Drilling highlights include 180m @ 0.58%CuT and 72m @ 1.34%CuT
Vancouver, British Columbia–(Newsfile Corp. – January 22, 2018) – Coro Mining Corp. (TSX: COP) (“Coro” or the “Company”) is pleased to announce the results of reverse circulation (RC) step out drilling completed at its Marimaca copper project, located 22km E of the port of Mejillones in the II Region of Chile, (Figs. 1 & 2). Results have been received for all 12 RC holes drilled on the La Atomica claim, which adjoins Marimaca to the NW, and for 7 RC scout holes drilled to the NE of the existing resource on the Marimaca claim. Results have also been received for 5 out of 6 geotechnical diamond (DD) holes drilled on the margins of the initial resource. Since discovery in 2016, Coro has drilled a total of 133 RC and 16 DD holes on property for 32,289m.
The drilling at La Atomica intersected leachable copper mineralization in ten out of twelve holes, with the remaining two holes confirming the location of the SW faulted boundary of the deposit. The mineralized holes contained multiple intersections of oxides similar in grade and thickness to Marimaca, highlighted by 140m @ 0.46%CuT from surface, with some mixed and remnant enriched mineralization at depth, highlighted by 72m @ 1.34%CuT. Topographic constraints resulted in two of the holes being drilled in a sub-optimal orientation with respect to the known structure. This step out drilling has confirmed the potential for additional resources in an area of approximately 300 x 300m at La Atomica and it remains open over a further similar area to the NW, where inspection of underground workings has confirmed the presence of mineralization.
Thick mineralization averaging 180m @ 0.58%CuT was intersected from surface in one of the scout holes drilled some 300m NE of the Marimaca resource, indicating that the deposit continues in this direction. A second hole intersected 42m @ 1.82%CuT at depth as mixed and primary mineralization in the area immediately NE of the resource. Of the remaining five holes, three hit partially leached mineralization, possibly associated with faulting, while the other two appear to have defined the southern boundary of the leachable deposit in this part of the claim.
All of the reported geotechnical holes intersected leachable mineralization, highlighted by 84m @ 1.16%CuT and 96m @ 0.61%CuT, with 12m @ 3.05% in primary mineralization intercepted at depth on the NE side of the deposit.
“We are very encouraged by these results and those from the recently completed infill drill program. The Marimaca deposit continues to grow significantly and still remains completely open to the north and south,” commented Coro President and CEO, Luis Tondo.
Marimaca Drilling Results
Results are shown on Table 1a, 1b and 1c, where %CuT means total copper. Drill hole locations are shown on Fig 3. Drill collar coordinates are shown on Table 2.
Table 1a: La Atomica Intersections
|LAR-08||160m||No Significant Results|
|LAR-09||150m||No Significant Results|
Table 1b: Marimaca NE Intersections
|MAR-112||250m||No Significant Results|
|MAR-117||250m||No Significant Results|
Table 1c: Marimaca Geotechnical DDH Intersections
Sampling and Assay Protocol
True widths cannot be determined with the information available at this time. Coro RC holes were sampled on a 2 metre continuous basis, with dry samples riffle split on site and one quarter sent to the Andes Analytical Assay preparation laboratory in Calama and the pulps then sent to the same company’s laboratory in Santiago for assaying. A second quarter was stored on site for reference. Samples were prepared using the following standard protocol: drying; crushing to better than 85% passing -10#; homogenizing; splitting; pulverizing a 500-700g 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), CuCN (cyanide soluble copper) by AAS and for acid consumption. 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 Coro for future reference.
Sergio Rivera, Vice President of Exploration, Coro Mining Corp, a geologist with more than 33 years of experience and a member of the Colegio de Geologos de Chile and of the Instituto de Ingenieros de Minas de Chile, was responsible for the design and execution of the exploration program and is the Qualified Person for the purposes of NI 43-101. Alan Stephens, FIMMM, Executive Director of Coro Mining Corp, a geologist with more than 42 years of experience, and a Qualified Person for the purposes of NI 43-101, is responsible for the contents of this news release.
Fig 1: Location of Marimaca
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Fig 2: Marimaca Claim Map
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Fig 3: Marimaca Drill Plan
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Table 2: Drill Collars
About Coro Mining Corp.:
Coro’s strategy is to grow a mining business through the discovery, development and operation projects at any stage of development, which are well located with respect to infrastructure and water, have low permitting risk, and have the potential to achieve a short and cost effective timeline to production. The Company’s preference is for open pit heap leach copper projects, where minimizing capital investment and creating profitability are priorities and, where the likely capital cost is financeable relative to the Company’s market capitalization. The Company’s assets include the Marimaca development project; its 65% interest in the SCM Berta company, which owns the Berta mine and Nora plant; and the Llancahue prospect.
For further information:
Contact Naomi Nemeth, VP Communications/IR at +1 (647) 556 1023, +1 (604) 682 5546, Toll free +1 877 702 2676 or [email protected]
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This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Such forward-looking statements or information, include but are not limited to timing of future results and further programs. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Coro’s ability to predict or control and may cause Coro’s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the completion of assays, drill rig availability and ability to finance. Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company’s documents filed from time to time with the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador.
Accordingly, readers should not place undue reliance on forward-looking statements. Coro 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.