Marimaca Copper (TSX:MARI) Announces New Sulphide Intercept of 92m at 2.11% CuT from 140m, 22m at 5.27% CuT from 204m

Marimaca Copper (TSX:MARI) has reported new results from diamond drill hole MAD-22 at the Marimaca Oxide deposit. The drill hole intersected high-grade primary sulphide mineralization down-dip of oxide mineralization. MAD-22 is a geological-geotechnical drill hole that the company has drilled from the easter MOD all the way through the 2022 Mineral Resource Estimate pit wall. The hole has intersected high-grade, most chalcopyrite mineralization. 

MAD-22 has intersected the border of the magnetic susceptibility high identified during Marimaca’s 2020 geophysical campaign, and the magnetic anomaly under the current MOD dips to the east. It also has the same geometry as the interpreted extension of the structure hosting the copper oxide mineralization at the MOD. The drilling at MAD-22 was aimed at gathering geotechnical and geological information about the eastern pit wall area. 

Sergio Rivera, VP of Exploration of Marimaca Copper, commented in a press release: “The sulphide potential at Marimaca has always presented a compelling exploration opportunity for the Company. The size of the oxide resource base at the MOD, as demonstrated in the 2022 Mineral Resource Estimate, is a testament to the scale of the mineralizing system and hole MAD-22 provides exciting evidence for potential extensions of sulphide feeder zones down-dip of Marimaca’s oxide blanket.

“While previous drilling into the down-dip geophysical targets identified in 2020 and 2021 intersected additional mixed and secondary sulphides at depth (MAMIX), MAD-22 represents the first significant primary sulphide intersection to date and could represent a primary high grade feeder structure as interpreted in our geological model for the deposit.

“With the 2022 drill program now completed, results from MAD-22 will be considered in our exploration planning going forward. We look forward to updating the market as our interpretation and plans for additional exploration work are finalized.

“In parallel and as discussed in previous releases, we will continue with our de-risking strategy at the MOD with the objective of delivering an updated MRE in early 2023, capturing the second half of the 2022 infill program. This will form the basis for the DFS on the Marimaca Oxide Deposit planned for the second half of 2023 or early 2024.”

Highlights from the results are as follows:

  • Highlights from reported results are:
    • Full drill hole intersection of 240m at 1.01% CuT from surface in two separate zones of oxide and primary sulphide
    • Oxide highlights:
      • 82m at 0.53% CuT from 10m including 50m at 0.80% CuT from 42m
    • Sulphide highlights:
      • 92m at 2.11% CuT from 140m, including
      • 22m at 5.27% CuT from 204m
  • Hole MAD-22 was drilled from inside the 2022 MRE pit area toward and through the eastern border of the MOD at depth
    • Consistent with current MRE for the MOD, MAD-22 intersected oxide and mixed mineralization before transitioning into primary sulphide mineralization
  • Primary mineralization is dominated by veins and stringers of massive and semi-massive chalcopyrite within dominantly magnetite-actinolite alteration consistent with magnetic highs
  • The occurrence of primary sulphide mineralization down dip to the east of the MOD is consistent with the current geological model for Marimaca’s Iron-Oxide-Copper-Gold (“IOCG”)-style copper mineralization
    • Mineralization at Marimaca is controlled by a regional scale system of sheeted fractures and dykes, created by a major extensional event with mineralization introduced along fractures and structural splays
    • The MOD’s copper oxides were formed by the oxidation of a chalcocite enrichment blanket derived from original primary sulphides
  • Results from MAD-22 will be reviewed and the Company will provide an update to the market on next steps to follow up the results in due course
  • In parallel the Company will continue to progress permitting and engineering workstreams to support the planned Definitive Feasibility Study “DFS” on the Marimaca Oxide Project planned for the second half of 2023

Table 1. Summary of Drill Results

Hole Depth (m)   From (m) To (m) m %CuT
MAD-22 240   0 240 240 1.01 %
including 10 92 82 0.53 %
Including 42 92 50 0.80 %
and 112 232 120 1.65 %
including  140 232 92 2.11 %
including 178 232 54 2.80 %
Including 204 226 22 5.27 %
Including 214 224 10 8.10 %

Table 2. Drill Collar and Survey

Hole Easting Northing Elevation Azimuth Inclination Depth
MAD-22 375143,8 7435536,2 1124,9 85 -55 240

Sampling and Assay Protocol

Figure 1: EW Cross Section 7,435,550-N Looking North. Source: Marimaca Copper Corp.
Figure 2: 3D MIV Model – MOD and Magnetic Inversion Model Demonstrating Copper Sulphide Potential (Looking Northeast). Source: Marimaca Copper Corp.

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I cover the mining industry and the best mining stocks around the world. I write about industry news, individual companies, projects, management, and profiles on industry leaders.

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