Vancouver, British Columbia, November 13, 2018 - Marimaca Copper Corp. (“Coro” or the “Company”) (TSX: COP) is pleased to provide an update for Company’s Marimaca project in the Antofagasta region of Chile. The first 28 of a planned 52 drill holes at La Atómica, the ground adjacent to the Marimaca 1-23 claim where a resource has already been established, have confirmed the presence of copper oxide mineralization, in addition to the presence of secondary enriched copper sulphide mineralization at depth.
- Completed 28 of planned 52 holes, for 6,540 metres covering a 100 x 100 metre spaced grid. across the property.
- Results include:
- LAR 24
From surface, 202 metres continuous oxide mineralization averaging 0.74% CuT,
including 16 metres, from 98 to 114 metres, averaging 2.72% CuT,
and 12 metres, from 138 to 150 metres, at 2.24% CuT
From 32 to 260 metres, 228 metres of continuous oxide mineralization averaging 0.47%CuT,
including 26 metres, from 60 to 86 metres, averaging 0.99% CuT.
and 20 metres, from 270 to 290 metres, high-grade secondary copper sulphide mineralization averaging 2.10% CuT
- LAR 24
- Oxide copper mineralization at La Atómica proven to exist 300 metres beyond limits of the previous drill grid completed at Marimaca 1-23.
- Current knowledge is that the total horizontal extension of the outcropping copper oxide mineralization from Marimaca to La Atómica now reaches 800 metres in the north-west direction, with the opportunity for further extension.
Commenting on the news, Luis Tondo, CEO of Marimaca Coppersaid: “Chile is the world’s primary source of mineable copper, however, new near surface discoveries are becoming harder to find and new projects harder to bring on stream. Since we discovered Marimaca in 2016, the project continues to prove itself, and I believe has the potential to be one of the best new open-pittable copper oxide deposits discovered in Chile in recent times. Our Phase I program already established a resource at Marimaca and I am delighted to see that the current Phase II program confirms the potential of mineralization extension on the adjacent La Atómica ground.”
Copper oxide mineralization at La Atómica is hosted by the same intrusive rocks as identified at the Marimaca 1-23 claims. Parallel fracturing is minor as compared with Marimaca, and mineralization is controlled by a north-west system of faults and by a north to north-east oriented dike-swarm of dioritic composition.
Part of the mineralization appears to be the result of copper laterally transported from sources located close to Marimaca towards the west, along north-west fractures, and trapped by north to north-east fractures and dikes. As a result, the outcropping copper oxide blanket at La Atómica extends for widths of up to 300 metres reaching depths of up to 200 metres, showing less mineralization intensity a towards the north-west, yet remains open to the south-west portion of the property.
Figure 1 below illustrates the location of the completed drill holes at Atahualpa and La Atómica and the Phase I drilling which established the resource and the new Phase II drilling extending to the north-west where copper oxide mineralization has been established.
Marimaca Phase II Program
Subsequent to the Phase I program, in September 2018 the Company successfully completed a comprehensive US$33.6 million financing plan. The first use of proceeds was to acquire the Sierra Miranda package of claims for a total US$6 million, which included the Atahualpa and Atahualpa East areas to the north and the Sorpresa I and Sorpresa II areas to the south of the Marimaca 1-23 claims. These, combined with the La Atómica area to the west, form the Phase II program area, illustrated in the diagrams below.
The photographs in figures 2 and 3 below show the southern outlook and RC drilling at La Atómica from which can be seen access roads and some drilling, and importantly, parallel and north west fracturing which is believed to control the copper oxide mineralization.
Also commenting on the news, Sergio Rivera, VP Exploration said: “The drill results at La Atómica are the first from the new program and already demonstrate the presence from surface of oxide mineralization and indeed the presence at depth of some secondary sulphide mineralization. We will now continue with the remaining drill holes at La Atómica before moving all drill rigs to Atahualpa where I am hopeful that we will see similar or even potentially better positive results.”
Phase II Program Upcoming Milestones
It is planned that the remaining holes to be drilled at La Atómica will be completed with results announced by the end of the fourth quarter 2018.
Sampling and Assay Protocol
True widths cannot be determined with the information available at this time. Marimaca CopperRC holes were sampled on a 2 metre continuous basis, with dry samples riffle split on site and one quarter sent to the Andes Analytical Assay preparation laboratory in Calama and the pulps then sent to the same company’s 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), CuS (acid soluble copper), CuCN (cyanide soluble copper) by AAS and for acid consumption. 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 Copperfor future reference.
The technical information in this news release, including the information that relates to geology, drilling and mineralization of the Marimaca Phase I and II exploration program 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 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.
For further information please contact of visit www.coromining.com or contact:
Nicholas Bias, VP Corporate Development & Investor Relations
Office: +56 2 2431 7601
Cell: +44 (0)7771 450 679
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, statements regarding 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 Coro, 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: 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 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.