Marimaca Copper Corp. has announced an updated Mineral Resource Estimate (MRE) for the Marimaca Oxide Deposit (the MOD or the Project) located in the Antofagasta region of northern Chile.
The 2023 MRE incorporates 28 374 m of new drilling data completed since the 2022 MRE released in October 2022. The MOD database now consists of 139 164 m of drilling completed since discovery in 2016. New drilling data captured following the 2022 MRE was largely targeted at conversion of Inferred Resources to the Measured and Indicated categories.
The 2023 MRE was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards and National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
- Measured and Indicated Resources of 200.3 million t at 0.45% CuT for 900 000 t of contained copper.
- Inferred Resources of 37.3 million t at 0.38% CuT for 141 000 t of contained copper.
- 86% of the MOD’s total resource tonnes now contained in the Measured and Indicated categories.
- Significantly de-risks the Marimaca ore body ahead of the planned Definitive Feasibility Study (DFS).
- Majority of new drilling focused on areas of the northern MOD which previously contained lower density of drilling.
• Unique characteristics of the MOD maintained in the 2023 MRE:
- Low strip ratio maintained in the constraining pit shell.
- All mineral resources captured in a single continuous pit.
- Represents the final phase of oxide resource definition at the MOD ahead of the planned DFS.
- Ongoing exploration workstreams will focus on the Marimaca sulphide target and the delineation of near-mine satellite oxide targets (Mercedes, Cindy, Mititus).
Hayden Locke, President and CEO of Marimaca Copper, commented: “The 2023 MRE represents the culmination of an exceptionally successful two years of infill drilling at the Marimaca Oxide Deposit led by Sergio Rivera and his team. We are very pleased with our conversion ratio of Inferred Resources to Measured and Indicated categories, and today’s result drives significantly improved confidence in the geological model and understanding of the Marimaca ore body.
Locke continued: “The M&I resource estimate at the MOD now stands at approximately 900 000 tonnes of contained metal, and this will support the assessment of a larger operation in terms of copper cathode production and mine life extension during the Definitive Feasibility Study. Despite the significant resource growth demonstrated at Marimaca since 2019, the ore body’s core, unique attributes have been preserved as the deposit has grown – very low strip ratio; a shallow higher-grade core expected to be accessible in the early mining years; and limited pre-stripping or significant cutbacks expected during operation. We continue to progress rapidly forward with development workstreams at the MOD including preparation for our permitting submissions and the Feasibility Study. Additionally, the first phase of the 2023 sulphide exploration programme has been completed with assays pending and results expected in the near term.”
Read the article online at: https://www.globalminingreview.com/exploration-development/22052023/marimaca-announces-updated-mineral-resource-estimate-for-the-marimaca-oxide-deposit/
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