Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to
announce the results of an independent National Instrument 43-101
compliant resource estimate for the Berta Sur deposit on its Berta
property, located approximately 20km west of the village of Inca de
Oro, in the III Region of Chile. Coro announced preliminary
metallurgical results from Berta Sur on November 5th 2012. The
resource estimate was completed by Propipe SA, an engineering firm
based in Santiago, Chile at a variety of total copper (%CuT)
grades, as shown on Table 1, below.
Table 1: Resource Estimate
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Measured &
Cutoff Measured Indicated Indicated Inferred
------ ----------------- ---------------- ----------------- ---------------
%CuT kt %CuT %CuS kt %CuT %CuS kt %CuT %CuS kt %CuT %CuS
---------------------------------------------------------------------------
0.10 10,672 0.32 0.21 7,725 0.17 0.10 18,397 0.26 0.17 6,465 0.16 0.10
---------------------------------------------------------------------------
0.15 8,498 0.37 0.25 4,250 0.21 0.13 12,748 0.31 0.21 3,705 0.19 0.12
---------------------------------------------------------------------------
0.20 6,736 0.42 0.29 1,814 0.25 0.16 8,550 0.38 0.26 1,363 0.23 0.14
---------------------------------------------------------------------------
0.25 5,254 0.47 0.33 691 0.31 0.20 5,945 0.45 0.31 265 0.27 0.17
---------------------------------------------------------------------------
0.30 4,170 0.53 0.37 261 0.37 0.24 4,431 0.52 0.36 21 0.32 0.20
---------------------------------------------------------------------------
In order to demonstrate the potential economic viability of the
Berta Sur resource, a series of pit optimizations using the Lersch
& Grossmann algorithm was then completed utilizing appropriate
operating costs, results obtained from the Company's previously
announced preliminary metallurgical test work, and a variety of
copper prices. For a $3.00/lb copper price, the optimum pit was
determined to contain 6,101,000t at a grade of 0.40%CuT and a
stripping ratio of 0.04:1. An upside case pit at $3.825/lb Cu
contains 9,687,000t at 0.34%CuT and a stripping ratio of 0.16:1.
The two pit outlines are shown on Figure 1, together with the Berta
Central oxide zones, not included in the current resource estimate.
A typical block model cross section is shown on Figure 2.
To view Figures 1 and 2 please click on the following link:
http://media3.marketwire.com/docs/COP1206.pdf
Alan Stephens, President and CEO of Coro commented, "We are
pleased with the continued progress of our Berta project, where we
have now demonstrated that the Berta Sur resource, while modest in
size, has a negligible stripping ratio, with the further advantage
that the preliminary metallurgy indicates quick copper recoveries
and low acid consumptions. We see potential for additional
resources on the property in the Berta Central deposits, and
believe there may be potential elsewhere on the property and the
surrounding district to augment these. Coro now intends to advance
the project to the completion, by mid-late 2013, of a feasibility
study for a standalone SXEW project with planned production of
5,000 tpy copper in cathode, with attached acid plant to supply all
project power requirements."
Parameters Used in the Construction of the Mineral Resource
The NI 43-101 compliant mineral resource estimate was based on a
total of 14,362.45 meters of drilling in 91 holes, (including
reverse circulation (RC) drilling completed by 2 major companies in
the 1990's (23 holes); diamond drilling completed by Grancru
Resources in 2007 (2 holes); and RC drilling (66 holes) completed
by the Company in 2011-12); and a total of 938.6m of surface
trenching in 11 trenches completed by one of the aforementioned
major companies.
The mineral resource estimate has been generated from drill hole
and trench sample assay results and the interpretation of a
geologic model which relates to the spatial distribution of copper
in the deposit. Grade estimates were made using ordinary kriging
with nominal block size measuring 2.5 meters long, 2.5 meters wide
and 2.5 meters in height. Resources have been classified by their
proximity to sample locations and are reported according to CIM
standards on Mineral Resources and Reserves.
The in pit mineral resource was constructed according to
technical and economic parameters in Table 2, assuming the
construction of a sulphur burning acid plant capable of generating
the project's power requirement.
Table 2: Technical and Economic Parameters
----------------------------------------
Mining $2.09/t
----------------------------------------
Processing $4.74/t
----------------------------------------
SX EW Cost $0.102/lb
----------------------------------------
G&A $0.045/lb
----------------------------------------
Sales and marketing $0.041/lb
----------------------------------------
Recovery 80%
----------------------------------------
Inter ramp pit slope 50 degrees
----------------------------------------
Copper Price $3.00/lb
----------------------------------------
An updated NI 43-101 technical report detailing the mineral
resource estimate will be completed and filed on SEDAR
(www.sedar.com), and Coro's website (www.coromining.com), within 45
days.
El Inca Project
Results have now been received from a program of reverse
circulation and diamond drilling at the Company's El Inca project,
located approximately 4km northeast of the village of Inca de Oro.
A total of 7 reverse circulation holes (1,633m) were completed,
with two of these holes deepened by diamond drilling (470m).
Propylitic alteration with only sub-anomalous Cu and Au
geochemistry, possibly indicative of the margins of a porphyry
system, was encountered in all holes under thick gravel. No further
work is planned.
Qualified Person Notes
The mineral resource estimates contained in this news release
have been prepared in accordance with National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101"). The
technical information in this news release, including the
information that relates to geology, mineralization, drilling, and
mineral resource estimates on the Berta deposit, is based on
information prepared under the supervision of, or has been reviewed
by 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. The foregoing person is a "qualified person" for
the purposes of NI 43-101 with respect to the geology,
mineralization and drilling being reported on. The "qualified
person" responsible for the independent resource estimate at Berta
Sur was Sergio Alvarado Casas, a Consultant Geologist with more
than 27 years of experience. He is General Manager and partner of
Geoinvestments SpA and served as associated consultant for Propipe
SA. He is a member of CIM, the Chilean Mining Commission, and the
Instituto de Ingenieros de Minas de Chile. The technical
information has been included herein with the consent and prior
review of the above noted qualified persons. The qualified persons
have verified the data disclosed, including sampling, analytical
and test data underlying the information or opinions contained
herein.
All mineral resources have been estimated in accordance with the
definition standards on mineral resources and mineral reserves of
the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
referred to in National Instrument 43-101, commonly referred to as
NI 43-101. U.S. reporting requirements for disclosure of mineral
properties are governed by the United States Securities and
Exchange Commission (SEC) Industry Guide 7. Canadian and Guide 7
standards are substantially different. This News Release uses the
terms "measured," "indicated" and "inferred" resources. Mineral
resources which are not mineral reserves do not have demonstrated
economic viability. We advise investors that while those terms are
recognized and required by Canadian regulations, the SEC does not
recognize them. Inferred mineral resources are considered too
speculative geologically to have economic considerations applied to
them that enable them to be categorized as mineral reserves.
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, 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,
metallurgical results and resources, mining and processing costs
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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