VANCOUVER, British Columbia, April 11, 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.
An additional and final batch of 15 RC holes for 3,170 metres has been completed at the Atómica section of Marimaca, bringing the total to 79 holes for 18,270 metres. The results confirm both the south and southwest extension of the mineralization and the prominent north-south oriented feeder type structures extending north into the Atahualpa section.
Results from the additional drilling to confirm the south-southwest extension of mineralization include:
- From 70 to 84 metres, 14 metres of copper oxide mineralization averaging 1.12% CuT
- From 6 to 38 metres, 32 metres of copper oxide mineralization averaging 0.60% CuT.
Results from the additional drilling to confirm the north-south feeder type structures include:
- From 52 to 104 metres, 52 metres of copper oxide mineralization averaging 0.61% CuT,
including from 52 to 72 metres of copper oxide mineralization averaging 0.95% CuT.
- From 122 to 134 metres, 12 metres of copper oxide mineralization averaging 0.90% CuT.
- From 2 to 40 metres, 38 metres of copper oxide and mixed mineralization averaging 0.58% CuT.
Commenting on the results, Sergio Rivera, VP of Exploration said: “The initially planned drilling campaign in the La Atómica section of the project was expanded in terms of number of drill holes and metres as it became apparent that the mineralized area was larger than anticipated. We anticipate that the now completed La Atómica drilling program should result in a significant increase in the overall resource base of the Marimaca project.”
These drill holes represent the third and final batch from La Atómica. 15 RC drill holes were completed totalling 3,170 metres: 9 holes to test for the south-southwest extension of mineralisation, and 6 holes to confirm the north-south feeder structures stretching to Atahualpa. In total at La Atómica 79 holes for a total 18,270 metres have been completed, approximately 50% more than originally envisaged. The extra costs associated with the additional drilling have been accommodated because the realised drilling costs were lower than budgeted and some contingencies were drawn down.
The latest drill results have confirmed the south and south-west extension of the mineralization at La Atómica along an additional 400 x 100 metre west-northwest trending area. The results have also provided further definition of the western limit of the Marimaca deposit.
Additionally, the east-west 270° oriented holes confirmed the existence of prominent north-south oriented high-grade feeder type structures that extend further north towards Atahualpa.
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
|200||304||104||0.44||Oxide - Enriched - Mixed|
|and||218||246||28||0.79||Oxide - Enriched|
|278||294||16||0.67||Oxide - Mixed|
|LAR-73||270||No Significant Results|
|LAR-76||200||No Significant Results|
|LAR-77||150||No Significant Results|
|LAR-78||150||No Significant Results|
|LAR-82||200||122||134||12||0.90||Oxide - Primary|
|and||156||176||20||0.27||Primary - Oxide|
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.