Marimaca Copper's (ASX:MC2) Pampa Medina deposit in Chile has the potential to host a mineral resource in the order of over 100 million tonnes at a greater than 1% grade of copper, according to a Tuesday note by Euroz Hartleys.

It identified high-grade copper and silver mineralization during recent drilling at its Pampa Medina deposit in Chile. The results were up to 96 meters at 1.19% grade of copper and 11.7 grams per tonne grade of silver from 692 meters.

Drilling done to date has broadly been completed on 150-meter spacings, and has defined an area of interest of roughly 2.5 kilometers by 1.5 kilometers. The stacked mantos at Pampa Medina have continued to demonstrate good thicknesses, and mineralization is open in all directions.

The project is expected to significantly increase the firm's mineral resource inventory in time, and mineralization remains largely open, particularly to the north and west.

The investment firm retained its speculative buy rating on Marimaca Copper with a price target of AU$16.94 per share.