Drilling Intersects Best Results to Date at the Marimaca Oxide Deposit: 308m at 0.94% CuT from 32m including 186m at 1.37% CuT from 154m; 26m at 4.83% CuT from 202m
Drilling Intersects Best Results to Date at the Marimaca Oxide Deposit: 308m at
0.94% CuT from 32m including 186m at 1.37% CuT from 154m; 26m at 4.83%
CuT from 202m
VANCOUVER, British Columbia, Jan. 23, 2023 -- Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to announce the final reverse circulation (“RC”) drill results from the 2022 infill drilling
campaign. Results reported in this release reflect 2,766m of drilling across 13 drill holes predominantly located in the northern
portion of the Marimaca Oxide Deposit (“MOD”). The results include the best copper intersection drilled to date (LAR-109), on
a grade-times-width basis, at the MOD, since it’s discovery in 2016. Drilling was focused in the northern and central zones of
the MOD, following up on the higher-grade green oxide centres identified in the previously reported 2022 infill drilling in the
northern MOD.
Highlights
• Drilling focused on the northern and central zones of the MOD – following up on previous 2022 infill results
which identified high-grade green oxide zones in the northern MOD (see press release dated December 5 th,
2022 and November 21 st, 2022)
◦ The northern MOD was previously interpreted to be lower grade, dominantly WAD (black oxide)
copper mineralization
◦ Results expected to have positive implications for average grade in northern area of the deposit for
the updated Mineral Resource Estimate (“MRE”) planned for the first half of 2023, targeting conversion
of Inferred Resources into Measured and Indicated categories
• Highlights from reported results include
◦ LAR-109 intersected 308m at 0.94% CuT from 32m, including 186m at 1.37% CuT from 154m, including
26m at 4.83% CuT from 202m
◦ TAR-37 intersected 62m at 1.02% CuT from 2m, including 28m at 1.84% from 2m
◦ ATR-167 intersected 46m at 1.23% CuT from 180m within a broader intersection of 76m at 0.79% CuT
from 150m
◦ TAR-40 intersected 68m at 0.30% CuT from 60m including 26m at 0.60% CuT from 90m
◦ The northern MOD continues to demonstrate potential for growth beyond the northeast limits of the
2022 MRE pit
• Results represent the final assays of the 2022 infill RC campaign
◦ 2,762m of diamond drilling (geological and geotechnical drilling) remains outstanding from the 2022
program with final assays pending
2023 Exploration Planning
• Marimaca is finalizing plans for the H1 2023 exploration program which will follow-up on drill hole MAD-22,
which intersected primary sulphides (dominantly chalcopyrite) down-dip of the MOD (92m at 2.11% CuT from
140m including 22m at 5.27% CuT) – see press release dated December 15, 2022
• The Company will provide an update to the market in due course
Sergio Rivera, VP Exploration of Marimaca Copper, commented:
“The final results of the 2022 infill RC program mark the completion of an exceptionally successful year at the MOD. Grades
intersected in the northern MOD continue to surprise us to the upside, while results from LAR-109, the best hole we have
drilled to date at the MOD, highlights the continuity of higher-grade copper mineralization in the central MOD.
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 MOD vs. 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.”
Overview of Drilling Campaign Objectives
Marimaca’s 2022 drilling campaign consisted of over 41,500m of RC and diamond drilling between the MOD infill and the
MAMIX zone, the depth extension of the MOD. The 2022 MRE, announced on October 13, 2022 incorporates 19,580m of the
approximate 41,500m of drilling completed in 2022 for a total of over 110,000m of drilling completed since 2016. The balance of
the 2022 infill drilling program will be included in a subsequent MRE planned for H1 2023 with the objective of converting
Inferred Resources to the Measured and Indicated Categories to underpin a Definitive Feasibility Study (“DFS”).
Figure 1: Plan View of Infill Drilling Results
Table 1. Summary of Drill Results
Hole Depth (m) From (m) To (m) Interval (m) CuT (%)
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
Sampling and Assay Protocol
True widths cannot be determined with the information available at this time. RC holes were sampled on a 2m continuous
basis, with dry samples riffle split on site and one quarter sent to the Andes Analytical Assay preparation laboratory in Calama
and the pulps then sent to the same company laboratory in Santiago for assaying. A second quarter was stored on site for
reference. Samples were prepared using the following standard protocol: drying; crushing to better than 85% passing -10#;
homogenizing; splitting; pulverizing a 500-700g subsample to 95% passing -150#; and a 125g split of this sent for assaying.
All samples were assayed for %CuT (total copper) and %CuS (acid soluble copper) by AAS. A full QA/QC program, involving
insertion of appropriate blanks, standards and duplicates was employed with acceptable results. 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, VP of Exploration, Marimaca Copper Corp, a
geologist with more than 35 years of experience and a member of the Colegio de Geólogos de Chile, Instituto de Ingenieros de
Minas de Chile and of the Society of Economic Geologist USA, and who is the Qualified Person for the purposes of NI 43-101
responsible for the design and execution of the drilling program.
The QP confirms he has visited the project area, has reviewed relevant project information, is responsible for the information
contained in this news release, and consents to its publication.
Contact Information
For further information please visit www.marimaca.com or contact:
Tavistock
+44 (0) 207 920 3150
Emily Moss / Adam Baynes
Forward Looking Statements
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. 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 annual information form of the Company dated March 28, 2022, the final short form base
prospectus and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed
at www.sedar.com). 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.
Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for
the adequacy or accuracy of this release.