Coro Mining Corp. (“Coro” or the “Company”) (TSX:
COP) is pleased to announce the details of its Marimaca
Phase II exploration program. This $10.6 million program is
expected to run for approximately 12 months with the objective of
determining the total mineral resource extension at the properties
surrounding Phase I focus area where an initial resource has
already been established. In addition, greenfields exploration will
be undertaken across the wider Naguayan district to determine
further mineral resource extension opportunities.
Highlights
|
• |
Phase II to determine
resource extension across 3 properties surrounding initial Phase I
program |
|
• |
US$10.6 million program
includes: |
|
|
- Geological mapping and sampling
- Over 2,500 working hours establishing access roads and drill
platforms
- Over 180 holes and 45,000 metres of RC and diamond
drilling
- Database, geological modelling and block model generation
- Standalone resource estimates for all Phase II properties to NI
43101 standard
- Combined resource estimate for entire Phase II project areas to
NI 43101 standard
- Technical reports and recommendations for further targets for a
Phase III program
- Initial exploration and scout holes at depth testing for copper
sulphide mineralisation
|
Commenting on the news, Luis Tondo,
President and CEO of Coro said:“The Marimaca Phase II
exploration program is designed to answer our belief that Marimaca
has the potential to be one of the most significant new
open-pittable copper-oxide discoveries in Chile in recent
times.
The Phase I program was focused solely on the
Marimaca 1-23 claim. Since we announced this in April, we have
raised the funds necessary to consolidate our ownership over the
surrounding properties and embark on an expanded exploration
program. This Marimaca Phase II program will determine the
extension of the orebody, and the enlarged and combined resources
across the Atómica, Atahualpa and Atahualpa East areas, in under
12-months. In addition, part of the work program is to confirm the
potential across the Sorpresa and Olimpo areas, to be developed in
the next exploration phase.
I am pleased that we are now moving ahead with
the exploration program and I look forward to updating shareholders
in the coming months on our progress at Marimaca.
Marimaca Phase I ProgramIn June
2018, the Company announced the conclusions of the Phase I
Definitive Feasibility Study (“DFS”). This initial study was an
earn in condition to acquire a 51% in the Marimaca 1-23 claim. The
study confirmed the technical and economic viability of Marimaca
1-23 as a standalone project. However, by its nature it was a
constrained study geologically and economically, because it could
not consider the opportunity of a greater project, including the
surrounding properties, which at that time were not under the
control of the Company.
Marimaca Phase II
ProgramSubsequent to the Phase I program, in September
2018 the Company successfully completed a comprehensive US$33.6
million financing plan. The first use of proceeds was to acquire
the Sierra Miranda package of claims for a total US$6 million,
which included the Atahualpa and Atahualpa East areas to the north
and the Sorpresa I and Sorpresa II areas to the south of the
Marimaca 1-23 claims. These, combined with the La Atómica area to
the west, form the Phase II program area, illustrated in the
diagrams below.
To view Figure 1 - Marimaca Location Map, visit
the following
link: http://www.globenewswire.com/NewsRoom/AttachmentNg/6257fd80-07c9-4020-b3db-b3633127e14d
To view Figure 2 - Marimaca Project Phases,
visit the following
link: http://www.globenewswire.com/NewsRoom/AttachmentNg/ffa2cebb-d079-43e3-892c-8334d7f1f750
Phase II has been designed with the most
intensive and advanced exploration being conducted on the areas
adjacent to the orebody identified in Phase I; with early-stage
exploration to take place on the surrounding areas and across the
greater Naguayan district.
The table below summarises the Phase II
exploration program by area, activity and target completion dates.
The objectives are to determine individual resource estimates for
each claim and subsequently a combined expanded resource across the
entire Phase II area (Marimaca 1-23, La Atómica, Atahualpa and
Atahualpa East) in the third quarter of 2019.
Figure 3: Summarised Marimaca Phase II Exploration
Program
|
Marimaca 1-23 |
La Atómica |
Atahualpa |
Atahualpa East |
Sorpresa I |
Sorpresa II |
Olimpo South |
Olimpo North |
Mapping & Sampling |
- |
NA |
NA |
Q3 ’18 |
Q4 ’18 |
Q4 ’18 |
Q1 ’19 |
Q1 ’19 |
Access & Platforms |
- |
Q3 ’18 |
Q4 ’18 |
Q4 ’18 |
Q4 ’18 |
Q1 ’19 |
Q1 ’19 |
Q1 ’19 |
Drilling |
- |
Q4 ’18 |
Q4 ’18 |
Q1 ’19 |
Q1 ’19 |
Q1 ’19 |
Q1 ’19 |
Q2 ’19 |
Drilling (holes) |
- |
52 |
51 |
19 |
18 |
12 |
16 |
15 |
Drilling (metres) |
- |
12,000 |
12,310 |
5,300 |
4,200 |
3,000 |
4,400 |
4,150 |
Drilling Results |
- |
Q4 ’18 |
Q1 ’19 |
Q2 ’19 |
Q2 ’19 |
Q2 ’19 |
Q2 ’19 |
Q3 ’19 |
Preliminary Reports |
- |
- |
- |
- |
Q2 ’19 |
Q2 ’19 |
Q2 ’19 |
Q3 ’19 |
Modelling |
- |
Q4 ’18 |
Q2 ’19 |
- |
- |
- |
- |
Resource Estimate |
Q2 ’18 |
Q1 ’19 |
Q2 ’19 |
Q3 ’19 |
- |
- |
- |
- |
Combined Resource Estimate |
H2 ’19 |
- |
- |
- |
- |
Not all exploration activities in the Phase II
program are detailed in this table. Excluded items include early
stage geology and certain drill holes across the wider Marimaca
project and Naguayan district areas.
The main objective of Phase II is to test the
extension of Marimaca-style copper mineralization in the adjacent
La Atómica and Atahualpa areas. Interpreting results from initial
geological mapping and sampling of historic underground workings,
in addition to 16 drill holes already completed by the Company,
suggests that the adjacent areas contain copper oxide and sulphide
mineralization similar to that established at the Phase I Marimaca
1-23 claim.
The Company believes that the Marimaca
mineralization is structurally controlled and extends north-south
along the district. This is illustrated in Figure 4, where the blue
and red lines represent the foot and hanging walls limits, and the
shaded areas the geochemical signature for potential copper
mineralization at surface.
To view Figure 4: Marimaca District Alteration,
visit the following
link: http://www.globenewswire.com/NewsRoom/AttachmentNg/88850b07-694e-4543-9f0f-58e43b7dc298
To view Figure 5: Marimaca District Rock
Geochemistry, visit the following
link: http://www.globenewswire.com/NewsRoom/AttachmentNg/f4fea221-580f-47b3-87f0-f01897e4130a
The US$10.6 million Phase II program includes
field, desk and reporting aspects. RC and diamond drilling are the
largest single costs, budgeted at approximately US$6.3million for
approximately 183 holes for 45,360 metres. Flexibility has been
built within the total budget, with the opportunity to accelerate
and intensify activities depending on initial results.
Phase II Program Upcoming
MilestonesThe next milestones that the Company anticipates
reporting on include drilling at La Atómica and Atahualpa.
Qualified PersonsThe technical
information in this news release, including the information that
relates to geology, drilling and mineralization of the Marimaca
Phase I and II exploration program was prepared under the
supervision of, or has been reviewed by Sergio Rivera, Vice
President of Exploration, Coro Mining Corp, a geologist with more
than 36 years of experience and a member of the Colegio de Geologos
de Chile and of the Institute of Mining Engineers of Chile, and who
is the Qualified Person for the purposes of NI 43-101 responsible
for the design and execution of the drilling program.
Contact InformationFor further
information please visit www.coromining.com or contact:Nicholas
Bias, VP Corporate Development & Investor RelationsOffice: +56
2 2431 7601 Cell: +44 (0)7771 450
679Email: nbias@coromining.com
Forward Looking StatementsThis
news release includes certain “forward-looking statements” under
applicable Canadian securities legislation. These statements relate
to future events or the Company’s future performance, business
prospects or opportunities. Forward-looking statements include, but
are not limited to, statements regarding the future development and
exploration potential of the Marimaca Project. 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 inherent risks involved in
the mining, exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other
geological data, fluctuating metal prices, the possibility of
project delays or cost overruns or unanticipated excessive
operating costs and expenses, uncertainties related to the
necessity of financing, the availability of and costs of financing
needed in the future 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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