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 40 RC holes for a total 9,950 metres in and around
the Tarso area. The drill results confirm the extension of
mineralization from Atahualpa towards the north-east with the Tarso
holes also delineating the edge of mineralization. These results
mark the completion of the Phase II RC drilling program and will be
incorporated in the expanded resource calculation which remains on
track for publication by the end of September 2019.
Highlights
Results from the drilling confirmed oxide
mineralization, including:
- Hole ATR-99, from 56 to 138 metres, 82 metres
averaging 0.72% CuT
- Hole ATR-101, from 68 to 126 metres, 58 metres
averaging 0.60% CuT, including from 78 to 116 metres 38 metres
averaging 0.96% CuT
- Hole ATR-102, from 68 to 84 metres, 16 metres
averaging 1.12% CuT
- Hole ATR-104, from 60 to 86 metres, 26 metres
averaging 0.87% CuT, and from 108 to 122 metres, 14 metres
averaging 0.87% CuT
Results from the drilling confirmed mixed
oxide-enriched sulphide mineralization, including:
- Hole ATR-98, from 134 to 144 metres, 10 metres
averaging 0.68% CuT, including from 118 to 138 metres, 20 metres
averaging 1.45% CuT
- Hole TAR-13, from 66 to 786 metres, 10 metres
averaging 1.65% CuT
Results from the drilling confirmed primary
sulphide mineralization, including:
- Hole ATR-62, from 236 to 246 metres, 10 metres
averaging 1.30% CuT
- Hole ATR-63, from 240 to 258 metres, 18 metres
averaging 1.13% CuT
- Hole TAR-04, from 204 to 226 metres, 22 metres
averaging 0.72% CuT
Commenting on the results, Sergio Rivera, Vice
President of Exploration said: “The Tarso sector is the final area
to be explored in the expanded Marimaca Phase II exploration
program. The results are positive as they confirm further
extension of the mineralised zone at Marimaca into the Tarso area
and the mineralized body at Marimaca now measures approximately
1,400 metres in length, by 700 metres wide and is 100 to 300 metres
thick, averaging approximately 120 metres.
Furthermore, as results reported from
Atahualpa last month, where some drill hole returned primary
sulphide intercepts, it is interesting to see more drilling
intercepts with some high grade copper sulphide mineralization at
Tarso that may warrant additional exploration.”
Further Information
The final 40 RC holes for 9,950 metres in the
Tarso and Atahualpa areas concludes the RC drilling for the
Marimaca Phase II program.
These drill results confirm the extension of the
Marimaca deposit in a north-easterly direction over a
400-metre-long by 300-metre-wide area. The green line in Figure 1
shows the interpreted limits of the Marimaca copper oxide
mineralization in the central area targeted by the Phase II
exploration program.
Figure 1: Tarso and area RC holed locations
https://www.globenewswire.com/NewsRoom/AttachmentNg/815eab6d-de15-41e7-baa7-ad3c62d0949a
Marimaca Phase II ProgramThese
results comprise the final RC drill holes for the Phase II
program. A smaller diamond drill hole program oriented to
check structural controls, provide additional information about the
nature of the mineralization and for obtaining geotechnical data
and samples for metallurgical test work is nearing completion, with
results anticipated in the coming months.
All drill holes will be incorporated with the
already published Phase I resource into a single enlarged Phase II
resource by the end of September 2019. With the field work
largely complete, the Company will now assemble the
lithology-structure and mineralization zones model, the 3D geologic
model, data base review, QaQc reporting, density measurements and
bore hole measurements of structural data interpretation, plus the
integration of all sampling and geologic data obtained along the
underground workings. It is intended to publish progress
updates and share findings between now and the publication of the
resource.
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’s 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: Tarso and area intersections
Hole |
TD (m) |
|
From |
To |
m |
%CuT |
Type |
ATR-62 |
300 |
|
126 |
142 |
16 |
0.47 |
Enriched - Primary |
including |
126 |
134 |
8 |
0.75 |
Enriched |
and |
236 |
246 |
10 |
1.30 |
Primary |
and |
264 |
290 |
26 |
0.37 |
Enriched - Primary |
including |
264 |
280 |
16 |
0.43 |
Enriched - Primary |
ATR-63 |
300 |
|
50 |
60 |
10 |
0.85 |
Oxide |
and |
146 |
168 |
22 |
0.40 |
Oxide - Mixed - Enriched |
and |
240 |
280 |
40 |
0.68 |
Primary - Enriched - Mixed |
including |
240 |
258 |
18 |
1.13 |
Primary - Enriched |
ATR-64 |
300 |
|
0 |
28 |
28 |
0.38 |
Oxide |
including |
6 |
22 |
16 |
0.56 |
Oxide |
Tarso and area intersections continued,
ATR-65 |
300 |
|
106 |
136 |
30 |
0.42 |
Enriched - Mixed |
including |
106 |
128 |
22 |
0.50 |
Enriched - Mixed |
and |
238 |
286 |
48 |
0.23 |
Oxide - Mixed |
ATR-90 |
200 |
No significant results |
ATR-98 |
200 |
|
134 |
182 |
48 |
0.42 |
Mixed - Enriched - Primary |
including |
134 |
144 |
10 |
0.68 |
Mixed - Enriched |
|
158 |
182 |
24 |
0.50 |
Mixed - Enriched - Primary |
ATR-991 |
300 |
|
10 |
24 |
14 |
0.31 |
Oxide |
|
56 |
138 |
82 |
0.72 |
Oxide |
including |
56 |
72 |
16 |
0.58 |
Oxide |
and |
76 |
112 |
36 |
0.49 |
Oxide |
118 |
138 |
20 |
1.45 |
Oxide |
|
158 |
176 |
18 |
0.45 |
Oxide |
|
222 |
234 |
12 |
0.31 |
Primary |
ATR-100 |
200 |
|
146 |
194 |
48 |
0.32 |
Oxide - Mixed |
including |
148 |
170 |
22 |
0.37 |
Oxide - Mixed |
ATR-101 |
200 |
|
68 |
126 |
58 |
0.76 |
Oxide - Mixed |
including |
78 |
116 |
38 |
0.96 |
Mixed - Oxide |
ATR-102 |
200 |
|
48 |
86 |
38 |
0.59 |
Oxide - Mixed |
including |
68 |
84 |
16 |
1.12 |
Oxide - Mixed |
|
118 |
134 |
16 |
0.30 |
Primary |
ATR-103 |
150 |
|
148 |
234 |
86 |
0.53 |
Oxide - Enriched - Primary |
including |
62 |
88 |
26 |
0.42 |
Oxide |
and |
116 |
132 |
16 |
0.46 |
Enriched - Primary |
Tarso and area intersections continued,
ATR-104 |
300 |
|
48 |
86 |
38 |
0.64 |
Oxide – Mixed |
including |
60 |
86 |
26 |
0.87 |
Oxide - Mixed |
|
108 |
122 |
14 |
0.87 |
Oxide |
|
206 |
224 |
18 |
0.39 |
Primary |
AER-01 |
250 |
|
176 |
192 |
16 |
0.31 |
Primary |
including |
|
|
|
|
|
AER-02 |
350 |
No Significant Results |
AER-03 |
300 |
|
2 |
38 |
36 |
0.34 |
Oxide |
including |
16 |
38 |
22 |
0.42 |
Oxide |
TAR-01 |
300 |
No Significant Results |
TAR-02 |
300 |
|
104 |
126 |
22 |
0.32 |
Oxide |
TAR-03 |
300 |
|
26 |
62 |
36 |
0.31 |
Oxide |
including |
32 |
62 |
30 |
0.33 |
Oxide |
TAR-04 |
250 |
|
136 |
142 |
6 |
0.55 |
Enriched - Mixed |
and |
204 |
226 |
22 |
0.72 |
Primary - Oxide |
TAR-05 |
300 |
No Significant Results |
TAR-06 |
200 |
No Significant Results |
TAR-07 |
200 |
No Significant Results |
TAR-08 |
300 |
|
16 |
40 |
24 |
0.38 |
Oxide |
including |
16 |
28 |
12 |
0.60 |
Oxide |
TAR-09 |
200 |
|
34 |
74 |
40 |
0.34 |
Oxide - Mixed |
including |
34 |
60 |
26 |
0.43 |
Oxide - Mixed |
TAR-10 |
200 |
|
34 |
58 |
24 |
0.43 |
Oxide |
including |
34 |
50 |
16 |
0.58 |
Oxide |
TAR-11 |
200 |
|
28 |
60 |
32 |
0.35 |
Oxide |
Tarso and area intersections continued,
TAR-12 |
300 |
No Significant Results |
TAR-13 |
200 |
|
66 |
76 |
10 |
1.65 |
Enriched - Oxide |
TAR-14 |
300 |
No Significant Results |
TAR-15 |
200 |
No Significant Results |
TAR-16 |
300 |
No Significant Results |
TAR-17 |
300 |
No Significant Results |
TAR-18 |
200 |
No Significant Results |
TAR-19 |
300 |
No Significant Results |
TAR-20 |
200 |
No Significant Results |
TAR-21 |
250 |
No Significant Results |
TAR-22 |
200 |
No Significant Results |
TAR-23 |
200 |
No Significant Results |
TAR-24 |
200 |
No Significant Results |
TAR-25 |
200 |
No Significant Results |
1 ATR-99, from 72 to 76 metres includes 6
metres not recovered due to passing through an historic underground
working
Figure 3: Tarso and area drill collars
Hole |
Easting |
Northing |
Elevation |
Azimuth |
Inclination |
Depth |
ATR-62 |
375397.1 |
7435918.6 |
1123.1 |
310 |
-60 |
300 |
ATR-63 |
375319.8 |
7435963.8 |
1128.5 |
310 |
-60 |
300 |
ATR-64 |
375321.7 |
7435960.9 |
1128.4 |
220 |
-60 |
300 |
ATR-65 |
375239.6 |
7436043.7 |
1137.0 |
310 |
-60 |
300 |
ATR-90 |
375170.5 |
7435968.3 |
1139.6 |
310 |
-60 |
200 |
ATR-98 |
375172.7 |
7435962.9 |
1139.6 |
220 |
-60 |
200 |
ATR-99 |
374856.7 |
7436358.8 |
1086.3 |
220 |
-60 |
300 |
ATR-100 |
375099.4 |
7436034.0 |
1144.1 |
220 |
-60 |
200 |
ATR-101 |
375162.1 |
7436125.5 |
1116.2 |
220 |
-60 |
200 |
ATR-102 |
375239.8 |
7436038.6 |
1137.1 |
220 |
-60 |
200 |
ATR-103 |
375158.0 |
7436129.0 |
1116.1 |
270 |
-60 |
150 |
ATR-104 |
375082.4 |
7436209.7 |
1093.4 |
220 |
-60 |
300 |
AER-01 |
374993.4 |
7436511.2 |
1064.8 |
310 |
-60 |
250 |
AER-02 |
374998.7 |
7436512.4 |
1064.4 |
220 |
-60 |
350 |
AER-03 |
375155.7 |
7436244.5 |
1098.2 |
310 |
-60 |
300 |
TAR-01 |
375385.5 |
7436052.7 |
1144.4 |
310 |
-60 |
300 |
Tarso and area drill collars continued,
TAR-02 |
375439.9 |
7436138.7 |
1137.1 |
310 |
-60 |
300 |
TAR-03 |
375219.7 |
7436173.6 |
1109.9 |
310 |
-60 |
300 |
TAR-04 |
375006.9 |
7436377.8 |
1065.6 |
270 |
-60 |
250 |
TAR-05 |
375297.5 |
7436131.2 |
1110.8 |
310 |
-60 |
300 |
TAR-06 |
375377.2 |
7436201.4 |
1106.7 |
310 |
-60 |
200 |
TAR-07 |
375296.1 |
7436261.8 |
1085.1 |
310 |
-60 |
200 |
TAR-08 |
375221.5 |
7436326.5 |
1081.9 |
310 |
-60 |
300 |
TAR-09 |
375221.4 |
7436170.7 |
1109.9 |
220 |
-60 |
200 |
TAR-10 |
375138.9 |
7436390.5 |
1067.2 |
310 |
-60 |
200 |
TAR-11 |
375158.8 |
7436237.7 |
1098.4 |
220 |
-60 |
200 |
TAR-12 |
375085.2 |
7436312.6 |
1074.0 |
310 |
-60 |
300 |
TAR-13 |
375299.8 |
7436125.6 |
1111.1 |
220 |
-60 |
200 |
TAR-14 |
375527.4 |
7436345.5 |
1107.4 |
310 |
-60 |
300 |
TAR-15 |
375203.2 |
7436462.1 |
1064.2 |
310 |
-60 |
200 |
TAR-16 |
375570.5 |
7436408.2 |
1128.4 |
310 |
-60 |
300 |
TAR-17 |
375643.5 |
7436480.0 |
1097.2 |
310 |
-60 |
300 |
TAR-18 |
375429.9 |
7436578.7 |
1056.9 |
310 |
-60 |
200 |
TAR-19 |
375468.9 |
7436699.1 |
1048.2 |
310 |
-60 |
300 |
TAR-20 |
375676.3 |
7436723.0 |
1052.6 |
310 |
-60 |
200 |
TAR-21 |
375233.9 |
7436893.0 |
1063.7 |
310 |
-60 |
250 |
TAR-22 |
375661.1 |
7437002.8 |
1028.2 |
310 |
-60 |
200 |
TAR-23 |
375692.8 |
7436827.7 |
1033.9 |
310 |
-60 |
200 |
TAR-24 |
375734.9 |
7436934.6 |
1025.0 |
310 |
-60 |
200 |
TAR-25 |
375808.5 |
7436873.0 |
1033.2 |
310 |
-60 |
200 |
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 style of mineralization which challenges accepted
exploration wisdom and promises to open up new frontiers for
discoveries elsewhere in the country. Unusually, Marimaca is a
fracture controlled and intrusive hosted deposit while the numerous
and well known manto deposits in the same Coastal Copper Belt are
hosted by favourable volcanic rocks.
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 located near
the coast at low elevation close to the city of Antofagasta and the
port of Mejillones. This prime location should 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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