{"id":3461,"date":"2014-10-30T11:32:15","date_gmt":"2014-10-30T15:32:15","guid":{"rendered":"http:\/\/marimaca.com\/results-from-marimaca-project-due-diligence\/"},"modified":"2020-12-17T07:52:14","modified_gmt":"2020-12-17T12:52:14","slug":"results-from-marimaca-project-due-diligence","status":"publish","type":"post","link":"https:\/\/marimaca.com\/es\/results-from-marimaca-project-due-diligence\/","title":{"rendered":"Results From Marimaca Project Due Diligence"},"content":{"rendered":"

October 30\u00a02014, Marimaca Copper Corp.<\/strong>\u00a0(\u201cCoro\u201d or the \u201cCompany\u201d) (TSX Symbol: COP) is pleased to announce that it has completed due diligence on the Marimaca project, located 56km north of the city of Antofagasta and ~22km from the coast at Mejillones, in the II Region of northern Chile, (Figure 1). Based on the results of this work, Marimaca Copperhas elected to proceed to option the project from SCM Compa\u00f1ia Minera Constanza (\u201cConstanza\u201d), on the terms described in the Company\u2019s news release of August 13\u00a02014, and is drafting the definitive agreement to do so.<\/p>\n

Alan Stephens, President and CEO of Marimaca Coppercommented, \u201cOur due diligence at Marimaca has confirmed the potential we identified initially. Surface sampling and geological mapping indicates that oxide copper mineralization occurs within an eastward dipping shear structure, some 250m in estimated true thickness and exposed over at least 600m. It is currently being exploited in a series of small open pits over a vertical elevation difference of 100-150m by mechanized artisanal miners. The weighted average of 365m of chip channel samples taken at various places along the exposed strike length is 0.49%CuT\/0.36%CuS, including an internal waste section, and we are increasingly confident that a significant leachable copper oxide resource may be rapidly defined at Marimaca.\u201d<\/p>\n

Due Diligence Sampling and Mapping Results<\/strong><\/p>\n

Marimaca is an early stage copper oxide prospect hosted by Jurassic intrusive rocks, with mineralization controlled by a NNE oriented major shear structure, dipping ~50o to the E. Marimaca Coppertook a total of 73 samples from 6 separate continuous chip channels with the following results;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Marimaca Chip Channel Samples<\/strong><\/td>\n<\/tr>\n
Length (m)<\/strong><\/td>\nCuT (%)<\/strong><\/td>\nCuS (%)<\/strong><\/td>\n%CuS\/CuT<\/strong><\/td>\nDescription<\/strong><\/td>\n<\/tr>\n
150<\/td>\n0.36<\/td>\n0.24<\/td>\n67%<\/td>\nOne end in mineralization<\/td>\n<\/tr>\n
incl. 85<\/td>\n0.48<\/td>\n0.32<\/td>\n68%<\/td>\n<\/td>\n<\/tr>\n
30<\/td>\n0.53<\/td>\n0.43<\/td>\n80%<\/td>\nBoth ends in mineralization<\/td>\n<\/tr>\n
65<\/td>\n0.62<\/td>\n0.49<\/td>\n79%<\/td>\n<\/tr>\n
50<\/td>\n0.10<\/td>\n0.03<\/td>\n31%<\/td>\nInternal waste block<\/td>\n<\/tr>\n
45<\/td>\n0.93<\/td>\n0.71<\/td>\n76%<\/td>\nBoth ends in mineralization<\/td>\n<\/tr>\n
25<\/td>\n0.79<\/td>\n0.67<\/td>\n85%<\/td>\n<\/tr>\n
Weighted Av<\/strong><\/td>\n0.49<\/strong><\/td>\n0.36<\/strong><\/td>\n74%<\/strong><\/td>\n365m incl. internal waste<\/td>\n<\/tr>\n
0.55<\/strong><\/td>\n0.41<\/strong><\/td>\n75%<\/strong><\/td>\n315m excl. internal waste<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The mineralization, occurring as malachite and chrysocolla, appears to be present within the shear as several higher grade, elongated, lenticular zones parallel to strike possibly located in zones of dilation, surrounded by lower grade halos, and separated by internal waste blocks. A series of NS oriented, mineralized, sub vertical structures transect the shear zone. The sampling program was designed to be as representative as possible of the entire shear zone, avoiding focusing on obviously high grade mineralization in existing workings that could have otherwise skewed the overall results. Figure 2 shows the location of the chip channel samples and the shear zone, while Figure 3 is an annotated photograph showing the dip of the mineralized zone.<\/p>\n

Metallurgical column test work carried out in 2007 on 4 samples ranging from 0.66-3.05%CuT and 0.51-2.99%CuS collected by a third party, indicated that recoveries of 74-89% of total copper were achievable in 48 days with net acid consumption ranging from 25-43kg\/t. Marimaca Copperbelieves that this test work was carried out in a professional manner but has not validated the location or representativity of the samples used nor verified the test work results obtained. They are provided for information purposes only and should not be relied upon.<\/p>\n

Option Terms<\/strong><\/p>\n

The agreed purchase terms for Marimaca Copperto own a 75% interest, are as follows;<\/p>\n