Coro Mining Corp. (“Coro” or the “Company”) (TSX:
COP) is pleased to release the results of a preliminary
scout drilling programme close to its flagship Marimaca Copper
Deposit (“Marimaca” or “the Project”). The programme had the
objective of testing several oxide targets within close proximity
to both the north and south of the Project area, which have the
potential to add near surface tonnes to any future mine plans.
Highlights
- 31 shallow scout reverse circulation (“RC”) drill holes
completed targeting the identification of new, surface, oxide
mineralised copper zones to the north and south of
Marimaca
- Drilling both north and south intercepted
mineralisation confirming potential for new oxide
resources○ 27 out of 31 holes
encountered zones of oxide copper mineralisation offering potential
areas for follow up drilling○ Several
broad zones of copper mineralisation encountered grading above the
economic cut-off grade used for the updated MRE at
Marimaca
- Significant copper mineralised zones encountered
downhole include:○ 42 metres @ 0.34%
CuT in SIR-09 from surface;○ 26 metres
@ 0.54% CuT in SIR-07 from 210
metres;○ 40 metres @ 0.49% CuT in
SOR-03 from 76 metres; and ○ 30 metres
@ 0.31% CuT in OLR-1 from surface.
- Drilling provides new information to re-plan and focus
ongoing exploration for near surface oxide deposits surrounding
Marimaca ○ Development of an
updated exploration plan is well advanced
- Hanging Wall Alteration zone, interpreted as
representing the upper expression of Marimaca style mineralization
at depth, has been identified extending over 10km across the
project area
- Marimaca Deposit remains open to the north and south
and at depth with its exciting sulphide potential
Michael Haworth, Executive Chairman of
Coro Mining Corp commented:
“Coro’s exploration team has unearthed what we
believe is one of the best copper oxide discoveries in Chile in the
past decade. Their enthusiasm for the potential of the broader
Project area has not diminished either.
“In late 2019, the team completed a scout
drilling programme approximately 2km to both the north and south of
the Marimaca Copper Deposit. The programme was designed to test a
selection of near surface oxide targets to identify areas for
future follow-up exploration and resource expansion drilling. The
results of the programme confirm several targets for future follow
up work which, while not of the scale of the core of Marimaca, we
believe can add tonnes quickly and cheaply to the mine life of the
Project.
“We remain excited by the growth potential for
near deposit, and district wide, oxide resources for Marimaca. The
exploration team will now refine their future exploration programme
with the objective of adding near mine, surface, oxide tonnes to
extend Marimaca’s mine life, and we look forward to releasing a
high level overview of our future exploration plans to the market
in due course.”
Marimaca Copper Project
Overview
Coro recently released an updated Mineral
Resource Estimate (“MRE”) for Marimaca of 420Kt of contained copper
with an average grade of 0.60% copper within the Measured &
Indicated Categories and 224kt of contained copper with an average
grade of 0.52% copper within the Inferred Category (refer
release on 2 December 2019). This represents an increase
of almost 100% from the MRE released in April 2018 and makes the
Project one of the most significant copper oxide discoveries in
Chile in the last decade.
The Company is currently undertaking a
Preliminary Economic Assessment (“PEA”) for the Project, which is
anticipated to be completed in the first half of 2020. The Project
is expected to benefit from very low upfront capital development
costs and, due to the favourable geometry of the orebody and
relatively simple oxide processing, through Solvent
Extraction-Electrowinning (“SX-EW”), Management believes the
Project will have very competitive operating costs, delivering
compelling economics in the PEA.
Scout Exploration Drilling
Summary
Considerable exploration potential for Marimaca
style oxide copper deposits exists within Coro’s extensive land
package both adjacent to the current MRE at Marimaca, and more
distant to it, which could represent additional mine life for any
future development.
Figure 1: Marimaca New Oxide Deposit
Exploration
Potentialhttps://www.globenewswire.com/NewsRoom/AttachmentNg/853e4ab3-0b6d-45d8-80af-5a144dd8b34f
Extensive exploration work shows mineralisation
at the Marimaca deposit is associated with several key features.
Firstly, a dominant structural feature of sheeted dykes and
fracturing zones, oriented north-south and dipping 45-60o to the
east, which tend to host the copper bearing mineralisation.
Secondly, the Hanging Wall Alteration (“HWA”) zone is an important
geological feature, within which there are many structures carrying
copper mineralization, and which is interpreted as representing the
upper expression of Marimaca style mineralization at depth.
Importantly, the HWA is extensive across the
Project area and has been defined over a strike length in excess of
10km. Within these areas, geological mapping has identified the
same intrusive rock package as those observed in the Marimaca
Deposit.
Scout Drilling Results
Summary
At Sierra, nine RC holes for 2,350 metres were
completed with the best results obtained near old workings on the
projected southeast extension of the Marimaca deposit. Hole SIR-09
intersected 42 metres grading 0.32% CuT in oxides while hole SIR-07
intersected 26 metres grading 0.54% CuT in sulphide mineralization.
These results confirm the potential southeastwards extension of the
Marimaca deposit into the Sierra area.
At Sorpresa, 2.2km south of Marimaca, 12 scout
holes for 2,900 metres tested Marimaca-style fracture-controlled
mineralization which is well exposed in underground workings, as
well as targets defined by geologic outcrop mapping and rock
geochemistry. The six holes near the underground workings
intercepted 10 to 20 metre sections of low-grade mineralization in
the 0.2-0.3% CuT range with the highlight being 40 metres grading
0.5% CuT in hole SOR-03. Again, these results confirm the potential
southern extension of the Marimaca deposit into the Sorpresa
area.
At the other Sorpresa targets, drilling
intercepted 10 to 20 metres grading 0.2% CuT with only RC hole SOR
10, intercepting a mineralized structure and returning 12 metres
grading 1.7% CuT. While this drilling failed to demonstrate the
extension of the attractive mineralization encountered in the
underground workings in the southern part of the Sorpresa area,
most holes over a one square kilometre area intersected
structurally controlled copper oxide mineralization, which may
indicate potential for Marimaca style mineralization at depth.
Some 3km northeast of Marimaca, six RC holes for
1,220 metres were drilled at Olimpo and four holes for 800 metres
at Cedro. These scout holes tested targets characterised by a
combination of favorable surface geological evidence, mostly
northeast trending magnetite-rich structures bearing copper oxides,
and rock geochemistry. All holes at Olimpo returned intercepts of 8
to 20 metres of oxide mineralization averaging 0.1 to 0.2% CuT with
the best intercept in hole OLR-1 collared near old shallow pits,
which returned 30 metres grading 0.31% CuT from surface. At Cedro,
two holes encountered copper oxides in the 0.14 to 0.2% CuT
range.
Based on a preliminary review of the data from
the scout drilling programme, the results appear to demonstrate
that within the HWA alteration zone there are many structures
carrying copper mineralization which may be an expression of
Marimaca style mineralization at depth. This concept will be
followed up with further surface exploration to generate targets
for subsequent drilling.
Drill collars for the scout holes are shown in
Tables 1 and 2 located in the appendices at the end of this news
release.
Appendix 1 – Drill Hole
Collars
Table 1: Olimpo and Cedro RC drill
collars
Hole |
Easting |
Northing |
Elevation |
Azimuth |
Inclination |
Depth |
OLR-01 |
376180.2 |
7437339.8 |
1025.5 |
310 |
-60 |
200 |
OLR-02 |
376133.2 |
7437256.9 |
1045.7 |
310 |
-60 |
200 |
OLR-03 |
375536.8 |
7437560.9 |
1058.8 |
310 |
-60 |
220 |
OLR-04 |
375617.4 |
7437637.1 |
1049.8 |
310 |
-60 |
200 |
OLR-05 |
375667.6 |
7437825.8 |
1024.9 |
310 |
-60 |
200 |
OLR-06 |
375744.3 |
7437974.5 |
1008.4 |
310 |
-60 |
200 |
CER-01 |
375763.7 |
7438148.6 |
994.1 |
310 |
-60 |
200 |
CER-02 |
376075.7 |
7438350.3 |
996.4 |
310 |
-60 |
200 |
CER-03 |
375714.6 |
7438389.8 |
953.8 |
310 |
-60 |
200 |
CER-04 |
375448.3 |
7438219.6 |
1048.9 |
270 |
-60 |
200 |
Table 2: Sorpresa & Sierra RC drill
collars
Hole |
Easting |
Northing |
Elevation |
Azimuth |
Inclination |
Depth |
SOR-01 |
375649.1 |
7433202.8 |
1110.4 |
270 |
-60 |
200 |
SOR-02 |
375650.7 |
7433302.5 |
1098.8 |
270 |
-60 |
200 |
SOR-03 |
375657.2 |
7433387.7 |
1094.4 |
270 |
-60 |
200 |
SOR-04 |
375745.9 |
7433198.5 |
1119.1 |
270 |
-60 |
300 |
SOR-05 |
375754.3 |
7433303.6 |
1107.7 |
270 |
-60 |
250 |
SOR-06 |
375756.1 |
7433395.7 |
1099.6 |
270 |
-60 |
250 |
SOR-07 |
375829.6 |
7433397.0 |
1106.6 |
310 |
-60 |
250 |
SOR-08 |
375854.7 |
7433575.3 |
1111.8 |
310 |
-60 |
250 |
SOR-09 |
375638.3 |
7433553.0 |
1152.1 |
310 |
-60 |
250 |
SOR-10 |
375731.5 |
7433671.1 |
1119.8 |
310 |
-60 |
250 |
SOR-11 |
375445.8 |
7433717.6 |
1147.1 |
310 |
-60 |
250 |
SOR-12 |
375470.0 |
7433893.4 |
1154.9 |
310 |
-60 |
250 |
SIR-01 |
375640.5 |
7434014.6 |
1174.8 |
310 |
-60 |
250 |
SIR-02 |
375533.4 |
7434081.6 |
1174.7 |
310 |
-60 |
250 |
SIR-03 |
375483.2 |
7434124.6 |
1196.5 |
310 |
-60 |
250 |
SIR-04 |
375628.3 |
7434313.6 |
1141.8 |
310 |
-60 |
250 |
SIR-05 |
375774.0 |
7434528.0 |
1160.4 |
310 |
-60 |
250 |
SIR-06 |
375607.4 |
7434613.7 |
1100.2 |
310 |
-60 |
250 |
SIR-07 |
375228.6 |
7434588.2 |
1099.1 |
310 |
-60 |
300 |
SIR-08 |
375321.6 |
7434678.7 |
1098.7 |
310 |
-60 |
300 |
SIR-09 |
375283.9 |
7434628.5 |
1077.7 |
310 |
-60 |
250 |
Qualified Person
The technical information in this news release,
including the information that relates to geology, drilling and
mineralization 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.
The independent Qualified Person responsible for
the Mineral Resource Estimate at Marimaca is Luis Oviedo Hannig, a
geologist with more than 41 years of experience at NCL Ingeniería y
Construcción S.A. He is a member of the Colegio de Geologos de
Chile and the Institute of Mining Engineers of Chile and is
registered with the Qualification Commission of Resources and
Mining Reserves (CRISCO, CMC, Membership Number 013). He has a
postgraduate degree in "Certification and Validation of Mining
Assets” from Queens University and PUVC.
The Qualified Person for other contents than
geological information of this news release is Luis Tondo, Chief
Executive Officer and Director of Coro Mining, a mining engineer
with more than 30 years of experience and a Fellow of The
Australasian Institute of Mining and Metallurgy, who is the
Qualified Person for the purposes of NI 43-101.
All QPs confirm they have visited the project area,
reviewed relevant project information, allowing the correct
technical judgement in their respective areas of expertise, in turn
used in the writing and reviewing the contents of this news
release.
Coro Mining and the Marimaca
Project
Marimaca 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 will 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:
Tavistock +44 (0) 207 920
3150Jos Simson/Emily Mosscoro@tavistock.co.uk
Forward Looking Statements
This 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, the
impact of a rebranding of the Company, 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: risks related to share price
and market conditions, 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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