VANCOUVER - Marimaca Copper Corp. ('Marimaca Copper' or the 'Company') (TSX: MARI) is pleased to announce 'Exploration Targets' for the Marimaca Oxide Deposit ('MOD') depth extension zone discovered in 2021, as well as for the Mercedes, Cindy and Roble satellite oxide targets discovered during the successful 2021 Marimaca District exploration drilling campaigns.

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 Exploration Target Range of 30 million - 50 million tonnes at 0.4% - 0.5% CuT

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.

Sergio Rivera, VP Exploration of Marimaca Copper, commented: 'In 2021, drilling beneath the Marimaca Oxide Deposit encountered significant continuations of higher-grade, leachable mineralization in the form of oxide, mixed and secondary enriched sulphide materials, as well as some primary sulphides. This has clear potential to increase the MOD mineral resource beyond the current Preliminary Economic Assessment (PEA) pit shell.

'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 Marimaca District. Less well-defined mineralization at the Tarso and Sierra targets remains to be followed up.'

Hayden Locke, President and CEO of Marimaca Copper, commented: 'Sergio and his exploration team had a remarkable year in 2021. Drill testing three exploration targets, all of which delivered potential shallow oxide materials to add to the outstanding MOD deposit was an excellent result and highlights the underexplored nature of our licence area. A thorough review of the technical data from the MOD PEA showed us that, although these targets have lower grade than the MOD, they all had average grades (in drilling) well above the expected economic cut-off grades for copper mines in this region. As a result, all should be seen as potential mine life extensions to be defined with ongoing work.

'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 Marimaca Copper, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project delays or cost overruns or unanticipated excessive operating costs and expenses, uncertainties related to the necessity of financing, the availability of and costs of financing needed in the future as well as those factors disclosed in the annual information form of the Company dated March 29, 2021, the final short form base prospectus and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed at www.sedar.com). Accordingly, readers should not place undue reliance on forward-looking statements. Marimaca Copper undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.

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