Marimaca Copper Provides an Update on the Infill Drilling Campaign at its Marimaca Project, Chile
October 30, 2017, Vancouver, Canada- Marimaca Copper Corp, (“Marimaca Copperor the Company”) (TSX:COP) is pleased to announce that it has advanced according to plan on the infill drilling campaign at its Marimaca project, located 22km east of the port of Mejillones in the II Region of Chile, (Fig. 1).
This program, which is nearing completion, comprises approximately 10,700m metres of reverse circulation drilling for a total of 57 holes using two drill rigs. In addition, a program of approximately 900m metres of diamond drilling in 5 drill holes has commenced in order to provide geotechnical information and a further 4 drill holes for 820m have been completed and which will provide samples for metallurgical column test work in support of the Marimaca Feasibility Study on this property, which is underway as announced at the start of the third quarter.
“The results of infill and geotechnical drilling at Marimaca will inform the definitive feasibility study, which we anticipate completing in the first quarter of 2018. This will allow us to increase the confidence in our resource to produce both a reserve statement and a mine plan,” commented CEO Luis Tondo. “The feasibility study will serve the dual purpose of allowing Marimaca Copperits 75% earn-in to the Marimaca property as well as allowing us to fast track Marimaca to production as per our strategic plan. The first batches of assay results are expected to be released shortly.”
The technical information in this news release that relates to drilling of the Marimaca project has been reviewed by Sergio Rivera, Vice President of Exploration, Marimaca Copper Corp, a geologist with more than 35 years of experience and a member of the Colegio de Geologos 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.
Alan Stephens, FIMMM, Executive Director of Marimaca Copper Corp, a geologist with more than 42 years of experience, and a Qualified Person for the purposes of NI 43-101, is responsible for the contents of this news release.
About Marimaca Copper Corp.:
Coro’s strategy is to grow a mining business through the discovery, development and operation of “Marimaca Coppertype” deposits. These are defined as projects at any stage of development, which are well located with respect to infrastructure and water, have low permitting risk, and have the potential to achieve a short and cost effective timeline to production with capital costs which are financeable relative to the Company`s market capitalization and operation of mining projects in the safest and most cost effective manner possible. The Company’s assets include the Marimaca development project and the nearby Ivan SXEW copper processing plant and its surrounding mining properties; its 65% interest in the SCM Berta company, which includes the Berta and nearby Nora operations and the Llancahue exploration prospect.
For further information:
Contact Naomi Nemeth, VP Communications/IR at +1 (647) 556 1023, +1 (604) 682 5546, Toll free +1 877 702 2676 or email@example.com
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Such forward-looking statements or information, include but are not limited to production estimates. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Marimaca’s ability to predict or control and may cause Marimaca’s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the operation of the Nora Plant, copper price volatility, and changes in debt and equity markets. Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, changes in project parameters as plans continue to be evaluated, 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 Copperundertakes 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.
Figure 1: Location of Marimaca Project, Ivan plant and Marimaca Copperclaim blocks