Marimaca Copper Corp: Final Documentation For Drilling Program

25th November 2020 | Marimaca Copper Corp, inc.

Marimaca Copper Receives Final Documentation for Upcoming Drilling Program

Marimaca Copper Corp. (“Marimaca Copper” or the “Company”) (TSX: MARI) is pleased to announce that, following the positive vote by the Antofagasta Environmental Evaluation Commission ( refer to news release on 5 November 2020 ), it has received its Environmental Qualification Resolution (“RCA”), which allows it to undertake new exploration campaigns at the Marimaca Copper Project (the “Project”) and in the broader Marimaca District.

Highlights

  • Final RCA received from the Environmental Assessment Service completes the thorough permitting process for the Company
  • Evaluation process demonstrates that the Company and the Project , including its surrounding areas, comply with all environmental regulations
  • Approvals granted for the construction of up to 365 drill pads over the next three years , encompassing 3,800 hectares of highly prospective exploration ground
  • Exploration work continues with the objective of further refining targets ahead of the upcoming drilling campaigns
    • Surface geology and mapping at Mercedes Target continues to highlight outcrops of oxides with similar geological features and mineralization to Marimaca
    • Expanded surveys underway at Cindy Target and to be commenced at the new Robles Target
    • IP surveys at Marimaca Sulphide Target to be complete by early December, results available prior to year end
    • Commencement of facilities construction and mobilization of drilling contractors expected in December and January
  • On track to drill first targets in early Q1 2021
  • Subject to closing of overnight marketed transaction raising C$25.2m, the Company is fully financed for the next phase of exploration work at Marimaca

Hayden Locke, President of Marimaca Copper , commented:

“We have now received the final documentation to allow the Company to undertake its aggressive exploration plans in 2021. We are especially pleased that the rigorous environmental baseline studies , which were completed , indicated that the Project is unlikely to have any significant impacts on the local environment.

“Our geological team has been on the ground for several weeks completing the various surveys to allow the further delineation of high priority targets for drilling in early 2021. Of particular interest is the increasingly observed presence of outcropping oxide mineralization noted during reconnaissance work at the Mercedes target , approximately 3km north of the Marimaca Oxide Project . We will provide an update on this as soon as the surveys are complete.

“With the successful upsized overnight marketed deal to raise C$25.2m, we are now well funded to commence our exploration programs which will assess the potential of the Marimaca Sulphide Target and the several targets which have been identified further to the north in the Marimaca District. “

We interviewed the Company’s President, Hayden Locke who highlights the firm’s investment case and the outlook for the copper price, which has seen sharp rises in recent month.

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