Marimaca Report

Updated and Expanded Resource Estimate for the Marimaca Copper Project

Jan 17, 2020 | PDF

This report provides an updated and expanded mineral resource estimate for the Marimaca Copper Project. The mineral resource estimate from Marimaca project, whose mineral resources and a DFS study provided by Marimaca Copper Corporation (Coro) in three NI-43101 reports dated February, 2017 (NCL, 2017); May, 2018 (NCL, 2018) and June, 2018 (Propipe, 2018), are superceded by the information contained in the present report. On the other hand, further successive exploration and delineation work undertaken towards the west and north from Marimaca 1-23 area in 2018 and 2019, confirms the extension of the oxide mineralization and permits the expansion of the mineral resource estimate to the whole deposit footprint which receives, for the purposes of this report, the name of Marimaca Project.

Marimaca Copper’s extended Marimaca Project hosts an open pit-mineable copper deposit, 45 Km to the north of Antofagasta, Region II of Chile. In anticipation of the report Marimaca Coppermandated NCL to visit the properties, estimate the Mineral Resources and compile an independent technical report pursuant to Canadian Securities Administrators’ National Instrument 43-101. From 2016 to 2019, a team of independent qualified persons, as the term is defined by National Instrument 43-101, visited operations at Marimaca.

In February 2017, Marimaca Copperpublished a NI 43-101 report with the results of the maiden resource estimation for the Marimaca 1-23 claim. With a subsequent infill drilling program Marimaca Copperupdated the Marimaca 1-23 mineral resource estimate in May, 2018. In August 2017 Marimaca Copperannounced the start of a Definitive Feasibility Study (DFS) based on an infill, geotechnical and metallurgical Drilling Program (new release, August 22) and the corresponding updated resources. The resulting NI 43-101 DFS report was filed in June, 2018.

Furthermore, the acquisition of the 10,000 tonnes per year (“tpy”) copper cathode capacity Ivan SX-EW Plant was announced in a press release on June 9, 2017. All these actions, plus environmental, metallurgic studies and consolidation of the surrounding mining property, define the staged development of Marimaca.

This report provides an update of the estimation of the mineral resource, because of the new geological model and new data from the infill drilling campaign executed, from August 2018- to September 2019. This operation increased the information from the original Marimaca 1-23 50 x 50 m drilling grid, extending it towards the west (La Atómica 1-10 concession) and towards the north and north-east (Atahualpa group of concessions) at 100 x100m drill spacing. Thus totaling 91,210 meters of drilling, comprising Reverse Circulation (RC, 82,234 m) and Diamond Drilling (DDH, 8,976 m). In addition, detailed geological mapping and rock sampling at 1:1,000 metric scale of outcrops and underground workings, was incorporated. The underground workings provided 3D knowledge of lithology, structures, geometry and geotechnical data

This report summarizes the technical information that is relevant to support the estimation of Mineral Resource Estimation (MRE) of the Extended and Updated Marimaca Copper Project and the results obtained, pursuant to Canadian Securities Administrators’ National Instrument 43-101.

The complete report is available here.

© Copyright Marimaca Copper 2019