Coro Intersects 88m @ 0.71%CuT and 32m @ 0.99%CuT at Its El Desesperado Project, in the Chuquicamata District, Chile
November 22 2012 - 8:15AM
Marketwired Canada
Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce
assay results from the 8 hole 2,308m reverse circulation (RC) drilling program
completed at its El Desesperado copper project in the Chuquicamata district and
located 7 km NW of the city of Calama in the II Region of Chile, and immediately
west of Codelco's Toki Cluster deposits. RC holes CED-R-1 to 5 were completed in
the El D Norte target and CED-R-6 to 8 in the El D Sur target. Assay results are
shown on Table 1, with drill hole locations shown on Table 2 and on Figure 1.
Table 1; El Desesperado Significant Intersections
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Target Hole From To m %CuT Type
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El D Norte CED-R-1 2 40 38 0.14 Cu Ox
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CED-R-2 Anomalous leach cap
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CED-R-3 No significant results
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CED-R-4 0 204 204 0.55 Mixed
inc 4 92 88 0.71 "
and 110 172 62 0.24 "
and 172 204 32 0.99 "
inc 198 204 6 1.94 "
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CED-R-5 Anomalous leach cap
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El D Sur CED-R-6 72 90 18 0.16 Cu Ox
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CED-R-7 120 144 24 0.14 Chalcocite coating
and 164 190 26 0.18 Primary
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CED-R-8 Anomalous leach cap
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Alan Stephens, President and CEO of Coro commented, "We are delighted with the
results of CED-R-4, the first recorded mineralized hole ever drilled on the
property, which intersected a partially oxidized chalcocite enrichment blanket
essentially from surface to the bottom of the hole. We have achieved our
objective with this initial drill program which was to demonstrate the presence
of a porphyry copper system within the very large prospective area identified
from our surface work, and hopefully to intersect ore grade mineralization in at
least one of the holes. The presence of attractive grades and thicknesses in
CED-R-4 together with remnant copper oxides and anomalous leached cap assays in
holes CED-R-1, 2 & 5, as well as our sampling and mapping, indicate that the El
D Norte target has potential to host a significant porphyry copper deposit. The
El D Sur results, while not intersecting ore grades, confirm the presence of
remnant copper oxides in the leach cap, chalcocite coating and primary sulphides
in the pyrite-chalcopyrite zone, in an area with very poor outcrop. We intend to
conduct a follow up diamond drilling program in early 2013 to further test both
targets."
As described in the Company's news release of November 1st 2012, the drill
program was designed to provide an initial test of an approx. 4km2 prospective
area of porphyry copper style alteration and anomalous copper geochemistry
resulting from Coro's mapping and sampling program completed earlier this year.
Inclined holes CED-R-1 and 5 intersected tonalite porphyry in anomalous leached
cap before passing into propylitically altered wall rock diorite and a late
stage phaneritic diorite intrusive, while inclined hole CED-R-2 was drilled
entirely in tonalite porphyry and hydrothermal breccia within the leached cap,
prematurely terminating in a fault zone. Inclined hole CED-R-3 tested an area of
leached cap some 750m ENE of the other holes, intersected a short interval of
leached tonalite porphyry before entering propylitically altered wall rock
diorite over most of the rest of the hole and encountered increasing amounts of
chalcopyrite associated with sericite in the last 8m of the hole. Vertical hole
CED-R-4 was drilled entirely in tonalite porphyry and hydrothermal breccia;
mineralization was mostly disseminated and veinlet chalcocite, partially
oxidized and leached until the last 16m of the hole where both chalcocite and
chalcopyrite are present. Holes CED-R-6 and 7 intersected anomalous leached cap
with remnant copper oxides, thin chalcocite coatings on pyrite and increasing
amounts of chalcopyrite with depth, while CED-R-8 intersected anomalous leached
cap before entering a post mineral granodiorite.
About El Desesperado
Coro believes there is good potential on the El Desesperado property to host
mineralization of similar style to the adjacent Toki Cluster deposits (Toki,
Quetena, Genoveva, Opache, Miranda and Pulucktur). These are associated with
swarms of NNE oriented Eocene age porphyry dykes and stocks, intruded into both
Paleozoic volcanics and precursor Tertiary plutons. Zones of copper
mineralization associated with potassic alteration are related to the porphyries
with higher copper grades occurring where this has been overprinted by sericite
alteration, or where later veining is present. The deposits tend to have very
sharp boundaries between mineralization and barren rock. The Toki Cluster
deposits have been oxidized to depths in excess of 100m beneath the gravel cover
which overly all of them, and host major copper oxide resources, as well as
significant underlying primary sulphide mineralization, and in the case of
Opache and Pulucktur, secondary enrichment blankets. Codelco has not published
resource estimates for these deposits, but information in academic papers quotes
inferred resources for the Cluster of approximately 20 Mt of contained copper,
with Toki hosting 9.1 Mt, Quetena 5.0 Mt and Opache 1.2 Mt, at grades of
approximately 0.5% Cu.
El D Norte is located at higher elevations than the nearby Genoveva, Quetena and
Toki deposits, and has a higher level phylllic alteration suite preserved. El D
Sur is a large area of poor outcrop, mostly covered with thin overburden and
scree; outcrops are of phyllic alteration bordered by propylitic alteration to
the SW.
Small scale open pit mining and 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. In neither case, was significant mineralization intersected.
In December 2011, Codelco initiated the permitting process for 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 30,000tpd of higher grade ore to the
existing SXEW facilities at Chuquicamata, and 60,000tpd 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.
Genoveva is located approx. 1km E of the El Desesperado property, Opache approx.
2km to the ESE, and Pulucktur, approx. 1.5km to the SSW (Figure 1).
All Coro RC holes were sampled on a 2 m continuous basis, with dry samples
riffle split on site and one quarter sent to the Andes Analytical Assaying
laboratory in Sierra Gorda for preparation and then to their assay laboratory in
Santiago. A second quarter was stored on site for reference. Wet samples were
split with a hydraulic rotary splitter on site and sent to Andes Analytical
Assaying laboratory in Sierra Gorda for drying and subsequent preparation.
Samples were transported to the laboratory by Minera Coro Chile Ltda, while
drilling control and logging of cuttings was carried out by our contractor,
Geominco. Samples were prepared using the following standard protocol: drying,
crushing to better than 80% passing -10#, homogenizing, splitting and
pulverizing a 400 g subsample to 95% passing -150#. All holes were assayed for
CuT, Mo, Pb, Zn and As by AAS.
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, Payen, El Inca, Chacay, Llancahue, and Celeste copper 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 potential mineralization and
geological comparisons 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.
Table 2; El Desesperado Drillhole locations
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Hole East North Elev Az Dip Depth
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CED-R-1 501095 7520550 2493 330 -60 396
CED-R-2 501098 7520543 2493 150 -60 144
CED-R-3 501691 7520895 2475 330 -60 400
CED-R-4 501087 7520448 2516 0 -90 204
CED-R-5 500913 7520659 2523 135 -70 400
CED-R-6 500957 7517855 2232 0 -90 270
CED-R-7 500867 7517977 2247 90 -70 226
CED-R-8 500857 7518180 2254 90 -70 268
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To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/cop1122i.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Coro Mining Corp.
Michael Philpot
Executive Vice-President
(604) 682 5546
investor.info@coromining.com
www.coromining.com
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