Coro Mining Corp. (“Coro” or the “Company”) (TSX:
COP) is pleased to provide an update of its Phase II
drilling program at the Marimaca Project in the Antofagasta Region
of Chile which was aimed at expanding the known resources. An
updated resource estimate is scheduled to be released in October,
and with Coro’s newly consolidated 100% ownership of the entire
project, a Preliminary Economic Assessment (“PEA”) based on this
new resource will commence immediately thereafter.
To date, 91,210 metres have been drilled across
the different zones that comprise the Marimaca area in 385 holes
(346 reverse circulation (“RC”) and 39 diamond drill holes (“DDH”).
Phase II drilling successfully extended the mineralized area to the
north and it now measures approximately 700 metres by 1,400 metres
and is 100 to 300 metres thick. The deposit hosts at least
five well-defined higher-grade zones, three of which start from
surface.
Commenting on the project, Sergio Rivera, VP of
Exploration said: “The Phase II exploration program has exceeded
our expectations. Following up encouraging results as the program
advanced, we effectively doubled the metres drilled. These
additional drill holes and metres have improved our knowledge,
notably the discovery of multiple new high-grade zones, which bodes
well for our forthcoming resource estimate.”
Upon receipt of the resource estimate, Coro
plans to immediately commence a PEA with the aim of completing it
during the first quarter of 2020.
Phase II Drilling DetailThe
$10.6 million Marimaca Phase II drilling program began in Q4 2018
and was designed to determine the extension of the orebody across
the Atómica, Atahualpa and Tarso zones adjacent to the main
Marimaca 1-23 zone.
La Atómica saw 16,150 metres drilled in 70 RC
holes and 2,203 metres drilled in nine DDH for a total of 18,353
metres. The aim of this program was to further define and delineate
the mineralisation and follow-up on the 3,220 metres of discovery
RC drilling completed in 2017 and 2018. Drilling at La
Atómica has confirmed the westward continuation of the
mineralization from the original Marimaca 1-23 claim and also the
prominent north-south oriented feeder type structures extending
north into Atahualpa, with the La Atómica mineralized area proving
to be larger than anticipated.
Drilling at Atahualpa-Tarso saw 36,366 metres
drilled in 138 RC holes and 2,715 metres drilled in 14 DDH holes
for a total of 39,081 metres. The aim of this program was initially
discovery drilling and then to further define and delineate the
mineralisation. Drilling at Atahualpa has successfully identified
multiple new high-grade zones as well as primary sulphide
mineralisation at depth. Drilling has also confirmed the extension
of mineralization from Atahualpa towards the north-east into the
Tarso area.
In summary, compared to the original plan for
28,000 of RC drilling, the actual campaign for Phase II was in
excess of 52,000 metres in addition to a further 5,000 metres of
diamond drilling, needed to delineate and expand the mineralized
zones. The volume of new information generated will result in a
much more robust geological model, which in turn will be used to
determine the updated resources for the Project.
A Figure accompanying this announcement is
available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/56e73159-5e67-4ed6-8123-9740e10a4bcf
As Coro prepares a mineral resource update and
moves into a PEA, it is also completing a 7,200 metre Phase III RC
exploration drilling program to test the nearby Sorpresa, Sierra,
Olimpo and Cedro targets. Cedro and Olimpo are to the north of the
area drilled to date and Sorpresa and Sierra are to the south.
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 deposit which challenges accepted
exploration wisdom and promises to open up new frontiers for
discoveries elsewhere in the country. Marimaca is hosted by
intrusive rocks while the numerous manto deposits in the same
region are hosted by volcanics.
With a lack of new copper exploration
discoveries in Chile, the growing Marimaca resource is a high
profile 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.
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.
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 679Email: 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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