Vancouver, British Columbia, February 9^th, 2022 – Marimaca Copper Corp. (“Marimaca Copper” or the “Company”) (TSX: MARI) is pleased to announce that the Company’s 22,500m infill drilling campaign at the Marimaca Oxide Deposit (the “MOD”) has commenced. Planning is also near-finalized for the MOD depth extension (“MAMIX”) drilling program which will be completed in parallel with the MOD infill drilling.

Highlights

• Drilling commenced, first 5 drill holes complete of the 22,500m infill drill program at the MOD
• Drill pad construction in the southern area of the MOD has exposed zones of copper oxide mineralization in areas previously considered to be unmineralized (see Figure 1)
• Additional drill rigs are expected to be added in the coming weeks for the MAMIX infill campaign
• MAMIX campaign to be increased to up to 10,000m (from 2,500m) given positive metallurgical review of potential leachability and the addition of planned step-out holes to the north
• Ongoing review of MAMIX target highlights the potential for additional extensions outside of the of the recently released MAMIX Exploration Target area (refer to the announcement on 19 January 2022)
  • Company will seek to accelerate program where possible to ensure drilling is finished in Q2 2022

Sergio Rivera, Vice President Exploration of Marimaca Copper, commented:

“We are pleased with the smooth start of the 2022 infill campaign at the MOD. The program’s objective is to convert our existing Inferred Resources to the Measured and Indicated Categories for the mid-year MRE, which will then form the basis for the Feasibility Study planned for the second half of 2022.

“The discovery of the MAMIX zone offers outstanding potential to increase the overall scale of the Marimaca Project. We recently released an Exploration Target to quantify the potential size of this opportunity and we intend to test it as part of the expanded MOD infill program.  

“The MOD continues to show excellent continuity of near-surface copper oxide mineralization. Drill pad construction has exposed green copper oxides in the southern portion of the MOD, in areas that were previously interpreted to be barren in the 2019 Resource estimate. We look forward to drilling from these newly constructed platforms and believe there may be upside to our current MOD resource model.

“We believe we are still in the early chapters of the discovery process at Marimaca and anticipate further growth of the deposit during 2022.”

Hayden Locke, President and CEO of Marimaca Copper, commented:

“We are now very focused on the upside potential at Marimaca. Our internal work indicates the MAMIX presents a compelling opportunity to increase the scale of the deposit, both in terms of contained metal tonnes and potential annual production, which will  be used as the basis for the Feasibility Study.

“COVID continues to impact our business, especially with the relatively small size of our team, and we are working hard to mitigate these impacts on our timeline for releasing the updated MRE and commencing further engineering studies. The technical workstreams continue to advance rapidly and will be finalised well before commencing the Feasibility Study engineering. The Company is in the final stages of the Phase V metallurgical program, which will be released when available and the water supply engagement and permitting preparation are progressing well.”

Figure 1. Reviewing newly constructed drill platforms in the southern portion of MOD

Figure 2. Drilling Underway at the 2022 MOD Infill Program

Figure 3. Plan view of the MOD and initial infill area (program to move from south to north)

Qualified Person

The technical information in this news release, including the information that relates to geology, drilling and mineralization  was prepared under the supervision of, or has been reviewed by Sergio Rivera, Vice President of Exploration, Marimaca Copper Corp, a geologist with more than 36 years of experience and a member of the Colegio de Geólogos de Chile and of the Institute of Mining Engineers of Chile, and who is the Qualified Person for the purposes of NI 43-101 responsible for the design and execution of the drilling program.

The QP confirms he has visited the project area, has reviewed relevant project information, is responsible for the information contained in this news release, and consents to its publication.

Contact Information

For further information please visit www.marimaca.com or contact:

Tavistock

+44 (0) 207 920 3150

Jos Simson/Oliver Lamb / Nick Elwes

[email protected]

Forward Looking Statements

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Marimaca Copper, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project delays or cost overruns or unanticipated excessive operating costs and expenses, uncertainties related to the necessity of financing, the availability of and costs of financing needed in the future as well as those factors disclosed in the annual information form of the Company dated March 29, 2021, the final short form base prospectus and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed at www.sedar.com). Accordingly, readers should not place undue reliance on forward-looking statements. Marimaca Copper undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.