Coro Mining Marimaca Exploration Update: Atahualpa Results Confirm Extension of Strike Length Mineralisation to 1,450 Metres
April 09 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 third batch
of 17 RC holes for 3,650 metres has been completed at Atahualpa,
bringing the total to 57 holes for 16,050 metres. The new
drill results confirmed a further extension of copper oxide
mineralization from the previously announced Atahualpa drill
results, over 300 metres to the north, resulting so far in an
approximate 600-metre extension of mineralisation from Marimaca
1-23. In addition, the results also confirmed massive
parallel fracturing control mineralisation at Atahualpa with better
grades and thicknesses than anticipated.
Highlights
Hole ATR-41
- From 46 to 94 metres, 48 metres of copper oxide and enriched
mineralization averaging 0.64% CuT.
Hole ATR-42
- From 114 to 160 metres, 46 metres of copper oxide and mixed
mineralization averaging 0.82% CuT.
Hole ATR-43
- From 6 to 30 metres, 24 metres of copper oxide mineralization
averaging 0.65% CuT.
Hole ATR-47
- From 72 to 96 metres, 24 metres of copper oxide mineralization
averaging 0.91% CuT.
Hole ATR-53
- From 194 to 236 metres, 42 metres of copper oxide and mixed
mineralization averaging 0.72% CuT.
Hole ATR-54
- From 74 to 130 metres, 56 metres of
copper oxide mineralization averaging 0.92% CuT, including
from 86 to 100, 14 metres of copper oxide mineralization averaging
1.40%.
Commenting on the results, Sergio Rivera, VP of
Exploration said: "Drilling results at Atahualpa are continuing to
demonstrate money well spent. This is the third set of results now,
from an extended drill campaign and it’s pleasing to see how the
results are evolving and complementing the previous results. In the
first batch we saw the results confirm the extension of
mineralisation from Marimaca 1-23 to Atahualpa; in the second set
the results demonstrated the extension of mineralisation 300 metres
into Atahualpa. This third batch now confirms further 300
metre extension, and therefore a total 600 metre extension of
mineralisation in Atahualpa, resulting in a total project strike
length so far of 1,450 metres. My expectation is that the final
drill holes, which are presently underway, will determine the
continuity and quality of the grades at Atahualpa."
Further InformationThe third batch
of drill results from Atahualpa confirm the trend of mineralization
running from the Marimaca 1-23 area where a resource has already
been established, and now appears to run into Atahualpa
(illustrated in Figure 1 below) for a total current project strike
length estimated to be 1,450 metres long (southeast-northwest) and
an average 450 metres wide (southwest-northeast).
Figure 1: Atahualpa third-batch RC holed
locations is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/a29a4feb-0c21-4bb7-82c8-a8e5ae8e559d
The Atahualpa third batch drill holes were
planned to test the north south trending structures. The holes were
drilled on a 100-metre grid at the new 270° orientation (revised
from the previous 220° and 310° orientation), which is proving, as
anticipated, to better identify the geology and mineralisation. The
results are consistent with the existing known mineralization
styles, with the drill results closest to the dacitic dyke showing
a more parallel fracture controlled mineralization. Results
further away from the dacitic dyke show copper oxide mineralization
controlled by the north-south structures and halos.
One of the two diamond drill rigs which entered
service during March 2019 is now operating at Atahualpa, focused on
better defining recent RC results in certain high-grade zones.
The positive exploration results so far at
Atahualpa resulted in the decision to increase the total number of
drill holes from the originally planned 51 holes for 12,310 metres,
so far, to an increased 57 holes for 16,050 metres. It is envisaged
that a further 8 holes will be drilled. Consequently, the
final results are now anticipated in April instead of March 2019
due to the additional workload. Nevertheless, the conclusion of a
single enlarged Phase II resource remains on track for the third
quarter of 2019.
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 2: Atahualpa Intersections
Hole |
TD
(m) |
|
From |
To |
m |
%CuT |
Type |
ATR-41 |
250 |
|
0 |
16 |
16 |
0.55 |
Oxide |
|
|
|
46 |
94 |
48 |
0.64 |
Oxide - Enriched |
|
|
including |
46 |
62 |
16 |
0.66 |
Oxide |
|
|
and |
68 |
94 |
26 |
0.63 |
Enriched - Oxide |
|
|
|
102 |
164 |
62 |
0.34 |
Primary - Oxide |
|
|
including |
114 |
120 |
6 |
2.15 |
Primary |
|
|
and |
174 |
198 |
24 |
0.88 |
Oxide |
ATR-42 |
200 |
|
2 |
32 |
30 |
0.31 |
Oxide |
|
|
|
74 |
168 |
94 |
0.49 |
Oxide - Mixed - Primary |
|
|
including |
114 |
160 |
46 |
0.82 |
Oxide - Mixed |
ATR-43 |
150 |
|
6 |
30 |
24 |
0.65 |
Oxide |
ATR-44 |
200 |
|
0 |
36 |
36 |
0.28 |
Oxide |
|
|
|
44 |
86 |
42 |
0.30 |
Oxide |
|
|
including |
76 |
86 |
10 |
0.72 |
Oxide |
|
|
|
110 |
120 |
10 |
0.53 |
Primary - Enriched |
ATR-45 |
200 |
|
2 |
28 |
26 |
0.34 |
Oxide |
|
|
|
56 |
74 |
18 |
0.43 |
Oxide |
|
|
including |
66 |
74 |
8 |
0.82 |
Oxide |
ATR-46 |
150 |
|
100 |
114 |
14 |
0.39 |
Oxide |
ATR-47 |
300 |
|
72 |
96 |
24 |
0.91 |
Oxide |
|
|
|
122 |
130 |
8 |
1.58 |
Oxide - Primary |
ATR-48 |
200 |
|
72 |
120 |
48 |
0.50 |
Oxide - Primary |
ATR-49 |
250 |
|
4 |
30 |
26 |
0.27 |
Oxide |
|
|
including |
16 |
30 |
14 |
0.37 |
Oxide |
ATR-50 |
250 |
|
72 |
86 |
14 |
0.29 |
Oxide |
|
|
|
132 |
202 |
70 |
0.30 |
Oxide - Enriched |
|
|
including |
132 |
164 |
32 |
0.32 |
Oxide |
|
|
|
170 |
202 |
32 |
0.40 |
Enriched - Oxide |
Atahualpa Intersections continued,
|
|
|
214 |
224 |
10 |
0.59 |
Primary |
ATR-51 |
200 |
|
120 |
130 |
10 |
0.39 |
Oxide |
ATR-52 |
250 |
|
6 |
20 |
14 |
0.26 |
Oxide |
|
|
|
32 |
48 |
16 |
0.29 |
Oxide |
|
|
|
80 |
134 |
54 |
0.31 |
Oxide |
|
|
|
148 |
170 |
22 |
0.43 |
Oxide |
|
|
|
238 |
248 |
10 |
0.31 |
Enriched - Primary |
ATR-53 |
250 |
|
44 |
72 |
28 |
0.36 |
Oxide |
|
|
|
116 |
176 |
60 |
0.32 |
Oxide - Enriched - Mixed |
|
|
including |
116 |
132 |
16 |
0.63 |
Oxide |
|
|
|
160 |
176 |
16 |
0.63 |
Mixed - Oxide |
|
|
and |
186 |
250 |
64 |
0.55 |
Mixed - Oxide |
|
|
including |
194 |
236 |
42 |
0.72 |
Mixed - Oxide |
ATR-54 |
130 |
|
74 |
130 |
56 |
0.92 |
Oxide* |
|
|
including |
86 |
100 |
14 |
1.40 |
Oxide |
|
|
and |
108 |
130 |
22 |
0.74 |
Oxide |
ATR-55 |
250 |
|
58 |
82 |
24 |
0.36 |
Oxide |
|
|
including |
58 |
68 |
10 |
0.54 |
Oxide |
|
|
and |
76 |
82 |
6 |
0.49 |
Oxide |
|
|
|
90 |
208 |
118 |
0.49 |
Oxide |
|
|
including |
90 |
132 |
42 |
0.41 |
Oxide |
|
|
and |
144 |
208 |
64 |
0.73 |
Oxide |
ATR-56 |
170 |
|
30 |
134 |
104 |
0.50 |
Oxide - Mixed |
|
|
including |
46 |
72 |
26 |
1.03 |
Oxide |
|
|
and |
126 |
134 |
8 |
0.88 |
Mixed |
ATR-57 |
250 |
|
0 |
28 |
28 |
0.31 |
Oxide |
|
|
|
64 |
98 |
34 |
0.38 |
Oxide |
|
|
|
126 |
146 |
20 |
0.53 |
Oxide |
|
|
|
230 |
240 |
10 |
0.35 |
Mixed |
|
|
|
|
|
|
|
|
* Includes 8 metres not recovered due to passing
through an historic underground working
Figure 3: Atahualpa Drill Collars
Hole |
Easting |
Northing |
Elevation |
Azimuth |
Inclination |
Depth |
ATR-41 |
374957.9 |
7435881.3 |
1027.3 |
270 |
-60 |
250 |
ATR-42 |
374876.9 |
7435930.1 |
995.3 |
270 |
-60 |
200 |
ATR-43 |
374798.8 |
7436126.2 |
1023.0 |
270 |
-60 |
150 |
ATR-44 |
374889.0 |
7436156.8 |
1029.7 |
270 |
-60 |
200 |
ATR-45 |
374789.8 |
7436006.5 |
973.7 |
270 |
-60 |
200 |
ATR-46 |
374729.9 |
7436045.8 |
966.9 |
270 |
-60 |
150 |
ATR-47 |
374888.7 |
7436243.6 |
1025.2 |
270 |
-60 |
300 |
ATR-48 |
374889.4 |
7436245.0 |
1025.2 |
310 |
-60 |
200 |
ATR-49 |
374782.2 |
7436247.4 |
1029.2 |
270 |
-60 |
250 |
ATR-50 |
375031.5 |
7435930.3 |
1094.7 |
270 |
-60 |
250 |
ATR-51 |
374833.9 |
7436451.4 |
1083.4 |
270 |
-60 |
200 |
ATR-52 |
374974.5 |
7436008.1 |
1063.3 |
270 |
-60 |
250 |
ATR-53 |
375037.4 |
7435998.4 |
1100.3 |
270 |
-60 |
250 |
ATR-54 |
374947.0 |
7436051.0 |
1065.4 |
270 |
-60 |
130 |
ATR-55 |
375026.4 |
7436048.3 |
1106.8 |
270 |
-60 |
250 |
ATR-56 |
374939.8 |
7436099.8 |
1069.1 |
270 |
-60 |
170 |
ATR-57 |
375031.6 |
7436146.2 |
1108.1 |
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 InformationFor further
information please visit www.coromining.com or contact:Nicholas
Bias, VP Corporate Development & Investor RelationsCell:
+44 (0)7771 450 679Office: +56 2 2431
7601Email: 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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