- Marimaca Copper (MARI) has intersected significant oxide copper mineralization from surface at its Mercedes Target
- The company believes the target offers clear potential to add to its leachable resource base
- The Mercedes target is located less than one kilometre north of the northern edge of the Marimaca Oxide Deposit
- A total of 17 holes were completed of which 12 intersected mineralization
- Marimaca Copper is down 2.29 per cent, trading at $3.84 at 12:56 pm ET
Marimaca Copper (MARI) has intersected significant oxide copper mineralization from surface at its Mercedes Target.
The Mercedes target is located less than one kilometre to the north of the northern edge of the Marimaca Oxide Deposit.
The company believes the target offers clear potential to add to its leachable resource base.
Reverse circulation drilling completed at the Mercedes Target intersected the oxide copper mineralization from surface, with an initial area of interest measuring 400 metres along strike and 300 metres width.
A total of 17 holes were completed of which 12 intersected mineralization.
Broad zones of near surface oxide copper mineralization were intersected in eight holes.
Underground mapping of historical workings indicates continuous zones of higher-grade mineralization than encountered in the first phase of drilling.
The currently drilled area of interest extends 400 metres along strike and 300 metres east-west and remains open to south and east.
“We are very pleased with the results from the discovery drilling campaign at Mercedes, which has identified significant shallow oxide copper mineralization less than one kilometre away from the flagship Marimaca oxide deposit. The mineralization consists of broad zones of predominantly green oxides, commencing at surface, with some mixed, enriched and copper wad sections. The structural controls observed at Mercedes are very similar to the MOD and we note that the higher-grade materials appear to be spatially related to the presence of dacitic dykes, which become more prevalent to the east of the currently drilled area. Mercedes remains open to the east and to the south, where it is within one kilometre of the northern extent of the MOD. We are examining whether Mercedes and the MOD may be part of a larger mineralizing system and plan further exploration accordingly,” said Marimaca Copper Vice President Exploration Sergio Rivera.
Marimaca Copper is down 2.29 per cent, trading at $3.84 at 12:56 pm ET.