Marimaca Copper (TSX:MARI)(ASX:MC2) shares jump as much as 13% after new assay results from the Pampa Medina copper-silver system extend high-grade mineralization across a broader footprint.
Investorideas.com (www.investorideas.com newswire), a leader in mining investing news and home of the Exploring Mining Podcast, issues a news and trading alert for Marimaca Copper Corp (TSX:MARI)(ASX:MC2).
The stock makes the TSX top percentage gainer list today on news as social media buzzes about rising copper prices reaching an all-time high. The stock is trading at 9.06 +1.04 (+12.98%) as of this report with a morning high of $9.25.
Marimaca Copper reported further assay results from its ongoing drilling program at the Pampa Medina deposit, located approximately 28km east of the Company’s Marimaca Oxide Deposit (“MOD”) in Chile’s Antofagasta Region (Figure 1). Drilling within the central high-grade sulphide zone continues to deliver consistent, high-grade results within the defined 3km x 1.5km area of interest (“AOI”). The mineralization across the target lithological horizons continues to show continuity both horizontally and vertically. Drilling on 150m centers returned 216m of 0.96% Cu and 7.2g/t Ag from 466m, including 62m of 2.20% Cu and 21.5g/t Ag from 602m downhole from SPRD-15. Step-out drill holes outside of the central corridor extended the mineralized sediment horizon 300m to the south and west, with strong results from SPRD-12, SPD-13 and SPRD-17. Additional scouting RC holes were completed to the north and northwest of the defined AOI to determine the depth of the start of the target sediments.
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Sergio Rivera, VP Exploration of Marimaca Copper, commented:
“The results from SPRD-15 are an excellent example of one of the defining features of Pampa Medina: extremely thick, continuously mineralized, high-grade manto horizons within the sedimentary sequence. The consistency of the high-grade mineralization across the target horizon is remarkable and drilling continues to demonstrate the strong lateral and vertical continuity of the stacked-manto system within the central zone.Equally encouraging are the results from SPRD-12, SPD-13 and SPRD-17, which extend the mineralized sedimentary horizons beyond the central corridor and confirm the presence of stacked mantos across a broader footprint. Our drilling to the north and northwest is also providing important information on the geometry of the sedimentary basin, where the target sedimentary horizons appear to deepen beyond the practical limits of RC drilling. Diamond tails are now underway to test these areas. Pampa Medina remains open in several directions and is materially under-tested, and these results continue to strengthen our view that we are defining a large, high-grade copper-silver system.”
Overview of Pampa Medina
Pampa Medina is a manto-style copper deposit dominantly hosted in Jurassic-Triassic sedimentary units (sandstones, conglomerates, tuffs and black shales) overlain by andesitic volcanics and underlain by an Upper Paleozoic complex of metamorphosed sediments, volcanics and intrusions. Key lithological units are intruded by a dyke swarm and affected by post-mineral normal faulting. Copper was originally identified in near-surface oxide mineralization dominated by atacamite, chrysocolla and chalcocite, and has now been identified in high-grade zones of bornite, chalcopyrite, covellite and chalcocite which extend at depth beyond the oxide-primary transition. Elevated silver grades are present in both oxide and sulphide copper-mineralized zones and are generally correlated with copper grade.
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