Coro Mining Corp.

Coro Mining Corp.

November 22, 2012 09:15 ET

Coro Intersects 88m @ 0.71%CuT and 32m @ 0.99%CuT at Its El Desesperado Project, in the Chuquicamata District, Chile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 22, 2012) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce assay results from the 8 hole 2,308m reverse circulation (RC) drilling program completed at its El Desesperado copper project in the Chuquicamata district and located 7 km NW of the city of Calama in the II Region of Chile, and immediately west of Codelco's Toki Cluster deposits. RC holes CED-R-1 to 5 were completed in the El D Norte target and CED-R-6 to 8 in the El D Sur target. Assay results are shown on Table 1, with drill hole locations shown on Table 2 and on Figure 1.

Table 1; El Desesperado Significant Intersections
Target Hole From To m %CuT Type
El D Norte CED-R-1 2 40 38 0.14 Cu Ox
CED-R-2 Anomalous leach cap
CED-R-3 No significant results
CED-R-4 0 204 204 0.55 Mixed
inc 4 92 88 0.71 "
and 110 172 62 0.24 "
and 172 204 32 0.99 "
inc 198 204 6 1.94 "
CED-R-5 Anomalous leach cap
El D Sur CED-R-6 72 90 18 0.16 Cu Ox
CED-R-7 120 144 24 0.14 Chalcocite coating
and 164 190 26 0.18 Primary
CED-R-8 Anomalous leach cap

Alan Stephens, President and CEO of Coro commented, "We are delighted with the results of CED-R-4, the first recorded mineralized hole ever drilled on the property, which intersected a partially oxidized chalcocite enrichment blanket essentially from surface to the bottom of the hole. We have achieved our objective with this initial drill program which was to demonstrate the presence of a porphyry copper system within the very large prospective area identified from our surface work, and hopefully to intersect ore grade mineralization in at least one of the holes. The presence of attractive grades and thicknesses in CED-R-4 together with remnant copper oxides and anomalous leached cap assays in holes CED-R-1, 2 & 5, as well as our sampling and mapping, indicate that the El D Norte target has potential to host a significant porphyry copper deposit. The El D Sur results, while not intersecting ore grades, confirm the presence of remnant copper oxides in the leach cap, chalcocite coating and primary sulphides in the pyrite-chalcopyrite zone, in an area with very poor outcrop. We intend to conduct a follow up diamond drilling program in early 2013 to further test both targets."

As described in the Company's news release of November 1st 2012, the drill program was designed to provide an initial test of an ~ 4km2 prospective area of porphyry copper style alteration and anomalous copper geochemistry resulting from Coro's mapping and sampling program completed earlier this year. Inclined holes CED-R-1 and 5 intersected tonalite porphyry in anomalous leached cap before passing into propylitically altered wall rock diorite and a late stage phaneritic diorite intrusive, while inclined hole CED-R-2 was drilled entirely in tonalite porphyry and hydrothermal breccia within the leached cap, prematurely terminating in a fault zone. Inclined hole CED-R-3 tested an area of leached cap some 750m ENE of the other holes, intersected a short interval of leached tonalite porphyry before entering propylitically altered wall rock diorite over most of the rest of the hole and encountered increasing amounts of chalcopyrite associated with sericite in the last 8m of the hole. Vertical hole CED-R-4 was drilled entirely in tonalite porphyry and hydrothermal breccia; mineralization was mostly disseminated and veinlet chalcocite, partially oxidized and leached until the last 16m of the hole where both chalcocite and chalcopyrite are present. Holes CED-R-6 and 7 intersected anomalous leached cap with remnant copper oxides, thin chalcocite coatings on pyrite and increasing amounts of chalcopyrite with depth, while CED-R-8 intersected anomalous leached cap before entering a post mineral granodiorite.

About El Desesperado

Coro believes there is good potential on the El Desesperado property to host mineralization of similar style to the adjacent Toki Cluster deposits (Toki, Quetena, Genoveva, Opache, Miranda and Pulucktur). These are associated with swarms of NNE oriented Eocene age porphyry dykes and stocks, intruded into both Paleozoic volcanics and precursor Tertiary plutons. Zones of copper mineralization associated with potassic alteration are related to the porphyries with higher copper grades occurring where this has been overprinted by sericite alteration, or where later veining is present. The deposits tend to have very sharp boundaries between mineralization and barren rock. The Toki Cluster deposits have been oxidized to depths in excess of 100m beneath the gravel cover which overly all of them, and host major copper oxide resources, as well as significant underlying primary sulphide mineralization, and in the case of Opache and Pulucktur, secondary enrichment blankets. Codelco has not published resource estimates for these deposits, but information in academic papers quotes inferred resources for the Cluster of approximately 20 Mt of contained copper, with Toki hosting 9.1 Mt, Quetena 5.0 Mt and Opache 1.2 Mt, at grades of approximately 0.5% Cu.

El D Norte is located at higher elevations than the nearby Genoveva, Quetena and Toki deposits, and has a higher level phylllic alteration suite preserved. El D Sur is a large area of poor outcrop, mostly covered with thin overburden and scree; outcrops are of phyllic alteration bordered by propylitic alteration to the SW.

Small scale open pit mining and leaching of copper oxide bearing breccias, took place at the old Quetena Mine on the property during the 1960-70's, and it was subsequently explored by two major mining companies, firstly in 1997-98 prior to the discovery of the Toki Cluster; and secondly in 2004. The first company completed wide spaced reverse circulation and diamond drilling (11 holes, 2,582m), mostly aimed at testing geophysical targets, while the second company completed vertical reverse circulation drilling (2 holes, 700m) which tested two conceptual targets. In neither case, was significant mineralization intersected.

In December 2011, Codelco initiated the permitting process for production of cathode copper from the combined Quetena and Genoveva deposits. According to the publicly available Environmental Impact Study, this will involve an open pit at each of the deposits, the trucking of 30,000tpd of higher grade ore to the existing SXEW facilities at Chuquicamata, and 60,000tpd of Run of Mine dump leaching at the project site, followed by pumping of solution to Chuquicamata. Planned production is 528,000 tonnes of cathode copper over the 10 year life of the project, with an average production of 62,000 tpy Cu in the first five years. Capital investment is estimated to be US$244,000,000.

Genoveva is located ~1km E of the El Desesperado property, Opache ~2km to the ESE, and Pulucktur, ~1.5km to the SSW (Figure 1).

All Coro RC holes were sampled on a 2 m continuous basis, with dry samples riffle split on site and one quarter sent to the Andes Analytical Assaying laboratory in Sierra Gorda for preparation and then to their assay laboratory in Santiago. A second quarter was stored on site for reference. Wet samples were split with a hydraulic rotary splitter on site and sent to Andes Analytical Assaying laboratory in Sierra Gorda for drying and subsequent preparation. Samples were transported to the laboratory by Minera Coro Chile Ltda, while drilling control and logging of cuttings was carried out by our contractor, Geominco. 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, Mo, Pb, Zn and As by AAS.

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 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 36 years of experience, and a Qualified Person for the purposes of NI 43-101, is responsible for the contents of this news release.


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, Payen, El Inca, Chacay, Llancahue, and Celeste copper properties located in Chile.

For further information please visit the Company's website at

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 potential mineralization and geological comparisons 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.

Table 2; El Desesperado Drillhole locations
Hole East North Elev Az Dip Depth
CED-R-1 501095 7520550 2493 330 -60 396
CED-R-2 501098 7520543 2493 150 -60 144
CED-R-3 501691 7520895 2475 330 -60 400
CED-R-4 501087 7520448 2516 0 -90 204
CED-R-5 500913 7520659 2523 135 -70 400
CED-R-6 500957 7517855 2232 0 -90 270
CED-R-7 500867 7517977 2247 90 -70 226
CED-R-8 500857 7518180 2254 90 -70 268

To view Figure 1, please visit the following link:

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