Significant IP Anomaly Identified at Marimaca Copper Project
News Release
Significant IP Anomaly Identified at Marimaca Copper Project
Vancouver, British Columbia, February 2, 2021 – Marimaca Copper Corp. (“Marimaca Copper” or the “Company”)
(TSX: MARI) is pleased to announce the results of an induced polarization (“IP”) survey completed at the Marimaca Copper
Project (“Marimaca” or “the Project”), which has identified an extensive chargeability anomaly below the Company’s
flagship Marimaca Oxide Deposit (“MOD”). The Company completed a Preliminary Economic Assessment (“PEA”) for the
MOD in 2020, which highlighted its unique characteristics and shows the Project has the potential to be among the lowest
capital and operating cost copper projects when in production, delivering a post tax NPV8 of US$524m using a US$3.15/lb
copper price (refer to release: 4 August 2020). The PEA is considered preliminary in nature and includes Inferred Mineral
Resources that are considered too speculative, geologically, to have the economic considerations applied that would
enable classification as Mineral Reserves. There is no certainty that the conclusions within the PEA will be realized. The
PEA is based on the material assumptions outlined in the release dated the 4th of August 2020.
Highlights
Extensive high chargeability anomaly identified, indicating widespread presence of sulphide mineralization below
the MOD
Survey results provide numerous targets for the upcoming drilling campaign
Survey results provide additional information regarding structural controls of mineralization and continue to add to
the geological understanding of Marimaca
Surface geological mapping and geochemical sampling at Cindy target completed, results pending
IP results for Mercedes and Cindy targets expected imminently
Sergio Rivera, VP Exploration of Marimaca Copper, commented:
“We are very pleased with the results of the IP survey, which show a large, laterally extensive, chargeability anomaly
beneath the Marimaca Oxide Deposit. This provides us with valuable data to inform drill hole targeting.
“The IP has provided significant additional structural information, including highlighting the importance of the various
cross-cutting fault structures for the mineralization at Marimaca. This has provided us with several areas of focus for drilling
at the Marimaca Sulphide Target.
“We have also completed IP and geochemical sampling at our Cindy and Mercedes targets and are now assembling a
considerable portfolio of targets which we believe could represent repetitions of Marimaca style mineralization, close to
our flagship Marimaca Copper Project.
“We expect 2021 to be a pivotal year for our Company, with numerous value creating opportunities, and we look forward
to executing on our exploration strategy over the coming months.”
Overview of Induced Polarization Survey and Results
The Company completed an IP survey over the MOD with the objective of identifying areas of sulphide mineralization
associated with, or proximal to, the MOD. The IP method was selected because of its deep penetration and high levels of
resolution.
The survey was completed by GRS Chile Ltda. and consisted of five east-west lines on 300m north-south spacing for a total
of 17.5 line kilometres.
Figure 1: Location of IP Lines and Resistivity and Chargeability Sections. Drill holes with significant sulphide
intersections shown on location map
The resistivity low anomalies (darker colours) are consistent with the existence of an upper, highly fractured, supergene
altered, intrusive host rock, with some discrete anomalies accompanying the supergene oxide blanket. To the east, a quite
regular resistivity high (lighter colours) maintains the north-south striking, east dipping nature of the main fracture pattern
(see Figure 1).
The IP chargeability high anomaly shows a broad, laterally extensive, blanket like distribution (See Figure 1). The highest
values appear to be coincident with the major west-north-west trending fractures that are thought to be important
controls of mineralization for the MOD (See Figure 2). The chargeability anomaly is strongest and most consistent in the
southern portion of the MOD, where it is also most coincident with the magnetic anomaly identified in the high-resolution
drone mounted magnetic survey (refer to announcement on 14th July 2020). From a geological point of view, the north-
south striking, east dipping main structure is represented by low chargeability zones, while the upper limit of hanging wall
alteration is well defined (see Figure 2).
The magnetic anomaly showed good correlation between geology and structural patterns defined by drilling. A direct
relationship between magnetite and chalcopyrite was confirmed through magnetic susceptibility measurements on drill
samples at Marimaca, follow-up down hole magnetic susceptibility in combination with Gamma-Ray surveys and Fe assays.
Figure 2: Map and Sections with Magnetic Inversion and Chargeability
In plan view, 3-D modelling of the copper sulphides intersected in drilling at Marimaca shows an apparent correlation with
the NW trending fault structures identified across the deposit, except for the central zone around the Marimaca fault. It
is thought that the drilling in other areas, which was completed in topographical highs (as opposed to the valley of the
Marimaca fault) may have been too shallow to have intersected potential sulphide mineralization.
Figure 3: Plan View Copper Sulphide Leapfrog TM Model with W-NW Trending Faults
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.