Magnetic Survey Reveals Multiple Large Scale Marimaca Style Targets and New IOCG District Potential
N e w s R e l e a s e
Magnetic Survey Reveals Multiple Large Scale Marimaca Style Targets
and New IOCG District Potential
Vancouver, British Columbia, September 23, 2020 – Marimaca Copper Corp. (“Marimaca Copper” or the “Company”)
(TSX: MARI) is pleased to announce the results of a high resolution, drone mounted, magnetic survey (the “Survey”) in
the district surrounding the Company’s flagship Marimaca Copper Project (“Marimaca” or “the Project”) in Chile. The
Survey has identified several large‐scale magnetic anomalies which the Company believes are prospective for Marimaca
IOCG style deposits. The Company will host a webinar on this re lease on Monday the 28th of September 2020 at 11am
EST (8am Pacific; 4pm UK). Quest ions can be submitted through t he webinar platform, or via email to
[email protected] no later than two hours prior to the scheduled start time.
Webinar link details below:
Webinar Link
Highlights
Four large scale magnetic anomalies identified, believed to be prospective for Marimaca style deposits
o All similar size to or larger than the Marimaca Sulphide Target (175 million m3)
All targets are adjacent to key regional structures which are believed to control mineralization at Marimaca
o Regional structures clearly shown in magnetic survey results
o Naguayán Fault, which controls Marimaca, clearly defined over 6km strike length
o Cross cutting faults, an important mineralization control at Marimaca, noted at all targets
Regional structure identified over 25km
o New ground staked and option agreements executed covering full extent of prospective structures
o Expanded magnetic surveys planned to identify additional targets for follow‐up work
Three smaller targets on new fault structures, proximal to successful previous shallow scout drilling campaign
Potential for blind copper oxide mineralization beneath shallow gravel, as well as large scale sulphide targets
Cindy, Llanos and Mercedes Targets marked by high‐grade, artisanal, copper workings
o A key feature of Marimaca
Improved understanding of Marimaca and its structural controls help to further refine the exploration model
to target repetitions of Marimaca IOCG style mineralization
Follow‐up work underway including IP surveys, surface geological work and drill hole planning
o Targeting drilling the Marimaca Sulphide Target in early 2021
Sergio Rivera, VP Exploration of Marimaca Copper commented:
“The clarity of the magnetic anomaly at Marimaca, gave us a cle ar impetus to expand the size of our survey to identify
new targets within our now expanded land package. The results are exceptional. There are several large‐scale magnetic
anomalies adjacent to the important Naguayán Fault to the north of Marimaca which exhibit similar geometry and
spatial relationship with regional structures. Perhaps most exciting is that many of the target areas are covered by
gravel, suggesting that any near surface oxide mineralization a ssociated with these magnetic anomalies is likely to be
blind.
“We believe we have the potential to discover a new copper district in Chile and we are mobilizing geological teams for
follow‐up work prior to drilling. At the Marimaca Sulphide Targ et, we will complete an Induced Polarization survey to
further define the best locations for drilling. We will also co mmence surface geological work to help prioritize the new
targets identified in the magnetic survey for follow‐up work and we look forward to drill testing these as soon as
possible.”
Figure 1: District Map Showing Seven High Potential Marimaca Style Deposit Targets
Expanded Land Position to Control 25km of Prospective Strike
The Company has materially expand ed its land position, staking new claims and executing several option agreements
over ground along strike to the north and south of the Marimaca deposit. With the executi on of these agreements,
Marimaca Copper now controls most of the 25km of prospective strike of the main regional structures that are believed
to be the main controls for mine ralization in the district. Most of the new claim package now controlled by Marimaca
Copper were recently staked, but additionally, two new option agreements were executed, the terms of which are:
New Option Agreements:
‐ Signed on 22 July 2020 & 14 August 2020 respectively;
‐ US$10,000 on signing
‐ US$80,000 12 months post signing
‐ US$110,000 24 months post signing
‐ US$300,000 36 months post signing
‐ 1.5% NSR royalty with an option to buy back 0.5% for US$500,000 at the Company’s option; and
‐ Right of first refusal over any sale of the remaining royalty
Marimaca Copper is now planning to extend the high‐resolution drone mounted magnetic survey over the new claims
to identify additional targets for follow‐up exploration work. It is expected that these surveys will commence in late
S e p t e m b e r o r e a r l y O c t o b e r a n d take approximately four weeks to complete with results expected to be available
before the end of 2020.
Follow‐Up Exploration Work Planned
Follow‐up work at the Marimaca Sulphide Target, as defined in the prior magnetic survey ( refer release on 14 July
2020), planned to be completed before the end of 2020, will include:
Completion of an Environmental Impact Declaration (“DIA”) to provide all environmental permits required
for drilling, expected in October 2020
Induced Polarization Survey, which is underway
Downhole magnetic susceptibility testing
Drill camp construction and contractor mobilization
Exploration drill hole planning; and
Road and infrastructure construction
The Company is planning to drill the Marimaca Sulphide Target in early 2021.
Follow‐up surface work at the new targets to the north of Marimaca ‐ Cindy, Llanos, Mercedes and Emilia ‐ planned to
be completed by the end of Q1 2021, will include:
1K Geological Mapping
Rock geochemistry on a 50m x 50m grid spacing
Induced Polarization Surveys
Exploration drill hole planning
Road and infrastructure construction
Follow‐up district exploration work:
Expanded high resolution drone mounted magnetic surveys
A Potential New IOCG District
Multiple Large‐Scale Sulphide Targets
Magnetic susceptibility work at Marimaca has shown a strong correlation between magnetic response and the primary
copper sulphide chalcopyrite. The Company flew a high resolution, drone mounted, magnetic survey at Marimaca,
which highlighted a large magnetic anomaly ( refer release on 14 July 2020 ), in the interpreted down dip extension of
the Marimaca Oxide Deposit. The success of this exploration work has allowed the Company to develop an exploration
model which it believes can target repetitions of Marimaca’s IOCG style mineralization in its claims package.
The Company completed a broader magnetic survey, extending arou nd the previous survey at Marimaca. The results
were excellent and confirmed, in noticeably clear resolution, t he Company’s geological understanding of the district,
but also provided significant further information on local and regional structures, especially the regionally extensive
Naguayán and Robles Fault Systems, which extend to the north and to the north‐east respectively (refer Figure 1).
Four large scale magnetic anomalies, defining the new Cindy, Llanos, Mercedes and Emilia areas, were identified, which
the Company believes are prospective copper exploration targets. All are proximal to historic high‐grade artisanal
copper workings where chalcopyrite was extracted along with magnetite and, in the case of Mercedes, open pits which
exposed some copper oxide mineralization.
Figure 2: Plan View and Sections of New Magnetic Targets along the Naguayán Fault
The magnetic susceptibility intensity levels, the orientation a nd geometry of the new magnetic anomalies, and their
spatial location relative to the Naguayán Fault, is virtually identical to what is observed in the magnetic anomaly at the
Marimaca Sulphide Target. These s h a r e d c h a r a c t e r i s t i c s s u p p o r t the conclusion of the potential for Marimaca style
deposits.
Potential Blind Oxide Deposits
Given the similarities between the new magnetic anomalies and Marimaca, there is clearly potential for oxide deposits
similar to Marimaca in these new exploration areas. In contrast to Marimaca, there is a prevalence of transported cover
in the form of gravels, especially in the valleys to the west o f the sulphide targets at Cind y and Mercedes. This means
that any geochemical signature of an oxide deposit is likely to be notably reduced or nonexistent and that if an oxide
deposit exists in these valleys, it will be a blind deposit. Th e gravels have also been interpreted in the magnetic survey
(refer Figure 2).
Figure 3: Sections of Mercedes and Cindy Targets Showing Location of Blind Oxide Targets
Relative to Magnetic Anomalies
At Marimaca the oxides were expo sed at surface and it, therefor e, had a large geochemical signature. Figure 4 shows
the location of the Marimaca Oxide Deposit relative to the magn etic anomaly, as well as the orientation and scale of
the magnetic anomaly relative to the Naguayán Fault. The simila rities, when comparing the anomalies and potential
location of the blind oxide targets at both Cindy‐Emilia and Mercedes (refer Figure 3) to Marimaca (refer Figure 4), can
be clearly seen.
The Company sees potential for shallow oxide deposits in the valleys to the west of the magnetic anomalies at both the
Cindy‐Emilia and Mercedes targets and is planning follow‐up surface geological work to further refine targets for
drilling. The discovery of new m ineralization that could provid e additional oxide resources, within 5km of Marimaca,
could materially change the scale and mine life of what is already an outstanding project. Because of their proximity to
Marimaca, any new discoveries in these locations could be processed through a centralised SX‐EW plant, with potential
benefits to both capital and operating costs.
Figure 4: Section of Marimaca Showing Location of Oxide Deposit Relative to Magnetic Anomaly
and Regional Structures
HR Magdrone Technical References
The magnetic survey was completed by GFDas Impronta Geofisica, which also completed the first survey at Marimaca.
The total surveyed area was 37.5 km2, extending 7.5km north‐south and 5km east‐west. The survey was completed on
25 metre space east‐west oriented lines with control lines orien t e d n o r t h ‐ s o u t h e v e r y 2 5 0 m e t e r s . F l i g h t a l t i t u d e s
ranged from 15 meters to 38 meters and averaged 20 meters above ground level. In total, 1,600‐line kilometers were
completed. A 3‐Dimentional magnetic susceptibility model was ge nerated utilising Geosoft’s Magnetic Inversion
VectorTM software.
Qualified Persons
The technical information in this news release, including the i nformation 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 3 6 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.
The Qualified Person for content other than geological informat ion in this news release is Luis Tondo, Chief Executive
Officer and Director of Marimaca Copper, a mining engineer with more than 30 years of experience and a Fellow of The
Australasian Institute of Mining and Metallurgy, who is the Qualified Person for the purposes of NI 43‐101.
B o t h Q P s c o n f i r m t h a t t h e y h a v e v i s i t e d t h e M a r i m a c a P r o j e c t o n numerous occasions, are responsible for the
information contained in this news release and consent to its publication.
Marimaca Copper and the Marimaca Project
Marimaca is fast becoming recognised as one of the most signifi cant copper discoveries in Chile in recent years as it
represents a new type of deposit which challenges accepted exploration wisdom and promises to open up new frontiers
for discoveries elsewhere in the country. Marimaca is hosted by intrusive rocks while the numerous manto deposits in
the same region are hosted by volcanics. With a lack of new co pper exploration discoveries in Chile, and globally, the
growing Marimaca resource is a h igh‐profile development project as it is situated in the coastal belt at low elevation
close to Antofagasta and Mejillones. This prime location could enable its future development at a relatively modest
capital investment as highlighted in the Company’s PEA, which was released in early August 2020. Marimaca will benefit
from nearby existing infrastructure including roads, powerlines , ports, a sulphuric acid plant, a skilled workforce and
seawater.
Contact Information
For further information please visit www.marimaca.com or contact:
Tavistock
+44 (0) 207 920 3150
Jos Simson/Emily Moss
Forward Looking Statements
This news release includes certain “forward‐looking statements” under applicable Canadian securities legislation.
These statements relate to futur e events or the Company’s futur e performance, business prospects or opportunities.
Forward‐looking statements inclu de, but are not limited to, the im pact of a rebr anding 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 u pon 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 partie s have made assumptions
and estimates based on or related to many of these factors. Suc h 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 futu re events or otherwise, except as may be required by
law.