Marimaca's
Roble Target Continues to Show Significant
Potential
Vancouver,
British Columbia, July
1,
2021 --
InvestorsHub NewsWire -- Marimaca
Copper Corp. ("Marimaca Copper" or the
"Company") (TSX:
MARI) is pleased to
provide
an update on
the
ongoing
exploration work being completed, ahead of drilling,
at
the Roble
Target ("Roble"). Roble is located
less than
3km to
the northeast of the Company's flagship
Marimaca Oxide Deposit ("MOD"), and mineralization may
extend over 3km of potential
strike. The commencement of
drilling at Roble has been delayed primarily because the Company elected to
expand the drilling program at the Mercedes Target based on
encouraging mineralization observed in drilling, but also due to
some delays caused by
COVID
restrictions.
Highlights
-
Additional
rock chip reconnaissance sampling at Roble has materially expanded
the footprint of outcropping oxide mineralization
-
Mapped
outcrop extends
further
north
at
Roble and
south and
east at
Pele
-
Extends
strike potential
to over
3km with widths at surface ranging from 300m to over
500m
-
Three
discrete areas of consistently
outcropping
mineralization,
each
extending over approximately 600m by 400m, separated by gravel and
sand cover
-
Potential
for connection of the larger Roble system through
these
covered
areas
-
Geophysics
identified
the
continuation at depth of significant
regional structures
which control
the
location of mineralization in the Marimaca district
-
Interpreted
structures are strongly coincident with surface trends of
outcropping Cu oxide mineralization with greater than 0.1%
CuT
-
Drilling
to commence imminently at Roble with an initial
twelve-hole
reverse
circulation (RC) discovery
drilling
program
-
The
Company
has
expanded
the
RC drilling
campaign at Mercedes from nine holes to eighteen holes
due to
encouraging mineralization intersected
-
Resultant
delay
to the
commencement
of drilling at Roble, which is now
expected
during July
-
Additional
rigs planned for 2H 2021 based
on expanded
exploration programs
at
Marimaca Depth Extensions, Cindy, Mercedes and Roble
Sergio Rivera,
VP Exploration
of
Marimaca Copper,
commented:
"We
have
expanded
our reconnaissance work at Roble
which
continues to indicate a potentially significant mineralized system,
with outcropping mineralization
now
extending over
quite
a
broad
3km
corridor
of strike. It is
highly
unusual to
identify
an undrilled
target,
with extensive outcropping mineralization,
in a mature copper
jurisdiction
like Chile.
"We have
also
completed Induced
Polarization
(IP)
surveys
to complement the magnetics,
surface reconnaissance and sampling work. This shows,
quite clearly,
the
extensive
north
trending structural controls of the Roble
Fault
System
are identifiable at depth.
Notably, the
resistivity
anomaly is
strongly coincident with the
northern
trend identified in the surface sampling work,
highlighting
a broad area of greater than 0.1% CuT
coincident with the
Roble Fault System
and the magnetic anomaly
identified in previous surveys.
For
IOCG deposits, large-scale
structures
controlling
mineralization
are essential for forming
more extensive
systems,
and
we
believe the indications are Roble could be a significant
system.
"We have been delayed slightly in commencing our drilling campaign
at Roble,
but we are
currently finalizing our planning
and infrastructure construction
and expect to be drilling Roble during July."
Overview
of Exploration
Results
Roble
is located less than 3km to the northeast of the Company's flagship
Marimaca Oxide Deposit ("MOD"), within the north-north-east
trending Roble Fault System. This is a splay off the regional scale
Naguayán
Fault System, which is an important control for mineralization at
the MOD.
Figure
1: Map with
New Targets for Exploration Defined by Magnetic Survey Relative to
Marimaca Oxide Deposit
Roble
is associated with a large magnetic anomaly previously identified
in the regional, high-resolution, drone mounted magnetics survey
(refer to
announcement on 23 September 2020).
The
Company has subsequently completed surface exploration work
including rock
grid
geochemical
sampling,
reconnaissance mapping and outcrop sampling which
defined
a large copper-in-rock
anomaly
and also highlighted
the significant extent of outcropping copper oxide mineralization
at the
surface
(refer to
announcement on 22 April 2021).
The
initial exploration work and subsequent reconnaissance mapping and
sampling of outcropping oxide mineralization has
defined
three
distinct zones, each extending
approximately
600m along strike by 400m across strike. These zones are
separated
by post
mineralization gravels and sands and the Company believes there is
the potential for them
to
be connected
under the areas of cover.
Figure
2: Map Showing Three Discrete Areas with Interpreted Limits
of
Outcropping
Cu Oxide Mineralization > 0.1% CuT on IP-R
Survey Lines
Following
the success of the initial surface exploration work, the
Company engaged
GRS Geophysics to complete
two 2.5km Induced Polarization ("IP") surveys (AMT-MIMDAS)
for a
total of 5km of survey, with
one line located in the central
area, the
other approximately 750m
to the north, on the northern part
of
the area of
interest.
Both
lines show attractive coincident
resistivity
and
chargeability
anomalies
associated
with the high
magnetic response and
clearly highlights the regional scale of
Roble
Fault System, which the Company believes could be important
for controlling
copper
mineralization in the area. Furthermore, the geophysical
anomalies
(both
magnetic and IP) appear to be strongly coincident with the
outcropping copper mineralization mapped in the reconnaissance
work, both of which follow the broader northerly
trend
of the Roble Fault System.
Figure
3: IP and Magnetic Section 7.437.950-N
Figure
3: IP and Magnetic Section 7.438.700-N
Figure
4: Typical Copper Oxide Exposures
Preparation
of drill pads and associated infrastructure at Roble
is
currently
underway and the Company expects to be drilling the target during
July 2021. The Company will complete an initial twelve-hole
RC
drilling
program to test key targets at Roble,
Nepal
and
Pele.
Qualified
Person
The technical
information in this news release, including the information that
relates to geology, drilling and mineralization 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 Geólogos 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.
The
QP
confirms
he
has visited
the project area, has
reviewed
relevant
project information, is
responsible
for the information contained in this news
release,
and
consents
to its
publication.
Contact
Information
For further
information please visit www.marimaca.com or contact:
Tavistock
+44 (0)
207 920 3150
Jos
Simson/Oliver
Lamb / Nick Elwes
marimaca@tavistock.co.uk
Forward
Looking Statements
This news
release includes certain "forward-looking statements" under
applicable Canadian securities legislation. 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 Marimaca Copper, 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: risks related to
share price and market conditions, 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
annual information form of the Company dated March 29, 2021, the
final short form base prospectus and other filings made by the
Company with the Canadian securities regulatory authorities (which
may be viewed at www.sedar.com).
Accordingly, readers should not place undue reliance on
forward-looking statements. Marimaca Copper undertakes 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.
Neither the
Toronto Stock Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for
the adequacy or accuracy of this release.
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