Coro Mining Marimaca Exploration Update: Additional Atahualpa Drilling Intersects Higher Grade Zones
June 06 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 fourth batch
of 18 RC holes for 4,466 metres has been completed at Atahualpa,
bringing the total number reported to 75 holes for 20,516 metres.
The fourth batch is in addition to the original work program at
Atahualpa and will provide a fuller understanding of the faulting
and feeder zones which control the higher-grade zones at the
northern extension of Atahualpa.
Highlights
Results from the additional drilling confirmed
oxide mineralisation including:
Hole ATR-72
- From 6 to 50 metres, 44 metres averaging 0.91% CuT.
Hole ATR-74
- 4 to 58 metres, 54 metres averaging 0.85% CuT.
Hole ATR-86
- From 20 to 102 metres, 82 metres averaging 0.6% CuT.
Results from the additional drilling provides new
evidence of mixed oxide-secondary sulphide and primary sulphide
intercepts including:
Hole ATR-68
- From 272 to 300 metres, 28 metres of copper sulphide
mineralization averaging 0.95% CuT.
Hole ATR-71
- From 146 to 190 metres, 44 metres of mixed oxide-secondary
sulphide copper sulphide mineralization averaging 0.87% CuT.
Hole ATR-96
- From 26 to 122 metres, 96 metres of oxide and mixed
mineralization averaging 0.76% CuT
Commenting on the results, Sergio Rivera, VP of
Exploration said: “The results from Atahualpa to date continue to
exceed my expectations, in terms of both the size of the
mineralized area and the grades. These additional drill holes
were designed to provide a better understanding of the main
geological features in the northern part of the Marimaca deposit
and the data will be used in the estimation of the enlarged mineral
resource for the project, which remains on track for publication in
the third quarter of 2019. The additional results show the
emergence of certain high-grade areas which we had not expected as
well as attractive mixed oxide, secondary sulphide and primary
sulphide mineralization. Additional drill holes have now been
completed and we anticipate releasing more results in the coming
weeks.”
Further InformationThe fourth
batch of drill results from Atahualpa further confirm the trend of
mineralization running northwards from the Marimaca 1-23 area where
a resource has already been established, as illustrated in Figure 1
below. This batch was in addition to the originally planned
exploration work program and designed to:
- Test the extension of the northward trending feeders which
characterise this area, with east west oriented holes.
- Confirm the nature of mineralization and in particular the
continuity of structures and extension of oxide mineralization
between them.
- Confirm the presence of higher-grade areas.
The first objective has been accomplished with
results from holes ATR-58, 74 and 86 which demonstrate the quality
and continuity of attractive copper oxide in the area previously
sampled by underground working that mined high-grade north-south
trending feeders. The second objective was also achieved,
with all the 310° and 220° azimuth-oriented holes intercepting
oxide mineralization at different copper grades that confirm the
continuity of mineralization in between the feeders, hosted by
parallel fractured and dyke intruded wall rock. Finally, the
emergence of high-grade zones is evidenced by holes such as ATR 73,
76 and especially ATR 96. In addition to the high-grade
copper oxide intervals, it is notable that drilling encountered
more mixed, enriched and primary mineralization than had previously
been found in other areas of the deposit.
The data will be used to aid the interpretation
of all the results so far in calculating the enlarged mineral
resources for the Marimaca Phase II project, anticipated in the
third quarter of 2019. Some further additional drilling has been
completed to better understand higher-grade mineralised cores with
the data due back from the laboratory in the coming weeks.
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-58 |
200 |
|
42 |
134 |
92 |
0.46 |
Oxide |
and |
104 |
134 |
30 |
0.35 |
Oxide |
ATR-59 |
250 |
|
20 |
106 |
86 |
0.39 |
Oxide |
including |
90 |
106 |
16 |
1.03 |
Oxide |
and |
134 |
172 |
38 |
0.35 |
Oxide |
ATR-60 |
250 |
|
74 |
104 |
30 |
0.56 |
Oxide - Enriched |
and |
172 |
228 |
56 |
0.42 |
Mixed - Enriched - Primary |
ATR-61 |
200 |
|
0 |
24 |
24 |
0.35 |
Oxide |
ATR-67 |
250 |
|
66 |
98 |
32 |
0.31 |
Oxide |
and |
118 |
158 |
40 |
0.34 |
Oxide - Mixed - Enriched |
and |
202 |
230 |
28 |
0.72 |
Oxide - Mixed - Enriched |
ATR-68 |
350 |
|
96 |
126 |
30 |
0.43 |
Oxide - Mixed |
and |
200 |
216 |
16 |
0.32 |
Primary |
and |
264 |
308 |
44 |
0.66 |
Primary |
ATR-69 |
300 |
|
50 |
90 |
40 |
0.47 |
Oxide |
and |
112 |
128 |
16 |
0.33 |
Mixed - Primary |
and |
140 |
164 |
24 |
0.53 |
Oxide |
including |
154 |
164 |
10 |
1.01 |
Oxide |
and |
232 |
244 |
12 |
0.70 |
Mixed - Oxide |
ATR-71 |
250 |
|
10 |
38 |
28 |
0.40 |
Oxide |
and |
146 |
190 |
44 |
0.87 |
Oxide - Enriched |
ATR-72* |
66 |
|
6 |
50 |
44 |
0.91 |
Oxide |
including |
22 |
50 |
28 |
1.30 |
Oxide |
ATR-73 |
350 |
|
122 |
152 |
30 |
0.36 |
Mixed - Enriched |
and |
174 |
208 |
34 |
0.41 |
Oxide - Primary |
including |
198 |
208 |
10 |
1.06 |
Primary |
and |
272 |
280 |
8 |
4.07 |
Primary |
ATR-74** |
200 |
|
4 |
70 |
66 |
0.74 |
Oxide |
Atahualpa intersections continued,
ATR-76 |
250 |
|
82 |
100 |
18 |
0.44 |
Oxide - Enriched |
and |
116 |
136 |
20 |
1.40 |
Enriched - Primary |
and |
224 |
248 |
24 |
0.51 |
Mixed |
ATR-86 |
250 |
|
20 |
102 |
82 |
0.60 |
Oxide |
ATR-88*** |
200 |
|
2 |
22 |
20 |
0.41 |
Oxide |
and |
32 |
70 |
38 |
0.44 |
Oxide |
and |
100 |
106 |
6 |
0.48 |
Mixed |
ATR-89 |
300 |
|
220 |
286 |
66 |
0.43 |
Primary - Oxide - Enriched |
ATR-91 |
300 |
|
134 |
154 |
20 |
0.34 |
Oxide - Mixed |
and |
176 |
210 |
34 |
0.44 |
Oxide - Mixed - Primary |
ATR-95 |
250 |
|
94 |
112 |
18 |
0.42 |
Oxide |
ATR-96 |
250 |
|
26 |
122 |
96 |
0.76 |
Oxide-Mixed |
and |
204 |
222 |
18 |
0.85 |
Primary |
including |
210 |
220 |
10 |
1.41 |
Primary |
* From 50 to 66
metres includes 16 metres not recovered due to passing through an
historic underground
working** From 48 to 50
metres includes 2 metres not recovered due to passing through an
historic underground working*** From 62 to 66 metres
includes 4 metres not recovered due to passing through an historic
underground working
Figure 3: Atahualpa Drill Collars
Hole |
Easting |
Northing |
Elevation |
Azimuth |
Inclination |
Depth |
ATR-58 |
374939.5 |
7436102.0 |
1069.1 |
280 |
-60 |
200 |
ATR-59 |
374855.3 |
7436363.2 |
1086.1 |
270 |
-60 |
250 |
ATR-60 |
375025.7 |
7436226.6 |
1083.7 |
270 |
-60 |
250 |
ATR-61 |
374833.2 |
7436097.5 |
1027.3 |
270 |
-60 |
200 |
ATR-67 |
375027.5 |
7436088.4 |
1110.8 |
220 |
-60 |
250 |
ATR-68 |
375213.6 |
7435808.3 |
1083.0 |
270 |
-60 |
350 |
ATR-69 |
374956.1 |
7436140.8 |
1070.9 |
220 |
-60 |
300 |
ATR-71 |
374969.2 |
7436208.2 |
1076.3 |
270 |
-60 |
250 |
ATR-72 |
374879.8 |
7436067.2 |
1029.5 |
220 |
-60 |
66 |
ATR-73 |
375117.8 |
7435892.0 |
1127.8 |
220 |
-60 |
350 |
ATR-74 |
374858.9 |
7436195.0 |
1016.8 |
270 |
-60 |
200 |
ATR-76 |
375143.0 |
7435801.1 |
1084.5 |
220 |
-60 |
250 |
ATR-86 |
374923.3 |
7435992.3 |
1029.7 |
270 |
-60 |
250 |
ATR-88 |
374863.0 |
7436193.9 |
1017.1 |
220 |
-60 |
200 |
ATR-89 |
375062.3 |
7435866.5 |
1093.2 |
310 |
-60 |
300 |
ATR-91 |
375050.4 |
7435901.1 |
1094.3 |
270 |
-60 |
300 |
ATR-95 |
375143.0 |
7435805.9 |
1084.6 |
310 |
-60 |
250 |
ATR-96 |
374927.7 |
7435990.6 |
1030.1 |
220 |
-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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/51d7cdaa-baf9-473e-95b1-5e162606ab04
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