Marimaca Copper Identifies Large Surface Geochemical Anomaly at Mercedes Target
News Release
Marimaca Copper Identifies Large Surface Geochemical Anomaly at Mercedes Target
Vancouver, British Columbia, December 9, 2020 – Marimaca Copper Corp. (“Marimaca Copper” or the “Company”)
(TSX: MARI) is pleased to announce the results of a recently completed surface geochemical sampling and reconnaissance
mapping program at the Mercedes Target, which is located 3km to the north of the Company’s flagship Marimaca Oxide
Deposit (“MOD”).
Highlights
Geochemical sampling has identified a large copper anomaly with grades as high as 0.6% in surface sampling
o Central geochemical high is approximately 300 metres by 300 metres and is coincident with historical mine
workings with grades ranging from 0.2% up to 0.6% copper
o A large plus 200ppm Cu anomaly extends over an area of approximately 600 metres by 500 metres, which
compares favorably to the MOD
o Approximately half of the Mercedes Target is concealed by post mineral gravels
The geochemical anomaly is potentially larger than the footprint indicates
o Very little of the mineralized zone is exposed at surface and there is a superficial leached zone
Indicates the current anomaly is strong relative to typical background copper levels in this area and
compares favorably to the MOD
The geochemical anomaly has the same host rocks and controlling structures as observed at the MOD
o Intensely fractured monzodiorite host rock
o North-south striking, east dipping, parallel sheeted fractures hosting mineralization
o North-west trending late or post mineral fractures that control the supergene oxidation at MOD
Naguayán Fault System, the key controlling fault at the MOD, crosses the Mercedes Target
1:1000 geological mapping and reconnaissance and geochemical sampling has commenced at the Cindy Target,
approximately 1.5km to the north of the Mercedes Target
Exploration work is underway to further refine targets for the upcoming drilling campaigns which are expected to
commence in early Q1 2021.
Sergio Rivera, VP Exploration of Marimaca Copper, commented:
“We have identified a large surface copper anomaly coincident with the previously identified magnetic anomaly at
Mercedes, which is very encouraging. We continue to note the many similarities with the MOD including the intensely
fractured intrusive host rock, the presence of key copper oxides, the flat sheeted structural controls of mineralization as
well as dyke swarms and faulting which cross the anomalous area.
“We believe this anomaly compares favourably with the surface anomaly encountered at the MOD and, while the
anomalous area is already large, a significant proportion of it is covered by gravels. Unlike the MOD, very little of the
mineralization is exposed. To have grades as high as 0.6% Cu in surface geochemical sampling – which is well above the
economic cut-off grade at the MOD – is a very encouraging indication of the potential mineralization. As a result, it presents
an exciting target for a shallow scout drilling program early in the New Year.”
“We are in the process of building our surface facilities and mobilizing our drilling contractors to start the next phase of
exploration drilling which, based on our current timelines, we expect to commence in early 2021.”
Surface Geochemical Sampling and Reconnaissance Geology
The Mercedes Target is located approximately 3km to the north of the MOD and was identified as a large-scale magnetic
anomaly, which has many characteristics in common with the MOD ( refer to release 23 September 2020 ) including its
structural orientation and size.
The magnetic anomaly is within close proximity to the important, regionally extensive, Naguayán Fault System, dips in a
similar orientation to the magnetic anomaly at Marimaca and is also coincident with historical artisanal, open pit, oxide
copper workings.
The Company has completed a sampling program on a 50 metre by 50 metre grid in the area immediately coincident with
the magnetic anomaly, extending to the west over the area believed to be prospective for oxide mineralization, as well as
completing geological mapping and reconnaissance work over the same area. This defined a large copper anomaly
extending approximately 600 metres by 500 metres with values above 200ppm copper.
Key features noted were similar host rocks (a strongly fractured monzodiorite) and structures to those observed at
Marimaca. In particular, north-south striking, east dipping, parallel sheeted fracturing intruded by various dykes and
crosscut by late stage faulting on a west north west orientation. The copper mineralization includes brochantite,
chrysocolla and atacamite, which are the key oxide minerals at the MOD.
Figure 1: Map Showing the Area of Interest and Geochemical Anomaly Relative to the Magnetic Anomaly
The core of the geochemical anomaly is also coincident with an area which has several small scale historical artisanal
workings. Grades in this area were as high as 0.6% Cu, with numerous samples of between 0.2% and 0.5% Cu. These
workings have exposed mineralization and structural controls and allowed Marimaca Copper’s geological team to observe
numerous similarities with the MOD. One key feature is the presence of easterly dipping, north-south oriented, sheeted
fracture zones which were prevalent at the MOD. As at Marimaca, the sheeted fractures host and control the copper
mineralization at Mercedes.
Figure 2 shows a small artisanal pit which has exposed oxide mineralization. Importantly, it very clearly shows a similar
style of easterly dipping, sheeted, fracturing which controls the oxide mineralization at Mercedes, and which is so prevalent
at the MOD.
Figure 2: Photo of Small-Scale Artisanal Workings, looking South, Exposing Mineralization and Structure
As part of the mobilization process for the upcoming drilling campaigns, the Company will build new roads and drill pads,
which should expose the mineralization horizon and allow for more detailed mapping and sampling to be completed prior
to drilling these exciting targets.
The area coincident with the large magnetic anomaly at Mercedes is overlain by an extensive cover of post mineralization
gravels. These gravels tend to get thicker towards the west of the magnetic anomaly, which is the area believed to be most
prospective for Marimaca Style oxide mineralization. Surface geological mapping has identified several areas where oxide
mineralization has been exposed below gravel cover which provides additional evidence for the potential for oxide
mineralization at Mercedes.
Figure 3: Oxide Mineralization Exposure below Gravel Cover and Extensive Gravel
Cover at the Mercedes Target
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, Vice President of Exploration, Marimaca
Copper Corp, a geologist with more than 36 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.
Mr. Rivera confirms that he has visited the Marimaca Project on numerous occasions, 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
Jos Simson/Emily Moss
Forward Looking Statements
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. These
statements relate to future events or the Company’s future performance, business prospects or opportunities. Forward-
looking statements include, but are not limited to, the impact of a rebranding 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 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 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 future events or
otherwise, except as may be required by law.