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Marimaca Reports Further Positive Higher-Grade Results from Northern MOD Infill Drilling

VANCOUVER, British Columbia, Dec. 05, 2022 (GLOBE NEWSWIRE) — Marimaca Copper Corp. (“Marimaca Copper” or the “Company”) (TSX: MARI) is pleased…

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VANCOUVER, British Columbia, Dec. 05, 2022 (GLOBE NEWSWIRE) — Marimaca Copper Corp. (“Marimaca Copper” or the “Company”) (TSX: MARI) is pleased to announce further results from the 2022 infill drilling campaign. Results reported in this release reflect 8,444m of drilling across 41 reverse circulation (“RC”) drill holes predominantly located in the northern portion of the Marimaca Oxide Deposit (“MOD”). The results further improve confidence in the newly identified higher-grade centres located in the northern MOD which were intersected in previously reported drill holes from the 2022 campaign (see press release dated November 21, 2022).

As previously announced Marimaca will host an Exploration Webinar and Live Q&A with Sergio Rivera, Vice President Exploration and Hayden Locke, President & CEO to discuss the takeaways of the 2022 exploration campaign today, December 5th, 2022 at 11:00am EST / 4:00pm GMT / 1:00pm CLST / 8:00am PST. A webinar link will be available at marimaca.com/webinars and sign up is available via Investor Meet Company. Questions can be submitted via the Investor Meet Company dashboard during the live presentation.

Highlights

  • Infill drilling continues to improve confidence in the higher-grade centers identified in the northern infill drilling announced on November 21st, 2022, and the higher-grade central MOD (MAR-175)
    • Results continue to demonstrate potential for improved grade profile in the northern sector from previous grade interpolation of the northern MOD
    • Target of the northern infill campaign is to improve the resource categorization from dominantly Inferred Resources (refere to technical report dated November 28, 2022) to Measured and Indicated categories for the purpose of future mine planning
      • Updated MRE remains on schedule for early 2023
  • Results from today’s release will be discussed on the Webinar with Sergio Rivera, VP Exploration, scheduled today at 11:00am ET (see details above)
  • Highlights from reported results are noted below
    • MAR-175 intersected 50m at 1.38% CuT from 64m
    • ATR-146 intersected 86m at 0.62% CuT from 2m including 44m at 0.92% CuT from 34m
    • ATR-158 intersected 158m at 0.50% CuT from 26m including 20m at 0.95% CuT from 138m
    • ATR-142 intersected 148m at 0.49% CuT from 2m including 34m at 0.83% from 114m
    • ATR-138 intersected 120m at 0.40% CuT from 2m including 38m at 0.65% CuT from 76m
    • LAR-104A intersected 114m at 0.45% CuT from 32m including 54m at 0.60% CuT from 32m
    • TAR-35 intersected 42m at 0.81% CuT from 2m
  • Remaining drilling from the 2022 campaign, currently awaiting final assays (approximately 3,000m of RC and 3,000m of diamond drilling), will be released ahead of the planned 2023 MRE

Sergio Rivera, VP Exploration of Marimaca Copper, commented:

“The infill drilling results from Marimaca continue to provide positive surprises and we are very pleased with the current results, which are, once again, above the interpolated grades in the recently released MRE for the northern end of the MOD.

“Prior to the 2022 campaign, the northern MOD represented the least-densely drilled area of the deposit and as a result, the least well-understood. The current results provide additional support to the exceptional results released on 21 November 2022, and have further improved our interpretation of the geology and confidence in continuity of the copper mineralization. Most importantly, both sets of results demonstrate upside to the previously interpolated grades from our 2022 MRE for the northern MOD as we prepare for our final updated resource in early 2023, which will focus on conversion of the majority of resources into the Measured and Indicated Categories.

“The new high-grade core to the north is expected to add further copper tonnes to our mineral inventory, which will underpin the proposed change in production for the future DFS to either 50ktpa or 60kpta of copper cathode for a life of mine which we expect to be greater than 12 years. Clearly, we would expect this to also add significant economic value to the MOD as compared to the 2020 PEA1, which outlined already exceptional economics including industry leading capital cost to production and return on invested capital metrics.”

___________________

1 The 2020 PEA is  titled “Preliminary Economic Assessment, Marimaca Project, Antofagasta, II Region, Chile” (effective date: August 4, 2020), filed by the Company in September 2020 (the “2020 PEA”) no longer reflects the current economic potential of the project, should be seen as historical in nature and should not be relied upon.  As the 2020 PEA is no longer current, information related to an “advanced property” as defined in NI 43-101. The Company’s current technical report (the “2022 MRE”) on the Marimaca Copper Project is dated November 28th, 2022 and is the technical report most recently filed on SEDAR at www.sedar.com under the Company’s profile.

Overview of Drilling Campaign Objectives

Marimaca’s 2022 drilling campaign consisted of over 41,500m of RC and diamond drilling between the MOD infill and the MAMIX zone, the depth extension of the MOD. The 2022 MRE, announced on October 13, 2022 incorporates 19,580m of the approximate 41,500m of drilling completed in 2022 for a total of over 110,000m of drilling completed since 2016. The balance of the 2022 infill drilling program, including the 8,444m of drilling announced today, will be included in a subsequent MRE planned for early 2023 with the objective of converting the remaining Inferred Resources to the Measured and Indicated Categories to underpin a Definitive Feasibility Study (“DFS”) planned for later in 2023.

Figure 1: Plan View of Infill Drilling Results is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/2a76bcec-a1bf-4316-aaff-89ad61a5c31e

Table 1. Summary of Drill Results

Hole Depth (m)   From (m) To (m) m %CuT
ATR-136

180

  6 102 96 0.26
including 6 22 16 0.38
and 42 54 12 0.36
and 66 102 36 0.34
  134 164 30 0.22
including 148 158 10 0.35
ATR-138

200

  2 122 120 0.40
including 42 66 24 0.52
and 76 114 38 0.65
ATR-139

150

  4 34 30 0.24
including 20 34 14 0.42
ATR-140

150

  6 98 92 0.27
including 6 36 30 0.30
and 50 78 28 0.41
ATR-141

160

  36 66 30 0.21
  128 142 14 0.34
ATR-142

210

  2 150 148 0.49
including 8 22 14 0.37
and 50 150 100 0.62
including 114 148 34 0.83
  182 200 18 0.30
ATR-143

250

  60 130 70 0.30
including 100 130 30 0.45
  152 232 80 0.34
including 152 194 42 0.48
ATR-144

150

  6 98 92 0.30
including 10 48 38 0.52
and 86 98 12 0.39
ATR-145

200

  16 84 68 0.36
including 36 70 34 0.56
ATR-146

300

  2 88 86 0.62
including 34 78 44 0.92
ATR-147

220

  8 62 54 0.21
  110 218 108 0.30
including 110 160 50 0.33
and 180 218 38 0.36
ATR-148

300

  2 108 106 0.37
including 16 58 42 0.53
and 138 150 12 0.21
ATR-149

200

  58 190 132 0.24
including 58 90 32 0.33
and 170 190 20 0.66
ATR-150

250

  2 188 186 0.29
including 2 82 80 0.32
including 2 20 18 0.54
  152 188 36 0.66
including 152 178 26 0.84
ATR-151

200

  30 38 8 0.21
  110 158 48 0.27
including 126 158 32 0.33
ATR-152

250

  130 246 116 0.36
including 130 194 64 0.50
including 130 166 36 0.79
and 230 240 10 0.66
ATR-153

180

  8 66 58 0.20
including 30 48 18 0.40
ATR-154

320

  22 54 32 0.20
  222 320 98 0.33
including 244 292 48 0.55
and 276 292 16 1.15
ATR-155

120

  4 62 58 0.22
including 16 34 18 0.52
ATR-156

200

  98 170 72 0.51
including 98 138 40 0.58
and 152 170 18 0.68
ATR-157 200 No significant intercepts      
ATR-158

200

  26 184 158 0.50
including 34 124 90 0.62
and 138 158 20 0.95
ATR-159 100 No significant intercepts      
ATR-160

230

  42 76 34 0.37
  104 116 12 0.22
  166 176 10 0.33
ATR-161 200 No significant intercepts      
ATR-162

250

  88 138 50 0.21
including 120 138 18 0.39
ATR-163 250   178 200 22 0.21
LAR-104A

200

  32 146 114 0.45
including 32 86 54 0.60
LAR-107

170

  2 8 6 1.08
  128 142 14 0.24
LAR-108

250

  22 70 48 0.26
including 32 50 18 0.43
MAR-175

114 (*)

  64 114 50 1.38
including 80 106 26 2.19
MAR-175A

250

  84 238 154 0.38
including 84 154 70 0.55
MAR-176 150 No significant intercepts      
MAR-177

250

  34 42 8 0.63
  118 250 132 0.38
including 118 178 60 0.63
and 212 232 20 0.28
TAR-29 200   142 164 22 0.28
TAR-30 160   12 38 26 0.57
TAR-31 190   166 184 18 0.20
TAR-32 240 No significant intercepts      
TAR-33

250

  172 250 78 0.53
including 202 246 44 0.74
and 202 216 14 1.58
TAR-34

200

  18 78 60 0.20
  104 122 18 0.26
TAR-35

200

  2 56 54 0.69
including 2 44 42 0.81

 

(*) Target depth not reached because underground working intercept
(**) Twin from underground working intercept hole (3 -5 m apart but angle 70 to 75°)

Table 2. Drill Collars and Survey

Hole Easting Northing Elevation Azimuth Inclination Depth
ATR-136 374784.9 7436361.0 1046.7 220 -60 180
ATR-138 374830.1 7436265.8 1049.2 310 -60 200
ATR-139 374774.1 7436323.9 1047.5 220 -60 150
ATR-140 374783.2 7436365.7 1046.7 310 -60 150
ATR-141 374753.0 7436412.2 1036.6 220 -60 160
ATR-142 374854.2 7436297.0 1061.4 310 -60 210
ATR-143 375035.1 7436003.2 1100.6 310 -60 250
ATR-144 374828.9 7436257.5 1049.3 220 -60 150
ATR-145 375084.9 7436162.9 1103.1 220 -60 200
ATR-146 374907.4 7435876.0 1008.1 220 -60 300
ATR-147 375114.5 7436199.8 1096.3 220 -60 220
ATR-148 374905.0 7435881.3 1007.9 270 -60 300
ATR-149 374942.7 7436297.4 1062.8 220 -60 200
ATR-150 374906.7 7435885.1 1007.7 310 -60 250
ATR-151 374890.4 7436408.7 1070.9 310 -60 200
ATR-152 374890.5 7436400.4 1070.6 220 -60 250
ATR-153 374796.5 7436235.0 1029.2 310 -60 180
ATR-154 375082.9 7436245.6 1083.7 310 -60 320
ATR-155 374806.3 7436166.6 1005.9 220 -60 120
ATR-156 374866.2 7436444.1 1077.1 220 -60 200
ATR-157 374763.4 7436182.1 997.0 310 -60 200
ATR-158 374884.9 7436328.9 1072.8 220 -60 200
ATR-159 374760.9 7436175.8 996.9 220 -60 100
ATR-160 374812.0 7436310.6 1067.3 220 -60 230
ATR-161 374719.3 7436113.5 989.9 220 -60 200
ATR-162 375270.6 7436076.7 1112.7 220 -60 250
ATR-163 375235.5 7436115.2 1111.3 310 -60 250
LAR-104A (**) 374821.7 7435929.0 1011.2 270 -75 200
LAR-107 374667.0 7435986.0 978.3 220 -60 170
LAR-108 374748.9 7436021.6 969.7 220 -60 250
MAR-175 (*) 375132.3 7435607.8 1137.8 220 -60 114
MAR-175A (**) 375133.8 7435610.0 1137.8 220 -70 250
MAR-176 375322.3 7435907.2 1118.6 220 -60 150
MAR-177 375214.4 7435618.5 1148.6 220 -60 250
TAR-29 375383.6 7436048.2 1144.6 220 -60 200
TAR-30 375188.4 7436276.4 1098.5 220 -60 160
TAR-31 374956.5 7436410.7 1064.5 310 -60 190
TAR-32 375117.8 7436284.9 1080.2 310 -60 240
TAR-33 375118.1 7436273.1 1080.3 220 -60 250
TAR-34 375082.1 7436312.7 1074.0 220 -60 200
TAR-35 375190.1 7436213.2 1099.9 310 -60 200

 

(*) Target depth not reached because underground working intercept
(**) Twin from underground working intercept hole (3 -5 m apart but angle 70 to 75°)

Sampling and Assay Protocol

True widths cannot be determined with the information available at this time. RC holes were sampled on a 2m 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) and %CuS (acid soluble copper) by AAS. 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 Copper for future reference.

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 Paola Kovacic, Exploration Manager, Marimaca Copper Corp, a geologist with more than 20 years of experience and a member of the Colegio de Geólogos de Chile and of the Society of Economic Geologist USA, 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 she 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
Emily Moss / Adam Baynes
[email protected]

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 28, 2022, 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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