According to a report by Mining.com, Marimaca Copper has made another discovery near its Marimaca project in the coastal city of Antofagasta, central Chile. The company identified the northern extension of the Pampa Medina deposit, located 26 kilometers from the Marimaca oxide deposit (MOD).
The company is expected to complete the final feasibility study for the Marimaca copper mine as soon as possible.
Marimaca also reported the initial drilling results from the Pias target in the northern Pampa Medina area, which is part of the Sierra de Medina mining rights.
BMO Capital Markets considers this discovery a significant positive development for the company. Mining analyst Rene Cartier stated that the discovery of the northern extension of the Pampa Medina deposit would significantly enhance resource potential.
"Combined with the company's recent acquisition of Madrugador, consolidating mining rights in a promising region supports future growth and expansion prospects for heap-leach copper production," Cartier noted in an investment advisory on Monday.
On Monday, Marimaca's stock closed at 5.14 Canadian dollars on the Toronto Stock Exchange, up 3.2%. The company's current total market capitalization stands at 517 million Canadian dollars (360 million US dollars).
Drill hole SMR-01 was deployed 400 meters north of the northern extension of Pampa Medina. Drilling encountered significant oxidized copper and chalcocite mineralization at depths of 272-462 meters, the company stated.
Key results from SMR-01 include 400 meters of mineralization at a depth of 250 meters, with an overall copper grade of 0.49%. This includes 216 meters of mineralization at a depth of 250 meters (mostly oxides) with a grade of 0.7%; 102 meters at the same depth with a grade of 1.2%; and 76 meters at a depth of 276 meters with a grade of 1.57%.
Among these drilling results, 18 meters of mineralization were encountered at a depth of 320 meters with a grade of 5.11%. Additionally, 100 meters of mineralization (mostly sulphides) were found at a depth of 550 meters, including 32 meters at a depth of 618 meters with a grade of 0.62%, and 2 meters at a depth of 648 meters with a grade of 3.43%.
Resource Growth
Results from three drill holes at Pampa Medina are still pending. These holes are part of step-out drilling to the west and north. The company is considering expanding its exploration program north of Pampa Medina in 2025.
"The discovery at northern Pampa Medina validates our exploration model, targeting key sedimentary and volcanic host rocks that are critical for mantle-derived mineralization both locally and regionally, including recent Tier-1 greenfield discoveries such as the Cachorro deposit in Antofagasta," said Sergio Rivera, Marimaca's Vice President of Exploration, in a press release.
He added that the company plans to finalize its strategy for expanded exploration in the coming weeks. Further validation to the north and at depth is expected, as one of the drill holes encountered bornite and chalcopyrite at its bottom.
The company's CEO, Hayden Locke, stated that the latest drilling results are prompting a reassessment of the strategy for Pampa Medina.
"To be clear, Pampa Medina and its surroundings have significant growth potential," Locke said.
"We are upgrading the previous resource estimate, but this may be deferred as we continue to explore the boundaries of the mineralization system."
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