(Kitco News) - Marimaca Copper (TSX: MARI) today announced an updated mineral resource estimate (MRE) for the Marimaca oxide deposit (MOD) located in the Antofagasta region of northern Chile.
According to the company's statement, MOD's updated MRE demonstrates significant resource growth over the previous estimate, with 98% increase in M&I resource tonnes to 140Mt at 0.48% CuT for 665.5kt of contained copper, and 92% growth in Inferred resource tonnes to 83Mt at 0.39% CuT for 322.9kt of contained copper.
Marimaca said that an updated MRE "…establishes Marimaca as one of the largest copper discoveries globally in the last decade and has positive implications for production scale increases in future development studies."
The company also added that 50kt and 60kt per annum copper cathode production cases (vs. 36ktpa LOM average in PEA) will be assessed for DFS.
President and CEO Hayden Locke commented, "The 2022 MRE is a fantastic achievement and reflects the exceptional exploration and geological work completed by our extremely dedicated team. With the discovery of the MOD depth extensions in 2021, we believed there was the potential to make a step change in the scale of the resource.
"Given the M&I resource estimate already points to more than 600,000 tonnes of contained metal, the project will now clearly support a larger operation in terms of copper cathode production, but also a meaningful mine life extension. We will assess production scenarios between 50,000 and 60,000 tonnes per annum prior to commencing our Definitive Feasibility Study in 2023."
Marimaca's flagship asset is the Marimaca copper project in Chile's Antofagasta region. Marimaca indicated it is the only copper discovery globally of the last five years and is a low risk project, with substantial exploration potential.
|
| Karora Resources announces record gold production in third quarter |
