Marimaca Copper (TSX: MARI) stock rose on Monday after the company announced the completion of the infrastructure condemnation drilling program at its flagship copper project located in the Antofagasta region of Chile.
The program was designed to test and confirm the planned site layout to be incorporated into the company’s ongoing permitting and Definitive Feasibility Study (DFS) workstreams.
Key drilling highlights include the results from drill hole SLR-08, located south of the planned plant facilities in the San Lorenzo district. This particular drill hole intersected 30 meters at 0.99% copper (CuT) from a depth of 62 meters within a broader zone of 68 meters at 0.51% copper (CuT) from the same depth.
The Marimaca Oxide Project DFS remains on schedule for late 2024 completion with permit submissions targeting the middle of 2024, the company said.
“The discovery of a new mineralized trend identified in the San Lorenzo area will be evaluated further to determine next steps, but it appears the core zone extends to the south away from the project’s infrastructure and offers an interesting target for shallow oxide mineralization,” said Marimaca CEO Hayden Locke.
“Further afield, we have completed a review of our broader exploration package and have identified several areas with exciting potential. We are finalizing 2024 exploration plans particularly for the Sierra de Medina project and will update as new developments occur,”
Since its discovery in 2016, Marimaca has more than doubled the deposit’s resource, most recently estimated at 200 million tonnes grading 0.45% copper for 900,000 tonnes of metal in the measured and indicated category. It also contains an inferred resource of 37 million tonnes grading 0.38% copper for 141,000 tonnes.
During the first six years of mining, the open-pit, heap-leach project is expected to deliver 40,000 tonnes of copper cathodes annually. Total recovered copper over the entire 12-year mine life is approximately 430,000 tonnes.
Shares of Marimaca Copper rose 6.3% by 12:15 p.m. EDT Monday. The company has a market capitalization of C$280 million ($208m).
Source: MINING.COM – Read More
