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Marimaca Signs Binding Option to Acquire the Madrugador Project, Further Consolidating the SdM Exploration District

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Marimaca Copper Corp.
Marimaca Copper Corp.

VANCOUVER, British Columbia, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Marimaca Copper Corp. (“Marimaca” or the “Company”) (TSX: MARI) is pleased to announce the signing of a binding option agreement (the “Agreement”) to acquire the Madrugador project (“Madrugador”). Details of the transaction are found below in the “Transaction Summary” section of this press release.

Madrugador consists of 10 mining concessions totaling 855 hectares and is located immediately adjacent to the Pampa Medina project (“Pampa Medina”) (see press release dated October 8th, 2024). The acquisition of Madrugador and Pampa Medina consolidates the Company’s ownership of the southern extent of the broader 14,500ha Sierra de Medina (“SdM”) property package (see Figures 1, 2 and 3). Madrugador is located approximately 26km in distance and ~200m higher elevation relative to the Company’s planned processing infrastructure as defined in the ongoing Marimaca Oxide Deposit (“MOD”) Definitive Feasibility Study (“DFS”) (see press release dated January 15th, 2024).

Madrugador hosts a historical National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) non-compliant resource estimate of copper hosted in dominantly oxide mineralization, which is detailed below in Table 1 alongside relevant technical and regulatory disclosure. Marimaca is currently completing a review of available historical information to plan and execute a validation and upgrade program of the historical resource.

Hayden Locke, President & CEO, commented:

“The acquisition of Madrugador consolidates our ownership of what we now recognize as a highly prospective district for complementary leachable copper resources, underpinning our aspirations for growth in copper production in the future.”

”Similar to Pampa Medina, Madrugador hosts near or at surface, high grade, leachable copper mineralization. We believe these assets already have the potential to add meaningful, compliant, resources and we are completing confirmatory reviews to support eventual release of compliant Mineral Resource Estimates.”

”Both projects are also within areas where surface and geophysical exploration programs suggest good potential for extension with ongoing exploration. Our VP Exploration, Sergio Rivera, and his team are drilling several targets now and we expect to step up our exploration activities in the new year.”

”We are considering how the expanded project will fit in the broader development strategy of the MOD, as we expect the most logical development strategy for these assets will be to utilise the future MOD infrastructure. This is especially true with respect to our water management systems, potential pipeline routes, and the footprint of the SX-EW facility, to ensure an allowance for future, modular, capacity expansions at low incremental capital cost.”