Marimaca Announces Final Results from 2022 Diamond Drilling Program – MAD-18 intersects 346m at 0.71% CuT from 4m, including 90m at 1.22% CuT from 54m
News Release
Marimaca Announces Final Results from 2022 Diamond Drilling Program – MAD-18
intersects 346m at 0.71% CuT from 4m, including 90m at 1.22% CuT from 54m
Vancouver, British Columbia, February 6 th, 2023 – Marimaca Copper Corp. (“Marimaca Copper” or the “Company”)
(TSX: MARI) is pleased to announce the final diamond drilling (“DDH”) results from the 2022 geological and geotechnical drilling
campaign. Results reported in this release comprise 2,762m of drilling across 12 drill holes located in the central Marimaca
Oxide Deposit (“MOD”) and target pit-wall areas (for geotechnical purposes) around the perimeter of the MOD. These results
are the final assays of the 2022 reverse circulation and DDH program. Marimaca has finalized plans for the Q1 2023 exploration
program, which will follow -up on previously- released DDH 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).
Highlights
• Geological drilling focused on the central zone of the MOD and was orientated at 220° azimuth – targeting cross-cutting
intersections of the north-west and west-north-west fault structures that are a dominant control of mineralization at the
MOD
o 2022 geological diamond drilling totaled 1,600m across six drill holes (MAD-18, MAD-17, LAD-10, ATD-15, MAD-21,
ATD-14)
• Geotechnical drill holes were focused on the periphery of the MOD and were drilled to gather geotechnical information
on the MOD pit wall zones
o Notwithstanding this, all holes intersected significant, near surface, mineralized zones with grades at or well above the
average for the October 2022 Mineral Resource Estimate
o 2022 geotechnical diamond drilling totaled 1,402m across seven drill holes including previously released MAD-22
(ATD-16, ATD-17, ATD-18, MAD-20, LAD-11, MAD-19)
• Highlights from reported results include:
o MAD-18 intersected 346m at 0.71% CuT from 4m, including 90m at 1.22% CuT from 54m and 74m at 1.17% CuT from
276m
o MAD-17 intersected 140m at 0.50% CuT from 12m, including 12m at 1.89% CuT from 140m
o ATD-15 intersected 110m at 0.49% CuT from 18m, including 30m at 1.07% CuT from 26m
o ATD-14 intersected 62m at 0.78% CuT from 102m, including 10m at 1.76% CuT from 154m
o LAD-10 intersected 176m at 0.46% CuT from 114m
o MAD-19 intersected 46m at 0.49% CuT from 40m including 24m at 0.77% CuT from 62m
o MAD-21 intersected 36m at 0.47% CuT from surface
• Results from the geological drilling campaign will be incorporated in the updated 2023 geological model supporting the
planned 2023 MRE, while rock quality information from geotechnical drilling will be utilized in the 2023 development
workstreams
Sergio Rivera, VP Exploration of Marimaca Copper, commented:
“The ~3,000m of diamond drilling completed alongside our 2022 ~38,500m reverse circulation infill drilling program provides us
valuable information for our next phase of studies at the Marimaca Project . Results from the geological drilling, in the central
MOD, confirm our current interpretation of the MOD mineralization model particularly the important structures for higher grade
mineralization. This information is also particularly useful when considering the outstanding results of MAD-22, which we are in
the process of following up with additional drilling during the course of Q1 2023.
“MAD-22 presents a compelling opportunity for value creation at the MOD, but has also caused us to re-examine our exploration
model for satellite targets and we are looking with renewed interest at our extensive land package.
“Work is progressing well on the delivering the upgraded MRE, targeting conversion of resources from the Inferred to the
Measured and Indicated categories. It will incorporate the remaining drilling from the 41,500m of RC and diamond drilling
completed in 2022, including the newly discovered shallow high- grade zone at the northern end of the MOD, which we believe
will have positive implications for average grade and mineral endowment.”
Overview of Drilling Campaign Objectives
Marimaca’s 2022 drilling campaign consist ed 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 the 2023 MRE planned for early Q2 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) Intersection
(m) % CuT
MAD-17 300
12 300 288 0.31
including 12 152 140 0.50
including 140 152 12 1.89
174 190 16 0.49
MAD-18 350
4 350 346 0.71
4 198 194 0.68
including 54 144 90 1.22
218 350 132 0.87
including 276 350 74 1.17
MAD-19 200
40 146 106 0.29
including 40 86 46 0.49
including 62 86 24 0.77
134 146 12 0.58
ATD-14 200
30 174 144 0.46
including 102 164 62 0.78
including 102 140 38 0.79
154 164 10 1.76
ATD-15 250
18 250 232 0.28
18 128 110 0.49
including 26 56 30 1.07
LAD-10 300
8 298 290 0.34
including 114 290 176 0.46
including 176 248 72 0.56
274 290 16 0.89
ATD-16 120 No significant intercepts
ATD-17 200 No significant intercepts
ATD-18 300
54 82 28 0.30
including 54 64 10 0.55
226 236 10 0.23
LAD-11 270
120 130 10 0.32
150 168 18 0.26
212 218 6 0.27
MAD-20 21.6 (*) 0 12 12 0.47
MAD-21 250
0 98 98 0.28
including 0 36 36 0.47
and 60 86 26 0.31
*Hole terminated due to intersection with artisanal adit
Table 2. Drill Collars and Survey
Hole Easting Northing Elevation (m) Azimuth Inclination Depth (m)
ATD-14 374850.7 7436363.6 1086.0 220 -60 200
ATD-15 374932.1 7435994.3 1029.8 220 -60 250
LAD-10 374806.8 7435760.7 1102.7 220 -60 300
MAD-17 374925.2 7435519.6 1103.6 220 -60 300
MAD-18 374955.4 7435620.3 1111.5 220 -60 350
MAD-19 375317.5 7435054.3 1047.5 220 -60 200
ATD-16 374837.2 7436448.6 1083.3 358 -70 120
ATD-17 374956.0 7436301.4 1063.1 40 -55 200
ATD-18 375240.7 7436041.4 1137.2 80 -55 300
LAD-11 374609.7 7435594.2 1050.6 263 -60 270
MAD-20 375254.2 7435977.4 1133.4 80 -55 21.6
MAD-21 374927.9 7435269.7 1037.9 220 -60 250
Sampling and Assay Protocol
True widths cannot be determined with the information available at this time. DDH holes were sampled on a 2m continuous
basis, halved by a conventional core splitter on site with one half sent to the Andes Analytical Assay preparation laboratory in
Calama and the pulps then sent to the same company laboratory in Santiago for assaying. . Samples were prepared using the
following standard protocol: drying; crushing all sample to -1/4” and passing through a secondary crusher to better than 8 0%
passing -10#; homogenizing; splitting; pulverizing a 400-600g 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 fro m
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 uncertain ties 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 2 8, 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 obliga tion 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 Indust ry Regulatory Organization of Canada accepts responsibility for
the adequacy or accuracy of this release.