Coro Mining Corp.
TSX : COP

Coro Mining Corp.

September 06, 2016 13:54 ET

Coro Continues to Intersect Substantial Copper Mineralization at Marimaca Highlighted by 190m @ 0.80%CuT & 256m at 0.62%CuT

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 6, 2016) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce the results of the first 8 reverse circulation (RC) holes from a 39 hole, 8530m hole program nearing completion at its Marimaca copper project, located 22km E of the port of Mejillones in the II Region of Chile, (Figure 1). Results for the initial 2680m program of 16 RC discovery holes were released on April 28 2016 and May 6 2016. We also announce the results of the first 2 diamond drill (DDH) holes of a 6 hole, 2021m program, aimed at providing metallurgical samples and geotechnical information; to corroborate the RC drilling; and to test underlying sulphide mineralization. The DDH program is complete, the RC program is expected to finish within the next few days, and further results will be released over the coming weeks. Coro continues to conduct due diligence on the Minera Rayrock (MR) acquisition announced on August 4 2016; MR is the owner of the Ivan SXEW plant located some 18km S of Marimaca, as well as a large claim position shown on Figure 1.

Drilling Results

All 8 RC holes, MAR-17 to MAR-21 and MAR-24 to MAR-26 and both DDH holes, MAD-01 & MAD-02 intersected significant copper mineralization as shown on Tables 1a and 1b where %CuT is total copper.

MAR-17 to MAR-28 are holes aimed at defining the mineralization discovered previously on ~50m centres while MAR-29 to MAR-47 and MAR-51 to MAR-54 are step out holes on ~100m centres. Both sets were drilled with azimuths of 220° and 310°. MAR-48 to MAR-50 are exploration holes testing other anomalies.

Drill hole locations and the interpreted mineralized zone are shown on Figure 2 and in more detail on Figure 3. Drill collars for all holes are shown on Table 2 and results for holes MAR-01 to MAR-16 are shown on Table 3.

Table 1a: RC Intersections
HoleTD FromTom%CuTType
81941860.28All
856480.26
6490260.43
MAR-17200m
including96116200.47Oxide
128170420.31
180194140.31
21361340.45All
268660.47
MAR-18250mincluding
76136600.47Oxide
and170182120.33
62622560.62All
656500.41
MAR-19300m
including622041420.75Oxide
218262440.73
01461460.43All
054540.56
including Oxide
60146860.37
MAR-20250m
and178250720.89All
178194162.29Enriched
including
204250460.58Mixed
418140.30Oxide
and441441000.59All
44102580.51
MAR-21300m Oxide
including108132240.66
132144121.10Enriched
and246270240.25Mixed
HoleTD FromTom%CuTType
6684180.68Oxide
and110198881.19All
110134241.12Oxide
MAR-24300m 13414060.84Enriched
including140158180.59Oxide
158180222.47Enriched
180198180.43Oxide
2238160.40Oxide
and822721900.80All
82156740.90Oxide
156182260.71Enriched
MAR-25300m
182194120.69Mixed
including
194234400.70Primary
23424280.64Oxide
242272300.83Primary
MAR-26250m 56146900.66Oxide
Table 1b: DDH Intersections
HoleTD FromTom%CuTType
02022020.92Oxide
and346374280.66All
MAD-01421.05m
34635261.83Enriched
including
352374220.34Mixed
01281280.65All
098980.75Oxide
MAD-02B322mincluding98116180.20Mixed
116128120.53Oxide
and136156200.21Oxide

MAD-01 was twinned with MAR-10 and MAD-02B with MAR-11 with good correlations. A full analysis of the comparisons between RC and DDH drilling will be provided once all results are to hand.

Alan Stephens, President and CEO of Coro commented, "Drilling at Marimaca continues to provide impress ive intersections, both in terms of grade and thickness, with average depth of leachable mineralization now shown to be in excess of 200m. The deposit comprises a significant oxidised enrichment blanket, with some of the enrichment partially or completely preserved as mixed and enriched zones respectively. The overall control to mineralization is the major N-S trending ~60°E dipping zone of fracturing, defined as the Marimaca Structure, cross cut by NE-SW oriented feeder structures, dipping to the SE. The host rock is a coarse grained Jurassic diorite intrusive intruded by a late mineral diorite and cross cut by post mineral andesitic sills and dykes. Strong potassic alteration and magnetite introduction accompanies the mineralization. Acid solubilities in the oxide zone are good at 74% for all assays > 0.1%CuT and rising to 80% for >0.3%CuT. We look forward to reporting the next batch of results in due course."

Marimaca Agreement Terms

Coro has the right to earn a 75% interest in the property as follows;

  • 51% interest earned in Compañia Minera Newco Marimaca (CMNM) with a $125k payment together with completion of a NI43-101 resource estimate and engineering study that demonstrates the technical and economic feasibility of producing a minimum of 1.5ktpy Cu cathode by August 6th 2018 at Coro's cost,
  • Additional 24% interest in CMNM earned by Coro upon obtaining financing for the project construction
  • The owner's interest will comprise a 15% interest free carried to commencement of commercial production and a 10% participating interest subject to dilution. The owners at their election may request Coro to loan them the equity portion corresponding to their 10% interest, if any, recoverable by Coro from 100% of the project's free cash flow after debt repayments
  • Coro retains a first right of refusal

Sampling and Assay Protocol

True widths cannot be determined with the information available at this time. Coro RC holes were sampled on a 2 m continuous basis, with dry samples riffle split on site and one quarter sent to the Geolaquim laboratory in Copiapo, Chile by Coro personnel for preparation and assaying. A second quarter was stored on site for reference. DDH holes were logged, split and sampled on site by Coro personnel and one half of the core sent to Geolaquim. 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 assayed for CuT (total copper) and samples >0.1%CuT assayed for CuS (acid soluble copper) by AAS. A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results. Samples showing significant secondary sulphides will be assayed for CNCu (cyanide soluble copper) in due course.

Sergio Rivera, Vice President of Exploration, Coro Mining Corp, a geologist with more than 32 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 exploration program and is the Qualified Person for the purposes of NI 43-101. Alan Stephens, FIMMM, President and CEO, of Coro Mining Corp, a geologist with more than 40 years of experience, and a Qualified Person for the purposes of NI 43-101, is responsible for the contents of this news release.

To view Figure 1: Location of Marimaca and Minera Rayrock Claims, Figure 2: Marimaca Drill Plan, Showing RC holes with assays in red, DDH holes in blue and remaining RC holes in grey and Figure 3: Detailed drill plan showing assayed MAR holes in red and MAD holes in blue, please visit the following link: http://media3.marketwire.com/docs/1068290a.pdf

Table 2: Marimaca Drill Collars
HoleEastNorthElevAzimuth InclinationTD
MAR-01375,0897,435,5271,1090-90140
MAR-02374,9517,435,4801,0970-90150
MAR-03375,0047,435,4111,095275-60200
MAR-04374,9167,435,4321,057310-60200
MAR-05375,0797,435,5921,127220-60200
MAR-06375,0747,435,5951,127310-60200
MAR-07375,1167,435,5271,114330-55210
MAR-08374,9657,435,4591,098310-55150
MAR-09375,0267,435,2441,034310-55150
MAR-10375,0747,435,2071,050310-55170
MAR-11375,0617,435,2101,051220-55170
MAR-12375,0927,435,1181,047310-55150
MAR-13375,1557,435,1481,057310-55150
MAR-14375,0297,435,2381,033220-55120
MAR-15375,3157,434,9851,023310-55200
MAR-16375,0977,435,1111,046220-55120
MAR-17374,9257,435,5201,103310-55200
MAR-18374,9227,435,5171,104220-55250
MAR-19374,8957,435,4801,084310-55300
MAR-20374,8707,435,4521,062310-55250
MAR-21374,9677,435,3511,066310-55300
MAR-22374,9677,435,3441,066220-55260
MAR-23375,0467,435,4231,091310-55300
MAR-24375,0517,435,4211,091220-55300
MAR-25375,0107,435,3801,081310-55300
MAR-26374,9747,435,2751,059310-55250
MAR-27374,9987,435,1931,027310-55250
MAR-28374,8347,435,2621,063310-55190
MAR-29375,0667,435,3151,054310-55250
MAR-30375,0117,435,1161,021310-55250
MAR-31375,0997,435,0561,026310-55200
MAR-32374,8057,435,4331,066310-55100
MAR-33374,8787,435,3701,061310-55200
MAR-33B374,8757,435,3721,061310-55200
MAR-34375,1317,435,2201,085310-55200
MAR-35375,1437,435,2751,098310-55200
MAR-36375,1447,435,2711,098220-55200
MAR-37375,1867,435,3731,109310-55200
MAR-38375,2477,435,4201,117310-55200
MAR-39375,1347,435,2171,085270-55200
MAR-40375,1317,435,2201,085220-55200
MAR-41375,1857,435,5051,116310-55300
MAR-42375,0027,435,5131,130310-55200
MAR-43374,9307,435,5851,122310-55200
MAR-44374,9307,435,5851,026220-55200
MAR-45375,0107,435,6521,090310-55100
MAR-46375,1297,435,7111,078310-5580
MAR-47375,1297,435,7111,078220-55150
MAR-48375,6657,435,2401,06631055200
MAR-49375,6357,435,1601,06431055200
MAR-50375,4457,435,1551,04831055200
MAR-51375,1667,435,3251,101310-55300
MAR-52375,0827,435,4601,088310-55250
MAR-53374,8687,435,5031,080220-55200
MAR-54374,8787,435,3721,059220-55200
MAD-01375,0757,435,2101,050310-55421
MAD-02375,0607,435,2121,051220-5522
MAD-02B375,0597,435,2091,051220-55322
MAD-03375,0047,435,4091,095277-60406
MAD-04375,0007,435,5101,132220-55320
MAD-05374,9157,435,4301,058310-60300
MAD-06375,1187,435,5291,113330-55230
Table 3: MAR-01 toMAR-16Intersects released previously
HoleTD FromTom%CuTType
1040300.91Oxide
MAR-01140m
and92108160.34Mixed
218160.37
MAR-02150m Oxide
and64144800.72
02002000.81All
01581580.69Oxide
MAR-03200m
including158190321.42Enriched
190200100.70Mixed
MAR-04200m 02002000.71Oxide
01681680.54All
028280.71
28346Stope
3448140.56Oxide
MAR-05200m 48524Stope
including
5262100.58
7094240.41Mixed
94106120.34
Enriched
122168460.77
141961820.42All
1454400.57Oxide
MAR-06200m 5488340.24Mixed
including
94180860.39Enriched
180196160.69Mixed
402101700.53All
40104640.70Oxide
MAR-07210m
including104184800.49Mixed
184210260.20Enriched
294920.42
MAR-08150m Oxide
and130150200.60
MAR-09150m 36120840.78Oxide
01581581.08All
MAR-10170m 01501501.13Oxide
including
15015880.27Mixed
01501500.74All
MAR-11170m 096960.95Oxide
including
96150540.38Mixed
MAR-12150m 01181180.47Oxide
MAR-13150m 81501420.49Oxide
41201160.65All
MAR-14120m 480760.79Oxide
including
80120400.39Mixed
2848200.39
MAR-15200m Oxide
and172200280.40
MAR-16120m 244420.32Oxide

CORO MINING CORP.

Alan Stephens, President and CEO

About Coro Mining Corp.:

Coro's strategy is to grow a mining business through the discovery, development and operation of "Coro type" deposits. These are defined as projects at whatever stage of development, that are well located with respect to infrastructure and water, which have low permitting risk, and which have the potential to achieve a short and cost effective timeline to production. Our preference is for open pit heap leach copper projects, where we will seek to minimise capital investment rather than maximise NPV, where we will prioritise profitability over production rate, and finally, where the likely capital cost is financeable relative to our market capitalization. The Company's assets include its 65% interest in SCM Berta; the Marimaca project; the Llancahue prospect, optioned to Industrias Peñoles; and a royalty on the San Jorge copper-gold project located in Argentina.

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, include but are not limited to those with respect to the geological potential and size of Marimaca. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Coro's ability to predict or control and may cause Coro's actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the operation of the Nora Plant, copper price volatility, and changes in debt and equity markets. Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, 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.

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.

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