Coro Mining Corp. (“Coro” or the “Company”) (TSX:
COP) is pleased to announce an update for the Company’s Marimaca
Project in the Antofagasta Region of Chile. The first 21 RC holes
totalling 6,750 metres have been drilled at Atahualpa and have
confirmed the northward extension of copper oxide mineralization
from that previously defined at Marimaca 1-23 and La Atómica.
The Marimaca deposit has now been shown to be continuous over
a strike length in excess of 1,000 metres and remains open to the
north. As previously announced on November 27, 2018, underground
workings at Atahualpa have been sampled and mineralization is known
to be present for at least a further 250 metres beyond the current
drill pattern. Marimaca averages in excess of 500 metres in
width, narrowing to the south, and leachable mineralization
averages 50 to 200 metres in thickness.
Highlights
Hole ATR-03From 6 to 84 metres,
78 metres of copper oxide mineralization averaging 0.62% CuT
Hole ATR-04 (extending to Marimaca 1-23
model area)
- From 2 to 122 metres, 120 metres of copper oxide and lesser
enriched sulphide mineralization averaging 1.09% CuT
Hole ATR-05
- From 54 to 116 metres, 62 metres of copper oxide and lesser
mixed mineralization averaging 0.61% CuT
- From 174 to 248 metres, 74 metres of mixed and enriched copper
mineralization averaging 1.06% CuT
Hole ATR-07
- From 0 to 106 metres, 106 metres of copper oxide and mixed
mineralization averaging 0.89% CuT
Hole ATR-09
- From 50 to 106 metres, 56 metres of copper oxide and mixed
mineralization averaging 1.03% CuT
Commenting on the results, Luis Tondo, CEO of
Coro stated: “We are delighted that the first batch of drill
results at Atahualpa, the area adjacent and to the north of
Marimaca, has confirmed that the copper oxide mineralized zones
extend on to the Atahualpa claims. This is an important
milestone for the project because we are now demonstrating the real
potential of a larger resource at Marimaca, surpassing that
established in the Phase I program. As the Phase II program
continues and expands, we look forward to releasing more results
confirming the continued growth of the Marimaca Project.”
Further Information
The Phase I drilling that established the
initial Marimaca 1-23 resources and the Phase II drilling completed
thus far at La Atómica and Atahualpha are detailed below in Figure
1.
Discussion of
ResultsInterpretation of all drilling to date shows that
two styles of mineralization are present at Marimaca, as
illustrated in Figure 1, namely:
- To the west, mineralization is more structurally controlled and
characterised by weak to moderate north south oriented parallel
fracturing cross cut by 60° east dipping, north south feeders,
containing high grade brochantite rich mineralization, previously
mined in the underground workings.
- To the east, the mineralization is characterised by strong
north south penetrative parallel fracturing cross cut by north east
oriented sub vertical feeders and is the continuation of the
previously drilled Marimaca style mineralization. The two styles
are separated by a dyke swarm known as the Main Dacitic Dyke (MDD)
and a similar set of dykes defines the hanging wall of the Marimaca
style mineralization.
Towards the west, drill holes ATR-15, 17, 18 and
19 defined the border of the Marimaca deposit, intersecting narrow
low-grade copper mineralization related to a northeast system of
dioritic dykes. To the east, a concealed post mineral diorite
containing minor primary sulphides was intersected in hole ATR-21
and in holes previously drilled inn the north east section of the
Marimaca 1-23 Claim.
The drilling has also returned some attractive
primary sulphide copper grades, notably, ATR-04, 18 metres at 0.95%
CuT, ATR-08, 14 metres at 0.94% CuT and ATR-10, 16 metres at 0.66%
CuT. These results confirm the existence of sulphide
mineralization at depth and remaining open.
The section diagram above corresponds to a cross
section along the 310° direction, showing copper grades from new RC
holes as well as intersected underground workings. Thickness and
grades increase towards the east as they are controlled by the
intersection of NS strike dipping east parallel fractures with
north east trending feeders. Limits between mineralized zones are
also shown. In this section the higher grades correspond chiefly to
brochantite rich mineralization.
Two drill rigs are currently operating on site.
With the drill rigs fully active and assaying now in progress, the
Phase II program is approaching peak activity. A third RC rig and a
diamond drilling will add to the overall activity, expected to peak
in March 2019. The anticipated enlarged and integrated Marimaca
resource estimate remains on track for completion in the third
quarter of 2019. The preparation of access roads, drilling
platforms and RC drilling at Tarso and Sorpresa has commenced. The
Marimaca project area and exploration Phases are detailed in the
Figure 3 below.
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 4: Atahualpa Intersections
Hole |
TD
(m) |
|
From |
To |
m |
%CuT |
Type |
ATR-01 |
250 |
|
26 |
116 |
90 |
0.44 |
Oxide - Mixed - Enriched |
|
|
including |
34 |
60 |
26 |
0.62 |
Oxide |
|
|
|
78 |
94 |
16 |
0.49 |
Mixed |
|
|
and |
124 |
132 |
8 |
0.35 |
Primary - Enriched |
ATR-02 |
300 |
|
2 |
68 |
66 |
0.59 |
Oxide |
|
|
including |
2 |
8 |
6 |
1.08 |
Oxide |
|
|
|
52 |
68 |
16 |
1.22 |
Oxide |
|
|
and |
68 |
88 |
20 |
0.37 |
Mixed - Enriched |
|
|
|
184 |
204 |
20 |
0.41 |
Primary - Enriched |
ATR-03 |
350 |
|
6 |
84 |
78 |
0.62 |
Oxide |
|
|
including |
6 |
26 |
20 |
0.89 |
Oxide |
|
|
|
42 |
72 |
30 |
0.79 |
Oxide |
|
|
and |
88 |
114 |
26 |
0.32 |
Oxide |
|
|
|
240 |
246 |
6 |
0.74 |
Oxide |
|
|
|
252 |
262 |
10 |
0.30 |
Oxide |
ATR-04 |
350 |
|
2 |
122 |
120 |
1.09 |
Oxide - Enriched |
|
|
including |
8 |
34 |
26 |
0.95 |
Oxide |
|
|
|
48 |
76 |
28 |
1.80 |
Oxide |
|
|
|
82 |
92 |
10 |
1.80 |
Enriched |
|
|
|
94 |
122 |
28 |
1.07 |
Oxide |
|
|
and |
160 |
178 |
18 |
0.95 |
Primary |
|
|
and |
194 |
202 |
8 |
0.34 |
Oxide |
Atahualpa intersections continued,
ATR-05 |
450 |
|
54 |
116 |
62 |
0.61 |
Oxide -
Mixed |
|
|
including |
54 |
84 |
30 |
0.81 |
Oxide - Mixed |
|
|
|
96 |
116 |
20 |
0.66 |
Oxide |
|
|
and |
174 |
248 |
74 |
1.06 |
Mixed - Enriched |
|
|
including |
198 |
248 |
50 |
1.41 |
Primary - Enriched |
|
|
and |
256 |
274 |
18 |
0.33 |
Primary |
|
|
|
336 |
342 |
6 |
0.43 |
Mixed - Enriched |
ATR-06 |
400 |
|
0 |
46 |
46 |
0.41 |
Oxide |
|
|
including |
10 |
32 |
22 |
0.57 |
Oxide |
|
|
and |
146 |
154 |
8 |
0.33 |
Enriched |
|
|
|
198 |
210 |
12 |
1.24 |
Primary - Enriched |
|
|
|
316 |
338 |
22 |
0.38 |
Primary |
ATR-07 |
400 |
|
0 |
106 |
106 |
0.89 |
Oxide - Mixed |
|
|
including |
16 |
46 |
30 |
1.52 |
Oxide - Mixed |
|
|
and |
116 |
148 |
32 |
0.65 |
Enriched |
|
|
including |
128 |
140 |
12 |
1.20 |
Enriched |
|
|
and |
190 |
224 |
34 |
0.32 |
Primary-Mixed-Enriched |
|
|
|
260 |
312 |
52 |
0.26 |
Primary |
|
|
including |
260 |
280 |
20 |
0.42 |
Primary |
|
|
and |
384 |
390 |
6 |
0.36 |
Oxide |
ATR-08 |
350 |
|
0 |
110 |
110 |
0.69 |
Oxide |
|
|
including |
0 |
60 |
60 |
0.79 |
Oxide |
|
|
|
74 |
110 |
36 |
0.74 |
Oxide |
|
|
and |
198 |
226 |
28 |
0.60 |
Primary |
|
|
including |
198 |
212 |
14 |
0.94 |
Primary |
ATR-09 |
400 |
|
2 |
18 |
16 |
0.66 |
Oxide |
|
|
and |
34 |
42 |
8 |
0.76 |
Oxide |
|
|
|
50 |
106 |
56 |
1.03 |
Oxide-Mixed-Enriched |
|
|
including |
66 |
106 |
40 |
1.27 |
Mixed - Enriched |
|
|
and |
122 |
134 |
12 |
0.30 |
Enriched |
ATR-10 |
350 |
|
0 |
76 |
76 |
0.47 |
Oxide |
|
|
including |
2 |
12 |
10 |
1.26 |
Oxide |
|
|
|
40 |
46 |
6 |
1.62 |
Oxide |
|
|
|
60 |
72 |
12 |
0.61 |
Oxide |
|
|
and |
76 |
102 |
26 |
1.91 |
Oxide - Enriched |
|
|
including |
76 |
84 |
8 |
4.14 |
Oxide |
|
|
|
84 |
96 |
12 |
1.30 |
Enriched |
|
|
and |
118 |
134 |
16 |
0.66 |
Primary |
|
|
|
134 |
150 |
16 |
0.21 |
Oxide - Mixed |
Atahualpa intersections continued,
ATR-10 |
|
|
172 |
178 |
6 |
0.41 |
Oxide |
cont., |
|
|
224 |
230 |
6 |
1.42 |
Mixed |
|
|
|
242 |
262 |
20 |
0.47 |
Oxide |
ATR-11 |
300 |
|
0 |
64 |
64 |
0.40 |
Oxide |
|
|
including |
10 |
16 |
6 |
1.12 |
Oxide |
|
|
|
20 |
44 |
24 |
0.43 |
Oxide |
|
|
and |
118 |
138 |
20 |
0.40 |
Mixed - Enriched |
|
|
including |
128 |
134 |
6 |
1.06 |
Enriched |
|
|
and |
228 |
252 |
24 |
0.33 |
Oxide |
ATR-12 |
350 |
|
6 |
58 |
52 |
0.34 |
Oxide |
|
|
and |
76 |
84 |
8 |
0.38 |
Primary |
|
|
|
86 |
98 |
12 |
0.32 |
Oxide |
|
|
|
130 |
144 |
14 |
0.30 |
Primary |
|
|
|
326 |
332 |
6 |
0.52 |
Primary |
ATR-13 |
250 |
|
2 |
32 |
30 |
0.42 |
Oxide |
ATR-14 |
300 |
|
6 |
18 |
12 |
0.30 |
Oxide |
|
|
and |
52 |
64 |
12 |
0.30 |
Oxide |
|
|
|
90 |
102 |
12 |
0.30 |
Oxide |
|
|
|
118 |
128 |
10 |
0.30 |
Oxide |
|
|
|
246 |
258 |
12 |
0.49 |
Primary - Mixed |
ATR-15 |
200 |
No Significant Results |
|
|
|
|
ATR-16 |
250 |
|
12 |
40 |
28 |
0.43 |
Oxide |
ATR-17 |
270 |
|
258 |
266 |
8 |
0.28 |
Oxide |
ATR-18 |
230 |
|
86 |
92 |
6 |
0.33 |
Oxide |
|
|
and |
132 |
138 |
6 |
0.31 |
Oxide |
ATR-19 |
200 |
|
68 |
84 |
16 |
0.29 |
Oxide |
ATR-21 |
450 |
|
326 |
332 |
6 |
0.59 |
Primary |
ATR-22 |
350 |
|
110 |
134 |
24 |
0.55 |
Oxide - Mixed |
|
|
including |
112 |
130 |
18 |
0.65 |
Oxide - Mixed |
|
|
and |
170 |
178 |
8 |
0.50 |
Enriched - Mixed |
|
|
|
306 |
318 |
12 |
1.53 |
Primary |
Figure 5: Atahualpa Drill Collars
Hole |
Easting |
Northing |
Elevation |
Azimuth |
Inclination |
Depth |
ATR-01 |
374924.4 |
7435815.6 |
1038.9 |
310 |
-60 |
250 |
ATR-02 |
374960.7 |
7435793.1 |
1037.6 |
220 |
-60 |
300 |
ATR-03 |
374986.0 |
7435714.7 |
1053.8 |
310 |
-60 |
350 |
ATR-04 |
374988.3 |
7435713.5 |
1053.9 |
220 |
-60 |
350 |
ATR-05 |
375106.1 |
7435757.8 |
1068.0 |
310 |
-60 |
450 |
ATR-06 |
375115.1 |
7435744.5 |
1068.5 |
220 |
-60 |
400 |
ATR-07 |
375014.0 |
7435803.4 |
1048.1 |
310 |
-60 |
400 |
ATR-08 |
375014.9 |
7435797.4 |
1048.1 |
220 |
-60 |
350 |
ATR-09 |
374960.4 |
7435878.4 |
1027.6 |
310 |
-60 |
400 |
ATR-10 |
374962.1 |
7435874.2 |
1027.7 |
220 |
-60 |
350 |
ATR-11 |
374876.9 |
7435940.0 |
994.9 |
310 |
-60 |
300 |
ATR-12 |
374880.2 |
7435930.2 |
995.3 |
220 |
-60 |
350 |
ATR-13 |
374791.5 |
7436009.4 |
973.6 |
310 |
-60 |
250 |
ATR-14 |
374792.6 |
7436006.8 |
973.7 |
220 |
-60 |
300 |
ATR-15 |
374729.3 |
7436046.4 |
966.8 |
310 |
-60 |
200 |
ATR-16 |
374730.9 |
7436040.9 |
966.8 |
220 |
-60 |
250 |
ATR-17 |
374634.0 |
7436086.1 |
959.2 |
310 |
-60 |
270 |
ATR-18 |
374635.3 |
7436084.7 |
959.2 |
220 |
-60 |
230 |
ATR-19 |
374574.1 |
7436174.5 |
932.6 |
310 |
-60 |
200 |
ATR-21 |
375209.5 |
7435815.9 |
1083.0 |
310 |
-60 |
450 |
ATR-22 |
375210.6 |
7435809.4 |
1082.9 |
220 |
-60 |
350 |
Qualified Persons
The 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 7601Cell: +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.
Photos accompanying this announcement are available at
:
http://www.globenewswire.com/NewsRoom/AttachmentNg/9f9e040a-6e2d-4d00-aa7f-621f59512686
http://www.globenewswire.com/NewsRoom/AttachmentNg/b86544d6-2488-4685-a7da-ad9fc83fb0ee
http://www.globenewswire.com/NewsRoom/AttachmentNg/78738a68-0b2b-4591-acd5-7efa038940ed
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