Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce the definition of a new, large scale, copper geochemical
anomaly at the Roble Target (“Roble”), which it plans to drill test
over the coming months. In addition, the first phase of drilling
has been completed at the Marimaca Sulphide Target, with all
remaining assays expected towards the end of April 2021.
Highlights
- Roble
Target extends over 3km of strike
- Strong
geochemical anomaly identified extending 1,500m by nearly
500m
- 50m x 50m
grid soil sampling completed
-
Reconnaissance and outcrop mapping identified widespread
copper oxide mineralization
- Numerous
high-grade rock chip samples, including:
- 2.30% CuT,
2.21% CuT, 1.69% CuT, 1.66% CuT, 1.54% CuT, 1.08% CuT and 0.94%
CuT
- Widespread
mineralization in rock chip samples above 0.1% CuT
-
Construction of drill pads at Roble commencing at the end
of April for drilling prior to the end of the first half of
2021
- Cindy
Target drilling to commence towards the end of April
2021
- Mercedes
Target drill pad and access infrastructure preparation underway
expected to be completed at the end of April 2021
- Marimaca
Sulphide Target drilling complete, awaiting assays which are
expected towards the end of April 2021
Sergio Rivera, VP Exploration of
Marimaca Copper, commented:
“The Roble Target has delivered several
surprises, most notable is the extent of outcropping copper oxide
mineralization, which now covers an area of over 1,500m by nearly
500m. The Roble Target itself extends to more than 3km of strike,
of which the most prospective area has been sampled and mapped and
defines a much more extensive system than expected.
“During our investigation work, we found
historical reports suggesting that some very shallow scout drilling
had been completed, with one hole intersecting approximately 14m at
0.5% CuT of oxide mineralization from surface. While this data
cannot be relied upon, it does provide us with additional
information in an area extensively covered by sands, sulphate
regolith and post mineralization gravels.
“Roble is shaping up as a very exciting target
which we intend to drill after testing the Cindy Target, which
should occur before the end of the first half of 2021.”
Overview of Roble Target
Roble is located approximately 3km to the
northeast of the Company’s flagship Marimaca Oxide Deposit (“MOD”),
within the northeast trending Roble Fault System. This is a splay
off the regional scale Naguayán Fault System, which itself is an
important control for mineralization at the MOD. Roble is
associated with a large magnetic anomaly previously identified in
the regional, high-resolution, drone mounted magnetics survey
(refer to announcement on 23 September 2020).
Figure 1: Map with New Targets for
Exploration Defined by Magnetic Survey Relative to Marimaca Oxide
Deposit
- https://www.globenewswire.com/NewsRoom/AttachmentNg/bf152840-decd-4433-b254-3978bbb5c67a
The Roble Target extends along 3,000m of strike
north to south, coincident with the magnetic anomaly previously
identified and the Roble Fault System. The Company has completed
sampling and mapping of the northern extent, which it considers to
be the most prospective area and extends approximately 1,500m north
to south with an average width of nearly 500 meters east to
west.
Notwithstanding that the area is extensively
covered by sulphate regolith and post mineralization gravels, the
50m x 50m grid soil geochemical sampling program delineated a
large-scale copper anomaly in this area. Follow up mapping and
reconnaissance exploration noted widespread outcropping copper
oxide mineralization coincident with the broader copper soil
anomaly.
Rock chip sampling of the outcropping oxide
mineralization highlighted numerous areas with grades exceeding
0.1% CuT distributed across the full 1,500m of length of the
geochemical anomaly, with the most prospective area focused around
the Nepal sector (central area), which had numerous higher grade
rock chip samples over an area of approximately 500m by 500m. The
Company plans to drill the Roble Target following the drilling of
the Cindy Target, targeting shallow oxide mineralization.
Figure 2: Roble Target Plan View with
Selected Rock Sample Results
- https://www.globenewswire.com/NewsRoom/AttachmentNg/00b078a7-a6c8-45be-8ebb-a631281ba02a
Sampling and Assay Protocol
Samples were prepared and assayed for copper at
Andes Analytical Assay (“AAA”), Santiago, following standard
procedures and quality controls. The approximately 2-3 kilos
rock-chip samples were taken from outcrops by Marimaca Copper
personnel. The samples were transported to the AAA preparation
laboratory in Calama. Samples were prepared using the following
standard protocol: drying, crushing to better than 80% passing
-10#, homogenizing, splitting and pulverizing a 400 g subsample to
95% passing -200#. All samples were assayed at AAA laboratory in
Santiago for Cu by AAS. No standards, blanks or duplicates were
employed. 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 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 Jun 2024 to Jul 2024
Marimaca Copper (TSX:MARI)
Historical Stock Chart
From Jul 2023 to Jul 2024