Marimaca Copper Announces Major Resource Upgrade

Marimaca Copper Corp. (TSX: MARI) is a copper exploration and development company focused on the Marimaca oxide deposit in Chile. On May 18th, 2023, the company announced an updated mineral resource estimate for the project, representing a significant increase in measured and indicated resources.

The new estimate includes 200.3 million tonnes of measured and indicated resources at an average grade of 0.45% copper, containing 900,000 tonnes of copper. This is a 44% increase from the previous resource estimate released in October 2022. The majority of the new drilling targeted inferred resources in the northern part of the deposit, successfully converting those to the measured and indicated categories.

The updated resource estimate is great news for Marimaca investors for a few key reasons:

1. It substantially de-risks the deposit ahead of a planned definitive feasibility study. Having 86% of total resources in the measured and indicated category provides confidence in the reserve estimate and overall viability of the project.
2. It supports the potential for a larger-scale operation with increased copper production and extended mine life. The company can now assess options for expanded throughput and output.
3. Key attributes of the deposit were maintained, including low strip ratio, higher grade core, and low pre-stripping requirements. This means the project economics should remain robust.
4. The resource upgrade represents the final phase of oxide drilling, meaning the definitive feasibility study can progress on schedule.

With the de-risking of the resource estimate, Marimaca Copper is now firmly on the path towards production at the Marimaca Oxide Deposit. The feasibility study will be the next major catalyst for the stock.

Investors should keep a close eye on this rapidly developing copper project in a premier mining jurisdiction. The resource increase solidifes Marimaca's position among the ranks of emerging copper developers.