Coro Mining Corp.

Coro Mining Corp.

May 04, 2010 15:35 ET

Coro Announces 64 Metres At 0.55% Copper From Drilling Program At Chacay Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2010) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce the remaining assay results from the recent reverse circulation drilling program completed by its Chilean subsidiary, Minera Cielo Azul Ltda ("MCAL") at its 100% owned Chacay porphyry copper property, located 12km southeast of the Teck Resources Relincho copper-molybdenum project, and 50km east of the city of Vallenar in the III Region of Chile, at an elevation of approximately 2,600m (refer Figure 1:Location Map). Previous assay results, including partial assays for holes CHCRC14 and 15, were announced in the Company's news release dated March 26th 2010.

The outstanding assay results have now been received for holes CHCRC14, 15 and 16, and the complete intersections are shown below in Table 1:

Table 1:  Updated Assay Results
Hole TD From To m %CuT %CuSol %CuCN Solubility
CHCRC14 174 68 96 28 0.53 0.17 0.28 85%
CHCRC15 204 120 184 64 0.55 0.16 0.34 91%
CHCRC16 186 168 186 18 0.16 <0.01 <0.01 7%

Alan Stephens, President and CEO of Coro commented, "We continue to be very encouraged by the results from Chacay. Three zones of copper mineralization have been outlined by the drilling to date, as shown on the attached map, the largest of which, known as the Nacho Zone, occupies an area of approximately 900 x 850m. Coro intends to complete a 10 hole reverse circulation drill program aimed at continuing to define the extent of the known chalcocite blanket, testing the deeper portions of the deposit for primary copper mineralization, as well as exploring the two other zones of mineralization and alteration on the property."

About Chacay

The Chacay property hosts a porphyry copper prospect of probable Eocene age that has previously been drill tested by several companies. The drillhole locations and summary geological information are available for some of the previous drilling but it has not been possible to obtain the corresponding assay information. A zoned porphyry alteration suite of external propylitic alteration surrounding a phyllically altered core is developed over a distance of 3,500m, oriented west northwest. Three zones of copper mineralization have been outlined by the drilling to date, as shown in Figure 2.

The largest of these, known as the Nacho Zone, occupies an area of approximately 900 x 850m centered on Cerro Colorado. This hill has an elevation difference of 300m over the surrounding valleys and hosts a leached cap, which drilling has shown to vary from 50 to 200m in thickness. Underlying the leached cap, a partially oxidized, flat lying, chalcocite enrichment blanket has been intersected in drilling, that is currently interpreted to be between 20m thick on its margins and greater than 100m thick towards its centre. Re-logging of all available RC drill chips has shown that the chalcocite blanket is thickest and has the highest copper grades when developed within a diorite porphyry intrusive exhibiting sericite-chlorite-quartz alteration, and which contained original primary copper sulphides. This diorite is cross cut by zones of moderate to strong quartz-sericite-pyrite alteration, which may or may not represent a separate late porphyry phase, and which generally hosts mineralization grading less than 0.2%CuT, such as in hole CHCRC 16, with chalcocite occurring only as coatings on pyrite. A weakly altered, late mineral hornblende diorite occurs as small stocks and dykes within the Nacho Zone, as do post mineral latite dykes.

The less well defined Lucho Zone, is located on Cerro Chacay, and has been peripherally drill tested by two holes for which assay information is unavailable, one of which had primary copper sulphides reported and both of which have visible chalcocite in the drill cuttings left on site. The smaller Martin zone, located between Nacho and Lucho has been tested on its periphery by MCAL hole CHCRC02, which intersected 28m of mixed copper oxide and sulphide mineralization, from 14-42m downhole, averaging 0.51%CuT, in a potassically altered diorite porphyry. Mineralization at Chacay contains anomalous gold values, but no significant molybdenum or silver assays are present in the holes assayed to date. Coro owns 100% of the Chacay property, subject to a 2% Net Profits Interest with a US$2 million cap, payable to First Quantum Minerals.

The location of all holes drilled on the property is shown on the attached map, and for completeness, all previously reported intersections are shown in Table 2 below:

Table 2:  Complete Drill Hole Results
Hole TD Inc From To m %CuT Released
CHCRC01 146 -60 No Significant Results 25/11/2009
CHCRC02 154 -60 14 42 28 0.51
CHCRC03 200 -60 No Significant Results
CHCRC04 228 -60 No Significant Results
CHCRC05 198 -60 190 198 8 0.56
CHCRC06 220 -60 82 160 78 0.44
CHCRC07 160 -60 No Significant Results
CHCRC08 250 -60 160 208 48 0.20 05/01/2010
CHCRC09 330 -60 236 324 88 0.47
CHCRC10 224 -60 138 194 56 0.15
CHCRC11 220 -60 No Significant Results
CHCRC12 204 -90 No Significant Results 26/03/2010
CHCRC13 234 -90 112 234 122 0.77
CHCRC14 174 -90 68 96 28 0.53 04/05/2010
CHCRC15 204 -70 120 184 64 0.55
CHCRC16 186 -90 168 186 18 0.16

RC holes CHCRC01-06 were sampled on a 2 m continuous basis, with samples riffle split on site and one quarter sent to the ALS Chemex laboratory in La Serena. Samples were transported to the laboratory by MCAL personnel. Samples were prepared using the following standard protocol: drying, crushing to better than 95% passing 2 mm, splitting and pulverizing a 200 g subsample to 95% passing 0.106 mm. All samples were analyzed for CuT; some samples were also assayed for Au. In 2007, a MCAL re-assaying program comprised the recovery of selected RC samples from holes CHCRC01-06 stored on site and their shipment to Andes Analytical Assays for preparation and sequential assaying for CuT, CuSol and CuCN, as well as for Au and Mo.

RC holes CHCRC07-16 were sampled on a 2 m continuous basis, with samples riffle split on site and one quarter sent to the Andes Analytical Assaying laboratory in Santiago. A second quarter was stored at a MCAL facility for reference. Samples were transported to the laboratory by Andes Analytical Assaying under the supervision of MCAL. 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 samples were analyzed by sequential assaying for CuT, CuSol and CuCN and for Au, Ag and Mo. A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results.

Angelo Peri, VP Exploration, Coro Mining Corp, a geologist with more than 24 years was responsible for the design and conduct of the exploration, and Alan Stephens, FIMMM, President and CEO, of Coro Mining Corp, a geologist with more than 34 years of experience is the Qualified Person for the purposes of NI 43-101. 

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 Chacay and Llancahue copper exploration properties located in Chile.

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.

Please visit the following link to view Figure 1: Location Map: and Figure 2: Chacay Property: Drill hole locations and mineralized zones:

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