Marimaca Copper Corp. announce the results of assays for gold and silver from hole MAD-22 and to outline the first phase of follow-up drilling of the exciting new sulphide target identified in diamond drill hole MAD-22, which intersected 120m at 1.7% CuT including 92m at 2.11% CuT. The anomalous gold and silver encountered towards the end of MAD-22 is the first anomalous precious metal content encountered at the Marimaca Project (“Marimaca” or “the Project”).

Following extensive drilling and geophysical work, the Company developed an exploration model which was based on a strong correlation between higher grade chalcopyrite mineralization and high magnetic susceptibility, which was used to vector for future deeper drilling campaigns. During the 2021 campaign, the deeper drilling, which was targeting deeper sulphide potential, encountered additional oxide and secondary sulphides in a zone now known as MAMIX. This extended the envelope of leachable copper minerals by, in some cases, several hundred meters.

This discovery was a core component of the upgraded Mineral Resource Estimate (“MRE”) released in October 2022, but left the sulphide potential unaddressed. A review of historical drilling data highlighted numerous broad zones of, typically remnant, primary mineralization, especially around the centre of the project, which were identified but never properly followed up on due the focus on the MAMIX Zone. Notable intersections were identified along section N7.435.800, with at least six drill holes encountering remnant primary copper mineralization over a width of approximately 300m, east-west, across strike.

There was a notable increase in magnetic susceptibility as the sulphide zones were entered, although it should be noted that most of the drilling on N7.435.800 was not directly coincident with the magnetic anomaly, but rather was on the periphery of it. MAD-22 was drilled on section N7,435,550, which is located 250m to the south of N7,435,800 and intersected very high-grade primary copper mineralization, which is not interpreted to be remnant in nature. In contrast to the drill holes on N7.435.800, MAD-22 was drilled directly into an area with some of the highest magnetic susceptibilities encountered at the project.

As noted in the release in December 2022, MAD-22 encountered very high grades of primary copper mineralization over broad downhole widths. MAD-22 noted similar mineral textures of magnetite veins and stringers and massive chalcopyrite. Borehole Teleview analysis of MAD-22 indicates that the structures controlling high-grade primary mineralization are oriented north-north-east dipping at 75 to 80 degrees to the east.

This is in contrast to the general structural sense of the Marimaca Oxide Deposit, where dominant structures are oriented more north south and are more shallow dipping to the east. The importance of dacitic dykes and the north-west trending regional faults and structures is also noted for the confluence of these important geological features and their proximity to higher grade mineralization, both in the oxide and primary mineral zones. Furthermore, it appears that the mineralization in MAD-22 is related to a second, later stage, mineralizing event.

This could explain the anomalous levels of precious metals, which have as yet been unobserved in drilling and exploration work for the Marimaca Oxide Project to date.