Highlighted by 150 metres at 1.18% CuT and 20 metres at 3.70%
VANCOUVER, British Columbia, March 05, 2019 (GLOBE NEWSWIRE) -- Marimaca Copper Corp. (“Coro” or the “Company”) (TSX: COP) is pleased to announce an update for the Company’s Marimaca Project in the Antofagasta Region of Chile. A further batch of 19 RC holes for 5,650 metres has been completed at Atahualpa, bringing the total to 40 holes for 12,400 metres. The new drill results confirm the northward extension of copper oxide mineralization from that previously defined at Marimaca 1-23 and La Atómica, and importantly, indicating an above 1% CuT core zone located in the previously undrilled southern limit of Atahualpa extending partially to La Atómica and Marimaca 1-23.
- From 2 to 82 metres, 80 metres of copper oxide mineralization averaging 0.51% CuT. Hole ATR-29
- From 14 to 60 metres, 46 metres of copper oxide mineralization averaging 0.88% CuT. Hole ATR-39 (extending to Marimaca 1-23 modelled area)
- From 2 to 152 metres, 150 metres of copper oxide and lesser mixed mineralization averaging 1.18% CuT.
- From 102 to 122 metres, 20 metres of oxide and mixed copper mineralization averaging 3.70% CuT. Hole ATR-40
- From 56 to 130 metres, 74 metres of copper oxide and mixed mineralization averaging 0.71% CuT.
Commenting on the results, Luis Tondo, CEO of Marimaca Coppersaid: The second batch of drill results at Atahualpa are our best yet from the Marimaca Phase II exploration program, exceeding our own expectations on many fronts. First, the results include the longest intersection published yet for Phase II, with 150 metres at 1.18% copper. Second, we can report our highest-grade Phase II intersection too, with 20 metres at 3.7% copper. And finally, most satisfying of all, we can report an estimated 44% increase in the area of the mineralised zone to an enlarged 1,200 metres northwest to southeast strike length and 600 metres northeast southwest width, and it still remains open to the north and south. The average depth of the oxidation zone is also believed to have increased from 100 to 130 metres.
The Phase II drilling completed thus far at La Atómica and Atahualpha in addition to the Phase I drilling that established the initial resource for the Marimaca 1-23 claim are detailed below in Figure 1.
The majority of the second batch drill holes are located along northwest-southeast sections, 100 metres apart from the already released first batch drill holes, bearing 310° and 220° (drilled prior to the decision to change orientation to 270°). The copper intercepts show attractive thickness of mineralization related to feeders mapped at surface and underground workings and confirm the extension of the mineralization towards the northern portion of Atahualpa claim.
Holes ATR-39 and ATR-40 are located in the southern part and confirm the existence of a plus 1% CuT brochantite rich mineralized core, extending approximately 300 by 300 metres. This zone had been interpreted from the Marimaca 1-23 grid but was not adequately tested by drilling because access to the area was only gained following the acquisition of the property in late 2018. This zone is an important addition for the whole copper oxide blanket extending beyond limits of Marimaca 1-23 and into La Atómica and Atahualpa.
Two diamond drilling rigs will enter service during March 2019. The anticipated enlarged and integrated Marimaca resource estimate remains on track for completion in the third quarter of 2019. The preparation of access roads, drilling platforms and RC drilling at Tarso and Sorpresa are still in progress. The Marimaca Project area and exploration phases are detailed in the Figure 3 below.
The drill intercepts and drill hole collar location data are detailed in Figures 3 and 4 below.
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 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
Cell: +44 (0)7771 450 679
Office: +56 2 2431 7601
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.