Marimaca Exploration Update: La At??mica Drill Results Confirm Copper Oxide Mineralisation Beyond Marimaca 1-23

2018-11-13 / @nasdaq

 

VANCOUVER, British Columbia, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Coro Mining Corp. (“Coro” or the “Company”) (TSX: COP) is pleased to provide an update for Company’s Marimaca project in the Antofagasta region of Chile.  The first 28 of a planned 52 drill holes at La Atómica, the ground adjacent to the Marimaca 1-23 claim where a resource has already been established, have confirmed the presence of copper oxide mineralization, in addition to the presence of secondary enriched copper sulphide mineralization at depth.

Figure 1
La Atómica Drill Locations


Figure 2
La Atómica, Looking South


Figure 3
La Atómica RC Rig


Highlights

  • Completed 28 of planned 52 holes, for 6,540 metres covering a 100 x 100 metre spaced grid. across the property.
  • Results include:
    • LAR 24
      From surface, 202 metres continuous oxide mineralization averaging 0.74% CuT,
      including 16 metres, from 98 to 114 metres, averaging 2.72% CuT,
      and 12 metres, from 138 to 150 metres, at 2.24% CuT
    • LAR-33
      From 32 to 260 metres, 228 metres of continuous oxide mineralization averaging 0.47%CuT,
      including 26 metres, from 60 to 86 metres, averaging 0.99% CuT.
      and 20 metres, from 270 to 290 metres, high-grade secondary copper sulphide mineralization averaging 2.10% CuT
  • Oxide copper mineralization at La Atómica proven to exist 300 metres beyond limits of the previous drill grid completed at Marimaca 1-23.
  • Current knowledge is that the total horizontal extension of the outcropping copper oxide mineralization from Marimaca to La Atómica now reaches 800 metres in the north-west direction, with the opportunity for further extension.

Commenting on the news, Luis Tondo, CEO of Coro said: “Chile is the world’s primary source of mineable copper, however, new near surface discoveries are becoming harder to find and new projects harder to bring on stream.  Since we discovered Marimaca in 2016, the project continues to prove itself, and I believe has the potential to be one of the best new open-pittable copper oxide deposits discovered in Chile in recent times. Our Phase I program already established a resource at Marimaca and I am delighted to see that the current Phase II program confirms the potential of mineralization extension on the adjacent La Atómica ground.

Further Information
Copper oxide mineralization at La Atómica is hosted by the same intrusive rocks as identified at the Marimaca 1-23 claims.  Parallel fracturing is minor as compared with Marimaca, and mineralization is controlled by a north-west system of faults and by a north to north-east oriented dike-swarm of dioritic composition.

Part of the mineralization appears to be the result of copper laterally transported from sources located close to Marimaca towards the west, along north-west fractures, and trapped by north to north-east fractures and dikes.  As a result, the outcropping copper oxide blanket at La Atómica extends for widths of up to 300 metres reaching depths of up to 200 metres, showing less mineralization intensity towards the north-west, yet remains open to the south-west portion of the property.

Figure 1 below illustrates the location of the completed drill holes at Atahualpa and La Atómica and the Phase I drilling which established the resource and the new Phase II drilling extending to the north-west where copper oxide mineralization has been established.

Figure 1: http://www.globenewswire.com/NewsRoom/AttachmentNg/0082865d-ec55-4bca-80fd-0c3c60a5d863

The photographs in figures 2 and 3 below show the southern outlook and RC drilling at La Atómica from which can be seen access roads and some drilling, and importantly, parallel and north west fracturing which is believed to control the copper oxide mineralization.

Figure 2: http://www.globenewswire.com/NewsRoom/AttachmentNg/673395ca-2705-4eaa-98bb-0d58830d35a9

Figure 3: http://www.globenewswire.com/NewsRoom/AttachmentNg/062cfd7d-eefc-41b8-b7b1-814585d94c12

Also commenting on the news, Sergio Rivera, VP Exploration said: “The drill results at La Atómica are the first from the new program and already demonstrate the presence from surface of oxide mineralization and indeed the presence at depth of some secondary sulphide mineralization.  We will now continue with the remaining drill holes at La Atómica before moving all drill rigs to Atahualpa where I am hopeful that we will see similar or even potentially better positive results.”

Phase II Program Upcoming Milestones
It is planned that the remaining holes to be drilled at La Atómica will be completed with results announced by the end of the fourth quarter 2018.

Sampling and Assay Protocol
True 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.

La Atómica Intersections

HoleTotal Depth (m) From (m)To (m)Interval (m)%CuTType
LAR-15250 48104560.45Oxide
including4870220.46Oxide
82104220.61Oxide
and120152320.35Oxide
LAR-16250 501501000.27Oxide
including112150380.35Oxide
note1261348 Underground working
LAR-17180 092920.39Oxide
including4258160.75Oxide
7292200.75Oxide
LAR-18230 086860.46Oxide
including4086460.59Oxide
note36404 Underground working
48524 Underground working
LAR-19180 074740.33Oxide
including1244320.50Oxide
5074240.26Oxide
LAR-20200 680740.31Oxide
including1238260.52Oxide
4662160.24Oxide
note38468 Underground working
LAR-21150No significant results
LAR-22150No significant results
LAR-23400 62124620.37Oxide
including014140.40Oxide
70106360.45Oxide
and146174280.21Oxide
218308900.48Enriched-primary
including25225861.65Enriched
256272160.40Primary
27228081.10Enriched
288298100.52Enriched
30430841.30Enriched
and308330220.52Oxide
332356240.35Enriched
364398340.51Enriched
including36437280.51Enriched
378398200.65Enriched
LAR-24250 02022020.74Oxide
including889461.21Oxide
98114162.72Oxide
118134161.00Oxide
138150122.24Oxide
162174121.52Oxide
and238248100.61Enriched
LAR-25250 121581460.33Oxide
including11412281.96Oxide
and220242221.43Oxide
LAR-26250 7288160.34Oxide
and100146460.31Oxide
18218860.55Oxide
LAR-27180 849060.30Oxide
and116134180.30Oxide
LAR-28200No significant results
LAR-29200 7486120.57Oxide
and102118160.23Oxide
118132140.68Enriched
16817680.30Oxide
LAR-30150 566260.56Oxide
LAR-31150 6678120.31Oxide
and122138160.27Oxide
LAR-32350 96122260.45Oxide
including2636100.75Oxide
6086260.99Oxide
104118140.70Oxide
 132168360.21Oxide
including1521608`0.39Oxide
 190238480.20Oxide
including20020880.41Oxide
21822460.57Oxide
and262294320.36Oxide
30030880.91Oxide
30831460.46Mixed
LAR-33350 322602280.47Oxide
including132144120.49Oxide
172182100.91Oxide
190210201.83Oxide
134150161.20Oxide
and260270101.40Mixed
270290202.10Enriched
32232860.40Enriched
336348120.26Primary
LAR-34350 261821560.21Oxide
including5084340.28Oxide
92182900.22Oxide
and200226260.32Oxide
230240100.58Oxide
LAR-35210 244420.26Oxide
and5686300.42Oxide
LAR-36200 121821700.34Oxide
including1244320.26Oxide
5696400.45Oxide
96108120.81Oxide
108122140.25Oxide
132182500.26Oxide
LAR-37150No significant results
LAR-38150 2032120.26Oxide
and6282200.25Oxide
LAR-39150 216140.27Oxide
and4050100.45Oxide
566480.47Oxide
 82126440.35Oxide
including8296140.62Oxide
100126260.24Oxide
LAR-40300 016160.29Oxide
and13414280.44Oxide
180192120.21Oxide
226252260.25Oxide
27227640.38Mixed
LAR-41350 214120.31Oxide
and801861060.23Oxide
including116132160.58Oxide
LAR-42270 2842140.26Oxide
and154166120.25Oxide
22222860.53Mixed


La Atómica Drill Collars

HoleEastingNorthingElevationAzimuthInclinationDepth
LAR-15374839.07435824.71068.0220-60250
LAR-16374834.57435830.81067.4310-60250
LAR-17374771.57435958.5999.5220-60180
LAR-18374762.17435962.1998.9310-60230
LAR-19374715.27435959.6996.8220-60180
LAR-20374712.47435965.7996.3310-60200
LAR-21374651.97436032.9962.3220-60150
LAR-22374648.97436032.3962.2310-60150
LAR-23374864.67435723.91104.1220-60400
LAR-24374861.77435731.41103.8310-60250
LAR-25374765.27435781.11076.2220-60250
LAR-26374764.07435786.91076.2310-60250
LAR-27374633.07435872.61011.0220-60180
LAR-28374626.47435879.21010.7310-60200
LAR-29374580.77435928.6976.8220-60200
LAR-30374580.97435933.8976.7310-60150
LAR-31374577.67435929.9976.9265-60150
LAR-32374782.67435647.01118.9220-60350
LAR-33374778.97435650.81118.8310-60350
LAR-34374781.07435650.11119.0265-60350
LAR-35374583.37435799.11019.2220-60210
LAR-36374581.77435804.11019.0310-60200
LAR-37374498.87435864.1974.6220-60150
LAR-38374496.37435867.7974.4310-60150
LAR-39374577.97435877.91010.1265-60150
LAR-40374759.77435535.11100.3265-60300
LAR-41374755.77435539.91099.9310-60350
LAR-42374702.07435589.71090.0220-60270

Qualified Persons
The 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 Information
For further information please visit www.coromining.com or contact:
Nicholas Bias, VP Corporate Development & Investor Relations
Office:   +56 2 2431 7601
Cell:       +44 (0)7771 450 679
Email:   nbias@coromining.com

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, 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.

 

coro.png

Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok