Marimaca Copper (TSX: MARI) has paused an ongoing preliminary economic assessment for their Pampa Medina project after receiving recent drill assays that are said to have materially extended the deposit in all directions.
Recent drilling targeted extensions of the known shallow oxide-chalcocite at Pampa, but instead hit ultra high grade bornite-chalcopyrite, disseminated chalcopyrite, and high grade oxide mineralization within an extensive system of sedimentary rock. Highlights from the results include:
- SMD-01: 1.2% copper over 68.0 metres from a depth of 298 metres
- Including 2.3% copper over 20.0 metres
- SMD-02: 2.1% copper over 40.0 metres from a depth of 282 metres
- SMR-01: 2.1% copper over 56.0 metres from a depth of 296 metres
- SMRD-12: 1.4% copper over 56.0 metres from a depth of 566 metres
- SMRD-13: 4.1% copper over 26.0 metres from a depth of 580 metres
- Including 12.0% copper over 6.0 metres
Drilling at Pampa is said to have confirmed that the property is part of a significant flat-lying sediment hosted manto system. The project has thick, ultra high grade zones identified that are more than 600 metres apart between SMRD-13 and SMR-01. The footprint of the system has so far been identified to be 600 metres long by 1,000 metres wide, with early indications from additional drilling suggesting the system could be as large as 1,400 metres by 1,200 metres.
A 14 hole follow up program has begun as a result of the assay results, which is targeting extensions and delineation of the mineralized manto.
“Pampa Medina appears to be a Tier 1 prospect. Our exploration model, which is unconventional in Chile, has been proven correct. Firstly, the sedimentary units, which host Pampa Medina, are extensive and mineralized over many square kilometers and, secondly, the potential is confirmed for significant, very high grade, sulphide mineralization in these units,” commented Sergio Rivera, VP of Exploration for Marimaca.
“Our assessment is that the Pampa Medina and Madrugador oxide deposits already give us the potential to expand our copper cathode production profile and extend our mine life meaningfully from the nominal rates we are contemplating in the MOD DFS. With these thick, high-grade, sulphide intersections we now see the potential for a much larger scale copper system. Importantly, the location of Pampa Medina means it benefits from the same characteristics as our flagship MOD, such as access to first class infrastructure, proximity to workforces, lower permitting risk, and therefore any new discovery brought into development should be extremely competitive on a capital intensity basis,” commented Hayden Locke, CEO of Marimaca.
The company also commented that a definitive feasibility study for the nearby MOD project is largely complete and undergoing final peer reviews in advance of being released.
Marimaca Copper last traded at $7.27 on the TSX.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
