VANCOUVER, British Columbia, April 09, 2019 (GLOBE NEWSWIRE) -- Coro Mining Corp. (“Coro” or the “Company”) (TSX: COP) is pleased to announce an update for the Company’s Marimaca Project in the Antofagasta Region of Chile. A third batch of 17 RC holes for 3,650 metres has been completed at Atahualpa, bringing the total to 57 holes for 16,050 metres. The new drill results confirmed a further extension of copper oxide mineralization from the previously announced Atahualpa drill results, over 300 metres to the north, resulting so far in an approximate 600-metre extension of mineralisation from Marimaca 1-23. In addition, the results also confirmed massive parallel fracturing control mineralisation at Atahualpa with better grades and thicknesses than anticipated.
- From 46 to 94 metres, 48 metres of copper oxide and enriched mineralization averaging 0.64% CuT.
- From 114 to 160 metres, 46 metres of copper oxide and mixed mineralization averaging 0.82% CuT.
- From 6 to 30 metres, 24 metres of copper oxide mineralization averaging 0.65% CuT.
- From 72 to 96 metres, 24 metres of copper oxide mineralization averaging 0.91% CuT.
- From 194 to 236 metres, 42 metres of copper oxide and mixed mineralization averaging 0.72% CuT.
- From 74 to 130 metres, 56 metres of copper oxide mineralization averaging 0.92% CuT, including from 86 to 100, 14 metres of copper oxide mineralization averaging 1.40%.
Commenting on the results, Sergio Rivera, VP of Exploration said: "Drilling results at Atahualpa are continuing to demonstrate money well spent. This is the third set of results now, from an extended drill campaign and it’s pleasing to see how the results are evolving and complementing the previous results. In the first batch we saw the results confirm the extension of mineralisation from Marimaca 1-23 to Atahualpa; in the second set the results demonstrated the extension of mineralisation 300 metres into Atahualpa. This third batch now confirms further 300 metre extension, and therefore a total 600 metre extension of mineralisation in Atahualpa, resulting in a total project strike length so far of 1,450 metres. My expectation is that the final drill holes, which are presently underway, will determine the continuity and quality of the grades at Atahualpa."
The third batch of drill results from Atahualpa confirm the trend of mineralization running from the Marimaca 1-23 area where a resource has already been established, and now appears to run into Atahualpa (illustrated in Figure 1 below) for a total current project strike length estimated to be 1,450 metres long (southeast-northwest) and an average 450 metres wide (southwest-northeast).
The Atahualpa third batch drill holes were planned to test the north south trending structures. The holes were drilled on a 100-metre grid at the new 270° orientation (revised from the previous 220° and 310° orientation), which is proving, as anticipated, to better identify the geology and mineralisation. The results are consistent with the existing known mineralization styles, with the drill results closest to the dacitic dyke showing a more parallel fracture controlled mineralization. Results further away from the dacitic dyke show copper oxide mineralization controlled by the north-south structures and halos.
One of the two diamond drill rigs which entered service during March 2019 is now operating at Atahualpa, focused on better defining recent RC results in certain high-grade zones.
The positive exploration results so far at Atahualpa resulted in the decision to increase the total number of drill holes from the originally planned 51 holes for 12,310 metres, so far, to an increased 57 holes for 16,050 metres. It is envisaged that a further 8 holes will be drilled. Consequently, the final results are now anticipated in April instead of March 2019 due to the additional workload. Nevertheless, the conclusion of a single enlarged Phase II resource remains on track for the third quarter of 2019.
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 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: Atahualpa Intersections
|46||94||48||0.64||Oxide - Enriched|
|and||68||94||26||0.63||Enriched - Oxide|
|102||164||62||0.34||Primary - Oxide|
|74||168||94||0.49||Oxide - Mixed - Primary|
|including||114||160||46||0.82||Oxide - Mixed|
|110||120||10||0.53||Primary - Enriched|
|122||130||8||1.58||Oxide - Primary|
|ATR-48||200||72||120||48||0.50||Oxide - Primary|
|132||202||70||0.30||Oxide - Enriched|
|170||202||32||0.40||Enriched - Oxide|
Atahualpa Intersections continued,
|238||248||10||0.31||Enriched - Primary|
|116||176||60||0.32||Oxide - Enriched - Mixed|
|160||176||16||0.63||Mixed - Oxide|
|and||186||250||64||0.55||Mixed - Oxide|
|including||194||236||42||0.72||Mixed - Oxide|
|ATR-56||170||30||134||104||0.50||Oxide - Mixed|
* Includes 8 metres not recovered due to passing through an historic underground working
Figure 3: Atahualpa Drill Collars
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.
For further information please visit www.coromining.com or contact:
Nicholas Bias, VP Corporate Development & Investor Relations
Cell: +44 (0)7771 450 679
Office: +56 2 2431 7601
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.