Locke added that the new project will also support the mine’s life extension and, more importantly, support Marimaka’s goal of increasing annual copper cathode production to more than 50,000 tonnes.
To acquire the project, the company will pay owner Sociedad Contractual Minera Elenita a total of $12 million over five years and grant SCM a 1.5% net smelter royalty. As part of the option agreement, Marimaka can withdraw from the project at any time.
Potential synergies
The Pampa Medina project consists of four concessions totaling 1.44 sq km located in the wider 14.5 sq km southern part of Marimaka. Property in Sierra de Medina. It is also located approximately 28 km away and 200 m above sea level compared to the processing infrastructure planned for the Marimaka deposit.
Locke said there could be “several clear routes for synergistic development” to incorporate the Pampa Medina project due to its proximity to preferred industrial sites in oxide deposits.
Regionally, the Pampa Medina is located on the eastern side of Antofagasta’s coastal copper belt, which is home to large “manto”-style mines such as the Mantos Blancos mine (capstone copper) and the Cachorro project (Antofagasta minerals). There are copper deposits.
Based on approximately 41,000 meters of historical drilling, the project currently has primarily oxide-based resources grading 12.3 million tonnes total, 0.86% of total specified category copper and 0.66% of total inferred category copper. % of 28.1 million tons.
However, as the resource calculation presented for Pampamedina does not comply with the NI 43-101 standard, Marimaka has taken the necessary steps to review historical drilling data and prepare a new resource estimate targeted for early 2025. We are planning to do so.
Pampa Medina’s potential resources exceed Marimaca’s existing resource base of over 200 million tonnes grading 0.45% of total copper in the measured and indicated category and over 37 million tonnes grading 0.38% of total copper in the inferred category. will be added to.
“Pampa Medina is in the middle of one of the most promising exploration targets in the Sierra de Medina,” Locke said.
“We have completed the surface geology within and around the historic resource, including several geophysical surveys, along the strike to the north and south and of the downplunge to the east-northeast. We are excited about the possibility of expanding to both.”
