Vancouver, British Columbia, October 14, 2020 – Marimaca Copper Corp. (“Marimaca Copper” or the “Company”) (TSX: MARI) is pleased to provide an update on its exploration work in the new Marimaca Copper District (“Marimaca” or “the Project”), which is advancing rapidly. The success of the two magnetic surveys (refer announcements on 14th July 2020 and 23rd September 2020) provide several areas for follow-up work to further refine targets with the objective of commencing drilling in early 2021, notwithstanding the ongoing impact of COVID-19 and the potential for delays in this work program.

Highlights

• Induced Polarization Survey underway at Marimaca Sulphide Target
  • Commenced in the first week of October
  • Objective to identify sulphide zones for priority drilling
  • Results of survey expected December
• Downhole magnetic susceptibility
  • Testing underway, results expected towards end of October
  • Provides additional definition of the magnetic anomaly at the Marimaca Sulphide Target
• Permitting nearly complete for drilling at Marimaca Sulphide Target in early 2021
• Detailed geological mapping of district scale targets underway at Mercedes and Cindy
  • 1:1000 geological mapping
  • 50m x 50m surface geochemical sampling
  • Results for Mercedes expected in December, and results for Cindy expected January
• Surface indications at Mercedes show encouraging magnetite related copper oxide mineralization
  • Atacamite noted in several locations at Mercedes, one of the key oxide minerals at the Marimaca Oxide Deposit
• Other exploration work planned includes:
  • IP for District Targets – Mercedes, Cindy, Llanos and Emilia
  • Extensions of magnetic surveys along the full 15km length of the interpreted Naguayan Fault Zone
  • Geological reconnaissance in the extension areas
  • Follow-up work on the highly prospective Robles Fault Structure

Hayden Locke, President of Marimaca Copper commented:

“Following the success of the magnetic surveys, we have defined several priority targets for follow up. Our team of geologists, led by Sergio Rivera, has wasted no time in commencing the next phase of field work, which will help us to further refine the highest priority targets for drilling as soon as possible. Although COVID-19 is yet to have an impact on our operations, we continue to be cautious in our approach to these work programs to ensure we mitigate risk of shutdown.

“We are also looking further afield to continue to identify Marimaca Style deposits in our large claims package, which controls over 20km of prospective strike. Work has commenced on the Naguayan Fault Zone, which has only recently been identified in its fullest extent, and we believe is an important structure for controlling mineralization in the district. Furthermore, we are excited at the potential in the separate Robles Fault Zone and will commence follow-up work there in the coming months.

“We are in the final phase of permitting our future drilling campaigns, which will then allow us to mobilize our teams, build the new exploration camp and get the drill rigs onsite to start testing these targets as soon as possible, starting with the Marimaca Sulphide Target.”

Overview of Exploration Work Programs Underway

MARIMACA SULPHIDE TARGET – INDUCED POLARIZATION

The Company has commenced an Induced Polarization (“IP”) Survey at the Marimaca Sulphide Target to help further refine drill hole location and orientations to test this exciting opportunity. These surveys highlight areas of higher sulphide content and help to identify priority zones, within the larger anomaly.

The IP survey is being completed by GRS Geophysical Resources & Services with a total of 35line km of surveys completed with East-West lines and two control lines North-South, all on 300m spacings. Results for the IP survey are expected during December and, based on these results, the Company will begin detailed planning for the maiden drilling campaign.

Concurrently with the IP surveys, the Company is completing downhole magnetic susceptibility measurements, which will provide greater detail with respect to the magnetic anomaly within the Marimaca Sulphide Target. This can provide valuable information with respect to structures which may be important for mineralization at depth.

The Company is in the process of finalizing the permits required for the next phase of drilling which includes the district targets. It is expected that these will be received during October, which will allow the Company to mobilize the drilling contractors, commence camp construction and preparation of roads and drill pads. The first target to be drilled will be the Marimaca Sulphide Target, which the Company expects will commence in early 2021.

DISTRICT TARGETS – SURFACE GEOLOGY

North of the Marimaca Oxide Deposit, the district scale 7.5km by 5km magnetics survey (refer announcement on 23rd September 2020) identified several targets which are prospective Marimaca style deposits. The initial focus will be on the Mercedes and Cindy targets, which have striking similarities with Marimaca including spatial relationship of the magnetic anomalies with the important Naguayan Fault, the orientation and dip of the magnetic anomalies as well as their proximity to historic artisanal copper workings hosting oxide and sulphide copper mineralization.

Marimaca’s geological team is completing a range of work including geochemical sampling on a 50m by 50m grid and 1:1,000 geological mapping, which will provide more granular detail of the key geological features across these targets. The results of these programs are expected in November 2020 for Mercedes and late December 2020 or early January 2021 for Cindy.

At Mercedes, the Company has noted several areas with copper oxide mineralization at surface in conjunction with brecciation, which is a key feature of mid-level iron-oxide copper gold (“IOCG”) deposits such as Marimaca. The oxide mineralization is atacamite, but several other species have been noted in previous work. The Company will complete sampling of these surface zones.

At Cindy, the Company notes the presence of historic underground artisanal workings which mined high grade magnetite-chalcopyrite mineralization. Important features are the high magnetic susceptibility associated with the rocks containing chalcopyrite and the notable brecciation which, as described above, is a key feature of mid-level IOCG deposits.

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.

Mr Rivera confirms that he has visited the Marimaca Project on numerous occasions, 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/Emily Moss
[email protected]

Forward Looking Statements

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. These statements relate to future events or the Company’s future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, the impact of a rebranding of the Company, the future development and exploration potential of the Marimaca Project. Actual future results may differ materially. 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 Company’s documents filed from time to time with the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador. 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.