11:50 AM EST, 12/30/2024 (MT Newswires) -- Marimaca Copper ( MARIF ) was at last look up near 5% after it reported Monday the discovery of the northern extension of the Pampa Medina deposit located about 26 kilometers from its flagship Marimaca oxide deposit in Chile.

It also reported results from the maiden scout drilling program at the Pias target, located northwest of Pampa Medina within the broader Sierra de Medina Property Block.

Results from the SMR-01 drill hole include 18 meters at 5.1% total copper within 102 meters at 1.2% total copper, both within a broad zone of 400 meters at 0.5% total copper.

"Drilling encountered high grade copper oxides and secondary sulfides (both leachable) and, excitingly, primary chalcopyrite and high grade bornite at the bottom of the hole before it was terminated due to technical issues," said Hayden Locke, Marimaca's president and CEO.

"With these results, our interpretation is that SMR-01 has identified a northern extension of Pampa Medina, stepping out approximately 400 meters from the previously defined mineralized envelope," Locke added.

The company also reported results from the maiden scout drilling program at the Pias target, with results demonstrating the potential for delineation of near-surface copper oxide mineralization.

"In light of these exciting results, we are reviewing our overall strategy for Pampa Medina, including the recently added Madrugador concessions," Locke said. What is clear is that the system at Pampa Medina and its surrounds has the potential to grow significantly. We are in the process of upgrading the historical resource, but this may be put on hold as we continue to explore the limits of the system."

Marimaca's share price at last look rose 3.9% to $5.08 in early Monday trading.

Price: 5.12, Change: +0.23, Percent Change: +4.70