Marimaca betting on discovering new copper district in Chile

A drone-mounted magnetic survey of the surrounding areas of the Marimaca copper project in northern Chile’s Antofagasta region has unveiled potential for a new iron oxide copper and gold (IOCG) district within the area, according to the company behind the project.

Vancouver-based junior Marimaca Copper reported on Wednesday the finding of four magnetic anomalies closer to the structures that are believed to control copper mineralization at the project, that could open the door for a copper sulfide target underneath the oxide orebody.

“The clarity of the magnetic anomaly at Marimaca, gave us a clear impetus to expand the size of our survey to identify new targets within our now expanded land package … We believe we have the potential to discover a new copper district in Chile and we are mobilizing geological teams for follow-up work prior to drilling,” said Marimaca’s VP of exploration, Sergio Rivera, in a release.  

Marimaca Copper currently controls most of the 25km of prospective strike that is believed to host the main mineralization within the district. New fieldwork is expected to start by the end of September or early October. 

The company plans to host a webinar on the findings on September 28. 

Marimaca’s mineral resource is put at 70Mt at 0.60% copper in the measured and inferred categories, and 40Mt at 0.52% copper in the inferred category. The potential open pit mine is expected to have a 12-year mine life with average production of 40,000t/y of copper cathodes. Pre-production capex is put at US$285mn, according to a PEA.