Coro Mining Corp.

Coro Mining Corp.

October 18, 2016 08:30 ET

Coro Reports Final Drilling Results From Marimaca Highlighted by 192m @ 0.83%CuT, 102m @ 0.79%CuT and 82m @ 0.83%CuT

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 18, 2016) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce the results of the final 23 reverse circulation (RC) holes from the 39 hole, 8530m hole drill program completed at its Marimaca copper project, located 22km E of the port of Mejillones in the II Region of Chile, (Fig. 1). Previous drill results from Marimaca were released on April 28, May 6, September 6 and October 4 2016.

Alan Stephens, President and CEO of Coro commented, "As with the prior results, these final holes intersected attractive mineralization and confirm the extent and continuity of the deposit as we step out from the original drilled area. Only 2 holes out of the entire resource definition drill program did not intersect mineralization and they define the SW margin of the body, which remains open in other directions. Its geometry is confirmed as a 150-250m thick, gently ESE dipping, slab of strongly fractured Jurassic diorite formed at the intersection of the major N striking Marimaca structure and NE striking mineralizing feeder zones. Hypabyssal diorite intrusives are associated with the introduction of chalcopyrite (mainly as veinlets), which was subsequently largely supergene enriched to chalcocite and covellite. The resulting secondary enrichment blanket has been almost completely oxidised to green copper oxides (mostly brochantite and chrysocolla), with lower grade copper wad and black oxides deposited at the peripheries of the deposit during oxidation. The deposit is cross cut by unmineralized late and post mineral dykes and sills.

"Metallurgical column test work is underway and the initial resource estimate is scheduled for completion in November. Due diligence for the acquisition of Minera Rayrock, owner of the ~10ktpy Cu Ivan SXEW plant located ~20km S of Marimaca, (see our August 4 2016 news release), is almost complete. Various development scenarios for the project are being evaluated."

Drilling Results
Latest results are shown on Tables 1 where %CuT means total copper. Drill hole locations are shown on Fig. 2 and a typical cross section on Fig. 3. Acid solubilities for all samples in the oxide zone are good at 72% for all assays > 0.1%CuT and rising to 79% for >0.3%CuT.

Table 1: Intersections

Hole TD From To m %CuT Type
MAR-32 200m 98 118 20 0.17 Oxide
and 134 148 14 0.19 Oxide
188 200 12 0.17 Oxide
MAR-33B 200m 98 142 44 0.49 Oxide
and 160 188 28 0.39 Enriched
MAR-34 270m 152 254 102 0.79 All
including 152 192 40 1.28 Oxide
192 196 4 1.77 Enriched
196 208 12 0.97 Primary
208 246 38 0.23 Oxide
246 254 8 0.28 Primary
MAR-35 250m and 114 198 84 0.31 Oxide
224 232 8 0.49 Primary
MAR-36 200m 130 192 62 0.42 Oxide
MAR-37 200m 162 178 16 0.22 Oxide
MAR-38 200m 0 32 32 0.51 Oxide
and 114 142 28 0.40 Oxide
MAR-39 400m 82 164 82 0.83 All
including 82 142 60 0.86 Oxide
142 164 22 0.74 Mixed
and 192 242 50 0.49 Oxide
MAR-40 200m 54 104 50 0.49 Oxide
and 118 140 22 0.43 Oxide
150 160 10 0.44 Oxide
MAR-41 200m 22 78 56 0.44 Oxide
and 142 170 28 0.28 Oxide
MAR-42 200m 36 78 42 0.36 Oxide
and 106 172 66 0.79 All
including 106 152 46 0.51 Oxide
152 172 20 1.42 Mixed
MAR-43 200m 4 66 62 0.31 Oxide
74 86 12 0.62 Oxide
and 98 150 52 0.45 Oxide
MAR-44 200m 16 28 12 0.58 Oxide
and 68 92 24 0.32 Oxide
102 132 30 0.51 Oxide
150 200 50 1.31 All
including 150 166 16 0.80 Oxide
166 178 12 1.43 Mixed
178 198 20 1.17 Oxide
198 200 2 6.08 Enriched
MAR-45 200m 2 194 192 0.83 All
including 2 126 124 0.70 Oxide
126 140 14 1.28 Primary
144 190 46 1.12 Oxide
190 194 4 0.58 Primary
MAR-46 150m 0 134 134 0.67 All
including 0 84 84 0.56 Oxide
84 90 6 5.30 Enriched
90 134 44 0.25 Oxide
MAR-47 150m 34 94 60 0.26 Oxide
and 118 132 14 0.22 Oxide
MAR-51 250m 98 108 10 0.20 Oxide
and 134 204 70 0.26 Oxide
MAR-52 250m 86 104 18 0.47 Oxide
and 122 156 34 0.40 Oxide
MAR-53 250m 2 64 62 0.49 Oxide
and 102 112 10 0.43 Oxide
126 154 28 0.68 All
126 134 8 0.67 Oxide
142 148 6 1.98 Primary
148 154 6 0.21 Oxide
MAR-54 200m 32 84 52 0.88 Oxide

Holes MAR-48 to 50 tested geochemical anomalies to the E of the outcropping mineralization. They intersected spotty copper values consistent with their location in the hanging wall pyrite halo of the deposit, now strongly leached to limonite.

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. Core from DDH holes was photographed, 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 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) and 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 CuCN (cyanide soluble copper) in due course. Pulps and sample rejects are stored by Coro for future reference.

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 Figures 1-3, click on the following link:


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 including the Berta and Salvadora deposits; the Marimaca drill stage project; the Planta Prat project; the Llancahue prospect; 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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