Coro Mining Corp. (“Coro” or the “Company”) (TSX:
COP) is pleased to provide an update for the Marimaca
Project in the Antofagasta Region of Chile.
Results have now been received from the final
fifth batch of 17 RC holes for 4,300 metres at Atahualpa,
identifying new multiple high grade zones as well as primary
sulphide mineralisation at depth.
Highlights
Results from the drilling confirmed oxide
mineralization, including:
- Hole ATR-66, from 24 to 70 metres, 46metres
averaging 1.25% CuT
- Hole ATR-78, from 54 to 86 metres, 32 metres
averaging 0.68% CuT
- Hole ATR-80, from 54 to 104 metres, 50 metres
averaging 0.57% CuT
- Hole ATR-85, from 26 to 84 metres, 58 metres
averaging 0.77% CuT
- Hole ATR-87, from 140 to 166 metres, 26 metres
averaging 1.10% CuT
- Hole ATR-94, from 18 to 38 metres, 20 metres
averaging 0.74% CuT
Results from the drilling confirmed mixed
oxide-enriched sulphide mineralization, including:
- Hole ATR-66, from 76 to 110 metres, 34 metres
averaging 3.14% CuT
- Hole ATR-75, from 76 to 118 metres, 42 metres
averaging 1.73% CuT
- Hole ATR-77, from 44 to 104 metres, 60 metres
averaging 0.81% CuT
- Hole ATR-81, from 48 to 74 metres, 26 metres
averaging 0.94% CuT
- Hole ATR-87, from 188 to 206 metres, 18 metres
averaging 1.68% CuT
- Hole ATR-93, from 144 to 166 metres, 22 metres
averaging 1.41% CuT
Results from the drilling confirmed primary
sulphide mineralization, including:
- Hole ATR-78, from 178 to 204 metres, 26 metres
averaging 0.97% CuT
- Hole ATR-79, from 122 to 138 metres, 16 metres
averaging 1.4% CuT
- Hole ATR-82, from 206 to 250 metres, 44 metres
averaging 1.05% CuT
- Hole ATR-84, from 148 to 174 metres, 26 metres
averaging 0.84% CuT
- Hole ATR-85, from 84 to 120 metres, 36 metres
averaging 1.68% CuT
- Hole ATR-93, from 180 to 218 metres, 38 metres
averaging 1.04% CuT
- Hole ATR-94, from 78 to 126 metres, 78 metres
averaging 1.30% CuT
Commenting on the results, Luis Tondo, President
and CEO said: “We are very excited by these results at Atahualpa.
We have discovered new multiple high grade zones within the oxide
zone at surface, and for the first time, we are also starting to
see fairly continuous higher grade primary sulphide and secondary
mineralization open at depth.
These results continue to confirm our thesis
that Marimaca has the potential to be a large-scale open pittable
copper deposit and will now be incorporated in the enlarged project
resource estimate, which remains on track for completion during the
third quarter 2019.”
Further InformationThe final 17
RC holes for 4,300 metres brings the total number of reported RC
holes at Atahualpa to 92 for a total 24,816 metres. The original
drill program envisaged 51 holes for 12,310 metres being completed
by the end of the first quarter 2019; the additional 41 holes and
12,506 have taken extra time and therefore completed during the
second quarter. The fifth batch drill holes are illustrated in
Figure 1 below.
Figure 1: Atahualpa 5th-batch RC holed
locationshttps://www.globenewswire.com/NewsRoom/AttachmentNg/2a8d177d-43fb-41aa-a1fa-d5bfc55fe70c
Phase II DrillingThe Marimaca
Phase II program commenced in Q4 2018 and has been designed to
determine the extension of the orebody across the Atómica,
Atahualpa and Tarso areas, with a view to publishing an enlarged
and combined mineral resource estimate for the whole Marimaca
project in Q3 2019.
The Atahualpa RC drilling is now complete, and
the drilling for the Marimaca Phase II will be completed shortly. A
diamond drill program of 15 holes totalling 4,500 metres at La
Atómica and Atahualpa is ongoing and will assist with metallurgical
testing for a Preliminary Economic Assessment (PEA). In
addition, the Company is also undertaking a smaller RC drilling
campaign at Tarso, targeting 19 holes for 5,300 metres. The
results from both are anticipated in Q3 2019. The remaining drill
holes will complement the 100 X 100 metre exploration of the oxide
mineral zone across the Phase II area, the more detailed drilling
of the La Atómica southwest limit along the Manolo zone, the
east-west program which will allow a better understanding of higher
copper grade feeders controlling mineralization along Atahualpa and
La Atómica areas, and the recent extra drill metres devoted to
define the high grade zones.
Deposit Size and High-Grade
ZonesIt is now known that the oxide deposit extends 1.4
kilometre along a north-northwest strike direction and attains a
maximum width of approximately 800 metres along an east-west
direction and a thickness of 100 to 150 metres, containing at least
four well defined higher grade zones, three of which are exposed
from surface. The principal higher grade zone presently identified
is estimated to measure approximately 250 x 250 metres and located
in the central part of a 90 metre thick oxide blanket.
The latest drill results permit the
interpretation of the existence of other higher-grade zones located
at Atahualpa and La Atómica as they correspond to either feeders or
parallel fracture controlled mantos, mostly at the intersection of
both.
Newly Identified Primary Mineralisation
at AtahualpaThe results show that the higher grade mineral
zones result from the process of supergene alteration of a high
grade primary preserved at depth and converted in turn to enriched
sulphides and then oxide mineralization during supergene
alteration. For the first time, drilling has intercepted more
continuous primary mineralization which reveals a potential that
was not previously considered. An interpretation of the
several high-grade zones is illustrated in plan view in Figure 2,
as a cross section in Figure 3, and a long section in Figure 4
below.
Figure 2: Phase II Map showing interpreted
higher-grade zones with reference to Marimaca 1-23 block model
locationhttps://www.globenewswire.com/NewsRoom/AttachmentNg/0cb42754-50a0-4d05-b914-a14f8ce7a3f9
Figure 3: Cross
sectionhttps://www.globenewswire.com/NewsRoom/AttachmentNg/4ed9831a-a841-40f6-9325-6fbe918588ce
Figure 4: Long
sectionhttps://www.globenewswire.com/NewsRoom/AttachmentNg/9285343b-d02e-4e69-8d5b-494c41016983
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 5: Atahualpa Intersections
Hole |
TD (m) |
|
From |
To |
m |
%CuT |
Type |
ATR-66 |
350 |
|
0 |
126 |
126 |
1.54 |
Oxide - Mixed - Enriched |
including |
24 |
70 |
46 |
1.25 |
Oxide |
76 |
110 |
34 |
3.14 |
Mixed - Oxide - Enriched |
and |
236 |
262 |
26 |
0.42 |
Enriched - Oxide |
and |
326 |
344 |
18 |
0.31 |
Enriched - Primary |
ATR-70 |
350 |
|
8 |
86 |
78 |
0.51 |
Oxide1 |
including |
12 |
38 |
26 |
0.49 |
Oxide |
46 |
64 |
18 |
1.07 |
Oxide |
and |
150 |
176 |
26 |
0.60 |
Primary |
and |
278 |
340 |
62 |
0.43 |
Primary |
including |
280 |
312 |
32 |
0.68 |
Primary |
ATR-75 |
200 |
|
4 |
38 |
34 |
0.26 |
Oxide |
and |
76 |
118 |
42 |
1.73 |
Primary - Mixed - Oxide |
including |
76 |
92 |
16 |
3.46 |
Primary - Mixed - Oxide |
104 |
118 |
14 |
1.20 |
Oxide - Mixed |
ATR-77 |
200 |
|
44 |
122 |
78 |
0.68 |
Enriched - Primary |
including |
44 |
104 |
60 |
0.81 |
Enriched - Primary |
108 |
122 |
14 |
0.31 |
Primary |
ATR-78 |
300 |
|
50 |
108 |
58 |
0.67 |
Oxide – Enriched2 |
including |
54 |
86 |
32 |
0.68 |
Oxide |
90 |
108 |
18 |
0.76 |
Oxide - Enriched |
and |
136 |
166 |
30 |
0.58 |
Oxide - Enriched - Primary |
including |
138 |
160 |
22 |
0.72 |
Oxide - Enriched - Primary |
and |
178 |
204 |
26 |
0.97 |
Primary |
including |
178 |
194 |
16 |
1.36 |
Primary |
ATR-79 |
200 |
|
6 |
46 |
40 |
0.46 |
Oxide |
and |
50 |
60 |
10 |
0.33 |
Oxide - Mixed |
and |
76 |
82 |
6 |
0.87 |
Mixed |
and |
122 |
138 |
16 |
1.40 |
Primary |
Atahualpa intersections continued,
Hole |
TD (m) |
|
From |
To |
m |
%CuT |
Type |
ATR-80 |
300 |
|
54 |
124 |
70 |
0.45 |
Oxide3 |
including |
54 |
104 |
50 |
0.57 |
Oxide |
and |
184 |
208 |
24 |
0.52 |
Primary |
including |
184 |
196 |
12 |
0.85 |
Primary |
and |
224 |
234 |
10 |
0.31 |
Primary - Enriched |
and |
246 |
254 |
8 |
0.39 |
Primary |
ATR-81 |
200 |
|
2 |
32 |
30 |
0.52 |
Oxide |
including |
2 |
22 |
20 |
0.65 |
Oxide |
and |
44 |
112 |
68 |
0.60 |
Oxide - Mixed - Enriched |
including |
48 |
74 |
26 |
0.94 |
Oxide - Mixed - Enriched |
88 |
112 |
24 |
0.59 |
Oxide - Mixed - Enriched |
and |
124 |
184 |
60 |
0.44 |
Primary - Enriched |
including |
152 |
170 |
18 |
0.73 |
Primary - Mixed |
|
182 |
194 |
12 |
0.82 |
Primary - Mixed - Enriched |
ATR-82 |
250 |
|
58 |
100 |
42 |
0.31 |
Oxide - Enriched - Primary |
including |
84 |
98 |
14 |
0.53 |
Mixed |
and |
206 |
250 |
44 |
1.05 |
Enriched - Primary |
including |
206 |
218 |
12 |
0.78 |
Enriched |
222 |
232 |
10 |
3.22 |
Enriched - Primary |
ATR-83 |
200 |
|
2 |
102 |
100 |
0.43 |
Oxide - Mixed - Primary |
including |
44 |
72 |
28 |
0.84 |
Oxide - Mixed |
and |
178 |
194 |
16 |
0.32 |
Oxide |
ATR-84 |
300 |
|
68 |
114 |
46 |
0.31 |
Oxide |
including |
90 |
108 |
18 |
0.52 |
Oxide |
and |
126 |
174 |
48 |
0.57 |
Oxide - Mixed - Primary |
including |
126 |
144 |
18 |
0.27 |
Oxide - Mixed |
148 |
174 |
26 |
0.84 |
Mixed - Primary |
and |
194 |
206 |
12 |
1.36 |
Enriched - Primary |
Atahualpa intersections continued,
Hole |
TD (m) |
|
From |
To |
m |
%CuT |
Type |
ATR-85 |
200 |
|
2 |
120 |
118 |
0.93 |
Oxide - Enriched - Primary |
including |
26 |
84 |
58 |
0.77 |
Oxide |
84 |
120 |
36 |
1.68 |
Enriched - Primary |
ATR-87 |
300 |
|
88 |
120 |
32 |
0.32 |
Oxide - Mixed |
including |
88 |
96 |
8 |
0.65 |
Oxide |
and |
138 |
214 |
76 |
0.80 |
Oxide - Enriched - Primary |
including |
140 |
166 |
26 |
1.10 |
Oxide |
188 |
206 |
18 |
1.68 |
Enriched - Primary |
|
250 |
288 |
38 |
0.48 |
Oxide |
ATR-92 |
200 |
|
6 |
102 |
96 |
0.49 |
Oxide - Mixed |
including |
6 |
32 |
26 |
0.40 |
Oxide |
40 |
48 |
8 |
1.98 |
Oxide |
64 |
102 |
38 |
0.50 |
Oxide - Mixed |
and |
114 |
120 |
6 |
0.46 |
Oxide |
ATR-93 |
300 |
|
144 |
166 |
22 |
1.41 |
Oxide - Mixed - Enriched |
and |
180 |
242 |
62 |
0.79 |
Primary - Enriched |
including |
180 |
218 |
38 |
1.04 |
Primary - Enriched |
222 |
236 |
14 |
0.57 |
Primary |
ATR-94 |
200 |
|
12 |
52 |
40 |
0.55 |
Oxide |
including |
18 |
38 |
20 |
0.74 |
Oxide |
and |
64 |
136 |
72 |
0.98 |
Oxide - Primary |
including |
78 |
126 |
48 |
1.30 |
Primary - Oxide |
|
150 |
160 |
10 |
0.60 |
Oxide - Mixed |
|
166 |
172 |
6 |
0.30 |
Oxide |
ATR-97 |
250 |
|
102 |
114 |
12 |
0.30 |
Oxide |
and |
146 |
168 |
22 |
0.33 |
Mixed - Primary |
including |
154 |
164 |
10 |
0.53 |
Primary |
1 ATR-70, from 40 to 42 metres includes 2
metres not recovered due to passing through an historic underground
working2 ART-78, from 86 to 90 metres includes 4 metres
not recovered due to passing through an historic underground
working3 ATR-80, from 72 to 76 metres includes 4 metres not
recovered due to passing through an historic underground
working
Figure 6: Fifth Batch Atahualpa Drill
Collars
Hole |
Easting |
Northing |
Elevation |
Azimuth |
Inclination |
Depth |
ATR-66 |
375015.0 |
7435797.5 |
1048.2 |
270 |
-60 |
350 |
ATR-70 |
375107.9 |
7435753.0 |
1068.1 |
270 |
-60 |
350 |
ATR-75 |
375041.0 |
7435742.3 |
1046.1 |
220 |
-60 |
200 |
ATR-77 |
375037.9 |
7435746.6 |
1045.8 |
270 |
-60 |
200 |
ATR-78 |
375089.5 |
7435792.9 |
1086.7 |
270 |
-60 |
300 |
ATR-79 |
375045.3 |
7435738.0 |
1046.6 |
310 |
-60 |
200 |
ATR-80 |
375089.6 |
7435789.3 |
1086.6 |
220 |
-60 |
300 |
ATR-81 |
374993.1 |
7435750.8 |
1040.1 |
220 |
-60 |
200 |
ATR-82 |
375088.7 |
7435793.9 |
1086.7 |
310 |
-60 |
250 |
ATR-83 |
374991.5 |
7435754.3 |
1040.1 |
270 |
-60 |
200 |
ATR-84 |
375064.9 |
7435861.1 |
1093.1 |
220 |
-60 |
300 |
ATR-85 |
374987.6 |
7435760.3 |
1039.8 |
310 |
-60 |
200 |
ATR-87 |
375063.0 |
7435863.5 |
1093.2 |
270 |
-60 |
300 |
ATR-92 |
374958.4 |
7435795.6 |
1037.4 |
270 |
-60 |
200 |
ATR-93 |
375053.8 |
7435897.1 |
1094.4 |
220 |
-60 |
300 |
ATR-94 |
374959.1 |
7435799.3 |
1037.5 |
310 |
-60 |
200 |
ATR-97 |
375144.1 |
7435803.9 |
1084.6 |
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.
Coro Mining and the Marimaca
ProjectMarimaca is fast becoming recognised as one of the
most significant copper discoveries in Chile in recent years as it
represents a new type of discovery which challenges accepted
exploration wisdom and promises to open up new frontiers for
discoveries elsewhere in the country. Marimaca is an intrusive
orebody while the mantos deposits in the region are volcanic, which
saw it overlooked by the major copper producers in the past,
although it behaves like a volcanic setting as the extensive
fracturing provides space for mineralisation to enter.
With a lack of new copper exploration
discoveries in Chile the growing Marimaca resource is likely to
make it a sought-after development project as it is situated in the
coastal belt at low elevation close to Antofagasta and Mejillones.
This prime location could enable its future development at a
relatively modest capital investment. Marimaca would benefit from
nearby existing infrastructure including roads, powerlines, ports,
a sulphuric acid plant, a skilled workforce and seawater.
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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