Source: Marimaca Mining Corp.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Marimaca Copper Corp. (MARI) released the final drill results from its infill drilling campaign at the Marimaca Oxide Deposit
  • 2,766 metres were drilled across 13 holes located in the northern portion of the deposit
  • The results include the best copper intersection drilled to date – LAR-109 intersected 308 metres at 0.94 per cent
  • Marimaca Copper Corp. (MARI) is up 5.49 per cent, trading at $3.65 per share as of 2:45 p.m. ET

Marimaca Copper Corp. (MARI) released the final drill results from its infill drilling campaign at the Marimaca Oxide Deposit.

2,766 metres were drilled across 13 holes located in the northern portion of the deposit. Drilling was focused in the northern and central zones, following up on the higher-grade green oxide centres identified in the previously reported 2022 infill drilling in the northern region.

The results include the best copper intersection drilled to date (LAR-109), on a grade-times-width basis, at the deposit since its discovery in 2016.

Highlights:

  • LAR-109 intersected 308 metres at 0.94 per cent CuT from 32 metres, including 186 metres at 1.37 per cent CuT from 154 metres, and 26 metres at 4.83 per cent CuT from 202 metres
  • TAR-37 intersected 62 metres at 1.02 per cent CuT from 2 metres, including 28 metres at 1.84 per cent from 2 metres
  • ATR-167 intersected 46 metres at 1.23 per cent CuT from 180 metres within a broader intersection of 76 metres at 0.79 per cent CuT from 150 metres
  • TAR-40 intersected 68 metres at 0.30 per cent CuT from 60 metres, including 26 metres at 0.60 per cent CuT from 90 metres

The northern Marimaca Oxide Deposit continues to demonstrate potential for growth beyond the northeast limits of the 2022 mineral resource estimate (MRE) pit.

Marimaca plans to do an exploration program in the first half of this year, which will follow up on drill hole MAD-22, which intersected primary sulphides (dominantly chalcopyrite) 92 metres at 2.11 per cent CuT from 140 metres, including 22 metres at 5.27 per cent CuT).

Source: Marimaca Copper Corp.

Sergio Rivera, Vice President of Exploration for Marimaca Copper, commented that the final results of the 2022 infill reverse circulation program mark the completion of what he called “an exceptionally successful year” at the deposit. He noted that having drilled the best hole to date highlights the continuity of higher-grade copper mineralization in the central area of the deposit.

“Today’s results improve our confidence in the potential for upside in the planned 2023 MRE – as discussed previously, the higher-grade nature of mineralization identified in the northern Marimaca Oxide Deposit versus the current interpolation of grades has positive implications for Marimaca’s mineral inventory.

Equally as exciting, we are in the final stages of planning for the H1 2023 exploration program, where we intend to investigate the potential for extensions to the sulphide mineralization identified in MAD-22. We look forward to updating the market when plans have been finalized.”

The company will continue to work on permits and engineering to support a planned definitive feasibility study on the Marimaca Project expected for the second half of 2023.

Hole Depth (m) From (m) To (m) Interval (m) CuT (per cent)
ATR-164



200



68 102 34 0.27
including 44 56 12 0.31
170 196 26 0.26
ATR-165 300 18 80 62 0.20
ATR-166



250



84 96 12 0.28
124 158 34 0.28
192 214 22 0.23
ATR-167

226

150 226 76 0.79
including 180 226 46 1.23
MAR-178 150 72 118 46 0.29
LAR-109















350















32 340 308 0.94
32 136 104 0.32
including 32 44 12 0.42
and 64 122 58 0.40
154 340 186 1.37
including 160 198 38 0.41
and 202 228 26 4.83
238 262 24 0.62
and 278 328 50 1.60
TAR-36 230 No significant intercepts
TAR-37





250





2 64 62 1.02
including 2 30 28 1.84
172 218 46 0.37
including 182 216 34 0.42
TAR-38

150

90 104 14 0.28
120 128 8 0.22
TAR-39

200

4 62 58 0.24
86 92 6 0.35
TAR-40

160

60 128 68 0.30
including 90 116 26 0.60
TAR-41

150

24 72 48 0.27
including 24 42 18 0.51
TAR-42 150 No significant intercepts

Table 2. Drill Collars and Survey

Hole Easting Northing Elevation Azimuth Inclination Depth
ATR-164 375234.3 7436107.9 1111.5 220 -60 200
ATR-165 375144.9 7436169.9 1116.3 310 -60 300
ATR-166 374962.3 7436343.4 1065.1 220 -60 250
ATR-167 374936.5 7436366.9 1065.6 220 -60 226
LAR-109 374812.7 7435702.0 1123.7 220 -60 350
MAR-178 375276.7 7435695.8 1132.8 220 -60 150
TAR-36 375034.8 7436346.5 1069.2 310 -60 230
TAR-37 375188.5 7436205.0 1099.9 220 -60 250
TAR-38 375036.0 7436340.3 1069.4 220 -60 150
TAR-39 375252.9 7436221.5 1092.3 220 -60 200
TAR-40 375411.5 7436156.4 1130.4 220 -60 160
TAR-41 375297.0 7436256.0 1085.3 220 -60 150
TAR-42 375220.6 7436321.6 1082.2 220 -60 150

Marimaca Copper (MARI) is a copper exploration company. The company’s flagship asset is the Marimaca Copper Project in Chile’s Antofagasta region.

Marimaca Copper Corp. (MARI) is up 5.49 per cent, trading at $3.65 per share as of 2:45 p.m. ET.


More From The Market Herald
Kraken Energy - Senior Geologist, Madeline Berry

" @ the Bell: TSX rebounds on energy & mining rally

Canada’s main stock index bounced back from earlier losses among the technology and utility sectors to close higher on Tuesday, thanks to an
01 Communique - Founder and CEO, Andrew Cheung.

" 01 Communique (TSXV:ONE) launches world’s first quantum-safe secure remote access

01 Communique (ONE) has upgraded its remote access service, I’m InTouch, using quantum mechanics.

" Prime Mining Corp. (TSXV:PRYM) outlines 2023 work program at its Los Reyes Project

Prime Mining Corp. (PRYM) provided an update on work at its Los Reyes Gold and Silver Project in Mexico.
Featured Video Play Icon

" Datametrex AI (TSXV:DM) subsidiary Nexalogy announces pending launch of AnalyticsGPT

Datametrex AI (DM) subsidiary, Nexalogy Environics, is working towards launching AnalyticsGPT (Analytics Generative Pre-Trained Transformer).