressing well on the delivering the
upgraded MRE, targeting conversion of resources from the Inferred
to the Measured and Indicated categories. It will incorporate the
remaining drilling from the 41,500m of RC and diamond drilling
completed in 2022, including the newly discovered shallow
high-grade zone at the northern end of the MOD, which we believe
will have positive implications for average grade and mineral
endowment.”
Overview of Drilling Campaign
Objectives
Marimaca’s 2022 drilling campaign consisted of
over 41,500m of RC and diamond drilling between the MOD infill and
the MAMIX zone, the depth extension of the MOD. The 2022 MRE,
announced on October 13, 2022 incorporates 19,580m of the
approximate 41,500m of drilling completed in 2022 for a total of
over 110,000m of drilling completed since 2016. The balance of the
2022 infill drilling program will be included in the 2023 MRE
planned for early Q2 with the objective of converting Inferred
Resources to the Measured and Indicated Categories to underpin a
Definitive Feasibility Study (“DFS”).
Figure 1: Plan View of Infill Drilling
Results
https://www.globenewswire.com/NewsRoom/AttachmentNg/00caca95-6e07-43ce-917f-247e880f93f2
Table 1. Summary of Drill
Results
Hole |
Depth (m) |
|
From (m) |
To (m) |
Intersection(m) |
% CuT |
MAD-17 |
300 |
|
12 |
300 |
288 |
0.31 |
including |
12 |
152 |
140 |
0.50 |
including |
140 |
152 |
12 |
1.89 |
|
174 |
190 |
16 |
0.49 |
MAD-18 |
350 |
|
4 |
350 |
346 |
0.71 |
|
4 |
198 |
194 |
0.68 |
including |
54 |
144 |
90 |
1.22 |
|
218 |
350 |
132 |
0.87 |
including |
276 |
350 |
74 |
1.17 |
MAD-19 |
200 |
|
40 |
146 |
106 |
0.29 |
including |
40 |
86 |
46 |
0.49 |
including |
62 |
86 |
24 |
0.77 |
|
134 |
146 |
12 |
0.58 |
ATD-14 |
200 |
|
30 |
174 |
144 |
0.46 |
including |
102 |
164 |
62 |
0.78 |
including |
102 |
140 |
38 |
0.79 |
|
154 |
164 |
10 |
1.76 |
ATD-15 |
250 |
|
18 |
250 |
232 |
0.28 |
|
18 |
128 |
110 |
0.49 |
including |
26 |
56 |
30 |
1.07 |
LAD-10 |
300 |
|
8 |
298 |
290 |
0.34 |
including |
114 |
290 |
176 |
0.46 |
including |
176 |
248 |
72 |
0.56 |
|
274 |
290 |
16 |
0.89 |
ATD-16 |
120 |
No significant intercepts |
|
|
|
ATD-17 |
200 |
No significant intercepts |
|
|
|
ATD-18 |
300 |
|
54 |
82 |
28 |
0.30 |
including |
54 |
64 |
10 |
0.55 |
|
226 |
236 |
10 |
0.23 |
LAD-11 |
270 |
|
120 |
130 |
10 |
0.32 |
|
150 |
168 |
18 |
0.26 |
|
212 |
218 |
6 |
0.27 |
MAD-20 |
21.6 (*) |
|
0 |
12 |
12 |
0.47 |
MAD-21 |
250 |
|
0 |
98 |
98 |
0.28 |
including |
0 |
36 |
36 |
0.47 |
and |
60 |
86 |
26 |
0.31 |
*Hole terminated due
to intersection with artisanal adit
Table 2. Drill Collars and
Survey
Hole |
Easting |
Northing |
Elevation (m) |
Azimuth |
Inclination |
Depth (m) |
ATD-14 |
374850.7 |
7436363.6 |
1086.0 |
220 |
-60 |
200 |
ATD-15 |
374932.1 |
7435994.3 |
1029.8 |
220 |
-60 |
250 |
LAD-10 |
374806.8 |
7435760.7 |
1102.7 |
220 |
-60 |
300 |
MAD-17 |
374925.2 |
7435519.6 |
1103.6 |
220 |
-60 |
300 |
MAD-18 |
374955.4 |
7435620.3 |
1111.5 |
220 |
-60 |
350 |
MAD-19 |
375317.5 |
7435054.3 |
1047.5 |
220 |
-60 |
200 |
ATD-16 |
374837.2 |
7436448.6 |
1083.3 |
358 |
-70 |
120 |
ATD-17 |
374956.0 |
7436301.4 |
1063.1 |
40 |
-55 |
200 |
ATD-18 |
375240.7 |
7436041.4 |
1137.2 |
80 |
-55 |
300 |
LAD-11 |
374609.7 |
7435594.2 |
1050.6 |
263 |
-60 |
270 |
MAD-20 |
375254.2 |
7435977.4 |
1133.4 |
80 |
-55 |
21.6 |
MAD-21 |
374927.9 |
7435269.7 |
1037.9 |
220 |
-60 |
250 |
Sampling and Assay Protocol
True widths cannot be determined with the
information available at this time. DDH holes were sampled on a 2m
continuous basis, halved by a conventional core splitter on site
with one half sent to the Andes Analytical Assay preparation
laboratory in Calama and the pulps then sent to the same company
laboratory in Santiago for assaying. . Samples were prepared using
the following standard protocol: drying; crushing all sample to
-1/4” and passing through a secondary crusher to better than 80%
passing -10#; homogenizing; splitting; pulverizing a 400-600g
subsample to 95% passing -150#; and a 125g split of this sent for
assaying. All samples were assayed for %CuT (total copper) and %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, VP of Exploration, Marimaca Copper Corp,
a geologist with more than 35 years of experience and a member of
the Colegio de Geólogos de Chile, Instituto de Ingenieros de Minas
de Chile and of the Society of Economic Geologist USA, and who is
the Qualified Person for the purposes of NI 43-101 responsible for
the design and execution of the drilling program.
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 Baynesmarimaca@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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