Marimaka secures water option for life in mine’s seawater supply, The Canadian Business Journal

VANCOUVER, British Columbia, November 7, 2022 (GLOBE NEWSWIRE) — Marimaca Copper Corp. (“Marimaca Copper” or the “Company”) (TSX: MARI) has entered into an option agreement to secure water We are pleased to announce the Future water supply required for the Marimaka Copper Project in Chile (the “Project”). Under the agreement, seawater will be supplied after being used in the cooling system of the Mejillones power plant, located 25km from the project and operated by one of Chile’s largest energy suppliers. The duration of this option is five years, which can be extended for two years, allowing the company to proceed with final project permits and technical studies, including water pipeline studies already underway.

Exercising the option will trigger execution of a water supply contract priced on a take-or-pay basis for the life of the project’s mine, the main terms of which are negotiated and agreed in the option document. The agreed pricing is lower than originally projected in the 2020 Preliminary Economic Assessment (“PEA”), available at www.sedar.com. Consistent with his five-step metallurgical test work at Marimaca, as disclosed by PEA, the project is designed to use seawater-based process solutions instead of fresh water.

highlight

• Landmark derisking event for Marimaka Copper Project ensures seawater supply options to meet project’s anticipated long-term water supply requirements
  • Water options are projected relative to the 2020 PEA to account for the scale-up targeted in the planned 2023 Final Feasibility Study (“DFS”). Provide increasing requirements.
    • The contract stipulates minimum requirements for a 50ktpa capacity copper cathode project that can be flexibly adjusted up to certain thresholds according to site water requirements.
• An operationally efficient means of water supply that eliminates the risk of potential negative impacts from sourcing water from other limited sources such as groundwater and provides significant environmental benefits.
  • Fresh water use consistently identified as a significant risk to operations in the Atacama region
  • Recycled water otherwise discharged into the sea
• The option contract also secures power for the necessary pumping infrastructure and provides an option to provide 10% of the project’s operational power requirements.
  • Both are committed to be supplied by certified renewable energy sources pursuant to power purchase agreements entered into on customary market terms in the future.

Hayden Locke, President and CEO of Marimaca Copper, commented:

“Our goal is to build an example of sustainable mining while minimizing our environmental and social impact, while at the same time providing a commodity that is essential to the future of our society. Our water strategy to eliminate the use of sources is a prime example of this goal in action.

“Globally, mining accounts for significant freshwater use, especially in arid regions, and its use is a major social challenge. According to Wood Mackenzie, mining accounts for 3.1% of Chile’s domestic water use. In the Atacama region, this rises to nearly 50%, clearly unsustainable in the long term.

“Securing this supply is an important milestone in our effort to continuously de-risk our project development strategy. However, partnering with an existing infrastructure provider significantly reduces permitting risk.The use of seawater and green power supply initiatives provided by our partners are part of a sustainability initiative we launched earlier this year. has made significant achievements in the development of sustainable copper mines in Chile, continuing its path towards the broader objective of developing a sustainable copper mine.

“Congratulations to Laura Rich and her Marimaca team for this important step in the development of our company, and we look forward to working diligently with us to find a solution that benefits both parties and all stakeholders. Thanks to our new partners for their cooperation, exciting Marimaka Copper.

Find out more about our commitment to sustainability here.

About Marimaka

Marimaca Copper is a publicly traded Canadian exploration and development company focused on the exploration and development of new copper deposits in Chile. Our shares are traded on the Toronto Stock Exchange (“TSX”) under the symbol “MARI”.

The company’s main asset is the Marimaca Project, an oxide, open-pit, heap-reach copper project in the Antofagasta region of northern Chile. In August 2020, Marimaca Copper released a Preliminary Economic Assessment (“PEA”) for the Marimaca Project. This confirmed the potential of the Marimaca project to be a low capital cost, high margin copper mine.

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. Statements reflect beliefs, opinions and projections as of the date on which they are made and are considered reasonable by Marimaca Copper but are not subject to material business, economic, competitive, political and social injustices. 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. About 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.

CBJ Newsmaker