Coro Mining drills 190 m of 0.8% CuT at Marimaca
CORO CONTINUES TO INTERSECT SUBSTANTIAL COPPER MINERALIZATION AT MARIMACA HIGHLIGHTED BY 190M @ 0.80%CUT & 256M AT 0.62%CUT
Coro Mining Corp. has released the results of the first eight reverse circulation (RC) holes from a 39-hole, 8,530-metre drill program nearing completion at its Marimaca copper project, located 22 kilometres east of the port of Mejillones in the II region of Chile. Results for the initial 2680m program of 16 RC discovery holes were released on April 28 2016 and May 6 2016. We also announce the results of the first 2 diamond drill (DDH) holes of a 6 hole, 2021m program, aimed at providing metallurgical samples and geotechnical information; to corroborate the RC drilling; and to test underlying sulphide mineralization. The DDH program is complete, the RC program is expected to finish within the next few days, and further results will be released over the coming weeks. Coro continues to conduct due diligence on the Minera Rayrock (MR) acquisition announced on August 4 2016; MR is the owner of the Ivan SXEW plant located some 18km S of Marimaca, as well as a large claim position shown on Figure 1.
Drilling Results
All 8 RC holes, MAR-17 to MAR-21 and MAR-24 to MAR-26 and both DDH holes, MAD-01 & MAD-02 intersected significant copper mineralization as shown on Tables 1a and 1b where %CuT is total copper.
MAR-17 to MAR-28 are holes aimed at defining the mineralization discovered previously on approx. 50m centres while MAR-29 to MAR-47 and MAR-51 to MAR-54 are step out holes on approx. 100m centres. Both sets were drilled with azimuths of 220 degrees and 310 degrees. MAR-48 to MAR-50 are exploration holes testing other anomalies.
Drill hole locations and the interpreted mineralized zone are shown on Figure 2 and in more detail on Figure 3. Drill collars for all holes are shown on Table 2 and results for holes MAR-01 to MAR-16 are shown on Table 3.
Table 1a: RC Intersections
Hole TD From To m %CuT Type
8 194 186 0.28 All
8 56 48 0.26
64 90 26 0.43
MAR-17 200m
including 96 116 20 0.47 Oxide
128 170 42 0.31
180 194 14 0.31
2 136 134 0.45 All
2 68 66 0.47
MAR-18 250m including
76 136 60 0.47 Oxide
and 170 182 12 0.33
6 262 256 0.62 All
6 56 50 0.41
MAR-19 300m
including 62 204 142 0.75 Oxide
218 262 44 0.73
0 146 146 0.43 All
0 54 54 0.56
including Oxide
60 146 86 0.37
MAR-20 250m
and 178 250 72 0.89 All
178 194 16 2.29 Enriched
including
204 250 46 0.58 Mixed
4 18 14 0.30 Oxide
and 44 144 100 0.59 All
44 102 58 0.51
MAR-21 300m Oxide
including 108 132 24 0.66
132 144 12 1.10 Enriched
and 246 270 24 0.25 Mixed
Hole TD From To m %CuT Type
66 84 18 0.68 Oxide
and 110 198 88 1.19 All
110 134 24 1.12 Oxide
MAR-24 300m 134 140 6 0.84 Enriched
including 140 158 18 0.59 Oxide
158 180 22 2.47 Enriched
180 198 18 0.43 Oxide
22 38 16 0.40 Oxide
and 82 272 190 0.80 All
82 156 74 0.90 Oxide
156 182 26 0.71 Enriched
MAR-25 300m
182 194 12 0.69 Mixed
including
194 234 40 0.70 Primary
234 242 8 0.64 Oxide
242 272 30 0.83 Primary
MAR-26 250m 56 146 90 0.66 Oxide
Table 1b: DDH Intersections
Hole TD From To m %CuT Type
0 202 202 0.92 Oxide
and 346 374 28 0.66 All
MAD-01 421.05m
346 352 6 1.83 Enriched
including
352 374 22 0.34 Mixed
0 128 128 0.65 All
0 98 98 0.75 Oxide
MAD-02B 322m including 98 116 18 0.20 Mixed
116 128 12 0.53 Oxide
and 136 156 20 0.21 Oxide
MAD-01 was twinned with MAR-10 and MAD-02B with MAR-11 with good correlations. A full analysis of the comparisons between RC and DDH drilling will be provided once all results are to hand.
Alan Stephens, President and CEO of Coro commented, “Drilling at Marimaca continues to provide impress ive intersections, both in terms of grade and thickness, with average depth of leachable mineralization now shown to be in excess of 200m. The deposit comprises a significant oxidised enrichment blanket, with some of the enrichment partially or completely preserved as mixed and enriched zones respectively. The overall control to mineralization is the major N-S trending approx. 60 degrees E dipping zone of fracturing, defined as the Marimaca Structure, cross cut by NE-SW oriented feeder structures, dipping to the SE. The host rock is a coarse grained Jurassic diorite intrusive intruded by a late mineral diorite and cross cut by post mineral andesitic sills and dykes. Strong potassic alteration and magnetite introduction accompanies the mineralization. Acid solubilities in the oxide zone are good at 74% for all assays greater than 0.1%CuT and rising to 80% for greater than 0.3%CuT. We look forward to reporting the next batch of results in due course.”
Marimaca Agreement Terms
Coro has the right to earn a 75% interest in the property as follows;
— 51% interest earned in Compania Minera Newco Marimaca (CMNM) with a $125k payment together with completion of a NI43-101 resource estimate and engineering study that demonstrates the technical and economic feasibility of producing a minimum of 1.5ktpy Cu cathode by August 6th 2018 at Coro’s cost,
— Additional 24% interest in CMNM earned by Coro upon obtaining financing for the project construction
— The owner’s interest will comprise a 15% interest free carried to commencement of commercial production and a 10% participating interest subject to dilution. The owners at their election may request Coro to loan them the equity portion corresponding to their 10% interest, if any, recoverable by Coro from 100% of the project’s free cash flow after debt repayments
— Coro retains a first right of refusal
Sampling and Assay Protocol
True widths cannot be determined with the information available at this time. Coro RC holes were sampled on a 2 m continuous basis, with dry samples riffle split on site and one quarter sent to the Geolaquim laboratory in Copiapo, Chile by Coro personnel for preparation and assaying. A second quarter was stored on site for reference. DDH holes were logged, split and sampled on site by Coro personnel and one half of the core sent to Geolaquim. Samples were prepared using the following standard protocol: drying, crushing to better than 80% passing -10#, homogenizing, splitting and pulverizing a 400 g subsample to 95% passing -150#. All samples were assayed for CuT (total copper) and samples greater than 0.1%CuT assayed for CuS (acid soluble copper) by AAS. A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results. Samples showing significant secondary sulphides will be assayed for CNCu (cyanide soluble copper) in due course.
Sergio Rivera, Vice President of Exploration, Coro Mining Corp, a geologist with more than 32 years of experience and a member of the Colegio de Geologos de Chile and of the Instituto de Ingenieros de Minas de Chile, was responsible for the design and execution of the exploration program and is the Qualified Person for the purposes of NI 43-101. Alan Stephens, FIMMM, President and CEO, of Coro Mining Corp, a geologist with more than 40 years of experience, and a Qualified Person for the purposes of NI 43-101, is responsible for the contents of this news release.
Table 3: MAR-01 toMAR-16Intersects released previously
Hole TD From To m %CuT Type
10 40 30 0.91 Oxide
MAR-01 140m
and 92 108 16 0.34 Mixed
2 18 16 0.37
MAR-02 150m Oxide
and 64 144 80 0.72
0 200 200 0.81 All
0 158 158 0.69 Oxide
MAR-03 200m
including 158 190 32 1.42 Enriched
----
190 200 10 0.70 Mixed
MAR-04 200m 0 200 200 0.71 Oxide
0 168 168 0.54 All
0 28 28 0.71
28 34 6 Stope
34 48 14 0.56 Oxide
MAR-05 200m 48 52 4 Stope
including
52 62 10 0.58
----
70 94 24 0.41 Mixed
----
94 106 12 0.34
Enriched
122 168 46 0.77
14 196 182 0.42 All
14 54 40 0.57 Oxide
----
MAR-06 200m 54 88 34 0.24 Mixed
including
94 180 86 0.39 Enriched
----
180 196 16 0.69 Mixed
40 210 170 0.53 All
40 104 64 0.70 Oxide
MAR-07 210m
including 104 184 80 0.49 Mixed
----
184 210 26 0.20 Enriched
2 94 92 0.42
MAR-08 150m Oxide
and 130 150 20 0.60
MAR-09 150m 36 120 84 0.78 Oxide
0 158 158 1.08 All
----------
MAR-10 170m 0 150 150 1.13 Oxide
including
150 158 8 0.27 Mixed
0 150 150 0.74 All
----------
MAR-11 170m 0 96 96 0.95 Oxide
including
96 150 54 0.38 Mixed
MAR-12 150m 0 118 118 0.47 Oxide
MAR-13 150m 8 150 142 0.49 Oxide
4 120 116 0.65 All
----------
MAR-14 120m 4 80 76 0.79 Oxide
including
80 120 40 0.39 Mixed
28 48 20 0.39
MAR-15 200m Oxide
and 172 200 28 0.40
MAR-16 120m 2 44 42 0.32 Oxide
About Coro Mining Corp.:
Coro’s strategy is to grow a mining business through the discovery, development and operation of “Coro type” deposits. These are defined as projects at whatever stage of development, that are well located with respect to infrastructure and water, which have low permitting risk, and which have the potential to achieve a short and cost effective timeline to production. Our preference is for open pit heap leach copper projects, where we will seek to minimise capital investment rather than maximise NPV, where we will prioritise profitability over production rate, and finally, where the likely capital cost is financeable relative to our market capitalization. The Company’s assets include its 65% interest in SCM Berta; the Marimaca project; the Llancahue prospect, optioned to Industrias Penoles; and a royalty on the San Jorge copper-gold project located in Argentina.
http://www.coromining.com/s/newsreleases.asp
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