Coro Mining Marimaca Exploration Update: Additional Atahualpa Drilling Intersects Higher Grade Zones
VANCOUVER, June 06, 2019 - 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 fourth batch of 18 RC holes for 4,466 metres has been completed at Atahualpa, bringing the total number reported to 75 holes for 20,516 metres. The fourth batch is in addition to the original work program at Atahualpa and will provide a fuller understanding of the faulting and feeder zones which control the higher-grade zones at the northern extension of Atahualpa.
Highlights
Results from the additional drilling confirmed oxide mineralisation including:
Hole ATR-72
- From 6 to 50 metres, 44 metres averaging 0.91% CuT.
Hole ATR-74
- 4 to 58 metres, 54 metres averaging 0.85% CuT.
Hole ATR-86
- From 20 to 102 metres, 82 metres averaging 0.6% CuT.
Results from the additional drilling provides new evidence of mixed oxide-secondary sulphide and primary sulphide intercepts including:
Hole ATR-68
- From 272 to 300 metres, 28 metres of copper sulphide mineralization averaging 0.95% CuT.
Hole ATR-71
- From 146 to 190 metres, 44 metres of mixed oxide-secondary sulphide copper sulphide mineralization averaging 0.87% CuT.
Hole ATR-96
- From 26 to 122 metres, 96 metres of oxide and mixed mineralization averaging 0.76% CuT
Commenting on the results, Sergio Rivera, VP of Exploration said: “The results from Atahualpa to date continue to exceed my expectations, in terms of both the size of the mineralized area and the grades. These additional drill holes were designed to provide a better understanding of the main geological features in the northern part of the Marimaca deposit and the data will be used in the estimation of the enlarged mineral resource for the project, which remains on track for publication in the third quarter of 2019. The additional results show the emergence of certain high-grade areas which we had not expected as well as attractive mixed oxide, secondary sulphide and primary sulphide mineralization. Additional drill holes have now been completed and we anticipate releasing more results in the coming weeks.”
Further Information
The fourth batch of drill results from Atahualpa further confirm the trend of mineralization running northwards from the Marimaca 1-23 area where a resource has already been established, as illustrated in Figure 1 below. This batch was in addition to the originally planned exploration work program and designed to:
- Test the extension of the northward trending feeders which characterise this area, with east west oriented holes.
- Confirm the nature of mineralization and in particular the continuity of structures and extension of oxide mineralization between them.
- Confirm the presence of higher-grade areas.
The first objective has been accomplished with results from holes ATR-58, 74 and 86 which demonstrate the quality and continuity of attractive copper oxide in the area previously sampled by underground working that mined high-grade north-south trending feeders. The second objective was also achieved, with all the 310° and 220° azimuth-oriented holes intercepting oxide mineralization at different copper grades that confirm the continuity of mineralization in between the feeders, hosted by parallel fractured and dyke intruded wall rock. Finally, the emergence of high-grade zones is evidenced by holes such as ATR 73, 76 and especially ATR 96. In addition to the high-grade copper oxide intervals, it is notable that drilling encountered more mixed, enriched and primary mineralization than had previously been found in other areas of the deposit.
The data will be used to aid the interpretation of all the results so far in calculating the enlarged Mineral Resources Ltd. for the Marimaca Phase II project, anticipated in the third quarter of 2019. Some further additional drilling has been completed to better understand higher-grade mineralised cores with the data due back from the laboratory in the coming weeks.
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
| Hole | TD (m) | From | To | m | %CuT | Type | |
| ATR-58 | 200 | 42 | 134 | 92 | 0.46 | Oxide | |
| and | 104 | 134 | 30 | 0.35 | Oxide | ||
| ATR-59 | 250 | 20 | 106 | 86 | 0.39 | Oxide | |
| including | 90 | 106 | 16 | 1.03 | Oxide | ||
| and | 134 | 172 | 38 | 0.35 | Oxide | ||
| ATR-60 | 250 | 74 | 104 | 30 | 0.56 | Oxide - Enriched | |
| and | 172 | 228 | 56 | 0.42 | Mixed - Enriched - Primary | ||
| ATR-61 | 200 | 0 | 24 | 24 | 0.35 | Oxide | |
| ATR-67 | 250 | 66 | 98 | 32 | 0.31 | Oxide | |
| and | 118 | 158 | 40 | 0.34 | Oxide - Mixed - Enriched | ||
| and | 202 | 230 | 28 | 0.72 | Oxide - Mixed - Enriched | ||
| ATR-68 | 350 | 96 | 126 | 30 | 0.43 | Oxide - Mixed | |
| and | 200 | 216 | 16 | 0.32 | Primary | ||
| and | 264 | 308 | 44 | 0.66 | Primary | ||
| ATR-69 | 300 | 50 | 90 | 40 | 0.47 | Oxide | |
| and | 112 | 128 | 16 | 0.33 | Mixed - Primary | ||
| and | 140 | 164 | 24 | 0.53 | Oxide | ||
| including | 154 | 164 | 10 | 1.01 | Oxide | ||
| and | 232 | 244 | 12 | 0.70 | Mixed - Oxide | ||
| ATR-71 | 250 | 10 | 38 | 28 | 0.40 | Oxide | |
| and | 146 | 190 | 44 | 0.87 | Oxide - Enriched | ||
| ATR-72* | 66 | 6 | 50 | 44 | 0.91 | Oxide | |
| including | 22 | 50 | 28 | 1.30 | Oxide | ||
| ATR-73 | 350 | 122 | 152 | 30 | 0.36 | Mixed - Enriched | |
| and | 174 | 208 | 34 | 0.41 | Oxide - Primary | ||
| including | 198 | 208 | 10 | 1.06 | Primary | ||
| and | 272 | 280 | 8 | 4.07 | Primary | ||
| ATR-74** | 200 | 4 | 70 | 66 | 0.74 | Oxide |
Atahualpa intersections continued,
| ATR-76 | 250 | 82 | 100 | 18 | 0.44 | Oxide - Enriched | |
| and | 116 | 136 | 20 | 1.40 | Enriched - Primary | ||
| and | 224 | 248 | 24 | 0.51 | Mixed | ||
| ATR-86 | 250 | 20 | 102 | 82 | 0.60 | Oxide | |
| ATR-88*** | 200 | 2 | 22 | 20 | 0.41 | Oxide | |
| and | 32 | 70 | 38 | 0.44 | Oxide | ||
| and | 100 | 106 | 6 | 0.48 | Mixed | ||
| ATR-89 | 300 | 220 | 286 | 66 | 0.43 | Primary - Oxide - Enriched | |
| ATR-91 | 300 | 134 | 154 | 20 | 0.34 | Oxide - Mixed | |
| and | 176 | 210 | 34 | 0.44 | Oxide - Mixed - Primary | ||
| ATR-95 | 250 | 94 | 112 | 18 | 0.42 | Oxide | |
| ATR-96 | 250 | 26 | 122 | 96 | 0.76 | Oxide-Mixed | |
| and | 204 | 222 | 18 | 0.85 | Primary | ||
| including | 210 | 220 | 10 | 1.41 | Primary |
* From 50 to 66 metres includes 16 metres not recovered due to passing through an historic underground working
** From 48 to 50 metres includes 2 metres not recovered due to passing through an historic underground working
*** From 62 to 66 metres includes 4 metres not recovered due to passing through an historic underground working
Figure 3: Atahualpa Drill Collars
| Hole | Easting | Northing | Elevation | Azimuth | Inclination | Depth |
| ATR-58 | 374939.5 | 7436102.0 | 1069.1 | 280 | -60 | 200 |
| ATR-59 | 374855.3 | 7436363.2 | 1086.1 | 270 | -60 | 250 |
| ATR-60 | 375025.7 | 7436226.6 | 1083.7 | 270 | -60 | 250 |
| ATR-61 | 374833.2 | 7436097.5 | 1027.3 | 270 | -60 | 200 |
| ATR-67 | 375027.5 | 7436088.4 | 1110.8 | 220 | -60 | 250 |
| ATR-68 | 375213.6 | 7435808.3 | 1083.0 | 270 | -60 | 350 |
| ATR-69 | 374956.1 | 7436140.8 | 1070.9 | 220 | -60 | 300 |
| ATR-71 | 374969.2 | 7436208.2 | 1076.3 | 270 | -60 | 250 |
| ATR-72 | 374879.8 | 7436067.2 | 1029.5 | 220 | -60 | 66 |
| ATR-73 | 375117.8 | 7435892.0 | 1127.8 | 220 | -60 | 350 |
| ATR-74 | 374858.9 | 7436195.0 | 1016.8 | 270 | -60 | 200 |
| ATR-76 | 375143.0 | 7435801.1 | 1084.5 | 220 | -60 | 250 |
| ATR-86 | 374923.3 | 7435992.3 | 1029.7 | 270 | -60 | 250 |
| ATR-88 | 374863.0 | 7436193.9 | 1017.1 | 220 | -60 | 200 |
| ATR-89 | 375062.3 | 7435866.5 | 1093.2 | 310 | -60 | 300 |
| ATR-91 | 375050.4 | 7435901.1 | 1094.3 | 270 | -60 | 300 |
| ATR-95 | 375143.0 | 7435805.9 | 1084.6 | 310 | -60 | 250 |
| ATR-96 | 374927.7 | 7435990.6 | 1030.1 | 220 | -60 | 250 |
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
Cell: +44 (0)7771 450 679
Office: +56 2 2431 7601
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/51d7cdaa-baf9-473e-95b1-5e162606ab04