Pampa Medina Drilling Continues to Validate Sedimentary-Hosted Copper Manto Model

VANCOUVER, British Columbia, Nov. 11, 2025 -- Marimaca Copper Corp. (“Marimaca Copper” or the “Company”) (TSX:MARI, ASX:MC2) is pleased to announce the final results from it’s 10,000m discovery drilling campaign at the Pampa Medina deposit, located at low altitude approximately 28km east of the Company’s Marimaca Oxide Deposit (“MOD”) in a flat “pampa” valley within the Atacama Desert (Figure 1). The drilling results continue to demonstrate material extensions to the high-grade sedimentary-hosted sulphide copper horizon, as well as upside to the known extent of the near-surface oxide mineralization. The Company has subsequently commenced a 30,000m follow-up Phase II drilling program with five drilling rigs currently on site.

Highlights

• Central Pampa Medina drilling continues to improve confidence in high grade oxides and sulphides ◦SMRD-22 intersected 48m of 2.05% Cu from 186m, within 160m of 0.92% Cu from 102m (oxides)
• Southern Pampa Medina drilling confirms primary mineralized sedimentary horizon extends 900m south of

previous drilling

◦SMR-19 intersected 16m of 2.29% Cu from 464m within 28m of 1.44% Cu from 464m (sulphides)

◦SMR-07 intersected 6m of 3.17% Cu from 334m within 14m of 1.69% Cu from 330m (sulphides)

• North and north-west step-outs continue to demonstrate continuity of mineralization in the favourable

sedimentary horizon

◦SMRD-20 intersected 38m of 1.48% Cu from 540m (sulphides) within 90m of 0.96% Cu from 488m, both

within a broader intersection of 198m of 0.65% Cu (mixed oxides/sulphides)

◦SMRD-17 and SMRD-18 intersected subparallel post-mineral WNW-trending faulting and dykes across

favourable horizons

◾SMRD-17 intersections, impacted by late faulting, include 10m at 1.34% Cu from 590m (sulphides)

and 18m at 0.73% Cu from 206m (oxides)

◾SMRD-18 intersections, impacted by late faulting, include 6m at 1.56% Cu from 392m (mixed)

and 40m at 0.40% Cu from 40m (oxides)

• Reverse-circulation scout drilling (“RC drilling”), testing for shallow oxides to the south and west, intersected

discreet mineralized volcanics

◦SMR-09 intersected 8m of 1.11% Cu from 54m (oxides)

◦SMR-10 intersected 4m at 1.68% Cu from 424m (mixed)

◦SMR-11 intersected 10m at 0.53% Cu from 444m (oxides)

• The favourable mineralized stratigraphic sequence is now defined by drilling across a 1.6km x 1.4km area at

the Pampa Medina deposit and remains open – extensional drilling will focus on step outs toward the north and west

• Results conclude the Company’s successful Phase I discovery drilling program at Pampa Medina
• The Company has commenced it’s 30,000m Phase II program with five rigs currently on site

Sergio Rivera, VP Exploration of Marimaca Copper, commented:

“The discovery drilling program at Pampa Medina was remarkably successful, with the definition of a potentially significant new deposit in Chile. We are encouraged by this new set of intersections demonstrating continuity of the high-grade sedimentary horizon in the south – 900m from the previously announced drilling.

”The 30,000m follow-up campaign, now underway, will provide us with vital geological information to further our understanding of the controls, and extent, of this deposit. Pampa Medina is shaping up to be a tier one opportunity and anchors our vision for growth in the district beyond the rapidly-advancing Marimaca Oxide Deposit.”

Hayden Locke, President & CEO, commented:

“The work that Sergio Rivera and the rest of Marimaca’s exploration team have delivered at Pampa Medina continues to reinforce our objective at Marimaca: to define credible district growth potential beyond the 50ktpa capacity outlined in the MOD DFS. These results, coupled with our recent RCA for the MOD, is certainly putting us on the path to achieve this objective. We look forward to continuing to define the district scale potential in our Phase II drilling program and updating our stakeholders accordingly."

Overview of Pampa Medina

Pampa Medina is a stratiform manto-style copper deposit dominantly hosted in Jurassic-Triassic sedimentary units (sandstones, conglomerates, tuffs and black shales) overlain by andesitic volcanics and underlain by an Upper Paleozoic complex of metamorphosed sediments, volcanics and intrusions. Key lithological units are intruded by a dyke swarm and affected by post mineral normal faulting. Copper was originally identified in near-surface oxide mineralization dominated by atacamite, chrysocolla and both secondary and primary chalcocite, and has now been identified in high-grade zones of bornite and chalcopyrite which extend at depth beyond the oxide-primary transition.

Following Marimaca’s consolidation of the project area and surrounding land packages in 2024, the Company reinterpreted all available geological information and developed an updated geological model for Pampa Medina, which identified the lower sedimentary units of interbedded sandstones, shales and conglomerates as the productive horizons for future drill targeting. Oxide copper mineralization was logged in historical drilling in near-surface, uplifted blocks, with the model of continuity in the intact lithological sequence in deeper blocks for primary mineralization to be tested by Marimaca’s 2025 and 2026 drilling campaigns. In addition to the sulphide extensions, the Marimaca discovery drilling has identified opportunities for significant extensions to the oxide footprint of the deposit, most notably to the north and west, which will be followed up on during the Phase II program (30,000m).

Figure 1: Regional Map – Marimaca, Pampa Medina and Regional Infrastructure

Figure 2 – Pampa Medina Deposit and Step-out Drilling Locations

Figure 3 – Pampa Medina Long Section 407,000 E

Figure 4 – Cross Section Looking North – Pampa Medina 7,441,100 N

Figure 5 – Cross Section Looking North – Pampa Medina 7,440,500 N

Figure 6 – SMRD-22 Downhole Sequence

Hole	Total Depth (m)		From (m)	To (m)	Intersection (m)	% CuT
SMR-07	584		296	312	16	0.52
			330	344	14	1.66
		Including	334	340	6	3.17
SMR-08	578		328	350	22	0.69
SMR-09	256		54	62	8	1.11
SMR-10	678		424	428	4	1.68
SMR-11	548		444	454	10	0.53
			536	548	12	0.43
SMD-04	536		214	216	4	0.59
SMRD-17	752		200	224	24	0.61
		Including	206	224	18	0.73
			590	600	10	1.34
SMRD-18	900		42	82	40	0.40
		Including	70	82	12	0.57
			138	164	26	0.51
		Including	152	164	12	0.86
			392	408	16	0.75
		Including	392	398	6	1.56
			866	880	14	0.51
SMR-19	594		464	492	28	1.44
		Including	464	480	16	2.29
SMRD-20	850		460	658	198	0.65
		Including	488	578	90	0.96
		Including	540	578	38	1.48
			600	642	42	0.67
SMRD-21	697.1		342	350	8	0.46
			414	428	14	0.53
			102	262	160	0.92
		Including	162	236	74	1.62
		Including	186	234	48	2.05
			306	328	22	0.56

746 756 10 0.58 844 856 12 0.45

Table 1: Table of Intersections

Hole ID	TYPE	Easting	Northing	Elevation	Azimuth	Dip	Depth
SMR-07	RC	406,996.96	7,440,200.50	1,269.54	240	-60	584
SMR-08	RC	407,092.11	7,440,288.59	1,268.44	240	-60	578
SMR-09	RC	406,001.19	7,439,099.11	1,285.64	270	-60	256
SMR-10	RC	405,350.06	7,440,944.92	1,310.86	270	-60	678
SMR-11	RC	405,598.78	7,440,939.93	1,303.65	270	-60	548
SMD-04	DDH	407,699.04	7,441,101.50	1,267.95	270	-60	536
SMRD-17	RCD	407,316.02	7,441,099.03	1,268.61	270	-60	752
SMRD-18	RCD	406,903.96	7,441,100.03	1,272.63	270	-60	900
SMR-19	RC	406,946.78	7,440,199.94	1,270.58	270	-60	594
SMRD-20	RCD	406,499.15	7,441,099.87	1,283.59	270	-60	850
SMRD-21	RCD	407,099.56	7,441,404.17	1,269.90	270	-60	697.1
SMRD-22	RCD	406,999.44	7,440,502.13	1,270.51	270	-60	898

Table 2: Drill Collars

Sampling and Assay Protocols

True widths are estimated as 95% of reported intervals, based on down-hole bedding and structural measurements. DDH holes were sampled on a 2m continuous basis, halved by a conventional core splitter on site with one half sent to the Andes Analytical Assay preparation laboratory in Copiapó and the pulps then sent to the same company laboratory in Santiago for assaying. Samples were prepared using the following standard protocol: drying; crushing all sample to -1/4” and passing through a secondary crusher to better than 80% passing -10#; homogenizing; splitting; pulverizing a 400-600g subsample to 95% passing -150#; and a 125g split of this sent for assaying. All samples were assayed for %CuT (total copper); %CuS (acid soluble copper). A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results. Pulps and sample rejects are stored by Marimaca Copper for future reference.

Qualified Person / Competent Person

The technical information in this news release, including the information that relates to geology, drilling and mineralization was prepared under the supervision of, or has been reviewed by Sergio Rivera, Vice President of Exploration, Marimaca Copper Corp, a geologist with more than 40 years of experience and a member of the Colegio de Geólogos de Chile and of the Institute of Mining Engineers of Chile, and who is the Qualified Person for the purposes of NI 43-101 responsible for the design and execution of the drilling program.

The information in this announcement which relates to exploration results for the Pampa Medina Project is based on, and fairly reflects, information and supporting documentation prepared by Sergio Rivera, VP Exploration of Marimaca, a Competent Person who is a member of the Comision Minera (Chilean Mining Commission), Colegio de Geólogos de Chile and of the Institute of Mining Engineers of Chile. Mr. Rivera has sufficient experience that is relevant to the style of mineralisation and types of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Rivera consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Contact Information

For further information please visit www.marimaca.com or contact:

Tavistock +44 (0) 207 920 3150

Emily Moss / Ruairi Millar [email protected]

Forward Looking Statements

This news release includes certain “forward-looking statements” under (without limitation) applicable Canadian securities legislation, including, without limitation, statements regarding the development of activities at Pampa Medina, the potential growth of Pampa Medina, and the discovery’s potential to complement the MOD. 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. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Marimaca Copper, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: risks that the development activities at Pampa Medina will not progress as anticipated, or at all, risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project delays or cost overruns or unanticipated excessive operating costs and expenses, uncertainties related to the necessity of financing, uncertainties relating to regulatory procedure and timing for permitting submissions and reviews, the availability of and costs of financing needed in the future as well as those factors disclosed in the annual information form of the Company dated March 27, 2025 and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed at www.sedar.com). Readers should not place undue reliance on forward-looking statements. Marimaca Copper undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.

None of the TSX, ASX or the Canadian Investment Regulatory Organization accepts responsibility for the adequacy or accuracy of this release.

This announcement was authorised for release to the ASX by the Board of Directors of the Company.

Appendix 1 – JORC Code 2012 Table 1 (ASX Listing Rule 5.7.1)

Section 1 Sampling Techniques and Data

Criteria JORC Code explanation Commentary Sampling

• Nature and quality of sampling (eg cut channels,

techniques

random chips, or specific specialised industry All current drilling conducted at Sierra Medina (including standard measurement tools appropriate to the Pampa Medina, Pampa Norte Extension and Pampa minerals under investigation, such as down hole West) was completed under the supervision of a gamma sondes, or handheld XRF instruments, registered professional geologist as a Competent etc). These examples should not be taken as Person/Qualified Person (QP) who is responsible and limiting the broad meaning of sampling. accountable for the planning, execution, and supervision

• Include reference to measures taken to ensure of all exploration activity as well as the implementation sample representivity and the appropriate of quality assurance programs and reporting.

calibration of any measurement tools or systems used.

• Aspects of the determination of mineralisation • Drilling reported is Reverse Circulation “RC” and that are Material to the Public Report. Diamond (“DDH”) drilling
• In cases where ‘industry standard’ work has been • Assay samples were prepared at a laboratory done this would be relatively simple (eg ‘reverse site in Copiapó and assayed by Andes Analytical circulation drilling was used to obtain 1 m Assay Ltd. (AAA) in Santiago.

samples from which 3 kg was pulverised to • Sierra Medina´s DDH holes are drilled and produce a 30 g charge for fire assay’). In other sampled on a continuous 2-meter basis, halved cases more explanation may be required, such by a conventional core splitter on site, with one as where there is coarse gold that has inherent half sent to the Andes Analytical Assay sampling problems. Unusual commodities or preparation laboratory in Copiapó and the pulps mineralisation types (eg submarine nodules) may then sent to the same company laboratory in warrant disclosure of detailed information. Santiago for assaying.

• Marimaca RC holes are drilled and sampled on a continuous 2-meter basis and riffle split on site up to one-eighth (12.5%) of its volume, after which samples are sent for preparation and assaying.
• Marimaca staff supervised all the drilling and sampling.
• DD recoveries were controlled by accurate core recovery measurement control was extended toward the division process realized in the drill location.
• DD recoveries were measured by core length measurement and compared with the effective core run. Marimaca technical staff checked all data.
• Measured recoveries are over 95% for DDH drilling, without significant variations and unrelated to copper grades.
• RC recoveries were controlled by weighing samples and accurate control was extended toward the division process realized in the drill location.
• RC recoveries were measured in weight percent as compared with a theoretical sample weight. Marimaca technical staff checked all data.
• Measured recoveries are over 95% for RC drilling, without significant variations and unrelated to copper grades.

Drilling

techniques • Drill type (eg core, reverse circulation, open-hole • Drilling reported is both DDH and RC drilling hammer, rotary air blast, auger, Bangka, sonic, • DDH drilling is drilled in HQ and NQ standard etc) and details (eg core diameter, triple or core diameters standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).

Drill

• Method of recording and assessing core and chip • Sierra Medina´s DDH holes are drilled and

sample

sample recoveries and results assessed. sampled on a continuous 2-meter basis, halved

recovery

• Measures taken to maximise sample recovery by a conventional core splitter on site, with one and ensure representative nature of the samples. half sent to the Andes Analytical Assay
• Whether a relationship exists between sample preparation laboratory in Copiapó and the pulps recovery and grade and whether sample bias may then sent to the same company laboratory in have occurred due to preferential loss/gain of Santiago for assaying.

fine/coarse material. • Marimaca RC holes are drilled and sampled on a continuous 2-meter basis and riffle split on site up to one-eighth (12.5%) of its volume, after which samples are sent for preparation and assaying.

• Marimaca staff supervised all the drilling and sampling.
• DD recoveries were controlled by accurate core recovery measurement control was extended toward the division process realized in the drill location.
• DD recoveries were measured by core length measurement and compared with the effective core run. Marimaca technical staff checked all data.
• RC recoveries were controlled by weighing samples and accurate control was extended toward the division process realized in the drill location.
• RC recoveries were measured in weight percent as compared with a theoretical sample weight. Marimaca technical staff checked all data.
• Measured recoveries are over 95% for RC drilling, without significant variations and unrelated to copper grades.

Logging

• Whether core and chip samples have been • All holes were geologically logged on digital data geologically and geotechnically logged to a level capture.

of detail to support appropriate Mineral Resource • The data collected are rock, structure, alteration estimation, mining studies and metallurgical and mineralization based on drilling intervals, studies. recoveries and analytical results.

• Whether logging is qualitative or quantitative in • After validation, the mineral and alteration zones nature. Core (or costean, channel, etc) were defined.

photography. • The results were entered in the database as a

• The total length and percentage of the relevant table with all mapped data and a consolidated log intersections logged. of the drill was prepared.
  • Most of this work was done by experienced senior consultant geologist supported by consultant junior geologist.
  • In addition to measuring deviations, most of the holes were surveyed using an optical tele viewer (OPTV or BHTV), with structures and orientation measurements, which continuously and thoroughly recorded the holes’ walls and

measured structures.

• The structures were measured in ranks according to their width and the results were reported and plotted on stereographic networks and rosette diagrams.

Sub-

• If core, whether cut or sawn and whether quarter, • Sierra Medina´s DDH holes are drilled and

sampling

half or all core taken. sampled on a continuous 2-meter basis, halved

techniques

• If non-core, whether riffled, tube sampled, rotary by a conventional core splitter on site, with one

and sample

split, etc and whether sampled wet or dry. half sent to the Andes Analytical Assay

preparation

• For all sample types, the nature, quality and preparation laboratory in Copiapó and the pulps appropriateness of the sample preparation then sent to the same company laboratory in technique. Santiago for assaying
• Quality control procedures adopted for all sub- • The last split yields “sample A”, which is sent for sampling stages to maximise representivity of preparation and assaying, and “sample B”, which samples. is used to obtain drill cuttings (1 kg) and
• Measures taken to ensure that the sampling is coarse/preparation duplicates and then stored in representative of the in situ material collected, special facilities on site.

including for instance results for field • DDH samples are obtained every 2 meters from a duplicate/second-half sampling. half-core, with the other half stored on site.

• Whether sample sizes are appropriate to the • RC holes are drilled and sampled on a grain size of the material being sampled. continuous 2-meter basis and its samples riffle split on site three times, up to one eighth (12.5%) of its volume.
  • The last split yields “sample A”, which is sent for preparation and assaying, and “sample B”, which is used to obtain drill cuttings (1 kg) and coarse/preparation duplicates, and then stored in special facilities on site.
  • Samples are transferred by laboratory personnel from the project to Copiapó, and then the preparation pulps are returned to generate the analysis batches. Upon receipt, sample details are logged and insertion points for quality control samples in the sample flow are determined.
  • Samples were prepared using the following standard protocol: drying; crushing all sample to -1/4” and passing through a secondary crusher to better than 80% passing -10#; homogenizing; splitting; pulverizing a 400-600g subsample to 95% passing -150#; and a 125g split of this sent for assaying. All samples were assayed for % CuT (total copper); %CuS (acid soluble copper). A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results. Pulps and sample rejects are stored by Marimaca Copper for future
  • Laboratory results are loaded directly from digital assay certificates into the database, in order to minimize error sources.

Quality of

• The nature, quality and appropriateness of the • Samples are prepared at a laboratory site in

assay data

assaying and laboratory procedures used and Copiapó and assayed by Andes Analytical

and

whether the technique is considered partial or Assay Ltd. (AAA) in Santiago.

laboratory

tests total. • Samples were prepared using the following

• For geophysical tools, spectrometers, handheld standard protocol: drying; crushing all sample to XRF instruments, etc, the parameters used in -1/4” and passing through a secondary crusher to determining the analysis including instrument better than 80% passing -10#; homogenizing; make and model, reading times, calibrations splitting; pulverizing a 400-600g subsample to factors applied and their derivation, etc. 95% passing -150#; and a 125g split of this sent
• Nature of quality control procedures adopted (eg for assaying. All samples were assayed for % standards, blanks, duplicates, external CuT (total copper); %CuS (acid soluble copper). laboratory checks) and whether acceptable A full QA/QC program, involving insertion of

levels of accuracy (ie lack of bias) and precision appropriate blanks, standards and duplicates have been established. was employed with acceptable results. Pulps and sample rejects are stored by Marimaca Copper for future

• All samples are assayed by AAA for total copper (CuT) and soluble copper (CuS). The latter was initially obtained from a specific CuS test.
• Laboratory results are loaded directly from digital assay certificates into the database, in order to minimize error sources.
• The analytical quality control programs implemented at Marimaca involve the use of coarse/preparation and pulp duplicates for precision analyses and standard reference materials (SRM).
• Marimaca has protocols in place for handling analytical results that exceed acceptable limits, which can ultimately trigger re-assays of entire or portions of sample batches.

Verification

• The verification of significant intersections by • There are no twinned holes in the dataset

of

either independent or alternative company • All logging data was completed, and logging data

sampling

and was entered directly into the deposit database. personnel.

• The use of twinned holes. • Laboratory results are loaded directly from digital

assaying

• Documentation of primary data, data entry assay certificates into the database to minimize procedures, data verification, data storage error sources.

(physical and electronic) protocols.

• Discuss any adjustment to assay data.

Location of

• Accuracy and quality of surveys used to locate • Local contractors carried out the supervision of

data points

drill holes (collar and down-hole surveys), the drilling operation.

trenches, mine workings and other locations • An experienced topographer surveyed the collars. used in Mineral Resource estimation. • WGS84 UTM coordinates are used.

• Specification of the grid system used. • Data Well Services carried out the downhole
• Quality and adequacy of topographic control. surveys for drill holes.
  • Data collected is considered adequate for eventual use in mineral resource estimation.

Data

spacing • Data spacing for reporting of Exploration Results. • Due to the nature of mineralisation and the type

• Whether the data spacing and distribution is of exploration discovery drilling program the hole

and

sufficient to establish the degree of geological spacing is highly variable.

distribution

and grade continuity appropriate for the Mineral • Data spacing is not considered sufficient to Resource and Ore Reserve estimation procedure establish geological and grade continuities for

(s) and classifications applied. Mineral Resource Estimation at the Inferred and

• Whether sample compositing has been applied. Indicated category.
  • No sample compositing was applied.

Orientation

• Whether the orientation of sampling achieves • Drill hole orientation was generally oriented to be

of data in

relation to unbiased sampling of possible structures and sub perpendicular to the mineralisation but the extent to which this is known, considering the variable in places given the nature of the

geological

deposit type. exploration program being conducted

structure

• If the relationship between the drilling orientation • Assays are reported on a downhole basis and the orientation of key mineralised structures • True widths are estimated as 95% of reported is considered to have introduced a sampling downhole intersection widths bias, this should be assessed and reported if material.

Sample

• The measures taken to ensure sample security. • All drilling assay samples are collected by

security

company personnel or under the direct supervision of company personnel.

• Samples from Marimaca were initially processed at the project site and shipped directly from the

property to a laboratory facility for final preparation, and later, upon their return, to the laboratory for analysis.

• Appropriately qualified staff at the laboratories collect assay samples.
• Security protocols implemented maintain the chain of custody of samples to prevent unnoticed contamination or mixing of samples and to make active tampering as difficult as possible.

Audits or

• The results of any audits or reviews of sampling • It is the Competent Persons opinion that these

reviews

techniques and data. processes met acceptable industry standards, and that the information can be reported under both JORC and NI43-101 standards and, in the future, be used for geological and resource modelling.

Section 2: Reporting of Exploration Results

Criteria JORC Code explanation Commentary Mineral

• Type, reference name/number, location and • Marimaca Copper Corp. owns a tenement

tenement and

ownership including agreements or material package consisting of approximately 14,500

land tenure

issues with third parties such as joint ventures, hectares at the broader Sierra de Medina

status

partnerships, overriding royalties, native title project area and are a mix of mining interests, historical sites, wilderness or national concessions and exploration concessions. park and environmental settings. • The Sierra de Medina Project are comprising 55

• The security of the tenure held at the time of concessions owned by ICAL, a subsidiary of reporting along with any known impediments to Marimaca Copper Corp.

obtaining a licence to operate in the area. • The Pampa Medina Project comprises 12 concessions owned by SCM Elenita over which the Company entered into an option agreement to acquire.

• The Madrugador Project comprises 10 concessions owned by SLM Juanita and SLM Madrugador over which the Company entered into an option agreement to acquire.
• There are no known impediments to operating exploration drilling campaigns on the project areas.

Exploration 1. Pampa Medina Concessions

done by other • Acknowledgment and appraisal of exploration by other parties. • Between 1993 and 1996, Compañía

parties

Minera Doña Isabel and Rayrock Ltda carried out an extensive exploration program. The program included a geochemistry program with short Track Drill wells spaced every 50 m along several E–W lines between 2 km and 5 km in length, which extend throughout the district, covering the southeastern part of the Pampa concessions in an area of approximately 460 ha. The aim was to evaluate the rock below the caliche layer. In this area, approximately 600 samples were obtained, representing 40% of the total samples extracted throughout the district, of which 2% of the total have copper anomalies.

• For 2003 and 2004, the right to exploit the Pampa 81 (1/20 and 21/40) and Pampa 47 (1/20 and 21/40) concessions by Minera Rayrock Ltda was established.
• In 2008, Rayrock Ltda carried out two RC drilling campaigns. The first involved

15,729 m distributed in 38 holes with an approximate mesh of 500 m × 500 m and the second campaign involved 14,913 m in 35 holes with a mesh of 125 m ×125 m in an area of 1,000 × 350 m, recognising mainly copper oxides, with some mixed intervals and small amounts of primary mineralisation.

• An exploration campaign was subsequently carried out in 2013, consisting of 45 diamond holes for a total of 18,707 m drilled.
• During 2014, Rayrock Ltda continued with the latest exploration campaign, with the completion of 17 diamond drill holes for a total of 5,264 m drilled.

2. Madrugador Concessions

• The Madrugador concessions were previously the subject of limited exploration efforts since the 1980s. Most of the exploration on the Madrugador concessions was conducted by Rayrock from 1993 to 1996 and consisted of diamond and reverse circulation drilling. A total of 23,502 m of diamond and RC drilling in 223 holes had been completed on the property prior to 2005. Proyecta, a Chilean engineering company, conducted a short track RC drilling program on the Madrugador claim in 2005.
• During the period 1994 to 1999, Rayrock conducted geological mapping of the property, a stream sediment and soil/road‐ cut sampling survey, as well as limited diamond drilling.
• In 2007 and 2008, Apoquindo Minerals Inc. (Apoquindo) completed 21,177 m of RC drilling in 132 holes and 1,206 m of diamond drilling in eight holes.
• In April 2009, Apoquindo entered into a JV agreement with Minera S.A.

Geology

• Deposit type, geological setting and style of • The Pampa Medina mining district is mineralisation. characterised by Jurassic-Triassic volcanic and sediment hosted manto type copper mineralization. Characteristics volcanic hosted, such as shallow Madrugador mineralization, resembles the typical Coastal Belt copper style mineralization and the sediment hosted style is exposed at old mine workings along the Sierra de Valenzuela District and at deep drilling below covered areas extending around where the host sediments are covered by volcanics.
  • Main structural system are a block faulting and a complex of dyke swarm.
  • The copper mineralisation observed in the drill holes comprises both oxides and sulphides. The predominant oxides correspond to atacamite, azurite and chrysocolla. The oxide zone thickness varies between few metres up to more than 200 m, and irregular mixed zone characterised by a mixture of green copper oxides (mainly atacamite) and copper sulphides (mostly chalcocite, and less chalcopyrite and pyrite). At depths of more than 300 m primary mineralization was observed and consist of chalcopyrite, bornite and variable covellite and