CHILE'S NEW COPPER DISCOVERY Exceptional Development Project, Outstanding Exploration Potential - Marimaca
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
CHILE’S NEW COPPER DISCOVERY Exceptional Development Project, Outstanding Exploration Potential Investor presentation | April 2021 TSX: MARI
Disclaimer 2
This presentation includes certain forward-looking statements about future events and/or financial results which are forward-
looking in nature and subject to risks and uncertainties. Such forward-looking statements or information, including but not
limited to those with respect to the development of the Marimaca project, metal prices, metallurgical results and resource
estimates, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any future results, performance or achievements expressed or
implied by such forward-looking statements or information. Forward-looking statements include without limitation, statements
regarding the company’s plans, goal or objectives and future completion of mine feasibility studies, mine development
programs, capital and operating costs, production, potential mineralization, resources and reserves, exploration results and
future plans and objectives of Marimaca Copper Corp. (“MCC”) Forward-looking statements can generally be identified by the
use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, or “ continue”
or the negative thereof or variations thereon or similar terminology. There can be no assurance that such statements will prove
to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important
factors that could cause results to differ materially from expectations include risks associated with mining generally and pre-
development stage projects in particular. The company is an exploration, development & mining company. Many references to
resources and other geological and technical information contained herein have not been verified by an independent expert and
are either not in accordance with the requirements under National Instrument 43-101 or have not been prepared in accordance
with a preliminary or final feasibility study. Potential investors should conduct their own investigations as to the suitability of
investing in securities of Marimaca Copper Corp. The potential target tonnage and grade noted for the Marimaca project are
conceptual in nature as there has been insufficient exploration to define mineral resources, and it is uncertain if further
exploration will result in these targets being delineated as mineral resources.
Unless otherwise indicated, MCC has prepared the technical information in this presentation (“Technical Information”)
based on information contained in the technical reports and news releases (collectively the “Disclosure Documents”)
available under Marimaca Copper Corp.’s company profile on SEDAR at www.sedar.com. Each Disclosure Document was
prepared by or under the supervision of a qualified person (a “Qualified Person”) as defined in National Instrument 43-101 –
Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”). For readers to fully
understand the information in this presentation, they should read the Technical Reports (available on www.sedar.com) in
their entirety, including all qualifications, assumptions and exclusions that relate to the information set out in this
presentation which qualifies the Technical Information. Readers are advised that mineral resources that are not mineral
reserves do not have demonstrated economic viability. The Disclosure Documents are each intended to be read as a whole,
and sections should not be read or relied upon out of context. The Technical Information is subject to the assumptions and
qualifications contained in the Disclosure Documents. All Dollar amounts in this presentations are US Dollars unless
otherwise stated. All maps and diagrams are for illustrative purposes only and not to scale.
Sergio Rivera VP Exploration of Marimaca Copper Corp, a geologist with more than 35 years of experience is the Qualified
Person for the purposes of NI 43-101 and has approved this written disclosure.
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth Potential
Introduction: Marimaca Copper Project 3
Marimaca has the potential to be a low capital cost, high margin,
copper development
Significant oxide copper Outstanding location, tier
resource 1 mining jurisdiction
Simple, low strip ratio,
Identified near mine
open pit mining oxide
exploration potential
copper resource
Likely low cost, Substantial district scale
SX-EW processing exploration potential
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth Potential
Marimaca Copper – Commitment to Sustainability 4
Marimaca is committed to creating long-term value for all our stakeholders through
integrating ESG best practice into the ongoing development of the Company
Transparency & Accountability Building Together with our Communities
Transparent corporate governance ensures we are We value the trust and support from our local
accountable to all our stakeholders. We strive to ensure communities. We endeavor to work collaboratively with
that appropriate checks and balances are carried out to our local communities to deliver shared value.
safeguard ownership at all levels of the business.
Health, Safety and Security Our People
The health, safety and wellbeing of our employees is at We are committed to employing locally, upskilling our
the forefront of everything we do. We implement the workforce, respecting all cultures and promoting
highest standards of safety to mitigate risks. diversity and inclusion.
Environmental Stewardship Sustainable Development
We operate in an environmentally responsible manner, In exploration, development and eventual production,
minimizing the impact of our activities and, where sustainable practices are of paramount importance.
possible, aiming to improve and enhance the
environment in which we operate.
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth Potential
Marimaca: Why is it unique? 5
Location & Access to Infrastructure/Utilities = Lower Execution Risk
Close proximity to Within 25km of Port
first class utilities of Mejillones
and infrastructure
› Water › One of the primary
› Power import ports for
› Transport H2SO4 to Chile
› Communications › Access to skilled
workforce
Land predominantly Within 40km of
government owned or Antofagasta
controlled › Major regional center
› No local land owner › No requirement for
negotiations site accommodation /
housing
Close to all aspects required to › Airport with good
build a copper mine connections
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth Potential
Marimaca: Why is it unique? 6
Location & Access to Infrastructure/Utilities = Lower Execution Risk
Antofagasta – 40km
Route 1 – National Highway Port of Mejillones – 25km
Process Plant Existing 110kV Powerline
Existing Seawater Pipeline
7km
Open Pit
N
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth Potential
Marimaca: Why is it unique? 7
Industry Leading Capital Intensity Among Greenfields Projects
Source: Tamesis Partners
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth Potential
Marimaca: Why is it unique? 8
Expected to be in the lowest 15% of the AISC curve
$5.00
$4.50
$4.00
$3.50
AISC (US$/lb CuEq.)
Current Copper Price: US$3.06/lb
$3.00
$2.50
~57% Cash Margin
$2.00
$1.50
Marimaca
$1.00
$0.50
$0.00
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Cumulative Percent of Global Production
Source: Wood Mackenzie
Note: Based on Q3 2020 data; AISC proxied by global C2 pro-rata cash costs
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth Potential
Marimaca: Compelling Results from the PEA 9
Item Value Low Upfront Capital Cost
Copper Price Assumption US$3.15/lb flat real › US$285m among the lowest in the copper
Pre-Tax NPV8 & IRR US$757 million / 39.9% development peer group
Post-Tax NPV8 & IRR US$524 million / 33.5%
Payback Period from First Production 2.6 years
NPV / Capex – 2.0x4
Pre-Production Capital Costs1 US$285 million
› Profitability index a key comparison
Life of Mine Sustaining Capital US$66 million against development peers
Ave. Annual Steady State EBITDA US$169 million › Very few peers have PI > 1 at US$3/lb Cu
› Marimaca is >1x at US$2.55/lb
Life of Mine C1 Operating Costs3 US$1.22/lb of copper
Life of Mine All-in-Sustaining Cash Costs2 US$1.29/lb of copper
Mine Life 12 years
Bottom 15% of AISC curve
Ave. Annual Metal Production (first 6 years) Approximately 40,000 tonnes › Well positioned to make money through
Ave. Annual Metal Production Life of Mine (incl. ramp the copper cycle
35,600 tonnes
up)
Steady State Average Process Recovery (Heap and ROM) 76% / 40%
Further advanced than typical PEA
[1] Assumes mining fleet is financed through a lease to own contract structure to minimize upfront capital cost.
› Met recoveries are supported by four
[2] All in sustaining costs is defined as cash cost (C1) plus general and administrative expenses, sustaining capital expenditure, deferred phases of met testing
stripping, royalties and lease payments and is used by management to evaluate performance inclusive of sustaining expenditure required to
maintain current production levels. › Many numbers are budget quotes from
[3] C1 cash cost includes all mining and processing costs less any profits from by-products and is used by management to arrive at an
approximated cost of finished metal. equipment suppliers
[4] At US$3.30/lb
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth Potential
Marimaca: A standout among developers 10
NPV/Pre-Production Capital Costs
Source: Tamesis Partners
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca: A standout among developers 11
Source: Tamesis Partners
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca: A standout among developers 12
A rare combination of low upfront capital and bottom quartile operating cost
$3.5
Los Helados
$3.0 Taca Taca
Josemaria
$2.5 Casino
Initial Capex (US$bln)
$2.0
Rosemont
$1.5 Santo Domingo
Cotabambas
Ann Mason
Filo del Sol
Zafranal
$1.0 Harper Creek
Kamoa-Kakula
Ambler
Skouries
Timok Pumpkin Hollow (OP)
$0.5
Eva Copper
Marimaca
$0.0
$1.20 $1.40 $1.60 $1.80 $2.00 $2.20 $2.40
Source: Wood Mackenzie LOM AISC (US$/lb CuEq.)
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca: PEA Based on Large Oxide Resource 13
Mineral Resource Estimate (MRE) updated in Dec ‘19
Depending on cut-off grade:
› Nearly 420kt of contained copper in M&I
› Nearly 225kt of contained copper in Inferred
Represents approx. 100% increase over maiden MRE
released April 2018
April 2018
Resources contained in single continuous open pittable
deposit
Mineralization commencing from surface
All oxide MRE
› Significant sulphide resource potential exists December 2019
Mineral Resource Category Mt CuT (%) CuS (%) kt CuT kt CuS
Measured (M) 20.7 0.66 0.44 136.3 91.8
Indicated (I) 49.7 0.57 0.37 283.7 183.7
M&I 70.4 0.60 0.39 419.9 275.5
Inferred 43.0 0.52 0.31 224.5 131.7
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca: Simple Open Pit Mining 14
Open pit developed over 8 phases
Single continuous pit
900m
Significant proportion of the Mineral Resource
Estimate is captured within the open pit design in
1,500m
the PEA
Virtually no pre-strip
No capitalized cut-backs during life of mine
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca: Simple Open Pit Mining 15
Favorable deposit geometry improves economics
Very low strip ratio of 0.84:1 in PEA mine plan
› Favorable geometry of ore body has further
reduced strip from MRE
1,500m
High grade zones from surface
› First five years grade is 0.78% CuT
› Green oxides with met strong recoveries High Grade
Zones
› Improves early years head grade delivered to
leach pads
› Shortens payback period GRADE
% CuT
› Improves economics
Plan view, 980m elevation
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca: Simple SX-EW Processing 16
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca: Supported by Four Phases of Met Work 17
Marimaca has completed rigorous met testing on materials across the deposit
Tests completed on materials from across the
full extent of the deposit and addressed all
defined mineral subzones
Addressed all key operating parameters for
Underpins PEA Assumptions
heap leach operations
› LOM ave. total copper
› Agglomeration characteristics
› Granulometry
recovery of 76% in heap
› Column height leach
› Irrigation rates › LOM ave. total copper
› Acid consumptions recovery of 40% in dump
› Testing with and without seawater leach
Two phases of column tests complete
› 30cm “mini” columns
› 1.5m columns at different operating parameters
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca: Summary of Marimaca PEA 18
LOW RISK TIER 1 LOCATION
Low execution and financing risk due to location, Lowers execution risk and capital cost
simple mining and processing
LOW CAPEX HALF A BILLION NPV
Industry leading capital intensity for new greenfields Post tax NPV8 of US$524m or approximately C$10.8
copper projects per share1 on an unfunded basis
LOW OPEX STRONG INVESTMENT RETURNS
Lowest 15% AISC based on industry cost curve Highly profitable, strong return on invested capital
CHILE’S NEW COPPER DISCOVERY
1) Calculated assuming post tax NPV8 of US$524m with CAD:USD exchange rate of 0.75 and 64.4 million shares on issue
Advancing Development With Further Growth PotentialMarimaca: New, high quality, discoveries are rare! 19
20
18 17
16 15 15 15
Marimaca is the only discovery
Number of Major Discoveries (#)
14 13
12 globally in five years +
12 11 11 11
10 10 10
10 9
8 8 8
8 7 7
6 6
6 5
4
4 3
2 1 1 1
0
1994
1997
2000
2003
2006
1990
1991
1992
1993
1995
1996
1998
1999
2001
2002
2004
2005
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Source: S&P Global Market Intelligence – As of 1 June 2020
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca: Where to from here? 20
Continue to move Marimaca towards production while assessing the exceptional
exploration potential near Marimaca and beyond
Feasibility Study Exploration Potential
Technical Workstreams are advanced
Dual Track Exploration Strategy
well beyond PEA level
Significant proportion of deposit in Measured
and Indicated
Metallurgical work complete
Geotech complete NEAR MINE DISTRICT SCALE
Baseline enviro studies complete Oxides and Marimaca
Sulphide Repetition?
Infill drilling on remaining inferred
Engineering studies
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth Potential21
DUAL
TRACK EXPLORATION
STRATEGY Potential for a game
changing discovery
Exciting near mine and
district scale potential
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca: Sulphide Potential below Oxide Deposit 22
• Large magnetic anomaly adjacent to Oxide • Volume of favorable magnetic anomaly –
Deposit 175 million m3
• Coincident with interpreted extension of
mineralizing structures at surfaceMarimaca: Sulphide Potential below Oxide Deposit 23 Chargeability anomaly provides exciting target to drill
Marimaca: Sulphide Potential below Oxide Deposit 24 First drill hole provides an indication of extensions to higher grade mineralization
Marimaca Region: Repetitions of Marimaca? 25
• Structural conduits at Marimaca are
regionally extensive
• IOCG requires proximity to large regional
structures
• Potential for generation of additional
Marimaca style targets?
• Regional drone mounted high resolution
mag survey identified four large scale
magnetic anomalies believed to be
prospective for Marimaca Style
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca Region: Repetitions of Marimaca? 26
• Similarities with Marimaca
are clear
• Spatial relationship with the
Naguayan Fault
• Orientation and dip of the
magnetic anomalies
• Historical artisanal workings
at Cindy and Mercedes
• Key feature of
Marimaca
• Potential for oxides and
sulphides
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca Region: Mercedes Target 27
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca Region: Mercedes Target 28
Same structural controls (flat sheeted veining) and host rocks as Marimaca
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca Region: Cindy Target 29
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca Region: Cindy Target
30
C
I
Massive Magnetite-Chalcopyrite Mineralization Historic Artisanal Adit at Cindy Target
N
D
Y
Magnetite-Breccia with Chalcopyrite Historic Artisanal Adit at Cindy Target
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca: Near Mine Exploration Potential 31
Deposit remains open to the north and south and
at depth
Multiple near surface oxide exploration targets
identified within close proximity to Marimaca
› Potential to add near term tonnes to mine life
Near Mine
Oxide
The Hanging Wall Alteration (HWA) zone is regionally
Potential pervasive
› Extension identified more than 10km across project area
› Strong association with copper mineralization
Exciting potential for sulphide extensions at depth
› Multiple drill holes ended in sulphide mineralization
• Grades as high as 2% Cu
• Generally in similar range to Marimaca
› Down dip sulphide extensions have not been tested but have
the potential to extend several hundred meters
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca: Summary 32
A unique development stage copper asset
with exceptional economics in a Tier 1
jurisdiction
Outstanding exploration potential near
mine
Potential for district scale discoveries
High Quality Copper
Development Asset
Multiple value catalysts over next 12
in a Tier 1 Location
months
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialAppendices
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialExperienced Board 34
Experienced and Leading explorational,
Deep experience in
invested Board and regional and financial
copper and Chile
management team experience
Michael Haworth Hayden Locke Clive Newall Tim Petterson
Non-Executive Chairman CEO, President & Director Non-Executive Director Non-Executive Director
› Nearly 30yrs in resources across › Over 15 years’ experience in mining › Co-founder of First Quantum › Deep mining industry experience
advisory and investment and finance › Geologist by training spanning research, finance and
› Co-founder of Greenstone › Former Head of Corporate for › Broad experience in exploration, corporate
Resources Papillon Resources, CEO of construction and production in › Founder and Exec-Chair of Minera
Emmerson Plc copper Cobre
Colin Kinley Alan Stephens
Non-Executive Director Non-Executive Director
› Internationally respected › Co-founded MCC in 2005
explorationist › Exploration geologist, former VP of
› Currently CEO Kinley & Exploration Exploration for First Quantum
and Founder and COO of Eco
Atlantic
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialExperienced Management 35
Experienced and Leading explorational,
Deep experience in
invested Board and regional and financial
copper and Chile
management team experience
Hayden Locke Petra Decher Luis Albano Tondo
CEO, President & Director Chief Financial Officer Chief Operating Officer
› Over 15 years’ experience in mining › Strong finance, Co Sec and › Mining Engineer
and finance Governance background › 30yrs experience in project
› Former Head of Corporate for › Former VP and Co Sec Franco development
Papillon Resources, CEO of Nevada › Project Development for Kinross in
Emmerson Plc Chile and Rio Tinto in Brazil
Laura Rich Sergio Rivera
General Counsel and Co Sec. Vice President of Exploration
› Former Deputy GC of Acacia Mining › Over 30yrs experience in
(African Barrick) exploration geology
› Associate M&A at Shearman and › Credited with several large copper
Sterling LLP discoveries including the Marimaca
Deposit
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialCorporate Structure 36
12-Mth Share Price and Volume
6 1200000
5 1000000
Share Price - C$/Share
Volume Traded
4 800000
3 600000
2 400000
1 200000
0 0
Volume Adj Close
Capital Structure1 Board Management
Stock Exchange TSX “MARI” Luis Tondo Chief Operating Officer
Michael Haworth Non-Executive Chairman
Market Cap C$438 million (C$5.00 share price)
Hayden Locke CEO, President & Director Petra Decher CFO
Shares Out 87,608,067
Sergio Rivera VP Exploration
Options Out 1,719,822 Colin Kinley Lead Independent Director
Cash US$45m (31 March 2021) Laura Rich General Counsel and Corp. Secretary
Clive Newall Non-Executive Director
Debt $0.0m
Tim Petterson Non-Executive Director
Shareholders Greenstone 29.0%
Tembo 11.5%
Alan Stephens Non-Executive Director
1) Post consolidation
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca: Roadmap towards FS 37
Work Stream 2015 2016 2017 2018 2019 2020 2021+
Early exploration work ✓
Discovery Drilling ✓
Initial Mineral Resource Estimate ✓
Resource Expansion & Infill Drilling ✓
Updated Mineral Resource Estimate ✓
Resource Expansion and Infill Drilling ✓
Updated Mineral Resource Estimate ✓
Preliminary Geotechnical
Programmes ✓
Preliminary Economic Assessment ✓
Preliminary Metallurgical Testing
Programmes Q3 2020
Follow – Up Geological Planning Ongoing
Detailed Metallurgical Testwork
Programmes Start Q3 2020
Follow – Up Exploration and Infill Planning
Drilling underway
Planning
Pre – Feasibility Study
underway
Environmental and Social Engagement Ongoing
Permitting Ongoing
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca: Simple Open Pit Mining 38
Favorable deposit geometry delivers very low strip ratios
HIGH
GRADE
ZONES
1,500 meters
Long section looking northeast
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMineral Resource Estimate 39
Measured Indicated Measured + Indicated Inferred
Cut-off
grade
(% CuT) Mineral CuT CuS Mineral CuT CuS Mineral CuT CuS Mineral CuT CuS
kt (%) (%) kt (%) (%) kt (%) (%) kt (%) (%)
0.60 9,272 1.00 0.65 18,375 0.91 0.58 26,727 0.95 0.61 12,182 0.90 0.48
0.50 11,397 0.91 0.61 23,285 0.83 0.53 34,682 0.85 0.56 16,926 0.80 0.44
0.40 14,403 0.81 0.55 30,600 0.74 0.48 45,003 0.76 0.50 23,607 0.70 0.40
0.30 17,865 0.72 0.49 40,253 0.64 0.42 58,118 0.67 0.44 33,410 0.60 0.35
0.22 20,721 0.66 0.44 49,666 0.57 0.37 70,387 0.60 0.39 43,015 0.52 0.31
0.18 22,072 0.63 0.42 54,109 0.54 0.35 76,181 0.57 0.37 47,164 0.49 0.29
0.10 23,087 0.61 0.41 57,619 0.52 0.33 80,706 0.54 0.35 50,641 0.47 0.27
CuT means total copper and CuS means acid soluble copper. Mineral resources that are not mineral
reserves do not have demonstrated economic viability. Does not include primary sulphides. Detailed
information by mineral type in Appendix. Refer to news release “Coro Announces Substantial Increase
in Resources; Development Studies Underway” 2 December 2019. Technical and economic parameters
Discovery cost included: copper price US$3.00/lb; mining cost US$2.00/t; HL processing cost including G&A US$9.00/t;
under US 2 cents/ ROM processing cost including G&A US$2.50/t; selling cost US$0.07/lb; heap leach recovery 76% of CuT;
lb copper ROM recovery 40% of CuT; pit slope angle 44-46°.
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMineral Resource Estimate by Mineralization 40
Mineral CuT CuS CuT CuS
Mineral Resource Category
(kt) (%) (%) (t) (t)
Measured
Brochantite 10,890 0.76 0.55 82,418 59,835
Chrysocolla 4,918 0.59 0.45 29,016 22,191
Wad/Black oxides 3,262 0.34 0.20 11,118 6,555
Mixed 475 1.02 0.26 4,865 1,217
Enriched 1,176 0.75 0.17 8,874 1,974
Total Measured 20,721 0.66 0.44 136,283 91,772 CuT means total copper and CuS means
Indicated acid soluble copper. Mineral resources
Brochantite 24,719 0.68 0.49 167,463 121,418 that are not mineral reserves do not
Chrysocolla 9,581 0.50 0.37 48,298 35,668 have demonstrated economic viability.
Wad/Black oxides 10,722 0.32 0.18 34,160 19,299 Does not include primary sulphides.
Mixed 1,177 0.86 0.21 10,076 2,457
Enriched 3,468 0.69 0.14 23,769 4,899
Detailed information by mineral type
Total Indicated 49,666 0.57 0.37 283,654 183,741 in Appendix. Refer to news release
Measured and Indicated “Coro Announces Substantial Increase
Brochantite 35,609 0.70 0.51 249,881 181,253 in Resources; Development Studies
Chrysocolla 14,499 0.53 0.40 77,314 57,859 Underway” 2 December 2019. Technical
Wad/Black Oxides 13,984 0.32 0.18 45,281 25,854 and economic parameters included:
Mixed 1,652 0.90 0.22 14,941 3,675 copper price US$3.00/lb; mining cost
Enriched 4,644 0.70 0.15 32,644 6,873 US$2.00/t; HL processing cost including
Total Measured and Indicated 70,387 0.60 0.39 419,937 275,513
G&A US$9.00/t; ROM processing cost
Inferred
including G&A US$2.50/t; selling cost
Brochantite 17,618 0.63 0.42 110,712 74,266
Chrysocolla 9,978 0.47 0.33 47,077 32,680 US$0.07/lb; heap leach recovery 76%
Wad/Black oxides 9,565 0.31 0.17 29,834 16,498 of CuT; ROM recovery 40% of CuT; pit
Mixed 3,661 0.63 0.15 23,197 5,525 slope angle 44-46°.
Enriched 2,193 0.63 0.13 13,786 2,777
Total Inferred 43,015 0.52 0.31 224,471 131,746
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialMarimaca: Early Work has Commenced 41
• IP/Resistivity surveys underway at Marimaca Sulphide Targets
• Delineate high priority zones for drilling in early 2021
• Surface geological work has commenced on Mercedes and Cindy district targets
• 1:1000 geological mapping, surface geochem, reconnaissance work
• IP/Resistivity planned for district targets
• Objective to identify regional oxide and sulphide targets to drill in 1H 2021
M
E
R
C
E
D
E
Atacamite Outcrop with Actinolite-Magnetite Intensely Albitized Magnetite Breccia
S
Veining
CHILE’S NEW COPPER DISCOVERY
Advancing Development With Further Growth PotentialCHILE’S NEW COPPER DISCOVERY Advancing Development With Further Growth Potential
You can also read
