Highlights
- Mineralized structures now identified over 800 meters of strike
- Broad zones of enriched and primary copper mineralization intersected in two new holes:
- CIR-08 intersected 42m with an average grade of 0.46% CuT as part of a broader 100m @ 0.3% CuT from 128m
- CIR-09 intersected 46m with an average grade of 0.29% CuT as part of a broader 122m @ 0.23% CuT from 218m
- These results extend the strike of the mineralization identified in previously reported holes:
- CIR-03 intersected 42m with an average grade of 0.51% CuT as part of a broader 70m @ 0.39% CuT from 24m
- CIR-02 intersected 20m with an average grade of 0.33% CuT as part of a broader 124m @ 0.22% CuT from 8m
- Intersections in CIR-08 and CIR-09 are deeper and show the consistent, quite broad, easterly dipping structural controls to mineralization observed in holes CIR-02 and CIR-03
- Indicates potential for up dip oxide mineralization further to the west from CIR-08 and CIR-09
- Updated regional magnetics indicates potential for extensions of oxide structures to the north of Cindy, at Mititus
- No significant mineralization intersected in holes CIR-04, -05, -06 and -07
“We have now identified over 800m of strike of a relatively continuous, broad zone of copper mineralization, which extends from surface, in the northern oxide holes (CIR-02 and CIR-03), down to a depth of 330m downhole in hole CIR-09, which is located towards the southern end of the area of interest and predominantly intersected chalcopyrite.
“The intersections in CIR-08 and 09 are deeper and accordingly have increased amounts of primary mineralization, but when considered in context of the east dipping structures, would indicate potential for oxide mineralization closer to surface, up dip on the structures to the west.
“We have also extended our magnetic survey, which has indicated a large anomaly directly to the north of Cindy and we are investigating the potential for extensions of the mineralized zone and structures into this area. If successful, this could meaningfully increase the strike length of Cindy.
“We are currently awaiting assay results from Mercedes and are preparing infrastructure and drill pads for the Roble Target, where we will commence drilling imminently.”
“These results should be considered in context of the broader MOD development. The intersections are above the economic cut-off grade established in our 4th
Overview of Drilling Campaign Objectives and Results
The initial drilling campaign at Cindy (located less than 5km to the north of the MOD) consisted of nine, shallow, RC drill holes targeting the anomalies identified in both the magnetic survey and surface geochemical sampling previously completed (refer to announcements on
The nine holes were drilled on approximately 250m section lines to the north and south of the historical underground workings at Cindy, extending over roughly 1.2km of strike. Two sections, located in the northern part of Cindy, each consisted of two drill holes, and tested the interpreted broadening of the various structures, which are believed to be key controls of mineralization at Cindy.
The first three drill holes intersected broad zones of copper mineralization over a step-out strike of roughly 800 meters. Drill holes CIR-03 and CIR-02 intersected broad zones of mixed copper oxide material from near surface including 40m with an average grade of 0.51% CuT from 48m downhole and 20m with an average grade of 0.33% CuT from 8m downhole, respectively.
A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/01f79885-5adc-4754-bc5b-39bb9758ae3b
Drill holes CIR-08 and CIR-09 both also intersected broad zones of copper mineralization, interpreted to be the same easterly dipping geological structures observed in CIR-01, CIR-02 and CIR-03, giving a total strike of 800m.
CIR-08 was a step out approximately 200 meters to the north of CIR-01 and 400m to the south of CIR-02. It intersected 100m of copper mineralization with an average grade of 0.3% CuT from 128m downhole. This included a higher-grade zone of 42m with an average grade of 0.46% CuT. The mineralization was dominantly enriched in the top part of the intersection transitioning to dominantly chalcopyrite at the bottom.
A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/7a31666b-a49c-4472-be4b-af35606659cf
CIR-09 stepped out approximately 200m to the north of CIR-08. Again, it intersected broad zones of copper mineralization including 122m with an average grade of 0.23% CuT from 218m downhole. Mineralization was dominantly chalcopyrite with some minor mixed and green oxides.
A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/dd5c9359-0bcb-4820-8364-92c7f77cb19a
The depth of the intersection, and the nature of the mineralization observed in the drill holes, indicates it corresponds with a lower section of the easterly dipping structures which are the controls of mineralization at Cindy. Based on this interpretation, the Company believes that there remains strong potential for up dip extensions with a higher proportion of leachable oxide mineralization.
The Cindy drilling has identified an easterly dipping structure with a continuous strike of around 800m with broad and consistent zones of mineralization. Drill holes located further to the west (e.g. CIR-02 and CIR-03) have intersected near surface zones of oxide mineralization. Those holes located further to the east (e.g. CIR-01, CIR-08 and CIR-09) have hit mixed, enriched and primary mineralization at greater depth, indicating good continuity of mineralizing structures across the target area.
A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/0ba8070f-d3c1-45be-8b2a-0a4e43bb8450
Potential Extensions to the North
The Company has extended the drone mounted, high resolution, magnetics survey to the areas directly to the north of Cindy, which has identified several interesting magnetic anomalies which appear to be closely related with the regional Naguayán Fault System.
The Mititus Target is coincident with one of the anomalies identified and is located less than 500m to the north of Cindy and may represent its northern continuation.
A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/86bc84c8-b976-4b66-9b1a-d0816f243cd0
Summary of Cindy Drilling Results
HOLE | EAST | NORTH | AZIMUTH | DIP | DEPTH (m) | Intersections |
CIR-01 | 7,439,204 | 374,939 | 270 | -60 | 350 | 76m @ 0.15% CuT from 100m |
CIR-02 | 7,439,749 | 374,854 | 270 | -60 | 300 | 124m @ 0.22% CuT from 8m including 20m @ 0.33% CuT from 8m; and 36m @ 0.22% from 182m |
CIR-03 | 7,439,957 | 374,890 | 270 | -60 | 270 | 70m @ 0.39% CuT from 24m including 42m @ 0.51% CuT from 48m; and 36m @ 0.43% CuT from 154m including 18m @ 0.73% CuT from 158m |
CIR-04 | 7,439,949 | 375,146 | 270 | -60 | 250 | 18m @ 0.15% CuT from 78m |
CIR-05 | 7,439,762 | 375,066 | 270 | -60 | 300 | NSI |
CIR-06 | 7,439,006 | 374,946 | 270 | -60 | 250 | NSI |
CIR-07 | 7,438,805 | 374,862 | 270 | -60 | 250 | 10m @ 0.29% CuT from 74m 16m @ 0.45% CuT from 210m |
CIR-08 | 7,439,399 | 374,965 | 270 | -60 | 370 | 100m @ 0.3% CuT from 128m including 42m @ 0.46% CuT from 128m; and 64m @ 0.39% CuT from 292m including 38m @ 0.55% CuT from 318m, including 16m @ 1.08% CuT from 334m |
CIR-09 | 7,439,558 | 374,975 | 270 | -60 | 350 | 122m @ 0.23% CuT from 218m including 46m @ 0.29% CuT from 218m; |
Sampling and Assay Protocol
True widths cannot be determined with the information available at this time. RC holes were sampled on a 2m continuous basis, with dry samples riffle split on site and one quarter sent to the Andes Analytical Assay preparation laboratory in Calama and the pulps then sent to the same company laboratory in
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
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:
+44 (0) 207 920 3150
marimaca@tavistock.co.uk
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
Neither the
Figure 1:
Plan view of Selected Drill Holes at Cindy
Figure 2:
Cross Section - CIR-08
Figure 3:
Cross Section - CIR-09
Figure 4:
Long Section of Cindy Including Mineral Domains
Figure 5:
Extended High Resolution Magnetic Surveys and Mititus Target
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