July 31, 2019 - 7:00 AM EDT
Print Email Article Font Down Font Up Charts

Northeastwards Continuation of Mineralization at Tarso

Highlighted by 82 metres at 0.72% CuT

VANCOUVER, British Columbia, July 31, 2019 (GLOBE NEWSWIRE) -- Coro Mining Corp. (“Coro” or the “Company”) (TSX: COP) is pleased to provide an update for the Marimaca Project in the Antofagasta Region of Chile. Results have now been received from 40 RC holes for a total 9,950 metres in and around the Tarso area.  The drill results confirm the extension of mineralization from Atahualpa towards the north-east with the Tarso holes also delineating the edge of mineralization. These results mark the completion of the Phase II RC drilling program and will be incorporated in the expanded resource calculation which remains on track for publication by the end of September 2019.

Highlights

Results from the drilling confirmed oxide mineralization, including:

  • Hole ATR-99, from 56 to 138 metres, 82 metres averaging 0.72% CuT
  • Hole ATR-101, from 68 to 126 metres, 58 metres averaging 0.60% CuT,
    including from 78 to 116 metres 38 metres averaging 0.96% CuT
  • Hole ATR-102, from 68 to 84 metres, 16 metres averaging 1.12% CuT
  • Hole ATR-104, from 60 to 86 metres, 26 metres averaging 0.87% CuT,
    and from 108 to 122 metres, 14 metres averaging 0.87% CuT

Results from the drilling confirmed mixed oxide-enriched sulphide mineralization, including:

  • Hole ATR-98, from 134 to 144 metres, 10 metres averaging 0.68% CuT,
    including from 118 to 138 metres, 20 metres averaging 1.45% CuT
  • Hole TAR-13, from 66 to 786 metres, 10 metres averaging 1.65% CuT

Results from the drilling confirmed primary sulphide mineralization, including:

  • Hole ATR-62, from 236 to 246 metres, 10 metres averaging 1.30% CuT
  • Hole ATR-63, from 240 to 258 metres, 18 metres averaging 1.13% CuT
  • Hole TAR-04, from 204 to 226 metres, 22 metres averaging 0.72% CuT

Commenting on the results, Sergio Rivera, Vice President of Exploration said: “The Tarso sector is the final area to be explored in the expanded Marimaca Phase II exploration program.  The results are positive as they confirm further extension of the mineralised zone at Marimaca into the Tarso area and the mineralized body at Marimaca now measures approximately 1,400 metres in length, by 700 metres wide and is 100 to 300 metres thick, averaging approximately 120 metres.

Furthermore, as  results reported from Atahualpa last month, where some drill hole returned primary sulphide intercepts, it is interesting to see more drilling intercepts with some high grade copper sulphide mineralization at Tarso that may warrant additional exploration.”

Further Information

The final 40 RC holes for 9,950 metres in the Tarso and Atahualpa areas concludes the RC drilling for the Marimaca Phase II program.

These drill results confirm the extension of the Marimaca deposit in a north-easterly direction over a 400-metre-long by 300-metre-wide area. The green line in Figure 1 shows the interpreted limits of the Marimaca copper oxide mineralization in the central area targeted by the Phase II exploration program.

Figure 1: Tarso and area RC holed locations

https://www.globenewswire.com/NewsRoom/AttachmentNg/815eab6d-de15-41e7-baa7-ad3c62d0949a

Marimaca Phase II Program
These results comprise the final RC drill holes for the Phase II program.  A smaller diamond drill hole program oriented to check structural controls, provide additional information about the nature of the mineralization and for obtaining geotechnical data and samples for metallurgical test work is nearing completion, with results anticipated in the coming months.

All drill holes will be incorporated with the already published Phase I resource into a single enlarged Phase II resource by the end of September 2019.  With the field work largely complete, the Company will now assemble the lithology-structure and mineralization zones model, the 3D geologic model, data base review, QaQc reporting, density measurements and bore hole measurements of structural data interpretation, plus the integration of all sampling and geologic data obtained along the underground workings.  It is intended to publish progress updates and share findings between now and the publication of the resource.

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.

Figure 2:  Tarso and area intersections

HoleTD (m) FromTom%CuTType
ATR-62300 126142160.47Enriched - Primary
including12613480.75Enriched
and236246101.30Primary
and264290260.37Enriched - Primary
including264280160.43Enriched - Primary
ATR-63300 5060100.85Oxide
and146168220.40Oxide - Mixed - Enriched
and240280400.68Primary - Enriched - Mixed
including240258181.13Primary - Enriched
ATR-64300 028280.38Oxide
including622160.56Oxide

Tarso and area intersections continued,

ATR-65300 106136300.42Enriched - Mixed
including106128220.50Enriched - Mixed
and238286480.23Oxide - Mixed
ATR-90200No significant results
ATR-98200 134182480.42Mixed - Enriched - Primary
including134144100.68Mixed - Enriched
 158182240.50Mixed - Enriched - Primary
ATR-991300 1024140.31Oxide
 56138820.72Oxide
including5672160.58Oxide
and76112360.49Oxide
118138201.45Oxide
 158176180.45Oxide
 222234120.31Primary
ATR-100200 146194480.32Oxide - Mixed
including148170220.37Oxide - Mixed
ATR-101200 68126580.76Oxide - Mixed
including78116380.96Mixed - Oxide
ATR-102200 4886380.59Oxide - Mixed
including6884161.12Oxide - Mixed
 118134160.30Primary
ATR-103150 148234860.53Oxide - Enriched - Primary
including6288260.42Oxide
and116132160.46Enriched - Primary

Tarso and area intersections continued,

ATR-104300 4886380.64Oxide – Mixed
including6086260.87Oxide - Mixed
 108122140.87Oxide
 206224180.39Primary
AER-01250 176192160.31Primary
including     
AER-02350No Significant Results
AER-03300 238360.34Oxide
including1638220.42Oxide
TAR-01300No Significant Results
TAR-02300 104126220.32Oxide
TAR-03300 2662360.31Oxide
including3262300.33Oxide
TAR-04250 13614260.55Enriched - Mixed
and204226220.72Primary - Oxide
TAR-05300No Significant Results
TAR-06200No Significant Results
TAR-07200No Significant Results
TAR-08300 1640240.38Oxide
including1628120.60Oxide
TAR-09200 3474400.34Oxide - Mixed
including3460260.43Oxide - Mixed
TAR-10200 3458240.43Oxide
including3450160.58Oxide
TAR-11200 2860320.35Oxide

Tarso and area intersections continued,

TAR-12300No Significant Results
TAR-13200 6676101.65Enriched - Oxide
TAR-14300No Significant Results
TAR-15200No Significant Results
TAR-16300No Significant Results
TAR-17300No Significant Results
TAR-18200No Significant Results
TAR-19300No Significant Results
TAR-20200No Significant Results
TAR-21250No Significant Results
TAR-22200No Significant Results
TAR-23200No Significant Results
TAR-24200No Significant Results
TAR-25200No Significant Results

1 ATR-99, from 72 to 76 metres includes 6 metres not recovered due to passing through an historic underground working

Figure 3: Tarso and area drill collars

HoleEastingNorthingElevationAzimuthInclinationDepth
ATR-62375397.17435918.61123.1310-60300
ATR-63375319.87435963.81128.5310-60300
ATR-64375321.77435960.91128.4220-60300
ATR-65375239.67436043.71137.0310-60300
ATR-90375170.57435968.31139.6310-60200
ATR-98375172.77435962.91139.6220-60200
ATR-99374856.77436358.81086.3220-60300
ATR-100375099.47436034.01144.1220-60200
ATR-101375162.17436125.51116.2220-60200
ATR-102375239.87436038.61137.1220-60200
ATR-103375158.07436129.01116.1270-60150
ATR-104375082.47436209.71093.4220-60300
AER-01374993.47436511.21064.8310-60250
AER-02374998.77436512.41064.4220-60350
AER-03375155.77436244.51098.2310-60300
TAR-01375385.57436052.71144.4310-60300

Tarso and area drill collars continued,

TAR-02375439.97436138.71137.1310-60300
TAR-03375219.77436173.61109.9310-60300
TAR-04375006.97436377.81065.6270-60250
TAR-05375297.57436131.21110.8310-60300
TAR-06375377.27436201.41106.7310-60200
TAR-07375296.17436261.81085.1310-60200
TAR-08375221.57436326.51081.9310-60300
TAR-09375221.47436170.71109.9220-60200
TAR-10375138.97436390.51067.2310-60200
TAR-11375158.87436237.71098.4220-60200
TAR-12375085.27436312.61074.0310-60300
TAR-13375299.87436125.61111.1220-60200
TAR-14375527.47436345.51107.4310-60300
TAR-15375203.27436462.11064.2310-60200
TAR-16375570.57436408.21128.4310-60300
TAR-17375643.57436480.01097.2310-60300
TAR-18375429.97436578.71056.9310-60200
TAR-19375468.97436699.11048.2310-60300
TAR-20375676.37436723.01052.6310-60200
TAR-21375233.97436893.01063.7310-60250
TAR-22375661.17437002.81028.2310-60200
TAR-23375692.87436827.71033.9310-60200
TAR-24375734.97436934.61025.0310-60200
TAR-25375808.57436873.01033.2310-60200

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.

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 style of mineralization which challenges accepted exploration wisdom and promises to open up new frontiers for discoveries elsewhere in the country. Unusually, Marimaca is a fracture controlled and intrusive hosted deposit while the numerous and well known manto deposits in the same Coastal Copper Belt are hosted by favourable volcanic rocks.

With a lack of new copper exploration discoveries in Chile the growing Marimaca resource is likely to make it a sought-after development project as it is located near the coast at low elevation close to the city of Antofagasta and the port of Mejillones. This prime location should enable its future development at a relatively modest capital investment. Marimaca would benefit from nearby existing infrastructure including roads, powerlines, ports, a sulphuric acid plant, a skilled workforce and seawater.

Contact Information
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
Email: [email protected]

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. 

Primary Logo

Figure 1

Tarso and area RC holed locations

Source: GlobeNewswire (July 31, 2019 - 7:00 AM EDT)

News by QuoteMedia
www.quotemedia.com

Legal Notice