Coro Mining Corp. (“Coro” or the “Company”) (TSX:
COP) is pleased to announce an update at the Company’s
Marimaca project in the Antofagasta region of Chile.
At La Atómica, the area that was acquired after
Marimaca 1-23, drilling has been completed and confirms the
continuation of copper oxide mineralization to the northwest.
Highlights
- Results from 27 of the 64 RC drill holes completed, including 9
more holes than originally planned, for 6,530 metres of a total
15,100 metres, drilled on a 100 x100 metre grid. Highlights
include:Hole LAR 44° From 132 to 176
metres, 44 metres of copper oxide mineralization averaging 0.79%
CuT, including 26 metres, from 150 to 176 metres, averaging
1.49% CuT.° From 182 to 228 metres, 46 metres of copper oxide
mineralization averaging 1.49% CuT, including 30 metres, from 198
to 228 metres, averaging 2.16% CuT.° From 232 to 258 metres,
26 metres of mixed copper oxide chalcocite mineralization averaging
2.05% CuT.Hole LAR 63° From 42 to 140
metres, 98 metres of copper oxide mineralization averaging 0.63%
CuT.° From 104 to 130 metres, 26 metres of copper oxide
mineralization averaging 1.34% CuT.Hole LAR
66° From 52 to 84 metres s, 32 metres of copper
oxide mineralization averaging 0.56 %CuT, including 10 metres, from
62 to 72 metres, averaging 1.28 %CuT.
- A total of 2,648 metres of chip channel samples has been
collected from underground workings, averaging 0.66% CuT, with
highlights including:° 96 metres at 0.49% CuT° 46
metres at 0.53% CuT° 52 metres at 0.61% CuT° 48 metres
at 0.92% CuT° 26 metres at 1.32% CuT
- Current work suggests total horizontal extension of the
outcropping copper oxide mineralization from Marimaca to La Atómica
now reaches 800 metres in a north-west direction, however, this
could extend further.
- Drilling program was expanded to confirm copper oxide
mineralization towards the southwestern part of the La Atómica
property, with an additional 9 holes for 2,120 metres have been
drilled with assay results pending.
Further InformationFigure 1 below
illustrates the location of the completed Phase I drilling which
established the resource at Marimaca 1-23 and the Phase II drill
holes at La Atómica. The location of the underground workings at La
Atómica is also shown. It is worth noting that due to the designed
100 x 100 metre grid spacing, just a few holes intercepted the
underground working area. Included below are tables showing the
drill intercepts and a drill hole collar location data (UTM PSAD 56
coordinate system).
Figure 1: La Atómica updated drill hole
locations
Underground workings at La Atómica extend 370
metres from the Marimaca 1-23 resource drill grid and are located
50 to 100 metres from the previously released Atahualpa underground
working results. These historic and easily accessible
sub-horizontal workings extend over a 200 x 150 metre area in a
north-south direction to a depth of 70 to 100 metres below
surface.
Figure 2 shows the distribution of copper in the
underground workings and the location of selected intervals. This
demonstrates consistent grades of 0.6-0.8% CuT and above. It also
indicates the continuation of the mineralization to the north west
from the Marimaca 1-23 resource.
Figure 2: La Atómica underground workings location
and sampling results
Underground workings are easily accessible and
display good rock quality conditions. Although no reports
from 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. Copper
mineralization is chiefly brochantite and its occurrence is
controlled by low to moderately parallel fracturing of the
intrusive host rock.
Figure 3: La Atómica underground workings; selected
intersections
Working |
From (m) |
To (m) |
Length (m) |
% CuT |
% CuS |
LAS-03 |
104 |
192 |
88 |
0.30 |
0.16 |
LAS-N |
1062 |
1160 |
88 |
0.45 |
0.28 |
including |
1062 |
1092 |
30 |
0.63 |
0.40 |
LAS-Nincluding |
1156 |
1252 |
96 |
0.49 |
0.33 |
1176 |
1206 |
30 |
0.64 |
0.41 |
LAS-N |
1292 |
1340 |
48 |
0.74 |
0.39 |
LAS-B |
244 |
290 |
46 |
0.53 |
0.41 |
LAS-F |
444 |
470 |
26 |
0.60 |
0.50 |
LAS-L |
838 |
890 |
52 |
0.61 |
0.48 |
including |
838 |
872 |
34 |
0.83 |
0.67 |
LAS-02 |
0 |
48 |
48 |
0.92 |
0.55 |
including |
22 |
48 |
26 |
1.30 |
1.09 |
LAS-A2 |
70 |
96 |
26 |
1.32 |
1.12 |
LAS-05 |
68 |
92 |
24 |
0.44 |
0.14 |
Figures 4a and 4b below show a long NNW – SSW
section at different scales, containing the resource block model
generated with the original drilling at Marimaca on the right, and
the recent drilling conducted in La Atómica and the sampled
underground workings on the left; these in general present higher
copper grades than the drilling itself.
Figure 4a: La Atómica underground workings and
drilling
Figure 4b: La Atómica underground workings and
drilling (zoomed)
Phase II Program Upcoming
MilestonesAt La Atómica, due to the addition of 9 holes to
test for the southwestern extension of mineralization, a
potentially larger resource will take additional weeks to estimate,
however, this is still anticipated to be available in the first
quarter of 2019. Two RC drill rigs have moved to Atahualpa
and first drill results are anticipated in the coming weeks.
A third RC drill and the first diamond drill will arrive on site
soon, ensuring that the Phase II program remains on track.
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 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.
Underground 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 and assayed
as for the drill samples. No standards, blanks or duplicates were
employed. After sampling, underground workings were geologically
mapped in detail following a protocol adapted from that used for
drill hole logging, with emphasis on mineralization and its
structural and litohologic controls.
Figure 5: La Atómica intersections
Hole |
TD (m) |
|
From |
To |
m |
%CuT |
Type |
LAR-43 |
250 |
|
72 |
90 |
18 |
0.37 |
Oxide |
136 |
190 |
54 |
0.38 |
Oxide |
LAR-44 |
300 |
|
30 |
40 |
10 |
0.40 |
Oxide |
|
62 |
116 |
54 |
0.43 |
Oxide |
including |
64 |
72 |
8 |
0.72 |
Oxide |
and |
108 |
114 |
6 |
0.75 |
Oxide |
|
132 |
176 |
44 |
0.79 |
Oxide |
including |
150 |
176 |
26 |
1.24 |
Oxide |
|
182 |
228 |
46 |
1.49 |
Oxide |
including |
198 |
228 |
30 |
2.16 |
Oxide |
|
232 |
258 |
26 |
2.05 |
Enriched-Mixed |
258 |
294 |
36 |
0.41 |
Primary |
LAR-45 |
350 |
|
50 |
130 |
80 |
0.40 |
Oxide |
including |
52 |
70 |
18 |
0.64 |
Oxide |
and |
86 |
110 |
24 |
0.52 |
Oxide |
|
148 |
158 |
10 |
0.34 |
Enriched |
166 |
180 |
14 |
0.67 |
Enriched |
LAR-46 |
190 |
No Significant Results |
LAR-47 |
150 |
|
34 |
68 |
34 |
0.22 |
Oxide |
LAR-48 |
150 |
No Significant Results |
LAR-49 |
220 |
|
18 |
78 |
60 |
0.47 |
Oxide |
including |
24 |
44 |
20 |
0.80 |
Oxide |
|
70 |
82 |
12 |
0.57 |
Oxide |
|
92 |
118 |
26 |
0.86 |
Mixed |
including |
92 |
108 |
16 |
1.23 |
Mixed |
LAR-50 |
250 |
|
54 |
68 |
14 |
0.71 |
Oxide |
178 |
184 |
6 |
0.28 |
Oxide |
LAR-51 |
210 |
|
20 |
132 |
112 |
0.29 |
Oxide |
including |
104 |
126 |
22 |
0.46 |
Oxide |
|
178 |
196 |
18 |
0.35 |
Oxide |
LAR-52 |
300 |
|
224 |
238 |
14 |
0.31 |
Oxide |
|
254 |
296 |
42 |
0.41 |
Oxide |
including |
254 |
262 |
8 |
0.60 |
Oxide |
and |
266 |
272 |
6 |
0.73 |
Oxide |
276 |
296 |
20 |
0.37 |
Oxide |
LAR-53 |
160 |
|
84 |
110 |
26 |
0.67 |
Oxide |
LAR-54 |
200 |
No Significant Results |
LAR-55 |
200 |
|
70 |
78 |
8 |
0.67 |
Oxide |
La Atómica intersections continued,
LAR-56 |
150 |
No Significant Results |
LAR-57 |
200 |
No Significant Results |
LAR-58 |
250 |
|
116 |
120 |
4 |
0.42 |
Oxide |
|
184 |
192 |
8 |
0.63 |
Enriched |
LAR-59 |
250 |
No Significant Results |
LAR-60 |
250 |
|
10 |
26 |
16 |
0.51 |
Oxide |
and |
132 |
222 |
90 |
0.42 |
Oxide |
including |
138 |
186 |
48 |
0.55 |
Oxide |
and |
200 |
210 |
10 |
0.51 |
Mixed |
LAR-61 |
300 |
|
12 |
36 |
24 |
0.32 |
Oxide |
including |
118 |
124 |
6 |
0.52 |
Oxide |
|
146 |
156 |
10 |
0.42 |
Oxide |
|
240 |
248 |
8 |
0.51 |
Mixed |
LAR-62 |
250 |
|
76 |
96 |
20 |
0.36 |
Oxide |
184 |
200 |
16 |
0.60 |
Mixed |
LAR-63 |
250 |
|
42 |
140 |
98 |
0.63 |
Oxide |
including |
50 |
66 |
16 |
0.77 |
Oxide |
and |
104 |
130 |
26 |
1.34 |
Oxide |
|
160 |
194 |
34 |
0.46 |
Mixed - Enriched |
including |
162 |
174 |
12 |
0.80 |
Mixed - Enriched |
LAR-64 |
250 |
|
2 |
18 |
16 |
0.34 |
Oxide |
and |
68 |
80 |
12 |
0.31 |
Oxide |
224 |
230 |
6 |
0.40 |
Primary |
LAR-65 |
250 |
|
4 |
30 |
26 |
0.57 |
Oxide |
including |
8 |
16 |
8 |
1.18 |
Oxide |
LAR-66 |
300 |
|
52 |
84 |
32 |
0.56 |
Oxide |
including |
62 |
72 |
10 |
1.28 |
Oxide |
and |
164 |
172 |
8 |
0.48 |
Primary |
LAR-67 |
250 |
and |
82 |
96 |
14 |
0.32 |
Oxide |
LAR-68 |
350 |
|
2 |
70 |
68 |
0.24 |
Oxide |
including |
2 |
24 |
22 |
0.28 |
Oxide |
and |
38 |
56 |
18 |
0.33 |
Oxide |
62 |
70 |
8 |
0.31 |
Oxide |
92 |
110 |
18 |
0.22 |
Oxide |
LAR-69 |
300 |
|
20 |
40 |
20 |
0.71 |
Oxide |
and |
48 |
70 |
22 |
0.50 |
Oxide |
106 |
144 |
38 |
0.27 |
Oxide |
166 |
192 |
26 |
0.36 |
Oxide |
248 |
260 |
12 |
0.39 |
Enriched |
Figure 6: La Atómica Drill Collars
Hole |
Easting |
Northing |
Elevation |
Azimuth |
Inclination |
Depth |
LAR-43 |
374708.5 |
7435612.7 |
1090.8 |
310 |
-60 |
250 |
LAR-44 |
374704.7 |
7435599.5 |
1090.1 |
355 |
-60 |
300 |
LAR-45 |
374862.7 |
7435726.4 |
1103.8 |
265 |
-60 |
350 |
LAR-46 |
374593.4 |
7435657.6 |
1018.0 |
220 |
-60 |
190 |
LAR-47 |
374590.0 |
7435669.4 |
1017.6 |
310 |
-60 |
150 |
LAR-48 |
374455.0 |
7435795.8 |
993.3 |
310 |
-60 |
150 |
LAR-49 |
374709.7 |
7435464.3 |
1052.1 |
220 |
-60 |
220 |
LAR-50 |
374713.2 |
7435469.3 |
1052.3 |
310 |
-60 |
250 |
LAR-51 |
374619.6 |
7435517.9 |
1057.5 |
220 |
-60 |
210 |
LAR-52 |
374616.2 |
7435522.4 |
1057.2 |
310 |
-60 |
300 |
LAR-53 |
374538.1 |
7435587.8 |
1026.0 |
220 |
-60 |
160 |
LAR-54 |
374536.2 |
7435591.5 |
1026.0 |
310 |
-60 |
200 |
LAR-55 |
374473.5 |
7435628.7 |
1004.6 |
220 |
-60 |
200 |
LAR-57 |
374388.9 |
7435713.8 |
953.5 |
220 |
-60 |
200 |
LAR-56 |
374355.9 |
7435866.4 |
956.2 |
310 |
-60 |
150 |
LAR-58 |
374709.3 |
7435857.4 |
1022.0 |
220 |
-60 |
250 |
LAR-59 |
374700.6 |
7435861.0 |
1021.7 |
310 |
-60 |
250 |
LAR-60 |
374724.9 |
7435739.7 |
1092.7 |
220 |
-60 |
250 |
LAR-61 |
374722.7 |
7435745.8 |
1092.5 |
310 |
-60 |
300 |
LAR-62 |
374661.5 |
7435806.7 |
1059.5 |
310 |
-60 |
250 |
LAR-63 |
374666.6 |
7435801.0 |
1059.8 |
220 |
-60 |
250 |
LAR-64 |
374663.3 |
7435670.3 |
1055.0 |
310 |
-60 |
250 |
LAR-65 |
374663.0 |
7435664.8 |
1055.0 |
220 |
-60 |
250 |
LAR-66 |
374596.0 |
7435731.2 |
1041.4 |
310 |
-60 |
300 |
LAR-67 |
374598.3 |
7435729.4 |
1041.3 |
220 |
-60 |
250 |
LAR-68 |
374614.4 |
7435517.8 |
1057.0 |
265 |
-60 |
350 |
LAR-69 |
374713.2 |
7435464.8 |
1052.1 |
265 |
-60 |
300 |
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 Information |
For further
information please visit www.coromining.com or contact: |
Nicholas
Bias, VP Corporate Development & Investor Relations |
Office: |
+56 2 2431 7601 |
Cell: |
+44 (0)7771 450
679 |
Email: |
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.
Photos accompanying this announcement are available
at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/099957bf-cbe8-4039-9630-627855a762f0
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