Marimaca Copper Corp. announced the results of the five drill hole diamond drilling exploration program from the eastern margin of the Marimaca Oxide Deposit (?MOD?). The program was designed to follow-up on the sulphide-bearing intersection of the previously released hole MAD-22, which intersected higher grades of primary copper mineralization down-dip of the Marimaca oxides.

The program encountered challenging drilling conditions due to the orientation of the drilling from existing drill-pads along major known structures at the MOD. Results from this program and learnings regarding the approach for potential future deeper drilling, particularly origin and orientation, and will be considered for the design of follow-up exploration work. A discussion of results is provided in the ?Geological Discussion?

section of this news release. Four drill holes recovered to a maximum depth of 349m from surface, with three holes completed successfully to target depth The fourth hole, although recovered, MAD-25 was terminated above target depth due to poor rock quality caused by localized faulting. Holes MAD-24, 25, 26 and 27 intersected the extension of the upper oxide and mixed/enriched copper mineralization.

This zone is interpreted as the near-surface, oxidized expressions of high-grade mineralized structures encountered in MAD-22. MAD-25 intersected 56m at 0.40% CuT from 136m including 24m at 0.63% CuT of secondary and primary sulphides in-line with the projected horizon from MAD-22, however, could not progress further into the horizon due to rock quality in a fault zone and was terminated at 218m. Hole MAD-24 intersected 74m of 0.52% CuT from 24m including 18m at 0.68% CuT from 24m and 28m at 0.79% CuT from 64m above the projected sulphide horizon.

Hole MAD-24 intersected a barren post-mineral dyke from 224.3m which occupied the projected extension of the sulphide horizon from MAD-22. Hole MAD-27 intersected 40m at 0.50% CuT from 68m including 18m at 0.90% CuT of mixed and enriched mineralization from 74m, and a deeper intersection of 12m at 1.0% CuT of chalcopyrite mineralization from 162m. Hole MAD-26 intersected strong magnetite alteration from 186m, however with a higher pyrite/chalcopyrite ratio relative to MAD-22 corresponding to lower grade copper intersections.

MAD-23 was terminated as a result of contractor operational performance leading to contractor replacement for subsequent holes (MAD-24, 25, 26, 27). Hole MAD-25 was a 500m step out to the south of MAD-22 and intersected strong mixed and primary sulphide mineralization from near the projected target horizon, at approximately 136m downhole, but was terminated due to fault intersection at 218m. Holes MAD-25, 26 and 27 intersected extensions of similar alteration-mineralization assemblages comparable with MAD-22 including sections showing massive to stringer filling chalcopyrite and pyrite and pervasive hydrothermal magnetite replacement, partially related to coarse actinolite veinlets associated with the porphyritic quartz-diorite intrusion host rock Located immediately adjacent to the eastern wall of the whittle pit limits for the October 2022 MRE, indicating potential for high grade, open pit-able mineralization Sulphide copper mineralization encountered in the deeper mineralized intercepts were less consistent than MAD-22 due to variability in pyrite/chalcopyrite ratio in the primary zones This variation is common in IOCG systems, which further analysis required to vector to the higher chalcopyrite-bearing zones This was observed in MAD-26, which intersected strong magnetite alteration from 186m, however with a higher pyrite/chalcopyrite ratio relative to MAD-22 corresponding to lower grade copper intersections Geological Discussion Results from MAD-22 and follow up sulphide exploration drilling continue to support the current interpretation of the mineralized system at the MOD.

The large-scale nature of the supergene (oxide) mineralized body at the MOD, and the alteration assemblages and remnant primary sulphide-bearing structures encountered in MAD-22, 25, 26 and 27 continue to provide strong evidence for a sulphide-rich ?feeder? system which can be interpreted as the source for Marimaca?s oxide ore body. Chalcopyrite and pyrite-bearing mineralization encountered in drilling post-dates pervasive magnetite-actinolite alternation which is consistently found down-dip of the MOD and corresponds to the magnetic-highs identified in the high-resolution mag-drone surveys (see press release dated February 15, 2023).

The program?s goal of stepping out from MAD-22 was hindered by the drilling orientation which was east-biased, causing interference from parallel dykes and late faults on north-south trends and dipping to the east. Planning for future potential deep sulphide drilling will focus on a western orientation which will require preparation of new drilling infrastructure rather than use of existing access roads and MOD drill pads. Despite the challenging conditions, the results from MAD-24, 25, 26 and 27 further confirm the IOCG-nature of the broader Marimaca mineralizing system which is hosted by a monzodiorite stock affected by a system of parallel faults and fractures which control the emplacement of superimposed mineralization-alteration events.

Borehole Teleview analysis of holes MAD-24, 25, 26 and 27 returned similar results to that of MAD-22 in that the dominant structures controlling in the altered and higher-grade primary mineralization are oriented north-north-east dipping at 75 to 80 degrees to the east. This is in contrast to the general structural sense of the MOD, where dominant structures are oriented more north south and are more shallow dipping to the east. The importance of dacitic dykes and the north-west trending regional faults and structures is also noted for the confluence of these important geological features and their proximity to higher grade mineralization, both in the oxide and primary mineral zones.