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Marimaca Copper Corp
Symbol MARI
Shares Issued 87,930,316
Close 2021-07-13 C$ 3.96
Recent Sedar Documents

Marimaca drills 42 m of 0.51 per cent CuT at Cindy

2021-07-14 09:09 ET - News Release

Mr. Hayden Locke reports

MARIMACA EXTENDS STRIKE POTENTIAL AT CINDY

Marimaca Copper Corp.'s drilling results from the remaining reverse circulation (RC) drill holes, completed at the Cindy target, have intersected significant copper mineralization, extending the strike length to over 800 metres. Cindy is located less than five kilometres to the north of the Marimaca oxide deposit (MOD) and offers potential to add to the company's leachable resource base and extend mine life or increase the scale of future operations.

Highlights

  • Mineralized structures now identified over 800 metres of strike;
  • Broad zones of enriched and primary copper mineralization intersected in two new holes:
    • CIR-08 intersected 42 metres with an average grade of 0.46 per cent total copper (CuT) as part of a broader 100 m at 0.3 per cent CuT from 128 m;
    • CIR-09 intersected 46 m with an average grade of 0.29 per cent CuT as part of a broader 122 m at 0.23 per cent CuT from 218 m;
  • These results extend the strike of the mineralization identified in previously reported holes:
    • CIR-03 intersected 42 m with an average grade of 0.51 per cent CuT as part of a broader 70 m at 0.39 per cent CuT from 24 m;
    • CIR-02 intersected 20 m with an average grade of 0.33 per cent CuT as part of a broader 124 m at 0.22 per cent CuT from eight m;
  • Intersections in CIR-08 and CIR-09 are deeper and show the consistent, quite broad, easterly dipping structural controls to mineralization observed in holes CIR-02 and CIR-03;
    • Indicates potential for up-dip oxide mineralization further to the west from CIR-08 and CIR-09;
  • Updated regional magnetics indicates potential for extensions of oxide structures to the north of Cindy, at Mititus;
  • No significant mineralization intersected in holes CIR-04, -05, -06 and -07.

Sergio Rivera, vice-president of exploration of Marimaca Copper, commented: "We have now identified over 800 m of strike of a relatively continuous, broad zone of copper mineralization, which extends from surface, in the northern oxide holes (CIR-02 and CIR-03), down to a depth of 330 m downhole in hole CIR-09, which is located towards the southern end of the area of interest and predominantly intersected chalcopyrite.

"The intersections in CIR-08 and 09 are deeper and accordingly have increased amounts of primary mineralization, but when considered in context of the east-dipping structures would indicate potential for oxide mineralization closer to surface, up dip on the structures to the west.

"We have also extended our magnetic survey, which has indicated a large anomaly directly to the north of Cindy, and we are investigating the potential for extensions of the mineralized zone and structures into this area. If successful, this could meaningfully increase the strike length of Cindy.

"We are currently awaiting assay results from Mercedes and are preparing infrastructure and drill pads for the Roble target, where we will commence drilling imminently."

Hayden Locke, president and chief executive officer of Marimaca Copper, commented: "These results should be considered in context of the broader MOD development. The intersections are above the economic cut-off grade established in our Aug. 4, 2020, preliminary economic assessment (PEA), using a $3-per-pound copper price, and are within five km of the MOD project. As a result, we continue to see strong potential for mine life extension or scale increase for the MOD with ongoing work at the Cindy target."

Overview of drilling campaign objectives and results

The initial drilling campaign at Cindy (located less than five kilometres to the north of the MOD) consisted of nine, shallow reverse circulation drill holes targeting the anomalies identified in both the magnetic survey and surface geochemical sampling previously completed (refer to announcements on Sept. 23, 2020, and Feb. 17, 2021, respectively). The objective was to identify new, broad zones of shallow oxide mineralization that could complement the existing resources at the MOD, and potential deeper sulphide-bearing structures which could indicate a more extensive copper system. Results from holes CIR-01, CIR-02 and CIR-03 were released on June 15, 2021.

The nine holes were drilled on approximately 250 m section lines to the north and south of the historical underground workings at Cindy, extending over roughly 1.2 km of strike. Two sections, located in the northern part of Cindy, each consisted of two drill holes, and tested the interpreted broadening of the various structures, which are believed to be key controls of mineralization at Cindy.

The first three drill holes intersected broad zones of copper mineralization over a stepout strike of roughly 800 metres. Drill holes CIR-03 and CIR-02 intersected broad zones of mixed copper oxide material from near surface, including 40 m with an average grade of 0.51 per cent CuT from 48 m downhole and 20 m with an average grade of 0.33 per cent CuT from eight m downhole, respectively.

Drill holes CIR-08 and CIR-09 both also intersected broad zones of copper mineralization, interpreted to be the same easterly dipping geological structures observed in CIR-01, CIR-02 and CIR-03, giving a total strike of 800 m.

CIR-08 was a stepout approximately 200 metres to the north of CIR-01 and 400 m to the south of CIR-02. It intersected 100 m of copper mineralization with an average grade of 0.3 per cent CuT from 128 m downhole. This included a higher-grade zone of 42 m with an average grade of 0.46 per cent CuT. The mineralization was dominantly enriched in the top part of the intersection transitioning to dominantly chalcopyrite at the bottom.

CIR-09 stepped out approximately 200 m to the north of CIR-08. Again, it intersected broad zones of copper mineralization, including 122 m with an average grade of 0.23 per cent CuT from 218 m downhole. Mineralization was dominantly chalcopyrite with some minor mixed and green oxides.

The depth of the intersection, and the nature of the mineralization observed in the drill holes, indicates it corresponds with a lower section of the easterly dipping structures which are the controls of mineralization at Cindy. Based on this interpretation, the company believes that there remains strong potential for up-dip extensions with a higher proportion of leachable oxide mineralization.

The Cindy drilling has identified an easterly dipping structure with a continuous strike of around 800 m with broad and consistent zones of mineralization. Drill holes located further to the west (e.g. CIR-02 and CIR-03) have intersected near-surface zones of oxide mineralization. Those holes located further to the east (e.g. CIR-01, CIR-08 and CIR-09) have hit mixed, enriched and primary mineralization at greater depth, indicating good continuity of mineralizing structures across the target area.

Potential extensions to the north

The company has extended the drone-mounted, high-resolution magnetics survey to the areas directly to the north of Cindy, which has identified several interesting magnetic anomalies which appear to be closely related with the regional Naguayan fault system.

The Mititus target is coincident with one of the anomalies identified and is located less than 500 m to the north of Cindy, and may represent its northern continuation. Marimaca Copper will continue to assess the Mititus target and its potential to add additional strike to Cindy with continuing work.

Sampling and assay protocol

True widths cannot be determined with the information available at this time. RC holes were sampled on a two-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 per cent passing minus 10; homogenizing; splitting; pulverizing a 500-to-700-gram subsample to 95 per cent passing minus 150, and a 125 g split of this sent for assaying. All samples were assayed for per cent CuT (total copper) and per cent CuS (acid soluble copper) by atomic absorption spectroscopy. A full quality assurance/quality control 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, a geologist with more than 36 years of experience, and a member of the Colegio de Geologos de Chile and of the Institute of Mining Engineers of Chile, who is the qualified person for the purposes of National Instrument 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.

We seek Safe Harbor.

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