Coro Mining Marimaca Exploration Update: Atahualpa Results Increase Marimaca Mineralized Zone Area by 44%
March 05 2019 - 7:00AM
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. A further
batch of 19 RC holes for 5,650 metres has been completed at
Atahualpa, bringing the total to 40 holes for 12,400 metres. The
new drill results confirm the northward extension of copper oxide
mineralization from that previously defined at Marimaca 1-23 and La
Atómica, and importantly, indicating an above 1% CuT core zone
located in the previously undrilled southern limit of Atahualpa
extending partially to La Atómica and Marimaca 1-23.
Highlights
Hole ATR-28
- From 2 to 82 metres, 80 metres of copper oxide mineralization
averaging 0.51% CuT.
Hole ATR-29
- From 14 to 60 metres, 46 metres of copper oxide mineralization
averaging 0.88% CuT.
Hole ATR-39 (extending to Marimaca 1-23
modelled area)
- From 2 to 152 metres, 150 metres of copper oxide and lesser
mixed mineralization averaging 1.18% CuT.
- From 102 to 122 metres, 20 metres of oxide and mixed copper
mineralization averaging 3.70% CuT.
Hole ATR-40
- From 56 to 130 metres, 74 metres of copper oxide and mixed
mineralization averaging 0.71% CuT.
Commenting on the results, Luis Tondo, CEO of
Coro said: “The second batch of drill results at Atahualpa are our
best yet from the Marimaca Phase II exploration program, exceeding
our own expectations on many fronts. First, the results include the
longest intersection published yet for Phase II, with 150 metres at
1.18% copper. Second, we can report our highest-grade Phase II
intersection too, with 20 metres at 3.7% copper. And finally, most
satisfying of all, we can report an estimated 44% increase in the
area of the mineralised zone to an enlarged 1,200 metres northwest
to southeast strike length and 600 metres northeast southwest
width, and it still remains open to the north and south. The
average depth of the oxidation zone is also believed to have
increased from 100 to 130 metres.”
Further Information
The Phase II drilling completed thus far at La
Atómica and Atahualpha in addition to the Phase I drilling that
established the initial resource for the Marimaca 1-23 claim are
detailed below in Figure 1.
Figure
1: http://www.globenewswire.com/NewsRoom/AttachmentNg/013829ad-f803-4663-b74e-d53c3a004351
The majority of the second batch drill holes are
located along northwest-southeast sections, 100 metres apart from
the already released first batch drill holes, bearing 310° and 220°
(drilled prior to the decision to change orientation to 270°). The
copper intercepts show attractive thickness of mineralization
related to feeders mapped at surface and underground workings and
confirm the extension of the mineralization towards the northern
portion of Atahualpa claim.
Holes ATR-39 and ATR-40 are located in the
southern part and confirm the existence of a plus 1% CuT
brochantite rich mineralized core, extending approximately 300 by
300 metres. This zone had been interpreted from the Marimaca 1-23
grid but was not adequately tested by drilling because access to
the area was only gained following the acquisition of the property
in late 2018. This zone is an important addition for the whole
copper oxide blanket extending beyond limits of Marimaca 1-23 and
into La Atómica and Atahualpa.
Two diamond drilling rigs will enter service
during 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 are still in
progress. The Marimaca Project area and exploration phases are
detailed in the Figure 3 below.
Figure
2: http://www.globenewswire.com/NewsRoom/AttachmentNg/c6d76b5f-a4a0-419c-b591-b365a6e32a5e
The drill intercepts and drill hole collar
location data are detailed in Figures 3 and 4 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.
|
Figure 3: Atahualpa Intersections |
|
Hole |
TD
(m) |
|
From |
To |
m |
%CuT |
Type |
ATR-20 |
250 |
|
0 |
52 |
52 |
0.48 |
Oxide |
ATR-23 |
400 |
|
146 |
172 |
26 |
0.34 |
Oxide |
ATR-24 |
350 |
|
86 |
144 |
58 |
0.49 |
Oxide |
|
|
and |
164 |
202 |
38 |
0.59 |
Oxide |
|
|
and |
208 |
222 |
14 |
0.37 |
Mixed |
ATR-25 |
300 |
|
32 |
44 |
12 |
0.32 |
Oxide |
|
|
and |
194 |
220 |
26 |
0.68 |
Oxide - Mixed |
|
|
and |
270 |
288 |
18 |
0.47 |
Oxide - Mixed |
ATR-26 |
300 |
|
276 |
296 |
20 |
2.50 |
Oxide |
ATR-27 |
350 |
|
60 |
158 |
98 |
0.49 |
Oxide - Mixed |
|
|
including |
142 |
154 |
12 |
2.02 |
Oxide - Mixed |
|
|
and |
216 |
236 |
20 |
0.46 |
Oxide - Mixed |
ATR-28 |
350 |
|
2 |
82 |
80 |
0.51 |
Oxide |
|
|
including |
2 |
36 |
34 |
0.68 |
Oxide |
|
|
and |
332 |
344 |
12 |
0.36 |
Oxide |
ATR-29 |
250 |
|
14 |
60 |
46 |
0.88 |
Oxide |
ATR-30 |
350 |
|
92 |
106 |
14 |
0.40 |
Oxide |
|
|
and |
156 |
172 |
16 |
0.40 |
Enriched-Primary |
|
|
and |
272 |
314 |
42 |
0.57 |
Primary |
|
|
including |
274 |
290 |
16 |
1.19 |
Primary |
ATR-31 |
250 |
|
22 |
62 |
40 |
0.47 |
Oxide |
ATR-32 |
250 |
|
10 |
40 |
30 |
0.28 |
Oxide |
ATR-33 |
250 |
|
88 |
110 |
22 |
0.30 |
Oxide |
|
|
and |
136 |
176 |
40 |
0.68 |
Oxide - Mixed |
ATR-34 |
300 |
|
26 |
36 |
10 |
0.31 |
Oxide |
|
|
and |
44 |
96 |
52 |
0.36 |
Oxide |
|
|
and |
134 |
162 |
28 |
0.74 |
Oxide |
|
|
including |
144 |
156 |
12 |
1.46 |
Oxide |
Atahualpa intersections continued, |
|
ATR-35 |
300 |
|
70 |
90 |
20 |
0.40 |
Oxide |
|
|
and |
120 |
150 |
30 |
0.43 |
Oxide |
|
|
and |
234 |
254 |
20 |
0.65 |
Oxide - Mixed |
ATR-36 |
300 |
|
76 |
104 |
28 |
0.29 |
Oxide |
|
|
and |
142 |
160 |
18 |
0.57 |
Enriched |
|
|
and |
174 |
192 |
18 |
0.48 |
Oxide - Enriched |
|
|
and |
202 |
220 |
18 |
0.36 |
Oxide - Enriched |
ATR-37 |
300 |
|
106 |
128 |
22 |
0.34 |
Oxide |
|
|
and |
190 |
200 |
10 |
0.40 |
Oxide |
|
|
and |
286 |
300 |
14 |
0.38 |
Primary |
ATR-38 |
300 |
|
64 |
80 |
16 |
0.66 |
Oxide - Mixed |
|
|
and |
230 |
294 |
64 |
0.35 |
Oxide - Mixed |
|
|
including |
262 |
296 |
34 |
0.45 |
Oxide - Mixed |
ATR-39 |
250 |
|
2 |
152 |
150 |
1.18 |
Oxide - Mixed |
|
|
and |
102 |
122 |
20 |
3.70 |
Oxide - Mixed |
|
|
and |
130 |
146 |
16 |
1.57 |
Enriched - Mixed |
ATR-40 |
250 |
|
56 |
204 |
148 |
0.48 |
Oxide - Mixed |
|
|
including |
56 |
130 |
74 |
0.71 |
Oxide - Mixed |
Figure 4: Atahualpa Drill Collars |
|
Hole |
Easting |
Northing |
Elevation |
Azimuth |
Inclination |
Depth |
ATR-20 |
374876.9 |
7435937.4 |
995.0 |
330 |
-60 |
250 |
ATR-23 |
375115.9 |
7435898.1 |
1127.8 |
310 |
-60 |
400 |
ATR-24 |
375045.1 |
7435955.8 |
1095.3 |
310 |
-60 |
350 |
ATR-25 |
375046.5 |
7435944.6 |
1095.2 |
220 |
-60 |
300 |
ATR-26 |
375079.7 |
7436211.9 |
1093.3 |
310 |
-60 |
300 |
ATR-27 |
374974.5 |
7436012.4 |
1063.3 |
310 |
-60 |
350 |
ATR-28 |
374877.9 |
7436071.9 |
1029.6 |
270 |
-60 |
350 |
ATR-29 |
374876.9 |
7436075.5 |
1029.3 |
310 |
-60 |
250 |
ATR-30 |
374976.2 |
7436003.8 |
1063.2 |
220 |
-60 |
350 |
ATR-31 |
374802.7 |
7436124.5 |
1023.2 |
220 |
-60 |
250 |
ATR-32 |
374796.6 |
7436128.7 |
1022.9 |
310 |
-60 |
250 |
ATR-33 |
374953.0 |
7436145.6 |
1070.8 |
310 |
-60 |
250 |
ATR-34 |
374952.5 |
7436142.3 |
1070.9 |
270 |
-60 |
300 |
ATR-35 |
375027.5 |
7436093.6 |
1110.0 |
310 |
-60 |
300 |
ATR-36 |
375027.5 |
7436093.6 |
1110.0 |
270 |
-60 |
300 |
ATR-37 |
375096.7 |
7436037.2 |
1144.1 |
310 |
-60 |
300 |
ATR-38 |
375155.8 |
7436131.2 |
1115.9 |
310 |
-60 |
300 |
ATR-39 |
374986.0 |
7435714.7 |
1053.8 |
270 |
-60 |
250 |
ATR-40 |
374925.7 |
7435759.3 |
1060.9 |
270 |
-60 |
250 |
|
|
|
|
|
|
|
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 |
Cell: |
|
+44 (0)7771 450
679 |
Office: |
|
+56 2 2431 7601 |
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.
Marimaca Copper (TSX:MARI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Marimaca Copper (TSX:MARI)
Historical Stock Chart
From Jul 2023 to Jul 2024