Coro Reports Initial Results from Second Phase Drilling Program at Berta Copper Project and Makes Second Year Option Payment
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/13/12 -- Coro Mining Corp. ("Coro" or the "Company") (TSX: COP) is pleased to announce that it has made the second year US$800,000 option payment at its Berta property, located approximately 20km west of the PanAust/Codelco owned Inca de Oro feasibility stage project and 30km southeast of Anglo American's Manto Verde copper heap leach mine, in the III Region of Chile. Initial assay results from 20 of the recently completed 32 hole (10,222m) reverse circulation drilling program are shown on Table 1 below, with the remaining results to be released in due course. Coro announced the terms for the 100% acquisition of Berta in its news release of June 13, 2011, and results from its initial phase of drilling in its news release of September 27, 2011.
Alan Stephens, President and CEO of Coro, commented, "We continue to be encouraged by the results obtained from the Berta project, and accordingly have elected to proceed to the second year of our option. As currently envisaged, we see good potential for low cost, open pit, heap leach, copper cathode production from Berta and we have also intersected significant underlying primary sulphide copper molybdenum mineralization which may form the basis for a later flotation project. We now intend to complete infill drilling aimed primarily at defining an NI43-101 compliant oxide resource, and a column test work program to define metallurgical parameters."
Table 1: Significant intersections
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Hole TD from to m %CuT %Mo %CuEq Type Area
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BR-25 400 222 296 74 0.37 0.034 0.50 Sulphide Sur
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BR-26 400 4 140 136 0.30 0.031 0.42 Both Norte
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incl 4 82 78 0.21 0.008 0.24 Oxide
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and 88 140 52 0.46 0.069 0.74 Sulphide
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BR-27 300 82 134 52 0.24 0.002 0.25 Sulphide Norte
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BR-28 300 32 200 168 0.19 0.043 0.36 Both Norte
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incl 32 84 52 0.17 0.006 0.19 Oxide
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and 86 200 114 0.20 0.060 0.44 Sulphide
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BR-29 250 52 64 12 0.21 0.004 0.23 Oxide Norte
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BR-30 400 372 400 28 0.17 0.008 0.20 Sulphide Norte
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BR-31 290 No Significant Results Norte
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BR-32 400 160 294 134 0.36 0.128 0.87 Sulphide Norte
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BR-33 400 70 138 68 0.30 0.006 0.32 Sulphide Norte
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BR-34 374 No Significant Results Norte
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BR-35 368 No Significant Results Norte
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BR-36 400 No Significant Results Norte
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BR-37 400 304 340 36 0.61 0.097 1.00 Sulphide Norte
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BR-38 400 No Significant Results Norte
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BR-39 288 No Significant Results Norte
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BR-40 336 Results Awaited Norte
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BR-41 252 0 40 40 0.35 0.003 0.36 Oxide Norte
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and 228 252 24 0.30 0.032 0.43 Sulphide Norte
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BR-42 400 22 158 136 0.34 0.008 0.37 Both Sur
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incl 22 66 44 0.34 0.002 0.35 Oxide
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and 70 158 88 0.35 0.011 0.39 Sulphide
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BR-43 300 0 166 166 0.39 0.024 0.48 Both Sur
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incl 0 68 68 0.61 0.003 0.62 Oxide
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and 68 78 10 0.44 0.005 0.46 Mixed
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and 92 104 12 0.19 0.015 0.25 Sulphide
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and 124 166 42 0.28 0.084 0.62 Sulphide
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BR-44 300 0 44 44 0.63 0.059 0.86 Oxide Sur
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and 70 112 42 0.3 0.025 0.4 Oxide
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BR-45 300 0 16 16 0.33 0.002 0.34 Oxide Sur
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and 38 86 48 0.42 0.182 1.15 Oxide
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and 98 142 44 0.25 0.016 0.31 Sulphide
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BR-46 200 Results Awaited Sur
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BR-47 150 Results Awaited Sur
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BR-48 300 Results Awaited Sur
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BR-49 300 Results Awaited Sur
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BR-50 250 Results Awaited Sur
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BR-51 250 Results Awaited Sur
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BR-52 400 Results Awaited Sur
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BR-53 216 Results Awaited Sur
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BR-54 300 Results Awaited Sur
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BR-55 300 Results Awaited Sur
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BR-56 298 Results Awaited Sur
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All drill hole locations are shown on the attached map and table. Copper
equivalents were calculated at $3.00/lb Cu and $12/lb Mo, with no adjustment
for metallurgical recoveries as these are uncertain.
About Berta
Mineralization, as defined by drilling, mapping and grid geochemistry, occurs in three principal areas; Berta Sur, Central and Norte, and is associated with sub-vertical, elongate potassically altered porphyry intrusive bodies and related hydrothermal and intrusive breccias, emplaced into a tonalite stock. At Berta Sur, this mineralization is present within an area of approximately 500m by 300m, oriented ENE, with oxidation extending from surface to depths of 50m in the east to greater than 150m in the west. Berta Central comprises a smaller body, sub-parallel to and located immediately north of, Berta Sur and was the focus for previous artisanal mining. Berta Norte comprises several, discreet, NW oriented zones of mineralization, individually 25-85m in width and 100-250m in strike length, partially gravel covered, and mostly intersected at depth as sulphides in this phase of drilling. Copper and molybdenum mineralization broadly occur together at Berta although copper can occur without molybdenum and vice versa.
Berta has previously been explored by two major mining companies in the 1990's who completed wide spaced shallow percussion drilling (48 holes, 1,090m), reverse circulation ("RC") drilling (49 holes, 6,033m), and bulldozer trenching. More recently, Grandcru Resources Corp., completed diamond drilling (9 holes, 3,311.4m) in 2006-2007. All of the previous holes were assayed for total copper (%CuT), and the oxide sections of 42 of the RC holes were assayed for acid soluble copper. With the exception of 42 of these RC holes, all holes were assayed for molybdenum. Coro completed a 24 hole, 4360m RC program in 2011.
All Coro RC holes were sampled on a 2m continuous basis, with samples riffle split on site and one quarter sent to the Andes Analytical Assaying laboratory in Copiapo for preparation and then to their assay laboratory in Santiago. A second quarter was stored on site for reference. Samples were transported to the laboratory by Andes Analytical Assaying under the supervision of Minera Coro Chile Ltda's contractor, Geominco, who also logged the drill cuttings. 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 holes were assayed for CuT and Mo, with intersections containing greater than 0.1%CuT also assayed for CuS and Au. A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results.
Sergio Rivera, Vice President of Exploration, Coro Mining Corp., a geologist with more than 30 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 drilling program and is the Qualified Person for the purposes of NI 43-101.
To view Figure 1 accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/cop613i.pdf
Table 2: UTM Collar coordinates for Coro RC holes.
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Hole East North Elevation Azimuth Dip TD
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BR-25 394931 7044481 1725 160 -60 400
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BR-26 394902 7045679 1677 230 -60 400
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BR-27 394722 7045538 1688 230 -60 300
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BR-28 394800 7045344 1660 230 -60 300
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BR-29 394973 7045481 1667 230 -60 250
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BR-30 395129 7045604 1659 230 -60 400
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BR-31 394863 7045199 1687 230 -60 290
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BR-32 395126 7045347 1682 230 -60 400
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BR-33 395254 7045478 1678 230 -60 400
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BR-34 395366 7045281 1707 230 -60 374
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BR-35 394961 7044991 1696 230 -60 368
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BR-36 394974 7045030 1695 50 -60 400
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BR-37 395160 7044915 1728 50 -60 400
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BR-38 395260 7045200 1704 230 -60 400
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BR-39 394658 7044913 1711 160 -60 288
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BR-40 394734 7044666 1706 160 -60 336
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BR-41 395181 7044816 1716 160 -60 252
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BR-42 395041 7044336 1741 160 -60 400
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BR-43 395067 7044265 1755 160 -60 300
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BR-44 394896 7044430 1733 160 -60 300
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BR-45 394965 7044243 1755 160 -60 300
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BR-46 394965 7044243 1755 340 -60 200
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BR-47 394884 7044164 1757 160 -60 150
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BR-48 394819 7044214 1751 160 -60 300
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BR-49 394864 7044230 1753 160 -60 300
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BR-50 394745 7044128 1756 160 -60 250
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BR-51 394650 7044090 1745 160 -60 250
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BR-52 394600 7044500 1737 270 -60 400
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BR-53 394420 7044020 1714 160 -60 216
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BR-54 395098 7044324 1744 160 -60 300
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BR-55 394688 7043998 1747 160 -60 300
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BR-56 394780 7044032 1755 160 -60 298
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CORO MINING CORP.
Alan Stephens, President and CEO
About Coro Mining Corp.:
The Company was founded with the goal of building a mining company focused on medium-sized base and precious metals deposits in Latin America. The Company intends to achieve this through the exploration for, and acquisition of, projects that can be developed and placed into production. Coro's properties include the advanced San Jorge copper-gold project, in Argentina, and the Berta, El Desesperado, Chacay, Llancahue, and Celeste copper exploration properties located in Chile.
For further information please visit the Company's website at www.coromining.com.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of copper, estimated future production, estimated costs of future production, permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, 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.
Contacts:
Coro Mining Corp.
Michael Philpot
Executive Vice-President
604-682-5546
investor.info@coromining.com
www.coromining.com