Marimaca Copper has released the final batch of reverse circulation (RC) drill results from last year’s infill drilling campaign at the Marimaca oxide deposit (MOD) in northern Chile, including the best copper intersection drilled to date on a grade-times-width basis.
The latest drilling focused on the northern and central zones of the Marimaca deposit, following up on previous 2022 infill results that identified high-grade green oxide zones in the northern portion, which was previously interpreted to be lower-grade copper mineralization.
The new results – reflecting 2,766 metres of drilling across 13 drill holes – are expected to have positive implications for average grade in northern area of the deposit for the updated mineral resource estimate (MRE) planned for the first half of 2023, Marimaca says.
The highlighted drill hole LAR-109 intersected 308 metres at 0.94% total copper from 32 metres, including 186 metres at 1.37% total copper from 154 metres, and including 26 metres at 4.83% total copper from 202 metres.
“The final results of the 2022 infill RC program mark the completion of an exceptionally successful year at the MOD. Grades intersected in the northern MOD continue to surprise us to the upside, while results from LAR-109, the best hole we have drilled to date at the MOD, highlights the continuity of higher-grade copper mineralization in the central MOD,” Sergio Rivera, VP exploration of Marimaca Copper, commented in a news release.
Other notable results include TAR-37, which intersected 62 metres at 1.02% total copper from 2 metres, including 28 metres at 1.84% total copper from 2 metres; and ATR-167, which intersected 46 metres at 1.23% total copper from 180 metres within a broader intersection of 76 metres at 0.79% total copper from 150 metres.
The balance of the 2022 infill drilling program will be included in a subsequent MRE planned for the first half of 2023, with the objective of converting inferred resources to the measured and indicated categories to underpin a definitive feasibility study (DFS).
“Today’s results improve our confidence in the potential for upside in the planned 2023 MRE – as discussed previously, the higher-grade nature of mineralization identified in the northern MOD vs. the current interpolation of grades has positive implications for Marimaca’s mineral inventory,” added Rivera, who was responsible for the the initial discovery of the oxide deposit.
Since its original discovery in 2016, Marimaca has nearly doubled the oxide resource totals, now estimated at nearly 140 million tonnes at 0.48% total copper for 665,500 tonnes of contained copper in the measured and indicated category, plus 83 million tonnes at 0.39% total copper for 322,900 tonnes of contained copper.
The company is now finalizing plans for the H1 2023 exploration program that will follow up on drill hole MAD-22, which intersected primary sulphides (dominantly chalcopyrite) downdip of the MOD (92 metres at 2.11% total copper from 140 metres, including 22 metres at 5.27% total copper).
Shares of Marimaca Copper rose 4.1% by 12:20 p.m. ET Monday. The company has a market capitalization of C$317.6 million ($237.3m).