Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”)(TSX: MARI) is pleased to
announce the results of induced polarization (“IP”) surveys
completed at the Mercedes and Cindy Targets (“Mercedes” and
“Cindy”) located 3km and 5km to the north of the Company’s flagship
Marimaca Copper Project. The surveys have identified extensive high
chargeability anomalies, and significant resistivity lows which
could represent potential oxide mineralization at each target.
Highlights
- Extensive
high chargeability anomalies identified at both Cindy and Mercedes,
indicating widespread presence of sulphide
mineralization
- Coincident
with the previously announced magnetic and surface geochemical
anomalies at each target
-
Resistivity lows identified may highlight potential for
significant oxide mineralization below thin surface
cover
- IP survey
results complement the copper geochemical anomalies found at both
targets and in combination, will aid drill hole planning for the
upcoming exploration campaign
- Results
provide additional information regarding structural controls of
mineralization and continue to add to the geological understanding
of the Marimaca district
- Mapping
and sampling underway at the Robles Target, located east north east
of Marimaca
- First
drill rig now onsite and drilling of Marimaca Sulphide Target is in
progress.
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“As with our flagship Marimaca project, the IP
surveys at Mercedes and Cindy highlighted extensive chargeability
anomalies, largely coincident with both the magnetic and the broad
copper geochemical anomalies previously identified at each
target.
“Of note are the relatively large, laterally and
vertically extensive resistivity lows which occur in the
interpreted supergene portion of the systems at Cindy and Mercedes.
At Marimaca, the resistivity lows were coincident with the Marimaca
Oxide Deposit. Extending this interpretation to Mercedes and Cindy
would suggest similar potential for meaningful oxide
mineralization.
“We are excited by the geological similarities
between Marimaca, Cindy and Mercedes – strongly fractured intrusive
host rocks; cross cutting dyke swarms and faults; association of
magnetite and copper sulphides; similar weathering profiles – and
we look forward to drilling them over the coming weeks and
months.
“We are also conducting mapping and sampling at
our new target at Robles and this is shaping up to be another
potentially significant oxide target. We hope to delineate drill
targets there for testing in the first half of 2021.
“Drill rigs are now turning at the Marimaca
Sulphide Target and we are also preparing to drill the district
targets commencing with Cindy and followed by Mercedes and
Robles.”
Overview of Induced Polarization Survey and
Results
Following the success of the IP survey completed
over the MOD (refer to release 2 February 2021),
the Company completed similar surveys at both the Mercedes and
Cindy Targets which are located 3km and 5km to the north of the
Company’s flagship Marimaca Copper Project, respectively.
As with the previous survey, the objective was
to identify potential areas of sulphide mineralization in proximity
to the magnetic (refer to release 23 September
2020) and copper geochemical anomalies (refer to
releases 9 December 2020 and 17 February 2021) identified
through previous exploration work. The IP method was selected
because of its deep penetration and high levels of resolution in
detecting sulphide mineralization.
The surveys were completed by GRS Chile Ltda.
and consisted of a single 3.5km east-west line at Mercedes and a
second 4.0km east-west line at the Cindy target.
Figure 1: Location of IP Line and
Resistivity, Chargeability and Mag Inversion Sections for Mercedes
Target
- https://www.globenewswire.com/NewsRoom/AttachmentNg/4b51e247-f538-4b01-8cf6-92cc9f6409c1
As at Marimaca, the survey highlighted an
anomalous resistivity low (darker colours) coincident with the
interpreted supergene zone at both Mercedes and Cindy. At Marimaca,
these resistivity lows are coincident with the upper, highly
fractured, supergene altered, intrusive host rock, containing the
supergene oxide copper blanket which makes up the Marimaca Oxide
Deposit. The similar resistivity lows at both Mercedes and Cindy
appear to be consistent with this interpretation (see
Figures 1 and 2).
Again, with remarkable similarity to Marimaca,
the IP chargeability highs show broad, laterally extensive, blanket
like distributions for both targets (see Figures 1
and 2). These anomalies appear to be controlled by
the major Naguayán Fault System and have a similar orientation to
those at Marimaca.
Figure 2: Location of IP Line and
Resistivity, Chargeability and Mag Inversion Sections for Cindy
Target
- https://www.globenewswire.com/NewsRoom/AttachmentNg/1804a1f4-ae47-421a-81a4-4b8e7e7ac12a
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.
Marimaca Copper (TSX:MARI)
Historical Stock Chart
From Apr 2024 to May 2024
Marimaca Copper (TSX:MARI)
Historical Stock Chart
From May 2023 to May 2024