The Marimaca Copper Project is one of the only major copper discoveries made globally in the last 10 years, per S&P Global Market Intelligence.
As an early phase in the mining life cycle, exploration has the potential to demonstrate significant value, which Marimaca Copper has proven from the original discovery in 2016, through the publication of an enlarged Mineral Resource Estimate (MRE) in December 2019, the release of the Preliminary Economic Assessment (“PEA”) in August 2020, and updated resource estimate demonstrating significant growth in October 2022 and subsequently May 2023.
The next phase of the Company’s development is a Definitive Feasibility Study (DFS) planned for 2024, which is being led by Ausenco..
Marimaca has demonstrated an excellent track record of Mineral Resource growth through its exploration phases. The 2023 MRE Technical Report is available on www.sedar.com.
Marimaca Copper Corp. 2023 Mineral Resource Estimate (NCL Consulting, L. Oviedo, May 18 th 2023)
* Pit shell constrained resources with demonstrated reasonable prospects for eventual economic extraction (RPEEE) are generated using series of Lerchs-Grossmann pit shell optimizations completed by NCL
* CuT means total copper and CuS means acid soluble copper. Technical and economic parameters include: copper price US$4.00/lb; base mining cost of US$1.51/t with a mining cost adjustment factor of US$0.04/t-10m bench; Heap Leach “HL” processing cost US$5.94/t (incl. G&A); Run-of-Mine “ROM” processing cost US$1.65/t (incl. G&A); SX-EW processing cost and selling cost US$0.16/lb Cu; heap leach recovery 76% of CuT; ROM recovery 40% of CuT; and 42°-52° pit slope angle
* Mineral resources which are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty which may attach to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration
The Marimaca Project has several core attributes that position it well in the copper development space:
- Simple open-pit mining operation with low strip ratio – DFS underway and planned for late 2024
- Located in close proximity to first-class infrastructure – power, water, skilled mining workforce, transport, communications
- Water supply option secured for the Project in October 2022 (see press release dated 7 November 2022)
- 6 Phases of comprehensive metallurgical test-work complete (see press release dated November 6, 2023)
- Significant exploration potential across large, predominantly untested land package
- Over 120,000m of drilling completed on the Project to date
The Company continues to progress the Marimaca Copper Project towards production, with the Definitive Feasibility Study underway, led by Ausenco, and planned for late 2024. These technical workstreams are already well advanced, and in some cases already complete and include:
- Significant proportion of deposit in Measured and Indicated
- Metallurgical work complete – 6 phases of metallurgical testing
- Geotechnical studies and condemnation drilling largely complete
- Baseline environmental studies largely complete
In tandem with the development of the Marimaca Copper Project the Company is also pursuing a dual track exploration strategy, namely, near mine (oxide and sulphide) and regional district scale exploration.
The Dual Track Exploration Strategy: potential for a game changing discovery
Marimaca’s VP of Exploration, Sergio Rivera, made the original Marimaca discovery in 2016. Since then, exploration activities at the Marimaca Copper Project have significantly grown along with our confidence in what is proving to be one of the most exciting copper oxide discoveries in Chile over the last decade.
Today, the center point of the Marimaca Copper Project is the Marimaca Oxide Deposit (MOD), which has been the subject of the majority of drilling completed to date and the only area with a published MRE (2023 MRE).
Marimaca Copper is exploring the sulphide potential which is a large magnetic anomaly adjacent to the oxide deposit of the Marimaca Copper Project. It is coincident with interpreted extension of mineralizing structures at surface and the volume of favorable magnetic anomaly.
In addition to the sulphide potential, the deposit remains open to the north and south and at depth. Multiple near surface oxide exploration targets have been identified close within close proximity to the Marimaca Copper Project, and there is also the potential to add near term tonnes to the current mine life. Furthermore, the Handing Wall Alteration (HWA) zone is regionally pervasive, with extension identified more than 10km across the project area, which boasts strong association with copper mineralization.
District Scale Exploration
A recent magnetic survey has revealed that there are multiple large scale Marimaca Copper Project style targets alongside a new exciting IOCG district.
The structural conduits at the Marimaca Copper Project are regionally extensive. The four large scale magnetic anomalies identified, are believed to be prospective for Marimaca Copper Project style deposits. All are similar size to, or larger than, the Marimaca Copper Project Sulphide target. All targets are adjacent to key regional structures which are believed to control mineralization at the Marimaca Copper Project and the regional structure is identified over 25km.
The Company also has interests in the nearby Sierra Medina claims, which have wider exploration potential.