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Marimaca files a technical report on updated mineral resource estimates.Canadian Business Journal

VANCOUVER, British Columbia, November 28, 2022 (GLOBE NEWSWIRE) — Marimaca Copper Corp. (“Marimaca Copper” or the “Company”) (TSX: MARI) In addition to the news release dated October 13,th2022, Canadian Securities Administrators State Document 43-101 – Mineral Project Disclosure Standards (“NI 43-101”) About the Marimaka Copper Project entitled “Updated Mineral Resource Estimates for the Marimaka Copper Project, Antofagasta Region, Chile”. The technical report is dated November 28, 2022 with an effective date of his October 13.th2022.

Technical reports are available through SEDAR’s company profile at www.sedar.com. With the completion of this technical report, the previous report (“2020 peas) no longer reflects the current economic potential of the project and should be considered historical in nature and should not be relied upon. Information relating to “advanced properties” as defined in -101 is not relevant to this technical report.

2022 Mineral Resource Estimates (“2022 MREs”) incorporates 19,580 m of new drilling (reverse circulation + diamond) completed in 2021 and 2022, totaling over 110,000 m of drilling completed at the Marimaka oxide deposit (“mod”) since 2016. The remaining total of approximately 28,000m of the 2022 infill drilling program not recorded in the 2022 MRE will be included in subsequent Mineral Resource estimates planned for early 2023, converting the Inferred Resources to Measured and Indicated Resources. It is intended to Categories underpinning the planned 2023 definitive feasibility study (“DFS”).

Table 1. 2022 Mineral Resource Forecast (Effective Date: October 13)th2022)

Classification and types of mineral resources amount cut CUSMore cut CUSMore
(kt) (%) (%) (door) (door)
total measurement 47,051 0.54 0.36 253,157 167,614
Shown total 92,516 0.45 0.26 412,375 244,200
Measured and Indicated Total 139,567 0.48 0.30 665,531 411,814
total estimate 82,678 0.39 0.16 322,910 128,416

*Pit shell constraint resources with proven reasonable prospects for final economic extraction (RPEEE) are generated using a series of Lerchs-Grossmann pit shell optimizations completed by NCL.
* CuT means total copper, CuS means acid soluble copper. Technical and economic parameters include: Base mining cost is USD 1.51/ton (average USD 1.76/ton). Heap Reach (“HL”) processing cost is US$5.94/ton (including G&A). Run-of-Mine (“ROM”) processing cost is USD 1.65/ton (including G&A). Selling cost US$0.16/lb Cu; HL recovery is 76% of CuT. 40% of ROM recovery CuT.and a pit tilt angle of 42°-52°
*With the above economic parameters, the cutoff grade for Mineral Resource estimates is approximately 0.15% CuT and a strip ratio of 1:1 is estimated by NCL.
*This resource estimate does not take into account external dilution factors. Internal dilutions within 5 mx 5 mx 5 m are considered and the use of small loading devices is foreseen for adequate selectivity. Assumes 100% mining recovery.
* Quantities and grades in mineral resource estimates are rounded to the appropriate number of significant digits in order to reflect that they are rough estimates.
* Mineral resources that are not mineral reserves have not demonstrated economic viability. Inferred Mineral Resources may be subject to uncertainties, and it is assumed that all or part of the Inferred Mineral Resources will be upgraded to Specified or Measured Mineral Resources as a result of continued exploration. cannot be assumed.

Table 2. Mineral Resource Sensitivity (Effective Date: October 13)th2022)

cut off grade
(% cut)
measurement indicated Measured value + indicated value Estimate
Quantity kt cut [%] CUSMore [%] Quantity kt cut [%] CUSMore [%] Quantity kt cut [%] CUSMore [%] Quantity kt cut [%] CUSMore [%]
0.40 24,607 0.79 0.53 37,550 0.72 0.44 62,158 0.74 0.48 27,222 0.68 0.25
0.30 32,157 0.68 0.46 54,563 0.60 0.37 86,720 0.63 0.40 41,422 0.56 0.22
0.25 36,837 0.63 0.42 65,910 0.55 0.33 102,746 0.58 0.36 52,332 0.50 0.20
0.22 40,000 0.60 0.40 73,517 0.51 0.31 113,517 0.54 0.34 60,431 0.47 0.19
0.20 42,206 0.58 0.39 78,880 0.49 0.30 121,086 0.52 0.33 66,256 0.44 0.18
0.18 44,291 0.56 0.37 84,610 0.47 0.28 128,900 0.50 0.31 72,670 0.42 0.17
0.15 47,051 0.54 0.36 92,516 0.45 0.26 139,567 0.48 0.30 82,678 0.39 0.16
0.10 50,536 0.51 0.34 100,946 0.42 0.25 151,482 0.45 0.28 96,064 0.35 0.14
0.05 57,125 0.46 0.30 119,653 0.36 0.21 176,777 0.39 0.24 123,552 0.29 0.11
0.00 61,333 0.43 0.28 129,985 0.34 0.20 191,318 0.37 0.22 134,056 0.27 0.11

*Pit shell constraint resources with proven reasonable prospects for final economic extraction (RPEEE) are generated using a series of Lerchs-Grossmann pit shell optimizations completed by NCL.
* CuT means total copper, CuS means acid soluble copper. Technical and economic parameters include: Base mining cost is USD 1.51/ton (average USD 1.76/ton). Heap Reach (“HL”) processing cost is US$5.94/ton (including G&A). Run-of-Mine (“ROM”) processing cost is USD 1.65/ton (including G&A). Selling cost US$0.16/lb Cu; HL recovery is 76% of CuT. 40% of ROM recovery CuT.and a pit tilt angle of 42°-52°
*With the above economic parameters, the cutoff grade for Mineral Resource estimates is approximately 0.15% CuT and a strip ratio of 1:1 is estimated by NCL.
*This resource estimate does not take into account external dilution factors. Internal dilutions within 5 mx 5 mx 5 m are considered and the use of small loading devices is foreseen for adequate selectivity. Assumes 100% mining recovery.
* Quantities and grades in mineral resource estimates are rounded to the appropriate number of significant digits in order to reflect that they are rough estimates.
* Mineral resources that are not mineral reserves have not demonstrated economic viability. Inferred Mineral Resources may be subject to uncertainties, and it is assumed that all or part of the Inferred Mineral Resources will be upgraded to Specified or Measured Mineral Resources as a result of continued exploration. cannot be assumed.

The technical and economic parameters used for the 2022 Whittle run were informed by the 2020 PEA assumptions. The comparison is shown below. Since mined materials are designated as either Heap Reach or ROM, certain cost components of the mining cost have been reassigned to Heap Reach cost, and ROM cost is now properly captured in Whittle Run. rice field. However, on an aggregate basis, they are identical. The 2020 PEA cost assumptions are believed to be the most relevant cost assumptions for the 2022 MRE Whittle implementation at this stage.

Table 3. Input cost summary – 2022 MRE compared to 2020 Preliminary Economic Assessment (PEA)

parameter 2022 MREs 2020 peas
Mining cost (US$/t mining) $1.51 base ($1.76 average) $1.76 average ($1.51 base)
MCaf (US$/t-10m bench) $0.04 $0.04
Heap reach cost (includes G&A and mining cost components from 2022 MRE pits to heap reach) 5.94 USD/ton processing US$5.39/t processed
Run-of-Mine cost (including G&A and 2022 MRE pit-to-ROM reach mining cost component) 1.65 USD/ton processing 1.35 USD/ton processing
Selling cost including SX-EW processing cost (US$/lb Cu) $0.16 $0.16
Heap reach recovery (% CuT) 76% 76%
ROM Recovery (%CuT) 40% 40%
pit slope angle 42-52° 42-52°

qualified person

The technical information in this news release includes information on drilling, modeling, resource estimation, and the application of technical and economic parameters by Luis Oviedo, an independent consulting geologist with over 45 years of experience. Reviewed and approved by P. Geo. of experience. Mr. Oviedo is a member of the Colegio de Geólogos and the Chilean Association of Mining Engineers and is an Independent Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

QP confirms that it has visited the project area, reviewed relevant project information, and is responsible for and consents to the publication of the information contained in this news release.

contact address
For more information, please visit www.marimaca.com or contact us at:

Tavistock
+44 (0) 207 920 3150
Emily Moss / Adam Baines

[email protected]

Forward-Looking Statements

This news release contains certain “forward-looking statements” under applicable Canadian securities laws. There can be no assurance that such statements will prove to be accurate, and actual results and future events may differ materially from those anticipated in such statements. It reflects beliefs, opinions and projections as of the date on which the statements are made and is considered by Marimaca Copper to be reasonable, but not inherently material, to business, economic, competitive, political and social unrest. Certainty and contingency. A number of known and unknown factors may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. There is a possibility. To or related to many of these factors. Such factors include, but are not limited to: risks associated with stock prices and market conditions, risks inherent in mining, exploration and development of mineral properties, drilling results and other geological data; fluctuating metals prices; project delays or cost overruns; or unexpected and excessive operating costs and expenses; Availability and cost of funding and factors disclosed in the company’s Annual Information Form dated March 28, 2022, the company’s definitive simplified basic prospectus to the Canadian securities regulators and Other Submissions (Available at www.sedar.com). Accordingly, readers should not place undue reliance on forward-looking statements. Marimaca Copper undertakes no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law. .

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Authority of Canada assumes responsibility for the adequacy or accuracy of this release.


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Marimaca files a technical report on updated mineral resource estimates.Canadian Business Journal

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