Drilling Program Confirms Mineralization Model At Marimaca Project

VANCOUVER - Marimaca Copper Corp. reported on the 2022 geological and geotechnical drilling campaign. Marimaca has finalized plans for the Q1 2023 exploration program, which will follow-up on previously-released DDH hole MAD-22, which intersected primary sulphides (dominantly chalcopyrite) down-dip of the MOD (92m at 2.11% CuT from 140m including 22m at 5.27% CuT).

Sergio Rivera, VP Exploration, said, “The ~3,000m of diamond drilling completed alongside our 2022 ~38,500m reverse circulation infill drilling program provides us valuable information for our next phase of studies at the Marimaca Project, in Chile. Results from the geological drilling, in the central MOD, confirm our current interpretation of the MOD mineralization model particularly the important structures for higher grade mineralization. This information is also particularly useful when considering the outstanding results of MAD-22, which we are in the process of following up with additional drilling during the course of Q1 2023.MAD-22 presents a compelling opportunity for value creation at the MOD, but has also caused us to re-examine our exploration model for satellite targets and we are looking with renewed interest at our extensive land package.

Work is progressing well on the delivering the upgraded MRE, targeting conversion of resources from the Inferred to the Measured and Indicated categories. It will incorporate the remaining drilling from the 41,500m of RC and diamond drilling completed in 2022, including the newly discovered shallow high-grade zone at the northern end of the MOD, which we believe will have positive implications for average grade and mineral endowment.”

Marimaca’s 2022 drilling campaign consisted of over 41,500m of RC and diamond drilling between the MOD infill and the MAMIX zone, the depth extension of the MOD. The 2022 MRE, announced on October 13, 2022 incorporates 19,580m of the approximate 41,500m of drilling completed in 2022 for a total of over 110,000m of drilling completed since 2016. The balance of the 2022 infill drilling program will be included in the 2023 MRE planned for early Q2 with the objective of converting Inferred Resources to the Measured and Indicated Categories to underpin a Definitive Feasibility Study (“DFS”).

Highlights from reported results include: MAD-18 intersected 346m at 0.71% CuT from 4m, including 90m at 1.22% CuT from 54m and 74m at 1.17% CuT from 276m; MAD-17 intersected 140m at 0.50% CuT from 12m, including 12m at 1.89% CuT from 140m; ATD-15 intersected 110m at 0.49% CuT from 18m, including 30m at 1.07% CuT from 26m; ATD-14 intersected 62m at 0.78% CuT from 102m, including 10m at 1.76% CuT from 154m; LAD-10 intersected 176m at 0.46% CuT from 114m; MAD-19 intersected 46m at 0.49% CuT from 40m including 24m at 0.77% CuT from 62m; MAD-21 intersected 36m at 0.47% CuT from surface; and Results from the geological drilling campaign will be incorporated in the updated 2023 geological model supporting the planned 2023 MRE, while rock quality information from geotechnical drilling will be utilized in the 2023 development work streams.