Coro Mining Corp. (“Coro” or the “Company”) (TSX:
COP) is pleased to announce further exciting exploration
results from its Marimaca project. Results from the sampling
of historic underground workings in the Atahualpa area indicate a
continuous 800 metre extension of mineralization to the north of
the Marimaca 1-23 resource, announced in April 2018. A 17,000
metre RC drilling program has commenced at Atahualpa, increased
from the original 12,000 metre plan to test for potentially thicker
mineralization.
Underground Sampling Highlights |
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Sampling of
underground working returned positive results with an average grade
for the total 2,098 samples of 0.72 % CuT and 0.56 % CuS. |
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Results
included: |
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Northern
workings: |
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38 metres
at 0.8 % CuT and 0.68 % CuS |
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76 metres
at 0.64 % CuT and 0.50 % CuS |
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Central
workings: |
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186 metres at 1.57 % CuT and 1.31 % CuS |
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48 metres
at 1.24 % TCu and 1.03 % CuS |
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258 metres
at 0,95 % CuT and 0.75 % CuS |
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64 metres
at 0.67 % CuT and 0,49 % CuS |
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Southern
workings: |
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84 metres
at 1.10 % CuT and 0.76 % CuS |
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50 metres
at 0.91 % CuT and 0.71 % CuS |
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90 metres
at 0.78 % CuT and 0.56 % CuS |
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Brochantite rich copper oxide mineralization shown to extend
800 metres beyond limits of previous resource estimate at Marimaca
1-23, and to be open in all directions. |
CommentaryExploration
activities at Atahualpa have been aided by historic and easily
accessible sub-horizontal mine workings that extend for
approximately 800 metres in a north-north west direction from the
Marimaca 1-23 resource limits, and to a depth of 100 metres below
surface. Consequently, a total of approximately 2,000 metres
of continuous underground workings have been geologically mapped
and channel sampled.
The results demonstrate that the rock types,
structures and copper oxide mineralization are similar to those
observed at Marimaca 1-23; consisting of parallel, 50° east dipping
fractures in monzodiorite intruded by dacitic to dioritic dykes,
hosting brochantite dominated mineralization. Figure 1 shows
the location of the Atahualpa underground workings in relation to
the previously reported drilling.
To view Figure 1 - Atahualpa underground
workings location, visit the following
link: http://www.globenewswire.com/NewsRoom/AttachmentNg/3353d8dd-68ac-429b-b078-47a40bc87f0e
Underground workings are north-south,
north-north west and east-west oriented, accessible by truck and
display good rock quality conditions. Although no reports on
earlier mining activities exist, it is believed from sampling and
the continuous copper oxide mineralization exposed in the declines
and adits that the workings were developed to mine material
estimated to contain above 2% copper.
Figure 2 shows the distribution of copper in the
workings and the location of selected intervals. This demonstrates
consistent grades of 0.6 - 0.8% CuT and above, clearly indicating
that mineralization continues significantly to the north from the
Marimaca 1-23 resource.
To view Figure 2 - Atahualpa historic
underground workings results and selected intervals, visit the
following
link: http://www.globenewswire.com/NewsRoom/AttachmentNg/380102d1-7b51-4c5d-a8cf-90dbc083539a
The diagram in Figure 3 illustrates a long
geological section containing the drilling already conducted at
Marimaca and La Atómica. The red zone illustrates the planned
drilling area at Atahualpa, following the excellent results from
the underground sampling.
To view Figure 3 - Atahualpa underground
workings; selected intersections, visit the following
link: http://www.globenewswire.com/NewsRoom/AttachmentNg/c3f29871-6e61-4293-8c4a-ddea00498a2a
Figure 4: Atahualpa underground workings; selected
intersections
Underground Drive |
Intersection |
% CuT* |
% CuS* |
From (m) |
To (m) |
Length (m) |
ATHL-03A |
50 |
198 |
148 |
0.26 |
0.19 |
including |
52 |
102 |
50 |
0.62 |
0.50 |
AXC-2-A |
20 |
58 |
38 |
0.67 |
0.52 |
ATHL-03 |
0 |
76 |
76 |
0.64 |
0.50 |
including |
0 |
22 |
22 |
1.01 |
0.78 |
ATHL-05 |
0 |
34 |
34 |
0.80 |
0.68 |
LC-1E |
0 |
186 |
186 |
1.57 |
1.31 |
including |
0 |
18 |
18 |
1.24 |
1.02 |
and |
40 |
102 |
54 |
2.51 |
2.21 |
and |
116 |
164 |
48 |
1.85 |
1.58 |
and |
170 |
186 |
16 |
1.09 |
0.84 |
LC-2B |
0 |
86 |
86 |
0.29 |
0.20 |
including |
6 |
32 |
26 |
0.41 |
0.28 |
AXC-1B |
0 |
60 |
60 |
0.46 |
0.36 |
including |
2 |
16 |
14 |
1.17 |
1.03 |
ATHL-04A |
0 |
56 |
56 |
0.24 |
0.17 |
ATHL-04B1 |
68 |
116 |
48 |
1.24 |
1.03 |
ATHL-04B |
0 |
126 |
126 |
1.00 |
0.84 |
including |
38 |
120 |
82 |
1.41 |
1.20 |
ATHL-04A1S |
202 |
324 |
122 |
0.49 |
0.42 |
including |
278 |
322 |
44 |
0.83 |
0.75 |
LC-7C |
84 |
148 |
64 |
0.67 |
0.49 |
including |
116 |
148 |
32 |
1.02 |
0.78 |
LC-10B |
0 |
258 |
258 |
0.95 |
0.75 |
including |
2 |
34 |
32 |
1.62 |
1.29 |
and |
90 |
168 |
78 |
1.40 |
1.13 |
and |
202 |
222 |
20 |
1.49 |
1.31 |
MNP-01O |
10 |
100 |
90 |
0.92 |
0.70 |
including |
50 |
82 |
32 |
1.51 |
1.26 |
MNP-3A |
50 |
96 |
46 |
2.18 |
1.91 |
MNP-01G |
0 |
84 |
84 |
1.29 |
0.90 |
including |
26 |
84 |
58 |
1.77 |
1.22 |
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* % CuT: total copper |
** % CuS: acid soluble copper |
Atahualpa RC Drilling
ProgramThe Company has now commenced an RC drilling
program at Atahualpa, the main objective of which is to define the
continuation of copper mineralization northwards from the Marimaca
1-23 resource.
The program comprises a 100 x 100 metres grid
covering an area of 400 x 750 metres. This area was
previously mapped and sampled including the sampling of the
underground workings whose results were reported here. Oxide copper
mineralization was observed in many outcrops, access roads as
around drill pad locations. It is believed that the nature
and controls of mineralization are identical to those observed at
Marimaca 1-23.
Originally 51 holes for a total 12,310 metres
were planned, but because mineralization appears to be thicker than
originally anticipated, the program has been increased to 17,000m
to drill to greater depths.
Phase II Program Upcoming
MilestonesThe Marimaca Phase II exploration program is
advancing according to plan. Following the announcement of
preliminary drill results from La Atómica earlier this month, the
Company is on track to complete and announce all drill results for
La Atómica by the end of the year, in addition to results from the
sampling of underground workings in that area. The Company also
anticipates announcing the first batch of drill results from
Atahualpa before the end of the year.
Sample and Assay ProtocolThe
samples were taken as 2 metres continuous chip channel samples in
previously carefully cleaned surface walls. Both adit walls were
sampled by Coro personnel. The samples were transported to the
Andes Analytical Assays (“AAA”) preparation laboratory in Calama.
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 and CuS by AAS. No standards,
blanks or duplicates were employed. After sampling, underground
workings were geologically mapped in detail following a protocol
adapted from that used for bore hole logging, with emphasis on
mineralization and its structural and litohologic controls.
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 programs 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 38 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 and the
contents of this news release.
Contact Information |
For further
information please visit www.coromining.com or contact: |
Nicholas
Bias, VP Corporate Development & Investor Relations |
Office: |
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+56 2 2431 7601 |
Cell: |
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+44 (0)7771 450
679 |
Email: |
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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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