Coro Announces Drilling Results from its El Desesperado Project, Chile
February 27 2014 - 12:05PM
Marketwired Canada
Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) Coro has recently
completed a 5 hole, 1191m diamond drilling program (EDH-01 to 05) and a 7 hole,
950m reverse circulation drilling program (CED-R-9 to 15) at its El Desesperado
copper project, located 7 km NW of the city of Calama in the II Region of Chile,
and immediately west of Codelco's Toki Cluster of copper deposits (Figure 1:
http://media3.marketwire.com/docs/COP0227a.pdf).
The objective of this drilling program was to confirm the presence of
significant near surface leachable copper mineralization contained within a
partially oxidized chalcocite blanket, similar to that intersected in our 2012
drilling. Assay results and drill description for the program are summarized
below;
Table 1; Drill Intersections
------------------------------------------------------------
Hole From To m CuT% CuS%
------------------------------------------------------------
EDH-01 12.8 28 15.2 0.26 0.19
------------------------------------------------------------
EDH-03 16 40 24 0.26 0.25
46 52 6 0.38 0.35
56 68 12 3.03 2.22
------------------------------------------------------------
EDH-04 20 30 10 0.39 0.28
------------------------------------------------------------
CED-R-11 32 68 36 0.32 0.24
------------------------------------------------------------
CED-R-12 6 32 26 0.40 0.38
------------------------------------------------------------
EDH-01, 03 & 04 and CED-R-11 & 12 intersected the same partially oxidized and
leached chalcocite blanket as CED-R-04, but significantly thinner. EDH-05 was a
diamond tail of RC hole CED-R-04 drilled in November 2012 which intersected 204m
at 0.55%CuT from surface before the hole was lost. Core logging of EDH-05
indicates that the RC hole was lost in a major fault and only sporadic
mineralization was encountered at depth. EDH-02 was targeted at intersecting
primary mineralization at depth beneath the old workings; trace amounts of
bornite and chalcopyrite were intersected over a 48m width, but this
mineralization did not return copper assays in excess of 0.2%CuT. CED-R-9, 10,
13, 14 and 15 were drilled to test possible extensions to the N and E but did
not intersect significant mineralization and were not assayed.
Alan Stephens, President and CEO of Coro commented, "These results indicate that
the supergene mineralization is of more reduced dimensions than we had expected,
due to a more pronounced structural control; a greater degree of leaching; and
the presence of a post mineral porphyry and breccia complex which has invaded
the prospective area (Figure 2: http://media3.marketwire.com/docs/COP0227b.pdf).
A major NNE oriented fault, as well as NW oriented structures, appear to have
influenced blanket thickness, and the NNE Main Fault may also be controlling the
emplacement of primary mineralization. Finally, the copper oxides are present
partly in the form of water soluble copper sulphates and it is possible that
some of this copper may have been washed away during diamond drilling,
particularly in more heavily fractured core.
The area drilled is some 200-300m topographically higher than the adjacent Toki
deposits and this is reflected in the higher level alteration assemblage at El
Desesperado. Mineralization identified so far is almost entirely supergene in
nature and is associated with quartz-sericite-pyrite (QSP) alteration of
Triassic sediments, particularly where these have been converted to a crackle
breccia; and of a hydrothermal breccia emplaced in the Main Fault. The primary
driver for this QSP alteration and supergene chalcocite has not yet been found,
but may be a Toki style porphyry copper system located at depth. The trace
amounts of bornite intersected in EDH-02 support this concept.
As recently announced, Coro has agreed a three month extension to the February
17th 2014 option payment with the property owners, at a cost of US$20,000 per
month. During this period, we will evaluate all of the available data and
determine our next course of action."
Table 2; Collar Coordinates
--------------------------------------------------------------------------
Hole East North Elev Az Inc TD
--------------------------------------------------------------------------
EDH-01 501103 7520475 2515 260 -60 249.25
EDH-02 501230 7520546 2468 260 -55 351
EDH-03 501047 7520478 2517 240 -60 218
EDH-04 501019 7520563 2529 240 -60 220
EDH-05 501061 7520473 2513 0 -90 153
CED-R-9 501051 7520803 2535 0 -90 240
CED-R-10 501138 7520744 2531 0 -90 160
CED-R-11 501052 7520509 2522 0 -90 120
CED-R-12 501002 7520503 2499 0 -90 120
CED-R-13 501048 7520616 2506 0 -90 120
CED-R-14 501100 7520622 2505 0 -90 120
CED-R-15 501145 7520652 2502 0 -90 70
--------------------------------------------------------------------------
Sampling and Assay Protocol
The mineralized sections of diamond drill holes were sampled on a 2m continuous
basis, with core samples split on site and one half delivered to the Andes
Analytical Assaying ("AAA") prep lab by Coro personnel. The remaining core was
stored at a Coro facility for reference. Pulp samples were transported to the
AAA assay laboratory in Santiago by AAA personnel. RC holes CED-R-11 & 12 were
sampled on a 2 m continuous basis, with dry samples riffle split on site and one
quarter sent to the Andes Analytical Assaying prep lab by Coro personnel. A
second quarter was stored on site for reference.
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 samples were assayed for CuT, CuS and Mo by
AAS. A full QA/QC program, involving insertion of appropriate blanks, standards
and duplicates was employed for the diamond drill core sampling with acceptable
results. True widths have not been determined.
About El Desesperado:
The El Desesperado copper project, is located 7 km NW of the city of Calama in
the II Region of Chile, and immediately west of Codelco's Toki Cluster of copper
deposits.
Sergio Rivera, Vice President of Exploration, Coro Mining Corp, a geologist with
more than 31 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 38 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 Berta, El Desesperado, and Payen copper properties located in Chile
and the advanced San Jorge copper-gold project, in Argentina.
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.
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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