Coro Mining Corp. (TSX:COP) ("Coro" or the "Company") is pleased to
announce that it has entered into an option agreement to acquire
the Payen Property from a local Chilean company. The 1,225 hectare
Property is located approximately 90km NNE of La Serena, 4km W of
the Pan-American Highway and approximately 47km from the coast, in
the III Region of Chile, at an elevation of 1,100m (Figure 1). It
is also located some 15km SW of the operating Dos Amigos copper
mine.
The Property covers the NE end of the 12 x 3 km Pajonales
alteration zone (Figure 2), which was first prospected by Enami in
the 1970's and then explored by Shell-Billiton in the early 1980's,
who completed some wide spaced drilling, and by Noranda in the mid
1990's, who completed surface exploration only. In 2009, the owner
of the Property completed 3 shallow reverse circulation ("RC')
holes, two of which encountered Cu-Au porphyry style mineralization
at the extreme NE end of the alteration zone. It was subsequently
optioned to CM Viento Norte ("CMVN"), a private Chilean company
which completed surface exploration and drilled 11 diamond drill
holes in late 2011 - early 2012, all of which intersected porphyry
style mineralization. The highlights of this drill program included
intersections of 138m at 0.38% CuT + 0.17g/t Au (0.47% CuEq),
starting at surface, and 104m at 0.37% CuT + 0.24g/t Au (0.50%
CuEq), from 88m. A complete list of intersections is shown on Table
1.
Alan Stephens, President and CEO of Coro, commented, "We are
delighted to have acquired this exciting property, which we have
renamed Payen, ("Copper" in the local Diaguita language), and which
we believe hosts multiple porphyry targets. Firstly, the recent
drilling has discovered attractive copper-gold porphyry style
mineralization, associated with strong potassic alteration & a
discrete magnetic high anomaly, which is ready for resource
definition drilling. Secondly, the extensive phyllic alteration
zone, measuring approximately 3.5 x 2km within the property
boundaries, contains large areas of outcropping leached cap with
associated quartz stockwork, anomalous copper geochemistry and
magnetic low anomalies. We believe that these may have the
potential to host chalcocite enrichment, as well as underlying
primary mineralization. Finally, several untested magnetic high
anomalies which may represent similar mineralization to that
already drilled, are present. We intend to complete additional
mapping, sampling and geophysics, prior to drill testing these
multiple targets."
Payen Option Terms
Coro may acquire 100% of the El Inca property for a total of
US$17,000,000, by making the following staged option payments:
On signing: US$500,000 (paid)
On or before 12 months: US$500,000
On or before 24 months: US$1,000,000
On or before 36 months: US$2,000,000
On or before 48 months: US$13,000,000
The Property is subject to a 2.5% NSR, of which half (1.25% NSR)
may be purchased for US$10,000,000 at any time up to Commencement
of Commercial Production.
About Payen
The large NE-SW oriented Pajonales alteration zone is located in
the same 90-110 million year old belt of porphyry Cu-Au deposits
such as PanAust's Inca de Oro & Carmen projects, Cemin's Dos
Amigos mine and Teck's Andacollo mine, and is bordered to the west
by a number of small scale iron mines of IOCG affiliation. The
Payen property covers the northeastern third of the zone, where it
is at its widest, and where the alteration appears most intense.
The northern end of the property is transected by a NW fault which
has uplifted to the north and exposed a potassically altered and
quartz stockworked diorite porphyry with associated copper-gold
mineralization. This has been subjected to reverse circulation
drilling (RC-TOT01 & 03) carried out by the Property owner in
2009, and diamond drilling (DDH-TOT01-11) completed by the CMVN in
2011-2012. The mineralization is associated with a magnetic high
anomaly, and several other similar highs are present south of the
fault, which may represent similar but unroofed mineralized diorite
porphyry stocks. Much of the remainder of the property hosts
extensive phyllic alteration with outcropping leached cap, quartz
stockworking, remnant copper oxides, and associated magnetic low
and copper geochemical anomalies. (Figure 3) High sulphidation
alteration, including phreatomagmatic breccias and silicified
ledges with anomalous gold, indicative of a remnant lithocap are
exposed at the highest elevations. Previous geochemical sampling
has indicated the presence of strongly anomalous copper associated
with certain areas of the phyllic alteration, indicating potential
for chalcocite enrichment.
Table 1: Historic Drill Intersections
----------------------------------------------------------------------------
Hole From To m Au g/t CuT% CuEq%
----------------------------------------------------------------------------
DDH-TOT01 0 138 138 0.17 0.38 0.47
incl 64 132 68 0.25 0.51 0.64
----------------------------------------------------------------------------
DDH-TOT03 88 192 104 0.24 0.37 0.50
incl 88 164 76 0.30 0.44 0.59
----------------------------------------------------------------------------
DDH-TOT04 74 208 134 0.17 0.30 0.39
incl 136 204 68 0.22 0.40 0.51
and 218 234 16 0.04 0.29 0.31
----------------------------------------------------------------------------
DDH-TOT05 82 104 22 0.11 0.16 0.22
and 138 166 28 0.11 0.25 0.31
and 192 252 60 0.08 0.15 0.19
and 268 280 12 0.05 0.23 0.25
----------------------------------------------------------------------------
DDH-TOT06 260 300 40 0.05 0.20 0.22
----------------------------------------------------------------------------
DDH-TOT07 34 120 86 0.06 0.18 0.21
----------------------------------------------------------------------------
DDH-TOT09 46 374 328 0.14 0.26 0.34
incl 78 116 38 0.21 0.32 0.43
incl 226 286 60 0.18 0.37 0.46
and 400 426 26 0.12 0.20 0.26
and 466 488 22 0.31 0.10 0.26
----------------------------------------------------------------------------
DDH-TOT10 220 298 78 0.22 0.34 0.45
and 342 474 132 0.12 0.35 0.41
----------------------------------------------------------------------------
RC-TOT01 0 135 135 0.16 0.29 0.38
----------------------------------------------------------------------------
RC-TOT03 0 198 198 0.14 0.20 0.28
----------------------------------------------------------------------------
The diamond drill samples were collected by CMVN and assayed for
Au by fire assay with an AAS finish, and for Cu by 37 element ICP
at Activation Laboratories in Coquimbo, Chile. Coro is in
possession of the assay certificates, drill logs, drill core and
assay pulps, but is unaware if any QA/QC procedures were carried
out, and has no information on chain of custody for the sampling.
Therefore, while Coro believes that the core sampling and assaying
was carried out in a professional manner by a company independent
of the underlying owner of the property, and assays are consistent
with the mineralization seen in the drill core, these results
should be treated as historical and not be relied upon for
compliance with NI43-101 standards. Coro is also in possession of
the assay results and drill logs for the RC holes completed by the
property owner, but is unaware if any QA/QC procedures were carried
out, nor has any information on chain of custody for the sampling.
Again, these results should be treated as historical and not be
relied upon for compliance with NI43-101 standards. No information
is available from the Shell drilling.
The Cu equivalent values were calculated by Coro using $2.80/lb
Cu and $1,000/oz Au, with no account taken of potential
metallurgical recoveries.
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, El
Desesperado, El Inca, Chacay, Llancahue, and Celeste copper
exploration properties located in Chile.
For further information please visit the Company's website at
www.coromining.com.
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, 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.
To view the figures accompanying this press release, please
click on the following link:
http://media3.marketwire.com/docs/cop1017i.pdf
Contacts: Coro Mining Corp. Michael Philpot Executive
Vice-President (604) 682 5546investor.info@coromining.com
www.coromining.com
Marimaca Copper (TSX:MARI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Marimaca Copper (TSX:MARI)
Historical Stock Chart
From Jul 2023 to Jul 2024