Marimaca Copper (MARI.TO) after trade Tuesday updated permitting and development work at its Marimaca Oxide Deposit (MOD) project in Chile, saying key milestones remain on track ahead of a planned final investment decision in 2026.
The company submitted key sectorial permit applications in April, and expects approvals in the fourth quarter. Marimaca also received authorization on May 13 to connect the project to the 110-kilovolt El Lince power line located near the site. The company saqaid early site work, including road and highway upgrades, is set to begin in June.
In addition, the company signed a non-binding memorandum of understanding with a sulphuric acid supplier in the Mejillones industrial area to explore a potential joint venture for acid supply.
"We have continued to systematically de-risk the MOD across the key workstreams required to support a construction decision. Our permitting, surface rights and engineering progress, and ongoing engagement with project financing stakeholders all represent important milestones as we move steadily toward construction-ready status and a future FID," Chief Executive Hayden Locke said.
Earlier Tuesday, the company reported new assay results from the Pampa Medina deposit about 28 kilometers east of the Marimaca oxide deposit.
The results from the exploration drilling program at the deposit further validate the consistency of both oxide and sulphide mineralization across the high-grade central zone.
Step-out drilling continues to expand the mineralized sedimentary basin, with high-grade intercepts reported over 300 meters from previous drilling in the southwestern area of interest.
Drill hole SPRD-06 yielded a broader intercept of 424 meters of 0.58% copper and 2.2 grams per tonne silver from 424 m, containing five high-grade, stacked mantos.
Other highlights include 166 meters of 0.50% copper and 3.9 g/t silver from SPRD-02, 30 meters of 1.00% copper and 7.3 g/t silver from 536 meters from SWRD-05, 145 meters of 0.41% copper and 1.9 g/t silver from 286 meters from SPRD-01, and 14 meters of 0.31% copper from 52 meters from SPRD-03.
The company's shares closed down $0.22 to $7.95 on the Toronto Stock Exchange.