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Investing.com - BMO Capital raised its price target on Marimaca Copper Corp. (TSX:MARI) (OTC:CROJF) to C$12.00 from C$9.50 while maintaining an Outperform rating.
The price target increase follows Marimaca’s announcement of new drill results that extend high-grade copper at the Pampa Medina deposit 300 meters to the west of previous drilling areas.
According to BMO Capital, Marimaca plans to continue step-out drilling to define the limits of the system while also planning an infill campaign to better understand the deposit.
BMO Capital noted that Pampa Medina has the potential to bolster mine life and increase the scale of copper production at an integrated project.
The firm suggested that with the drilling success to date, Marimaca could expand its current exploration program beyond initial plans.
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