Coro Announces Marimaca Phase II Exploration Program
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TSX:COP www.coromining.com
www.coromining.com
News Release
Coro Announces Marimaca Phase II Exploration Program
Vancouver, British Columbia, November 1st, 2018 - Coro Mining Corp. (“Coro” or the “Company”) (TSX: COP)
is pleased to announce the details of its Marimaca Phase II exploration program. This $10.6 million program is
expected to run for approximately 12 months with the objective of determining the total mineral resource
extension at the properties surrounding Phase I focus area where an initial resource has already been
established. In addition, greenfields exploration will be undertaken across the wider Naguayan district to
determine further mineral resource extension opportunities.
Highlights
Phase II to determine resource extension across 3 properties surrounding initial Phase I program
US$10.6 million program includes:
Geological mapping and sampling
Over 2,500 working hours establishing access roads and drill platforms
Over 180 holes and 45,000 metres of RC and diamond drilling
Database, geological modelling and block model generation
Standalone resource estimates for all Phase II properties to NI 43101 standard
Combined resource estimate for entire Phase II project areas to NI 43101 standard
Technical reports and recommendations for further targets for a Phase III program
Initial exploration and scout holes at depth testing for copper sulphide mineralisation
Commenting on the news, Luis Tondo, President and CEO of Coro said:
“The Marimaca Phase II exploration program is designed to answer our belief that Marimaca has the potential
to be one of the most significant new open-pittable copper-oxide discoveries in Chile in recent times.
The Phase I program was focused solely on the Marimaca 1-23 claim. Since we announced this in April, we
have raised the funds necessary to consolidate our ownership over the surrounding properties and embark on
an expanded exploration program. This Marimaca Phase II program will determine the exten sion of the
orebody, and the enlarged and combined resources across the At ómica, Atahualpa and Atahualpa East areas,
in under 12-months. In addition, part of the work program is to confirm the potential across the Sorpresa and
Olimpo areas, to be developed in the next exploration phase.
I am pleased that we are now moving ahead with the exploration program and I look forward to updating
shareholders in the coming months on our progress at Marimaca.
Marimaca Phase I Program
In June 2018, the Company announced the conclusions of the Phase I Definitive Feasibility Study (“DFS”). This
initial study was a n earn in condition to acquire a 51% in the Marimaca 1 -23 claim. The study confirmed the
technical and economic viability of Marimaca 1-23 as a standalone project. However, by its nature it was a
constrained study geologically and economically, because it could not consider the opportunity of a greater
project, including the surrounding properties, which at that time were not under the control of the Company.
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Marimaca Phase II Program
Subsequent to the Phase I program, in September 2018 the Company successfully completed a comprehensive
US$33.6 million financing plan. The first use of proceeds was to acquire the Sierra Miranda package of claims
for a total US$6 million, which included the Atahualpa and Atahualpa East areas to the north and the Sorpresa
I and Sorpresa II areas to the south of the Marimaca 1-23 claims. These, combined with the La Atómica area to
the west, form the Phase II program area, illustrated in the diagrams below.
Figure 1: Marimaca Location Map Figure 2: Marimaca Project Phases
Phase II has been designed with the most intensive and advanced exploration being conducted on the areas
adjacent to the orebody identified in Phase I ; with early-stage exploration to take place on the surrounding
areas and across the greater Naguayan district.
The table below summarises the Phase II exploration program by area, activity and target completion dates.
The objectives are to determine individual resource estimates for each claim and subsequently a combined
expanded resource across the entire Phase II area (Marimaca 1-23, La Atómica, Atahualpa and Atahualpa East)
in the third quarter of 2019.
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Figure 3: Summarised Marimaca Phase II Exploration Program
Marimaca
1-23 La Atómica Atahualpa Atahualpa
East Sorpresa I Sorpresa II Olimpo
South
Olimpo
North
Mapping &
Sampling - NA NA Q3 ’18 Q4 ’18 Q4 ’18 Q1 ’19 Q1 ’19
Access &
Platforms - Q3 ’18 Q4 ’18 Q4 ’18 Q4 ’18 Q1 ’19 Q1 ’19 Q1 ’19
Drilling - Q4 ’18 Q4 ’18 Q1 ’19 Q1 ’19 Q1 ’19 Q1 ’19 Q2 ’19
Drilling (holes) - 52 51 19 18 12 16 15
Drilling
(metres) - 12,000 12,310 5,300 4,200 3,000 4,400 4,150
Drilling Results - Q4 ’18 Q1 ’19 Q2 ’19 Q2 ’19 Q2 ’19 Q2 ’19 Q3 ’19
Preliminary
Reports - - - - Q2 ’19 Q2 ’19 Q2 ’19 Q3 ’19
Modelling - Q4 ’18 Q2 ’19 - - - -
Resource
Estimate Q2 ’18 Q1 ’19 Q2 ’19 Q3 ’19 - - - -
Combined
Resource
Estimate
H2 ’19 - - - -
Not all exploration activities in the Phase II program are detailed in this table. Excluded items include early stage geology and certain drill holes
across the wider Marimaca project and Naguayan district areas.
The main objective of Phase II is to test the extension of Marimaca-style copper mineralization in the adjacent
La Atómica and Atahualpa areas. Interpreting results from initial geological mapping and sampling of historic
underground workings, in addition to 16 drill holes already completed by the Company, suggests that the
adjacent areas contain copper oxide and sulphide mineralization similar to that established at the Phase I
Marimaca 1-23 claim.
The Company believes that t he Marimaca mineralization is structurally controlled and extends north-south
along the district. This is illustrated in F igure 4, where the blue and red lines represent the foot and hanging
walls limits, and the shaded areas the geochemical signature for potential copper mineralization at surface.
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Figure 4: Marimaca District Alteration Figure 5: Marimaca District Rock Geochemistry
The US$10.6 million Phase II program include s field, desk and reporting aspects. RC and diamond d rilling are
the largest single cost s, budgeted at approximately US$6.3million for approximately 183 holes for 45,360
metres. Flexibility has been built with in the total budget , with the opportunity to accelerate and intensify
activities depending on initial results.
Phase II Program Upcoming Milestones
The next milestones that the Company anticipates reporting on include drilling at La Atómica and Atahualpa.
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Qualified Persons
The technical information in this news release, including the information that relates to geology, drilling and
mineralization of the Marimaca Phase I and II exploration program was prepared under the supervision of, or
has been reviewed by Sergio Rivera, Vice President of Exploration, Coro Mining Corp, a geologist with more
than 36 years of experience and a member of the Colegio de Geologos de Chile and of the Institute of Mining
Engineers of Chile, and who is the Qualified Person for the purposes of NI 43 -101 responsible for the design
and execution of the drilling program.
Contact Information
For further information please visit www.coromining.com or contact:
Nicholas Bias, VP Corporate Development & Investor Relations
Office: +56 2 2431 7601
Cell: +44 (0)7771 450 679
Email: [email protected]
Forward Looking Statements
This news release includes certain “forwar d-looking statements” under applicable Canadian securities
legislation. These statements relate to future events or the Company’s future performance, business
prospects or opportunities. Forward -looking statements include, but are not limited to, statemen ts
regarding the future development and exploration potential of the Marimaca Project . Actual future
results may differ materially. There can be no assurance that such statements will prove to be accurate,
and actual results and future events could differ materially from those anticipated in such statements.
Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are
made and are based upon a number of assumptions and estimates that, while considered reasonable by
Coro, are inherently subject to significant business, economic, competitive, politic al and social
uncertainties and contingencies. Many factors, both known and unknown, could cause actual results,
performance or achievements to be materially different from the results, performance or achievements
that are or may be expressed or implied by such forward-looking statements and the parties have made
assumptions and estimates based on or related to many of these factors. Such factors include, without
limitation: the inherent risks involved in the mining, exploration and development of mineral p roperties,
the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal
prices, the possibility of project delays or cost overruns or unanticipated excessive operating costs and
expenses, uncertainties related to the necessity of financing, the availability of and costs of financing
needed in the future 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 otherw ise 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.