Marimaca Copper (TSX: MARI) announced Monday the discovery of the northern extension of the Pampa Medina deposit, located approximately 26km from its Marimaca Oxide Deposit (MOD).
The company is aiming to advance a definitive feasibility study (DFS) for its flagship project — the namesake Marimaca copper asset in Chile’s Antofagasta region.
Marimaca also reported results from the maiden scout drilling program at the Pias target, located northwest of Pampa Medina within the broader Sierra de Medina property block.
Hole SMR-01 was drilled 400m north of the known northern extent of the Pampa Medina deposit, intersecting significant oxide copper and chalcocite mineralization from 272m-462m, transitioning to dominantly chalcopyrite-bornite mineralization from 462-650m, the company said.
Highlights from SMR-01 are 400m at 0.49% CuT from 250m including: 216m at 0.70% CuT from 250m (dominantly oxides), including 102m at 1.20% CuT from 250m, including 76m at 1.57% CuT from 276m, including 18m at 5.11% CuT from 320m, 100m at 0.36% CuT from 550m (dominantly sulphides), including 32m at 0.62% CuT from 618m, including 2m at 3.43% CuT from 648m.
Three additional drill holes remain pending at Pampa Medina, targeting both west and north step-outs, the company said, adding that it is currently considering an expanded discovery exploration program at Pampa Medina Norte in 2025.
“The discovery of Pampa Medina Norte validates our exploration model targeting the key sedimentary and volcanic host units that we know to be productive for manto-style mineralization both locally and regionally – including recent tier 1 greenfield discoveries like Antofagasta’s Cachorro deposit,” Marimaca Copper’s VP Exploration Sergio Rivera said in a news release.
“We will take the coming weeks to define the strategy for an expanded exploration program in 2025 which will focus on testing further extensions to the north, as well as extensions at depth following up on the high-grade bornite-chalcopyrite mineralization encountered at the base of the hole.”
CEO Hayden Locke said that in light of these results, the company is reviewing its overall strategy for Pampa Medina, including the recently added Madrugador concessions.
“What is clear is that the system at Pampa Medina and its surrounds has the potential to grow significantly,” Locke said. “We are in the process of upgrading the historical resource, but this may be put on hold as we continue to explore the limits of the system.”
Marimaca Copper’s stock was up 4.7% midday Monday in Toronto. The company has a C$517 million ($360m) market capitalization.
