Marimaca Exploration Update: La Atómica Drill Results Confirm Copper Oxide Mineralisation Beyond Marimaca 1-23
November 13 2018 - 1:54PM
Coro Mining Corp. (“Coro” or the “Company”) (TSX:
COP) is pleased to provide an update for Company’s
Marimaca project in the Antofagasta region of Chile. The
first 28 of a planned 52 drill holes at La Atómica, the ground
adjacent to the Marimaca 1-23 claim where a resource has already
been established, have confirmed the presence of copper oxide
mineralization, in addition to the presence of secondary enriched
copper sulphide mineralization at depth.
Highlights
- Completed 28 of planned 52 holes, for 6,540 metres covering a
100 x 100 metre spaced grid. across the property.
- Results include:
- LAR 24 From surface, 202 metres continuous
oxide mineralization averaging 0.74% CuT, including 16 metres, from
98 to 114 metres, averaging 2.72% CuT, and 12 metres, from 138 to
150 metres, at 2.24% CuT
- LAR-33 From 32 to 260 metres, 228 metres of
continuous oxide mineralization averaging 0.47%CuT, including 26
metres, from 60 to 86 metres, averaging 0.99% CuT. and 20 metres,
from 270 to 290 metres, high-grade secondary copper sulphide
mineralization averaging 2.10% CuT
- Oxide copper mineralization at La Atómica proven to exist 300
metres beyond limits of the previous drill grid completed at
Marimaca 1-23.
- Current knowledge is that the total horizontal extension of the
outcropping copper oxide mineralization from Marimaca to La Atómica
now reaches 800 metres in the north-west direction, with the
opportunity for further extension.
Commenting on the news, Luis Tondo, CEO of Coro
said: “Chile is the world’s primary source of mineable copper,
however, new near surface discoveries are becoming harder to find
and new projects harder to bring on stream. Since we
discovered Marimaca in 2016, the project continues to prove itself,
and I believe has the potential to be one of the best new
open-pittable copper oxide deposits discovered in Chile in recent
times. Our Phase I program already established a resource at
Marimaca and I am delighted to see that the current Phase II
program confirms the potential of mineralization extension on the
adjacent La Atómica ground.”
Further InformationCopper oxide
mineralization at La Atómica is hosted by the same intrusive rocks
as identified at the Marimaca 1-23 claims. Parallel
fracturing is minor as compared with Marimaca, and mineralization
is controlled by a north-west system of faults and by a north to
north-east oriented dike-swarm of dioritic composition.
Part of the mineralization appears to be the
result of copper laterally transported from sources located close
to Marimaca towards the west, along north-west fractures, and
trapped by north to north-east fractures and dikes. As a
result, the outcropping copper oxide blanket at La Atómica extends
for widths of up to 300 metres reaching depths of up to 200 metres,
showing less mineralization intensity towards the north-west, yet
remains open to the south-west portion of the property.
Figure 1 below illustrates the location of the
completed drill holes at Atahualpa and La Atómica and the Phase I
drilling which established the resource and the new Phase II
drilling extending to the north-west where copper oxide
mineralization has been established.
Figure
1: http://www.globenewswire.com/NewsRoom/AttachmentNg/0082865d-ec55-4bca-80fd-0c3c60a5d863
The photographs in figures 2 and 3 below show
the southern outlook and RC drilling at La Atómica from which can
be seen access roads and some drilling, and importantly, parallel
and north west fracturing which is believed to control the copper
oxide mineralization.
Figure
2: http://www.globenewswire.com/NewsRoom/AttachmentNg/673395ca-2705-4eaa-98bb-0d58830d35a9
Figure
3: http://www.globenewswire.com/NewsRoom/AttachmentNg/062cfd7d-eefc-41b8-b7b1-814585d94c12
Also commenting on the news, Sergio Rivera, VP
Exploration said: “The drill results at La Atómica are the first
from the new program and already demonstrate the presence from
surface of oxide mineralization and indeed the presence at depth of
some secondary sulphide mineralization. We will now continue
with the remaining drill holes at La Atómica before moving all
drill rigs to Atahualpa where I am hopeful that we will see similar
or even potentially better positive results.”
Phase II Program Upcoming
MilestonesIt is planned that the remaining holes to be
drilled at La Atómica will be completed with results announced by
the end of the fourth quarter 2018.
Sampling and Assay ProtocolTrue
widths cannot be determined with the information available at this
time. Coro RC holes were sampled on a 2 metre continuous basis,
with dry samples riffle split on site and one quarter sent to the
Andes Analytical Assay preparation laboratory in Calama and the
pulps then sent to the same company’s laboratory in Santiago for
assaying. A second quarter was stored on site for reference.
Samples were prepared using the following standard protocol:
drying; crushing to better than 85% passing -10#; homogenizing;
splitting; pulverizing a 500-700g subsample to 95% passing -150#;
and a 125g split of this sent for assaying. All samples were
assayed for CuT (total copper), CuS (acid soluble copper), CuCN
(cyanide soluble copper) by AAS and for acid consumption. A full
QA/QC program, involving insertion of appropriate blanks, standards
and duplicates was employed with acceptable results. Pulps and
sample rejects are stored by Coro for future reference.
La
Atómica
Intersections
Hole |
Total Depth (m) |
|
From (m) |
To (m) |
Interval (m) |
%CuT |
Type |
LAR-15 |
250 |
|
48 |
104 |
56 |
0.45 |
Oxide |
including |
48 |
70 |
22 |
0.46 |
Oxide |
82 |
104 |
22 |
0.61 |
Oxide |
and |
120 |
152 |
32 |
0.35 |
Oxide |
LAR-16 |
250 |
|
50 |
150 |
100 |
0.27 |
Oxide |
including |
112 |
150 |
38 |
0.35 |
Oxide |
note |
126 |
134 |
8 |
|
Underground working |
LAR-17 |
180 |
|
0 |
92 |
92 |
0.39 |
Oxide |
including |
42 |
58 |
16 |
0.75 |
Oxide |
72 |
92 |
20 |
0.75 |
Oxide |
LAR-18 |
230 |
|
0 |
86 |
86 |
0.46 |
Oxide |
including |
40 |
86 |
46 |
0.59 |
Oxide |
note |
36 |
40 |
4 |
|
Underground working |
48 |
52 |
4 |
|
Underground working |
LAR-19 |
180 |
|
0 |
74 |
74 |
0.33 |
Oxide |
including |
12 |
44 |
32 |
0.50 |
Oxide |
50 |
74 |
24 |
0.26 |
Oxide |
LAR-20 |
200 |
|
6 |
80 |
74 |
0.31 |
Oxide |
including |
12 |
38 |
26 |
0.52 |
Oxide |
46 |
62 |
16 |
0.24 |
Oxide |
note |
38 |
46 |
8 |
|
Underground working |
LAR-21 |
150 |
No significant results |
LAR-22 |
150 |
No significant results |
LAR-23 |
400 |
|
62 |
124 |
62 |
0.37 |
Oxide |
including |
0 |
14 |
14 |
0.40 |
Oxide |
70 |
106 |
36 |
0.45 |
Oxide |
and |
146 |
174 |
28 |
0.21 |
Oxide |
218 |
308 |
90 |
0.48 |
Enriched-primary |
including |
252 |
258 |
6 |
1.65 |
Enriched |
256 |
272 |
16 |
0.40 |
Primary |
272 |
280 |
8 |
1.10 |
Enriched |
288 |
298 |
10 |
0.52 |
Enriched |
304 |
308 |
4 |
1.30 |
Enriched |
and |
308 |
330 |
22 |
0.52 |
Oxide |
332 |
356 |
24 |
0.35 |
Enriched |
364 |
398 |
34 |
0.51 |
Enriched |
including |
364 |
372 |
8 |
0.51 |
Enriched |
378 |
398 |
20 |
0.65 |
Enriched |
LAR-24 |
250 |
|
0 |
202 |
202 |
0.74 |
Oxide |
including |
88 |
94 |
6 |
1.21 |
Oxide |
98 |
114 |
16 |
2.72 |
Oxide |
118 |
134 |
16 |
1.00 |
Oxide |
138 |
150 |
12 |
2.24 |
Oxide |
162 |
174 |
12 |
1.52 |
Oxide |
and |
238 |
248 |
10 |
0.61 |
Enriched |
LAR-25 |
250 |
|
12 |
158 |
146 |
0.33 |
Oxide |
including |
114 |
122 |
8 |
1.96 |
Oxide |
and |
220 |
242 |
22 |
1.43 |
Oxide |
LAR-26 |
250 |
|
72 |
88 |
16 |
0.34 |
Oxide |
and |
100 |
146 |
46 |
0.31 |
Oxide |
182 |
188 |
6 |
0.55 |
Oxide |
LAR-27 |
180 |
|
84 |
90 |
6 |
0.30 |
Oxide |
and |
116 |
134 |
18 |
0.30 |
Oxide |
LAR-28 |
200 |
No significant results |
LAR-29 |
200 |
|
74 |
86 |
12 |
0.57 |
Oxide |
and |
102 |
118 |
16 |
0.23 |
Oxide |
118 |
132 |
14 |
0.68 |
Enriched |
168 |
176 |
8 |
0.30 |
Oxide |
LAR-30 |
150 |
|
56 |
62 |
6 |
0.56 |
Oxide |
LAR-31 |
150 |
|
66 |
78 |
12 |
0.31 |
Oxide |
and |
122 |
138 |
16 |
0.27 |
Oxide |
LAR-32 |
350 |
|
96 |
122 |
26 |
0.45 |
Oxide |
including |
26 |
36 |
10 |
0.75 |
Oxide |
60 |
86 |
26 |
0.99 |
Oxide |
104 |
118 |
14 |
0.70 |
Oxide |
|
132 |
168 |
36 |
0.21 |
Oxide |
including |
152 |
160 |
8 |
`0.39 |
Oxide |
|
190 |
238 |
48 |
0.20 |
Oxide |
including |
200 |
208 |
8 |
0.41 |
Oxide |
218 |
224 |
6 |
0.57 |
Oxide |
and |
262 |
294 |
32 |
0.36 |
Oxide |
300 |
308 |
8 |
0.91 |
Oxide |
308 |
314 |
6 |
0.46 |
Mixed |
LAR-33 |
350 |
|
32 |
260 |
228 |
0.47 |
Oxide |
including |
132 |
144 |
12 |
0.49 |
Oxide |
172 |
182 |
10 |
0.91 |
Oxide |
190 |
210 |
20 |
1.83 |
Oxide |
134 |
150 |
16 |
1.20 |
Oxide |
and |
260 |
270 |
10 |
1.40 |
Mixed |
270 |
290 |
20 |
2.10 |
Enriched |
322 |
328 |
6 |
0.40 |
Enriched |
336 |
348 |
12 |
0.26 |
Primary |
LAR-34 |
350 |
|
26 |
182 |
156 |
0.21 |
Oxide |
including |
50 |
84 |
34 |
0.28 |
Oxide |
92 |
182 |
90 |
0.22 |
Oxide |
and |
200 |
226 |
26 |
0.32 |
Oxide |
230 |
240 |
10 |
0.58 |
Oxide |
LAR-35 |
210 |
|
2 |
44 |
42 |
0.26 |
Oxide |
and |
56 |
86 |
30 |
0.42 |
Oxide |
LAR-36 |
200 |
|
12 |
182 |
170 |
0.34 |
Oxide |
including |
12 |
44 |
32 |
0.26 |
Oxide |
56 |
96 |
40 |
0.45 |
Oxide |
96 |
108 |
12 |
0.81 |
Oxide |
108 |
122 |
14 |
0.25 |
Oxide |
132 |
182 |
50 |
0.26 |
Oxide |
LAR-37 |
150 |
No significant results |
LAR-38 |
150 |
|
20 |
32 |
12 |
0.26 |
Oxide |
and |
62 |
82 |
20 |
0.25 |
Oxide |
LAR-39 |
150 |
|
2 |
16 |
14 |
0.27 |
Oxide |
and |
40 |
50 |
10 |
0.45 |
Oxide |
56 |
64 |
8 |
0.47 |
Oxide |
|
82 |
126 |
44 |
0.35 |
Oxide |
including |
82 |
96 |
14 |
0.62 |
Oxide |
100 |
126 |
26 |
0.24 |
Oxide |
LAR-40 |
300 |
|
0 |
16 |
16 |
0.29 |
Oxide |
and |
134 |
142 |
8 |
0.44 |
Oxide |
180 |
192 |
12 |
0.21 |
Oxide |
226 |
252 |
26 |
0.25 |
Oxide |
272 |
276 |
4 |
0.38 |
Mixed |
LAR-41 |
350 |
|
2 |
14 |
12 |
0.31 |
Oxide |
and |
80 |
186 |
106 |
0.23 |
Oxide |
including |
116 |
132 |
16 |
0.58 |
Oxide |
LAR-42 |
270 |
|
28 |
42 |
14 |
0.26 |
Oxide |
and |
154 |
166 |
12 |
0.25 |
Oxide |
222 |
228 |
6 |
0.53 |
Mixed |
La
Atómica Drill
Collars
Hole |
Easting |
Northing |
Elevation |
Azimuth |
Inclination |
Depth |
LAR-15 |
374839.0 |
7435824.7 |
1068.0 |
220 |
-60 |
250 |
LAR-16 |
374834.5 |
7435830.8 |
1067.4 |
310 |
-60 |
250 |
LAR-17 |
374771.5 |
7435958.5 |
999.5 |
220 |
-60 |
180 |
LAR-18 |
374762.1 |
7435962.1 |
998.9 |
310 |
-60 |
230 |
LAR-19 |
374715.2 |
7435959.6 |
996.8 |
220 |
-60 |
180 |
LAR-20 |
374712.4 |
7435965.7 |
996.3 |
310 |
-60 |
200 |
LAR-21 |
374651.9 |
7436032.9 |
962.3 |
220 |
-60 |
150 |
LAR-22 |
374648.9 |
7436032.3 |
962.2 |
310 |
-60 |
150 |
LAR-23 |
374864.6 |
7435723.9 |
1104.1 |
220 |
-60 |
400 |
LAR-24 |
374861.7 |
7435731.4 |
1103.8 |
310 |
-60 |
250 |
LAR-25 |
374765.2 |
7435781.1 |
1076.2 |
220 |
-60 |
250 |
LAR-26 |
374764.0 |
7435786.9 |
1076.2 |
310 |
-60 |
250 |
LAR-27 |
374633.0 |
7435872.6 |
1011.0 |
220 |
-60 |
180 |
LAR-28 |
374626.4 |
7435879.2 |
1010.7 |
310 |
-60 |
200 |
LAR-29 |
374580.7 |
7435928.6 |
976.8 |
220 |
-60 |
200 |
LAR-30 |
374580.9 |
7435933.8 |
976.7 |
310 |
-60 |
150 |
LAR-31 |
374577.6 |
7435929.9 |
976.9 |
265 |
-60 |
150 |
LAR-32 |
374782.6 |
7435647.0 |
1118.9 |
220 |
-60 |
350 |
LAR-33 |
374778.9 |
7435650.8 |
1118.8 |
310 |
-60 |
350 |
LAR-34 |
374781.0 |
7435650.1 |
1119.0 |
265 |
-60 |
350 |
LAR-35 |
374583.3 |
7435799.1 |
1019.2 |
220 |
-60 |
210 |
LAR-36 |
374581.7 |
7435804.1 |
1019.0 |
310 |
-60 |
200 |
LAR-37 |
374498.8 |
7435864.1 |
974.6 |
220 |
-60 |
150 |
LAR-38 |
374496.3 |
7435867.7 |
974.4 |
310 |
-60 |
150 |
LAR-39 |
374577.9 |
7435877.9 |
1010.1 |
265 |
-60 |
150 |
LAR-40 |
374759.7 |
7435535.1 |
1100.3 |
265 |
-60 |
300 |
LAR-41 |
374755.7 |
7435539.9 |
1099.9 |
310 |
-60 |
350 |
LAR-42 |
374702.0 |
7435589.7 |
1090.0 |
220 |
-60 |
270 |
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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