Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to
provide an update on exploration work carried out on its El
Desesperado Property, which we announced the acquisition of in our
news release dated February 21st 2012. The 698 hectare property
hosts porphyry copper style mineralization and is located
approximately 7km northwest of the city of Calama, and 16km
southwest of the Chuquicamata copper mine, in the II Region of
Chile, at an elevation of 2,500m (Figure 1). The Toki Cluster
porphyry copper deposits currently being evaluated by Codelco, are
located immediately to the east of the property. They comprise the
major Toki, Quetena, Genoveva, Miranda and Opache centers of
porphyry Cu mineralization, each containing several hundred million
tonnes of copper oxide resources, grading 0.4-0.5%Cu, and are
entirely covered by gravels (Figure 2).
To view Figures 1 and 2, please visit:
http://media3.marketwire.com/docs/cop-0801-maps.pdf
Coro has completed a ground magnetic survey over the entire El
Desesperado property and has completed geological mapping and
geochemical sampling of the northern sector. This has defined a NE
trending zone of porphyry style alteration and associated leached
capping, partially covered by landslips, and containing anomalous
copper values, measuring approximately 1,000m x 500m. This zone
extends from the area of the old Quetena mine workings to the
eastern property boundary, with Codelco's Genoveva deposit located
approximately 1km further to the NE. The northern and western
margins to the zone are defined by a reverse fault which has thrust
recrystallized and epidote altered Jurassic carbonate rocks over
pervasively silicified and chlorite altered Carboniferous-Triassic
volcanics and volcaniclastics which in turn are intruded by several
small dacite porphyry stocks and dykes, and by hydrothermal
breccias of Eocene-Oligocene age. The eastern half of the zone is
characterized by a magnetic low, potentially caused by magnetite
destruction during sericite alteration. Prior drilling at the
southwest end of the zone intersected anomalous copper values in
what is interpreted to be a pyritic halo above deeper copper
mineralization.
Reconnaissance of the southern sector of the property has
located old trenches containing quartz-sericite altered rocks with
associated remnant copper oxides after chalcocite. Follow up
mapping and sampling, which is currently in progress, has
identified a NE oriented zone of strong porphyry style alteration
associated with dacite dykes emplaced into Tertiary age diorite
porphyry which in turn intrudes Paleozoic volcanics. A prior drill
hole, which was drilled on the northern periphery of the area of
interest, intersected quartz sericite alteration associated with
dacite dykes and with strongly anomalous Cu and Mo values. A second
prior hole drilled to the south of the area encountered weak quartz
stockworking and propylitic alteration, again with anomalous Cu and
Mo values. The zone, as currently defined, measures approximately
600m x 300m from the property boundary, is open to the southwest,
and has an associated magnetic low. It is located approximately 2km
northwest of the Opache deposit.
Alan Stephens, President and CEO of Coro, commented, "We are
encouraged by the initial results of our surface exploration at El
Desesperado, which confirm the potential we saw for discovering
additional members of the Toki cluster. The Company considers the
combination of geology, geochemistry and geophysics seen on the
property to be consistent with the upper portions of Toki cluster
style mineralization, which is associated with swarms of NE
oriented Eocene porphyry dykes and stocks, intruded into both
Paleozoic volcanics and precursor Tertiary plutons. Copper grades
in these deposits tend to have sharp cutoffs to only anomalous
values in the wall rocks. Coro intends to drill test both the
northern and southern targets of El Desesperado later this
year."
About El Desesperado
Small scale open pit mining and vat leaching of copper oxide
bearing breccias, took place at the old Quetena mine on the
property during the 1960-70's, and it was subsequently explored by
two major mining companies, firstly in 1997-98 prior to the
discovery of the Toki Cluster; and secondly in 2004. The first
company completed wide spaced reverse circulation and diamond
drilling (11 holes, 2,582m), mostly aimed at testing geophysical
targets, while the second company completed vertical reverse
circulation drilling (2 holes, 700m) which tested two conceptual
targets. Anomalous copper and molybdenum values were encountered in
some of these holes.
In December 2011, Codelco initiated the permitting process for
the production of cathode copper from the combined Quetena and
Genoveva deposits. According to the publicly available
Environmental Impact Study, this will involve an open pit at each
of the deposits, the trucking of 30,000 tpd of higher grade ore to
the existing SXEW facilities at Chuquicamata, and 60,000 tpd of Run
of Mine dump leaching at the project site, followed by pumping of
solution to Chuquicamata. Planned production is 528,000 tonnes of
cathode copper over the 10 year life of the project, with an
average production of 62,000 tpy Cu in the first five years.
Capital investment is estimated to be US$244,000,000. The Genoveva
planned open pit rim is located approximately 1km to the east of
the El Desesperado property, while the Opache deposit is located
approximately 2km to the east-southeast.
Sergio Rivera, Vice President of Exploration, Coro Mining Corp,
a geologist with more than 30 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, President and CEO, of
Coro Mining Corp, a geologist with more than 36 years of
experience, and a Qualified Person for the purposes of NI 43-101,
is responsible for the contents of this news release.
CORO MINING CORP.
Alan Stephens, President and CEO
About Coro Mining Corp.:
The Company was founded with the goal of building a mining
company focused on medium-sized base and precious metals deposits
in Latin America. The Company intends to achieve this through the
exploration for, and acquisition of, projects that can be developed
and placed into production. Coro's properties include the advanced
San Jorge copper-gold project, in Argentina, and the Berta, Chacay,
Llancahue, and Celeste copper exploration properties located in
Chile.
This news release includes certain "forward-looking statements"
under applicable Canadian securities legislation. Such
forward-looking statements or information, including but not
limited to those with respect to the prices of copper, estimated
future production, estimated costs of future production, permitting
time lines, exploration potential, involve known and unknown risks,
uncertainties, and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information. Such factors include, among others, the
actual prices of copper, the factual results of current
exploration, development and mining activities, 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.
Contacts: Coro Mining Corp. Michael Philpot Executive
Vice-President (604) 682 5546investor.info@coromining.com
www.coromining.com
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