Coro Mining Marimaca District Exploration Update: La Atómica Drilling and Underground Sampling Results Highlighted by 98 metres at 0.63%CuT
Coro Mining Marimaca District Exploration Update: La Atómica Drilling and Underground Sampling
Results Highlighted by 98 metres at 0.63%CuT
VANCOUVER, British Columbia, Jan. 16, 2019 -- Coro Mining Corp. (“Coro” or the “Company”) (TSX: COP) is pleased to announce an update at the
Company’s Marimaca project in the Antofagasta region of Chile.
At La Atómica, the area that was acquired after Marimaca 1-23, drilling has been completed and confirms the continuation of copper oxide mineralization to
the northwest.
Highlights
• Results from 27 of the 64 RC drill holes completed, including 9 more holes than originally planned, for 6,530 metres of a total 15,100 metres, drilled on
a 100 x100 metre grid. Highlights include:
Hole LAR 44
° From 132 to 176 metres, 44 metres of copper oxide mineralization averaging 0.79% CuT, including 26 metres, from 150 to 176 metres, averaging
1.49% CuT.
° From 182 to 228 metres, 46 metres of copper oxide mineralization averaging 1.49% CuT, including 30 metres, from 198 to 228 metres, averaging
2.16% CuT.
° From 232 to 258 metres, 26 metres of mixed copper oxide chalcocite mineralization averaging 2.05% CuT.
Hole LAR 63
° From 42 to 140 metres, 98 metres of copper oxide mineralization averaging 0.63% CuT.
° From 104 to 130 metres, 26 metres of copper oxide mineralization averaging 1.34% CuT.
Hole LAR 66
° From 52 to 84 metres s, 32 metres of copper oxide mineralization averaging 0.56 %CuT, including 10 metres, from 62 to 72 metres, averaging 1.28
%CuT.
• A total of 2,648 metres of chip channel samples has been collected from underground workings, averaging 0.66% CuT, with highlights including:
° 96 metres at 0.49% CuT
° 46 metres at 0.53% CuT
° 52 metres at 0.61% CuT
° 48 metres at 0.92% CuT
° 26 metres at 1.32% CuT
• Current work suggests total horizontal extension of the outcropping copper oxide mineralization from Marimaca to La Atómica now reaches 800 metres
in a north-west direction, however, this could extend further.
• Drilling program was expanded to confirm copper oxide mineralization towards the southwestern part of the La Atómica property, with an additional 9
holes for 2,120 metres have been drilled with assay results pending.
Further Information
Figure 1 below illustrates the location of the completed Phase I drilling which established the resource at Marimaca 1-23 and the Phase II drill holes at La
Atómica. The location of the underground workings at La Atómica is also shown. It is worth noting that due to the designed 100 x 100 metre grid spacing, just
a few holes intercepted the underground working area. Included below are tables showing the drill intercepts and a drill hole collar location data (UTM PSAD
56 coordinate system).
Figure 1: La Atómica updated drill hole locations
Underground workings at La Atómica extend 370 metres from the Marimaca 1-23 resource drill grid and are located 50 to 100 metres from the previously
released Atahualpa underground working results. These historic and easily accessible sub-horizontal workings extend over a 200 x 150 metre area in a north-
south direction to a depth of 70 to 100 metres below surface.
Figure 2 shows the distribution of copper in the underground workings and the location of selected intervals. This demonstrates consistent grades of 0.6-0.8%
CuT and above. It also indicates the continuation of the mineralization to the north west from the Marimaca 1-23 resource.
Figure 2: La Atómica underground workings location and sampling results
Underground workings are easily accessible and display good rock quality conditions. Although no reports from earlier mining activities exist, it is believed
from sampling and the continuous copper oxide mineralization exposed in the declines and adits, that the workings were developed to mine material
estimated to contain above 2% copper. Copper mineralization is chiefly brochantite and its occurrence is controlled by low to moderately parallel fracturing of
the intrusive host rock.
Figure 3: La Atómica underground workings; selected intersections
Working From (m) To (m) Length (m) % CuT % CuS
LAS-03 104 192 88 0.30 0.16
LAS-N 1062 1160 88 0.45 0.28
including 1062 1092 30 0.63 0.40
LAS-N
including
1156 1252 96 0.49 0.33
1176 1206 30 0.64 0.41
LAS-N 1292 1340 48 0.74 0.39
LAS-B 244 290 46 0.53 0.41
LAS-F 444 470 26 0.60 0.50
LAS-L 838 890 52 0.61 0.48
including 838 872 34 0.83 0.67
LAS-02 0 48 48 0.92 0.55
including 22 48 26 1.30 1.09
LAS-A2 70 96 26 1.32 1.12
LAS-05 68 92 24 0.44 0.14
Figures 4a and 4b below show a long NNW – SSW section at different scales, containing the resource block model generated with the original drilling at
Marimaca on the right, and the recent drilling conducted in La Atómica and the sampled underground workings on the left; these in general present higher
copper grades than the drilling itself.
Figure 4a: La Atómica underground workings and drilling
Figure 4b: La Atómica underground workings and drilling (zoomed)
Phase II Program Upcoming Milestones
At La Atómica, due to the addition of 9 holes to test for the southwestern extension of mineralization, a potentially larger resource will take additional weeks
to estimate, however, this is still anticipated to be available in the first quarter of 2019. Two RC drill rigs have moved to Atahualpa and first drill results are
anticipated in the coming weeks. A third RC drill and the first diamond drill will arrive on site soon, ensuring that the Phase II program remains on track.
Sampling and Assay Protocol
True widths cannot be determined with the information available at this time. Coro RC holes were sampled on a 2 metre continuous basis, with dry samples
riffle split on site and one quarter sent to the Andes Analytical Assay preparation laboratory in Calama and the pulps then sent to the same company
laboratory in Santiago for assaying. A second quarter was stored on site for reference. 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), CuS (acid soluble copper), CuCN (cyanide soluble copper) by AAS and for acid consumption. A
full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results. Pulps and sample rejects are
stored by Coro for future reference.
Underground samples were taken as 2 metres continuous chip channel samples in previously carefully cleaned surface walls. Both adit walls were sampled
by Coro personnel. The samples were transported to the Andes Analytical Assays (“AAA”) preparation laboratory in Calama. Samples were prepared and
assayed as for the drill samples. No standards, blanks or duplicates were employed. After sampling, underground workings were geologically mapped in
detail following a protocol adapted from that used for drill hole logging, with emphasis on mineralization and its structural and litohologic controls.
Figure 5: La Atómica intersections
Hole TD (m) From To m %CuT Type
LAR-43 250
72 90 18 0.37 Oxide
136 190 54 0.38 Oxide
LAR-44 300
30 40 10 0.40 Oxide
62 116 54 0.43 Oxide
including 64 72 8 0.72 Oxide
and 108 114 6 0.75 Oxide
132 176 44 0.79 Oxide
including 150 176 26 1.24 Oxide
182 228 46 1.49 Oxide
including 198 228 30 2.16 Oxide
232 258 26 2.05 Enriched-Mixed
258 294 36 0.41 Primary
LAR-45 350
50 130 80 0.40 Oxide
including 52 70 18 0.64 Oxide
and 86 110 24 0.52 Oxide
148 158 10 0.34 Enriched
166 180 14 0.67 Enriched
LAR-46 190 No Significant Results
LAR-47 150 34 68 34 0.22 Oxide
LAR-48 150 No Significant Results
LAR-49 220
18 78 60 0.47 Oxide
including 24 44 20 0.80 Oxide
70 82 12 0.57 Oxide
92 118 26 0.86 Mixed
including 92 108 16 1.23 Mixed
LAR-50 250
54 68 14 0.71 Oxide
178 184 6 0.28 Oxide
LAR-51 210
20 132 112 0.29 Oxide
including 104 126 22 0.46 Oxide
178 196 18 0.35 Oxide
LAR-52 300
224 238 14 0.31 Oxide
254 296 42 0.41 Oxide
including 254 262 8 0.60 Oxide
and
266 272 6 0.73 Oxide
276 296 20 0.37 Oxide
LAR-53 160 84 110 26 0.67 Oxide
LAR-54 200 No Significant Results
LAR-55 200 70 78 8 0.67 Oxide
La Atómica intersections continued,
LAR-56 150 No Significant Results
LAR-57 200 No Significant Results
LAR-58 250 116 120 4 0.42 Oxide
184 192 8 0.63 Enriched
LAR-59 250 No Significant Results
10 26 16 0.51 Oxide
LAR-60 250 and 132 222 90 0.42 Oxide
including 138 186 48 0.55 Oxide
and 200 210 10 0.51 Mixed
LAR-61 300
12 36 24 0.32 Oxide
including 118 124 6 0.52 Oxide
146 156 10 0.42 Oxide
240 248 8 0.51 Mixed
LAR-62 250
76 96 20 0.36 Oxide
184 200 16 0.60 Mixed
LAR-63 250
42 140 98 0.63 Oxide
including 50 66 16 0.77 Oxide
and 104 130 26 1.34 Oxide
160 194 34 0.46 Mixed - Enriched
including 162 174 12 0.80 Mixed - Enriched
LAR-64 250
2 18 16 0.34 Oxide
and
68 80 12 0.31 Oxide
224 230 6 0.40 Primary
LAR-65 250 4 30 26 0.57 Oxide
including 8 16 8 1.18 Oxide
LAR-66 300
52 84 32 0.56 Oxide
including 62 72 10 1.28 Oxide
and 164 172 8 0.48 Primary
LAR-67 250 and 82 96 14 0.32 Oxide
LAR-68 350
2 70 68 0.24 Oxide
including 2 24 22 0.28 Oxide
and
38 56 18 0.33 Oxide
62 70 8 0.31 Oxide
92 110 18 0.22 Oxide
LAR-69 300
20 40 20 0.71 Oxide
and
48 70 22 0.50 Oxide
106 144 38 0.27 Oxide
166 192 26 0.36 Oxide
248 260 12 0.39 Enriched
Figure 6: La Atómica Drill Collars
Hole Easting Northing Elevation Azimuth Inclination Depth
LAR-43 374708.5 7435612.7 1090.8 310 -60 250
LAR-44 374704.7 7435599.5 1090.1 355 -60 300
LAR-45 374862.7 7435726.4 1103.8 265 -60 350
LAR-46 374593.4 7435657.6 1018.0 220 -60 190
LAR-47 374590.0 7435669.4 1017.6 310 -60 150
LAR-48 374455.0 7435795.8 993.3 310 -60 150
LAR-49 374709.7 7435464.3 1052.1 220 -60 220
LAR-50 374713.2 7435469.3 1052.3 310 -60 250
LAR-51 374619.6 7435517.9 1057.5 220 -60 210
LAR-52 374616.2 7435522.4 1057.2 310 -60 300
LAR-53 374538.1 7435587.8 1026.0 220 -60 160
LAR-54 374536.2 7435591.5 1026.0 310 -60 200
LAR-55 374473.5 7435628.7 1004.6 220 -60 200
LAR-57 374388.9 7435713.8 953.5 220 -60 200
LAR-56 374355.9 7435866.4 956.2 310 -60 150
LAR-58 374709.3 7435857.4 1022.0 220 -60 250
LAR-59 374700.6 7435861.0 1021.7 310 -60 250
LAR-60 374724.9 7435739.7 1092.7 220 -60 250
LAR-61 374722.7 7435745.8 1092.5 310 -60 300
LAR-62 374661.5 7435806.7 1059.5 310 -60 250
LAR-63 374666.6 7435801.0 1059.8 220 -60 250
LAR-64 374663.3 7435670.3 1055.0 310 -60 250
LAR-65 374663.0 7435664.8 1055.0 220 -60 250
LAR-66 374596.0 7435731.2 1041.4 310 -60 300
LAR-67 374598.3 7435729.4 1041.3 220 -60 250
LAR-68 374614.4 7435517.8 1057.0 265 -60 350
LAR-69 374713.2 7435464.8 1052.1 265 -60 300
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 “forward-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, statements 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, political 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 properties, 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 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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