Highlights
Exploration Targets demonstrate potential to grow Marimaca's existing Mineral Resource Estimate ('MRE') of 70.7m tonnes at 0.60% CuT in Indicated and 43.4m tonnes at 0.52% CuT in Inferred categories for 424kt and 226kt of contained copper, respectively
>25,000m drilling planned for 2022 across the MOD infill, MAMIX zone, and further drill testing the Mercedes target
MAMIX (MOD Depth Extension)
MAMIX infill drilling program in planning phase, targeting completion in H1 2022 alongside the 22,500m MOD infill drilling program
MAMIX drilling will investigate potential for further extensions at depth to the north and south of the MOD
Assuming a successful outcome to the 2022 drilling program, the Company will consider increased production cases for the upcoming Definitive Feasibility Study planned for H2 2022
Satellite Oxide Targets and MOD Oxide Extensions
Total oxide Exploration Target of 120 million - 170 million tonnes at 0.3% to 0.4% CuT across oxide satellite discoveries Mercedes, Cindy and Roble, and the MOD north-south extension zones
Potential to play an important role in future oxide mine life extensions
Mercedes remains the highest priority satellite target, with additional drilling planned for H2 2022
Discoveries confirm district scale potential across the Company's land package, with other targets identified through district scale geophysics remaining to be followed up
Definitive Feasibility Study
Drill crews now mobilized to commence 22,500m MOD infill program
Updated MOD Mineral Resource Estimate planned for late Q2 2022
The Company continues to progress project related technical workstreams including the Phase 5 Metallurgical program, permitting, water and power engagement and planning for the Definitive Feasibility Study
The potential quantity and grade presented in the exploration target ranges are conceptual and have insufficient exploration and drill density to define a Mineral Resource. At this stage, it is uncertain if further exploration will result in the targets being delineated as a Mineral Resource. Estimates of exploration targets are not Mineral Resources and are too speculative to meet the NI 43-101 reporting standards. The detailed methodology for preparing the Exploration Targets and a summary of supporting technical data can be found at the end of this announcement.
'In late 2020, we took the geological model we have developed for Marimaca and applied it to the surrounding district. We identified three satellite targets - Cindy, Mercedes and Robles - all of which we drill tested, looking for near surface oxide resources to complement the MOD project. In all three targets, we discovered copper oxide mineralization starting from surface, some with potential for significant scale, that had many similarities to Marimaca. Each of the satellite targets have the potential to deliver meaningful open pit tonnages to any eventual development plans for the
'More exciting was the discovery of the depth extensions of the MOD. Following extensive reviews of sequential copper assays and logging with our metallurgical team, we believe the extensions are predominantly leachable material and will, therefore, be processable through the same heap leach and SX-EW infrastructure as proposed in the PEA for the MOD. The team is running resource projections, and we are planning to drill MAMIX to an Indicated Resource level in parallel with the remaining infill drilling for the MOD. The intention is to release an updated Mineral Resource Estimate towards the end of the first half of 2022.
'Metallurgical and Feasibility Study related workstreams and permitting continue to progress rapidly as we move the exciting MOD towards an eventual investment decision and construction.'
Contact:
Tel: +44 (0) 207 920 3150
Cautionary Notice on Exploration Information
This press release contains information regarding potential exploration results of exploration targets on which the Company intends to conduct further exploration in the near term. The potential quantity and grade of such exploration targets described in this press release are conceptual in nature and subject to a number of risks and uncertainties, such that they are not an indication of any current or future economic viability, nor do they satisfy applicable disclosure and information requirements applicable to Mineral Resources. Readers are therefore cautioned on placing any reliance on such information and related expectations. In particular, the potential quantity and grade presented in the exploration target ranges contained in this press release are conceptual in nature and have insufficient exploration and drill density to define a Mineral Resource. At this stage it is uncertain if further exploration will result in the targets being delineated as a Mineral Resource. Estimates of exploration targets are not Mineral Resources and are too speculative to meet the requirements for reporting Mineral Resources under NI 43-101 reporting standards. Readers should also refer to the information provided under Forward-Looking Statements below in the context of their review of information presented in this release.
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
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