Marimaca Copper: Significant IP Anomaly Identified
Marimaca Copper Corp. (“Marimaca Copper” or the “Company”) (TSX: MARI) is pleased to announce the results of an induced polarization (“IP”) survey completed at the Marimaca Copper Project (“Marimaca” or “the Project”), which has identified an extensive chargeability anomaly below the Company’s flagship Marimaca Oxide Deposit (“MOD”). The Company completed a Preliminary Economic Assessment (“PEA”) for the MOD in 2020, which highlighted its unique characteristics and shows the Project has the potential to be among the lowest capital and operating cost copper projects when in production, delivering a post tax NPV8 of US$524m using a US$3.15/lb copper price (refer to release: 4 August 2020). The PEA is considered preliminary in nature and includes Inferred Mineral Resources that are considered too speculative, geologically, to have the economic considerations applied that would enable classification as Mineral Reserves. There is no certainty that the conclusions within the PEA will be realized. The PEA is based on the material assumptions outlined in the release dated the 4th of August 2020.
- Extensive high chargeability anomaly identified, indicating widespread presence of sulphide mineralization below the MOD
- Survey results provide numerous targets for the upcoming drilling campaign
- Survey results provide additional information regarding structural controls of mineralization and continue to add to the geological understanding of Marimaca
- Surface geological mapping and geochemical sampling at Cindy target completed, results pending
- IP results for Mercedes and Cindy targets expected imminently
Sergio Rivera, VP Exploration of Marimaca Copper, commented:
“We are very pleased with the results of the IP survey, which show a large, laterally extensive, chargeability anomaly beneath the Marimaca Oxide Deposit. This provides us with valuable data to inform drill hole targeting.
“The IP has provided significant additional structural information, including highlighting the importance of the various cross-cutting fault structures for the mineralization at Marimaca. This has provided us with several areas of focus for drilling at the Marimaca Sulphide Target.
“We have also completed IP and geochemical sampling at our Cindy and Mercedes targets and are now assembling a considerable portfolio of targets which we believe could represent repetitions of Marimaca style mineralization, close to our flagship Marimaca Copper Project.
“We expect 2021 to be a pivotal year for our Company, with numerous value creating opportunities, and we look forward to executing on our exploration strategy over the coming months.”
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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