Acquisition of Llanos and Mercedes Claims Expand Marimaca Project Area
May 14 2019 - 7:00AM
Coro Mining Corp. (“Coro” or the “Company”) (TSX:
COP) is pleased to announce that following the ongoing
successful exploration program at the Marimaca Project the Company
has entered in to an option agreement to acquire the adjacent and
prospective Llanos and Mercedes Claims, thereby expanding the
project area towards the northeast and northwest.
Highlights
- Additional 667 hectares of prospective ground added to Marimaca
Project, further consolidating regional land control.
- Surface geological mapping suggests the presence of the
controlling geological indicators necessary for copper
mineralisation as seen at Marimaca, notably dyke swarms, feeder
structures and banded fracturing.
- Existence of old artisanal mine workings suggest presence of
copper mineralisation and could assist with exploration activities
and the generation of exploration targets.
- Protection of boundaries where existing mineralisation already
known.
Commenting on the results, Luis Tondo, CEO of
Coro said: “Our confidence in the scale and scope of the Marimaca
Project continues to grow and consequently we have taken the
logical step of further consolidating our control over the Marimaca
district and ground that we consider prospective with this new
option agreement covering the Llanos and Mercedes Claims. These
areas comprise a selection of claims, in particular the areas
flanking the northeast and northwest of the existing project area.
The Marimaca project remains on track for the publication of a
single and enlarged Phase II resource during the third quarter of
2019 and now, with the possible addition of the Llanos and Mercedes
Claims, the potential for a subsequent and enlarged Phase III
project.”
Further InformationThe option
agreement covers 100% of the Llanos and Mercedes claims, which
include ground located adjacent and to the east and west of the
Olimpo and Cedro areas. Covering a total 6.7km2 area, the addition
of these areas increases the present Marimaca Project area by 34%.
The option is for a total consideration of US$2.0 million with the
following payment schedule:
- US$50,000on signing the option agreement (today)
- US$50,000 on the 12-month anniversary
- US$100,000 on the 24-month anniversary
- US$125,000 on the 30-month anniversary
- US$125,000 on the 36-month anniversary
- US$150,000 on the 42-month anniversary
- US$1,400,000 on the 48-month anniversary
In addition, a 1% net smelter royalty over the
property, with a buyback option for US$500,000 exercisable for up
to 24 months from the start of commercial production have also been
agreed.
Completed surface geological mapping and
geochemistry sampling over a 100-metre grid at certain Llanos and
Mercedes areas indicates the presence of certain geological
indicators, including dyke swarms, feeder like structures and
banded fracturing. These have proven critical at Marimaca
1-23 and other claims for the presence of copper mineralization,
and their presence here needs to be tested further. It is
believed that this will be facilitated by testing for the extension
of known geological anomalies from Atahualpa to the north and from
Olimpo to the east and west.
Figure 1, below, shows the location of all the
Llanos and Mercedes claim areas and Figure 2, further below, shows
the areas that are believed to be the most prospective as they are
adjacent to the Atahualpa Cedro and Olimpo claims.
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
Photos accompanying this announcement are available
at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/38a83031-f4bb-414b-8c49-130ae3c192f3
http://www.globenewswire.com/NewsRoom/AttachmentNg/647214d7-a583-445b-b0d1-f99641bd7cf7
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