First Drill
Hole Intersects
Broad Zone
of Sulphide
Copper
Mineralization at Marimaca
Vancouver,
British Columbia, April
7,
2021 --
InvestorsHub NewsWire -- 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
Figure
1:
Cross
Section showing location of MAR-125 and planned MAS-003 relative to
historical drilling and MRE
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.
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
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
Information
For further
information please visit www.marimaca.com or contact:
Tavistock
+44 (0)
207 920 3150
Jos
Simson/Emily Moss
marimaca@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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