Marimaca releases drilling results at its Marimaca Oxide deposit

Highlights:

• Full drill hole intersection of 240 m at 1.01% CuT from surface in two separate zones of oxide and primary sulfide.
• Oxide highlights:
  • 82 m at 0.53% CuT from 10 m including 50 m at 0.80% CuT from 42 m.
• Sulfide highlights:
  • 92 m at 2.11% CuT from 140 m, including:
  • 22 m at 5.27% CuT from 204 m.
• Hole MAD-22 was drilled from inside the 2022 MRE pit area toward and through the eastern border of the MOD at depth.
• Consistent with current MRE for the MOD, MAD-22 intersected oxide and mixed mineralisation before transitioning into primary sulfide mineralisation.
• Primary mineralisation is dominated by veins and stringers of massive and semi-massive chalcopyrite within dominantly magnetite-actinolite alteration consistent with magnetic highs.
• The occurrence of primary sulfide mineralisation down dip to the east of the MOD is consistent with the current geological model for Marimaca’s iron-oxide-copper-gold (IOCG)-style copper mineralisation.
• Mineralisation at Marimaca is controlled by a regional scale system of sheeted fractures and dykes, created by a major extensional event with mineralisation introduced along fractures and structural splays.
• The MOD’s copper oxides were formed by the oxidation of a chalcocite enrichment blanket derived from original primary sulphides.
• Results from MAD-22 will be reviewed and the company will provide an update to the market on next steps to follow up the results in due course.
• In parallel, the company will continue to progress permitting and engineering workstreams to support the planned definitive feasibility study (DFS) on the Marimaca Oxide project planned for 2H23.

Sergio Rivera, VP Exploration of Marimaca Copper, commented:

“The sulfide potential at Marimaca has always presented a compelling exploration opportunity for the company. The size of the oxide resource base at the MOD, as demonstrated in the 2022 mineral resource estimate, is a testament to the scale of the mineralising system and hole MAD-22 provides exciting evidence for potential extensions of sulfide feeder zones down-dip of Marimaca’s oxide blanket.

“While previous drilling into the down-dip geophysical targets identified in 2020 and 2021 intersected additional mixed and secondary sulfides at depth (MAMIX), MAD-22 represents the first significant primary sulfide intersection to date and could represent a primary high grade feeder structure as interpreted in our geological model for the deposit.

“With the 2022 drill program now completed, results from MAD-22 will be considered in our exploration planning going forward. We look forward to updating the market as our interpretation and plans for additional exploration work are finalised.

“In parallel and as discussed in previous releases, we will continue with our de-risking strategy at the MOD with the objective of delivering an updated MRE in early 2023, capturing the 2H22 infill program. This will form the basis for the DFS on the Marimaca Oxide deposit planned for 2H23 early 2024.”

Read the article online at: https://www.globalminingreview.com/mining/23122022/marimaca-releases-drilling-results-at-its-marimaca-oxide-deposit/