Highlighted by 77 metres at 1.0% CuT
Vancouver, British Columbia, February 19, 2019 - 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. Sampling of historic underground workings in the Sorpresa area, located approximately 2km to the south of Marimaca, has confirmed the presence of a north-northeast oriented zone of intrusive hosted, copper oxide mineralization measuring at least 350 metres long by 100 metres wide. The limits to the mineralization have not yet been defined and the lowest most workings at approximately 100m vertical depth are still in copper oxides. Individual, well mineralized structures within the zone have widths of 10 to 40 metres. Like Marimaca itself, Sorpresa has not been previously drilled prior to Coro’s involvement.
Underground Sampling Highlights
- A total of 2,450 samples have been collected from underground workings, averaging approximately 0.50% CuT with highlights including:
- 77.3 metres at 1.0% CuT
- 17.0 metres at 2.70% CuT
- 53.2 metres at 1.01% CuT
- 32.2 metres at 1.09 %CuT
- 15.0 metres at 4.20 %CuT
- 54.8 metres at 1.16 %CuT
- A reverse circulation (RC) drilling program with 12 holes for 3,000 metres is planned to test the strike and depth extent of the copper oxide mineralization.
- Exploration in the area between the Marimaca deposit and Sorpresa is underway.
- From 174 to 248 metres, 74 metres of mixed and enriched copper mineralization averaging 1.06% CuT.
- The presence of good grade mineralization at Sorpresa confirms the potential in the district, on ground controlled 100% by Marimaca Copper.
Commenting on the announcement, Sergio Rivera, VP of Exploration said: “The Marimaca Phase II exploration program is progressing on time and on budget with some of the most interesting results anticipated in the coming weeks as we continue to test for additional potential extensions of mineralization to the north and south. The underground sampling of Sorpresa demonstrate the presence of good grade copper oxide mineralization in this new area. As soon as we have finished at Atahualpa where the ongoing results continue to exceed our expectations, we will test Sorpresa with the RC drill campaign, with results anticipated in the second quarter.”
The Sorpresa I and II areas are located to the south of Marimaca 1-23. The objective of the exploration activities at Sorpresa is to confirm the presence and continuation of copper oxide mineralization to the south of the Marimaca deposit.
Underground workings are north-south to north-northeast oriented, easily accessible and displaying good rock quality conditions. Although no reports on earlier mining activities exist, it is believed from sampling and the continuous copper oxide mineralization exposed in the declines and adits that the workings were developed to mine material estimated to contain above 2% copper. Results from sampling are shown in Figure 2 below.
Figure 3 shows the distribution of copper in the workings and the location of selected intervals. Structure, mineralization and alteration resemble the feeder zones observed in the Marimaca deposit. No sulphides are present in the underground workings.
Sorpresa RC Drilling Program
An RC drill campaign with 12 holes for 3,000 metres will test the strike and depth extension of the copper oxide mineralization and its extension from the Marimaca deposit.
Phase II Program Upcoming Milestones
Drilling is continuing to plan at Atahualpa with further results anticipated in the coming weeks.
Sample and Assay Protocol
The samples were taken as 2 metres continuous chip channel samples in previously carefully cleaned surface walls. Both adit walls were sampled by Marimaca Copperpersonnel. The samples were transported to the Andes Analytical Assays (“AAA”) preparation laboratory in Calama. Samples were prepared using the following standard protocol: drying, crushing to better than 80% passing -10#, homogenizing, splitting and pulverizing a 400 g subsample to 95% passing -150#. All samples were assayed for CuT and CuS by AAS. No standards, blanks or duplicates were employed. After sampling, underground workings were geologically mapped in detail following a protocol adapted from that used for bore hole logging, with emphasis on mineralization and its structural and litohologic controls.
The technical information in this news release, including the information that relates to geology, drilling and mineralization of the district exploration programs 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 38 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 and the contents of this news release.
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.