Marimaca Makes New Shallow Oxide Copper Discovery at Mercedes
News Release
Marimaca Makes New Shallow Oxide Copper Discovery at Mercedes
V a n c o u v e r , B r i t i s h C o l u m b i a , S e p t e m b e r 8 , 2 0 2 1 – M a r i m a c a C o p p er Corp. (“Marimaca Copper” or the “Company”)
(TSX: MARI) is pleased to announce that rev erse circulation (“RC”) drillin g completed at the Mercedes Target
(“Mercedes”), has intersected si gnificant oxide copper minerali zation from surface, with an initial area of interest
measuring 400m along strike and 300m width. A total of 17 holes were completed of which 12 intersected mineralization.
Mercedes is located less than 1km to the north of the northern edge of the Marimaca Oxide Deposit (“MOD”) and offers
clear potential to add to the Company’s leachable resource base.
Highlights
Broad zones of near surface oxide copper mineralization intersected in eight holes:
o MER‐12 intersected 86m with an average grade of 0.44% CuT from 6m including 42m @ 0.64% CuT
o MER‐16 intersected 48m with an average grade of 0.42% CuT from 20m including 20m @ 0.57% CuT
o MER‐06 intersected:
74m with an average grade of 0.30% CuT from 18m including 46m @ 0.38% CuT; and
18m with an average grade of 0.52% CuT from 132m.
o MER‐14 intersected 26m with an average grade of 0.42% CuT from 80m including 12m @ 0.69% CuT
o MER‐03 intersected 58m with an average grade of 0.34% CuT as part of a broader 98m @ 0.30% CuT from 4m
o MER‐04 intersected 36m with an averaged grade of 0.34% CuT as part of a broader 86m @ 0.26% CuT from 6m
o MER‐17 intersected 50m with an average grade of 0.25% CuT from 2m
o MER‐01 intersected 28m with an average grade of 0.21% CuT from 4m
Underground mapping of historical workings indicates continuous zones of higher‐grade mineralization than
encountered in the first phase of drilling
The current drilled area of interest extends 400m along strike and 300m east‐west and remains open to south and
east
Weak or thinner mineralization was intersected in MER‐02, 05, 09, 13, 15 and no significant mineralization
intersected in holes MER‐07, 08, 10 and 11
Sergio Rivera, VP Exploration of Marimaca Copper, commented:
“We are very pleased with the results from the discovery drilli ng campaign at Mercedes, which has identified significant
shallow oxide copper mineralization less than one kilometre awa y from the flagship Marimaca oxide deposit. The
mineralization consists of broad zones of predominantly green oxides, commencing at surface, with some mixed, enriched
and copper wad sections.
“The structural controls observed at Mercedes are very similar to the MOD and we note that the higher‐grade materials
appear to be spatially related to the presence of dacitic dykes , which become more prevalent to the east of the currently
drilled area.
“Mercedes remains open to the east and to the south, where it i s within 1km of the northern extent of the MOD. We are
examining whether Mercedes and the MOD may be part of a larger mineralizing system and plan further exploration
accordingly.”
Hayden Locke, President and CEO, of Marimaca Copper, commented:
“We have now drilled two conceptual exploration targets and ide ntified significant shallow, oxide, copper mineralization
in both. We have several other targets close to the MOD that ha ve yet to be drilled, and we take great encouragement
from the success at both Cindy and Mercedes. We own the entire land position, which we believe is prospective for
Marimaca style mineralization, and this will allow any shallow oxide discoveries to form part of our future development
plans and add value to what is already a project with compelling economics.”
Overview of Drilling Campaign Objectives and Results
The initial drilling campaign at Mercedes (located less than 1km to the north of the northern edge of the MOD) consisted
of nine shallow, RC drill holes targeting the anomalies identif ied in both the magnetic sur vey and surface geochemical
sampling previously completed (refer to announcements on 23 Sep tember 2020 and 17 February 202 1 respectively ).
Based on the results of the first nine holes, the program was e xtended to seventeen holes across approximately 700m of
north‐south strike. The objective was to identify new, broad zones of shallow oxide mineralization that could complement
the existing resources at the MOD.
Figure 1: Plan view of Selected Drill Holes at Mercedes
The seventeen holes were drilled at various orientations over an area of approximately 700m by 300m, and eight
encountered notable oxide copper mineralization. Drill holes MER‐03, MER‐04, MER‐06, MER‐12, MER‐16 and MER‐17 in
particular, intersected broad zones (approximately 50m downhole or more) of oxide copper mineralization commencing
near surface. These drill holes define an approximate area of i nterest for follow up drilling extending 400m north‐south
and 300m east‐west.
MER‐12, located on the northern limb of the area of interest, w as an especially positive drill hole, intersecting 86m with
a n a v e r a g e g r a d e o f 0 . 4 4 % C u T f r o m 6 m , i n c l u d i n g a h i g h e r ‐ g r a d e z o n e o f 4 2 m a t 0 . 6 4 % C u T . A s a t t h e M O D , t h i s
mineralization is structurally controlled by pervasive east dipping fractures in the host monzodiorite and consists of
dominant atacamite‐brochantite and chrysocolla with increasing copper wad material in the deeper intersections.
I n a d d i t i o n t o d r i l l i n g , t h e C o m p a n y h a s c o m p l e t e d e x t e n s i v e m apping and sampling of th e small scale historical
underground workings at Mercedes. The results from this work high li g hts th e e x te ns iv e and c o nt inu ou s n atu re of th e
mineralization with broad zones of copper oxide. The underground workings were sampled continuously over 434m with
an average grade of 0.49% CuT over this length and encompassing several higher‐grade zones, including 66m at 0.80%
C u T , 6 0 m a t 0 . 7 0 % C u T , a n d 2 0 m at 1 . 5 5 % C u T . T h e c o p p e r m i n e r a ls we r e the s ame as t hos e ob s e r ve d i n the dr il lin g
program.
Figure 2: Plan view of Mercedes and Selected Results of Underground Mapping and Channel Sampling
Mercedes is structurally controlled by a pervasive sheeted fracturing of the intrusive host, which dips to the east at
between 45 and 60 degrees. Similar to the MOD, there is zonation of mineralization trending from more dominant green
oxides at the top of the intersections to more mixed and copper wad types at the peripheries and towards the bottom of
the intersections.
Figure 3: Cross Section EW 7,437,725 (Drill holes MER‐12 and MER‐14)
Figure 4: Cross Section EW 7,437,600 (Drill holes MER‐12 and MER‐14)
Overview of Mercedes
Mercedes is located less than 1km from the northern edge of the MOD. It was identified initially through the results of the
high‐resolution drone‐mounted magnetic survey (refer to release on 23 September 2020) , w h i c h w a s f o l l o w e d u p b y
reconnaissance mapping and geochemical sampling (refer to release on 9 December 2020).
Mercedes is hosted in the same intrusive units as the MOD, which shows pervasive fracturing striking north to south with
an easterly dip of between 45 and 60 degrees. The unit is cross‐cut by various dykes and faults, all of which are important
for the development of copper mineralization.
Mercedes is the second of three new exploration targets drilled by the Company within a radius of 5km around the MOD,
each of which presents a compelling opportunity to add shallow, oxide resources to the MOD project.
Figure 5: Map of MOD Resource and Near MOD Exploration Targets
Summary of Mercedes Drilling Results
HOLE EAST NORTH AZIMUTH DIP DEPTH
(m) Intersections
MER‐
01
7,437,463
374,798 270 ‐60 300
28m @ 0.21% CuT from 4m; and
10m @ 0.23% CuT from 92m; and
6m @ 1.18% CuT from 130m
MER‐
02
7,437,458
374,800 220 ‐60 300
16m @ 0.15% CuT from 6m; and
12m @ 0.43% CuT from 30m; and
10m @ 0.28% CuT from 150m
MER‐
03
7,437,603
374,657 270 ‐60 300
94m @ 0.30% CuT from 4m including 58m @ 0.34% CuT; and
10m @ 0.37% CuT from 118m; and
20m @ 0.33% CuT from 140m; and
20m @ 0.31% CuT from 270m
MER‐
04
7,437,601
374,661 220 ‐60 300 86m @ 0.26% CuT from 6m including 36m @ 0.34% CuT
MER‐
05
7,437,609
374,595 270 ‐60 250
6m @ 0.81% CuT from 40m; and
16m @ 0.27% CuT from 98m; and
12m @ 0.44% CuT from 140m; and
12m @ 0.31% CuT from 224m
MER‐
06
7,437,606
374,737 270 ‐60 300
74m @ 0.30% CuT from 18m including 46m @ 0.38% CuT; and
10m @ 0.26% CuT from 100m; and
48m @ 0.26% CuT from 132m including 18m @ 0.52% CuT; and
24m @ 0.13% CuT from 202m
MER‐
07
7,437,802
374,493 270 ‐60 200 NSI
MER‐
08
7,437,914
374,558 270 ‐60 250 NSI
MER‐
09
7,438,050
374,659 270 ‐60 200
6m @ 0.31% CuT from 92m; and
24m @ 0.17% CuT from 126m
MER‐
10 7,438,052 374,799 270 ‐60 250 NSI
MER‐
11 7,437,877 374,618 270 ‐60 250 NSI
MER‐
12 7,437,738 374,648 270 ‐60 270
86m @ 0.44% CuT from 6m including 42m @ 0.64% CuT; and
16m @ 0.27% CuT from 122m; and
20m @ 0.22% CuT from 238m
MER‐
13 7,437,857 374,719 270 ‐60 200 6m @ 0.33% CuT from 70m
MER‐
14 7,437,724 374,724 270 ‐60 250 26m @ 0.42% CuT from 80m including 12m @ 0.69% CuT; and
8m @ 0.36% CuT from 212m
MER‐
15 7,437,717 374,720 220 ‐60 250
12m @ 0.19% CuT from 2m; and
18m @ 0.31% CuT from 46m; and
6m @ 0.45% CuT from 74m; and
12m @ 0.24% CuT from 118m
MER‐
16 7,437,540 374,643 270 ‐60 250
48m @ 0.42% CuT from 20m including 20m @ 0.57% CuT; and
12m @ 0.30% CuT from 76m; and
20m @ 0.14% CuT from 90m; and
12m @ 0.15% CuT from 158m; and
8m @ 0.15% CuT from 194m
MER‐
17 7,437,422 374,816 220 ‐60 250
50m @ 0.25% CuT from 2m; and
6m @ 0.44% CuT from 144m; and
8m @ 0.19% CuT from 176m
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 sp lit on site and one quarter se nt to the Andes Analytical Assa y 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, Vice Presiden t 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 Qual ified Person for the purposes of NI 43‐101 responsible for
the design and execution of the drilling program.
T h e Q P c o n f i r m s h e h a s v i s i t e d t h e p r o j e c t a r e a , h a s r e v i e w e d 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
Jos Simson/Oliver Lamb / Nick Elwes
Forward Looking Statements
This news release includes certa in “forward‐looking statements” under applicable Canadian se curities 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 conti ngencies. 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, w ithout 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
o r c o s t o v e r r u n s o r u n a n t i c i p a t e d e x c e s s i v e o p e r a t i n g c o s t s a n d 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 29, 2021, 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 stat ements. Marimaca Copper undertakes no obligation to
update publicly or otherwise revise any forward‐looking stateme nts 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.