"Deep sorrow is felt across Punta Arenas following the death of the prominent resident and beloved member of the Croatian community," the local portal La Prensa Austral reported.
Mihovilović Perić died at Magallanes Clinical Hospital, where she had been hospitalised.
She led the Croatian Club -- a hub for Croats and their descendants in Punta Arenas -- for 12 years and served as editor and director of the magazine Male Novine for 31 years. She devoted significant time and energy to the publication until the very end, completing an issue scheduled for release soon.
"We deeply regret her passing," Angelica Mimica, current president of the Croatian Club, told Hina.
Margarita's son, Alfredo Mihovilović, is a lawyer and serves as Croatia's Honorary Consul in Punta Arenas.
Punta Arenas, a city of around 145,000 people at Chile's southern tip, was once a key trade hub connecting the Atlantic and Pacific Oceans. Croats began arriving from Dalmatia in the late 19th century, and today many locals are of Croatian descent, including Mayor Claudio Radonic and the father of outgoing Chilean President Gabriel Boric.