Coro Completes Consolidation of Marimaca District with the Acquisition of Sierra Miranda Claims
September 06 2018 - 7:00AM
Coro Mining Corp. (“Coro” or the “Company”)
(TSX:COP) is pleased to announce that it has completed the
acquisition of the Sierra Miranda claims, a package of concessions
adjoining the Marimaca 1-23 claim. The acquisition of these
claims is a major milestone because the combination of the various
Marimaca, Sierra Miranda, La Atómica and Naguayan claims completes
the consolidation of the greater Marimaca district. With a
comprehensive financing plan recently announced, the Company will
have the land package and financial resources in place to undertake
a significant exploration program to expand and determine the full
resource potential of the Marimaca district.
Commenting on the announcement, Luis Tondo,
President and CEO of Coro said: “I am pleased to announce that we
have now completed the acquisition of the Sierra Miranda claims,
and therefore the consolidation of ground that we consider
prospective around the original Marimaca claim, to form the greater
Marimaca district. This was the first step in our strategy to
realise value at Marimaca and with a further financing in place, we
will advance that strategy with a US$10 million resource expansion
and exploration drill program to fully understand the potential at
this exciting new copper district.”
Marimaca Project AreaAs
geological confidence in a greater Marimaca resource has grown, the
Company has moved decisively to establish ownership over the
prospective claims that surround the Marimaca 1-23 claim.
In June 2018, the Company announced the results
of a definitive feasibility study (DFS) for the Marimaca 1-23
claim. This DFS covered only a fraction of the bigger Marimaca
area, being a condition for Coro to earn a 51% interest in the
property owner, Compañía Minera Newco Marimaca (CMNM). It is
the Company’s intention to exercise its option to acquire a further
24% of CMNM by contributing its Ivan processing plant.
The Company has now consolidated ownership of
the wider Marimaca district with the acquisition of the Sierra
Miranda claims. Furthermore, the option payments due over the
next 12 months to acquire the Naguayan and La Atómica 1-10 claims
will be paid with funds from the recent private placement, ensuring
control of the district.
Sierra Miranda ClaimsThe Sierra
Miranda Claims cover 379 hectares adjoining the core Marimaca 1-23
claim immediately to the north and south.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/023b825b-960a-4c5a-9bae-25ca512e5f15
The most important areas within the Sierra
Miranda package are adjacent to the Marimaca 1-23 and La Atómica
1-10 claims. Surface and underground mapping and sampling has
shown that very attractive brochantite rich Marimaca style copper
mineralization extends for at least 700 metres from the northern
boundary of the Marimaca 1-23 claim.
The total consideration for the Sierra Miranda
claims was US$6.0 million and they are subject to a 2% NSR.
Marimaca District Exploration
ProgramThe company will invest US$10 million in the
Marimaca District resource expansion and exploration program. The
main objective is to reveal the copper oxide resource potential at
La Atómica and Atahualpa-Santa Maria properties (part of the Sierra
Miranda claims), which can be combined with the existing known
Marimaca 1-23 claim and thereby the resources across the whole
Marimaca district. The company has initiated an 8,500 metre
reverse circulation drill program at La Atómica and drill platforms
are being established on the adjacent Atahualpa and Santa Maria, in
preparation for the copper oxide resource discovery and expansion
drill program. Additional surface exploration work, including
detailed outcrop geological mapping as well as geochemical
sampling, will be conducted elsewhere on the newly acquired claims
to further define exploration drill targets. Details of the
full program will be provided, following the completion of the
rights offering currently underway and expected to complete at the
end of September 2018.
On behalf of the Board of Directors,LUIS TONDO,
PRESIDENT & CEO.Sergio Rivera, Vice President of Exploration,
Coro Mining Corp, a geologist with more than 37 years of
experience, a member of the Colegio de Geólogos de Chile and of the
Instituto de Ingenieros de Minas de Chile, and a Qualified Person
for the purposes of NI 43-101 was responsible for the design and
execution of the exploration program and he is also responsible for
the contents of this news release
Contact InformationFor further information
please visit www.coromining.com or contact:Nicholas Bias, VP
Corporate Development & Investor Relations+1 (604) 682 5546
x202 or +44 (0)7771 450 679 | nbias@coromining.com
Forward Looking Statements
This news release includes certain
“forward-looking statements” under applicable Canadian securities
legislation. Forward-looking statements in this press release may
be included. Actual future results may differ materially. There can
be no assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Forward-looking statements reflect
the beliefs, opinions and projections on the date the statements
are made and are based upon a number of assumptions and estimates
that, while considered reasonable by Coro, are inherently subject
to significant business, economic, competitive, political and
social uncertainties and contingencies. Many factors, both known
and unknown, could cause actual results, performance or
achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied
by such forward-looking statements and the parties have made
assumptions and estimates based on or related to many of these
factors. Such factors include, without limitation: the ability of
Coro to satisfy the conditions precedent to conversion of the loan
and management’s discretion to reallocate the use of proceeds 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. Accordingly, readers should not place undue reliance on
forward-looking statements. Coro undertakes no obligation to update
publicly or otherwise revise any forward-looking statements
contained herein whether as a result of new information or future
events or otherwise, except as may be required by law.
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