Results of Scout Drilling Confirm Potential for Near Surface Oxide Deposits to North and South of Marimaca Deposit
TSX:COP www.coromining.com
News Release
Results of Scout Drilling Confirm Potential for Near Surface Oxide
Deposits to North and South of Marimaca Deposit
Vancouver, British Columbia, February 24, 2020 – Coro Mining Corp. (“Coro” or the “Company”) (TSX: COP) is
pleased to release the results of a preliminary scout drilling programme close to its flagship Marimaca Copper
Deposit (“Marimaca” or “the Project”). The programme had the objective of testing several oxide targets within
close proximity to both the north and south of the Project area , which have the potential to add near surface
tonnes to any future mine plans.
Highlights
• 31 shallow scout reverse circulation (“RC”) drill holes completed targeting the identification of new,
surface, oxide mineralised copper zones to the north and south of Marimaca
• Drilling both north and south intercepted mineralisation confirming potential for new oxide resources
o 27 out of 31 holes encountered zones of oxide copper mineralisation offering potential areas for
follow up drilling
o Several broad zones of copper mineralisation encountered grading above the economic cut-off
grade used for the updated MRE at Marimaca
• Significant copper mineralised zones encountered downhole include:
o 42 metres @ 0.34% CuT in SIR-09 from surface;
o 26 metres @ 0.54% CuT in SIR-07 from 210 metres;
o 40 metres @ 0.49% CuT in SOR-03 from 76 metres; and
o 30 metres @ 0.31% CuT in OLR-1 from surface.
• Drilling provides new information to re-plan and focus ongoing exploration for near surface oxide
deposits surrounding Marimaca
o Development of an updated exploration plan is well advanced
• Hanging Wall Alteration zone, interpreted as representing the upper expression of Marimaca style
mineralization at depth, has been identified extending over 10km across the project area
• Marimaca Deposit remains open to the north and south and at depth with its exciting sulphide
potential
Michael Haworth, Executive Chairman of Coro Mining Corp commented:
“Coro’s exploration team has unearthed what we believe is one of the best copper oxide discoveries in Chile in
the past decade. Their enthusiasm for the potential of the broader Project area has not diminished either.
“In late 2019, the team completed a scout drilling programme approximately 2km to both the north and south
of the Marimaca Copper Deposit. The programme was designed to test a selection of near surface oxide targets
to identify areas for future follow-up exploration and resource expansion drilling. The results of the programme
confirm several targets for future follow up work which, while not of the scale of the core of Marimaca, we
believe can add tonnes quickly and cheaply to the mine life of the Project.
“We remain excited by the growth potential for near deposit , and district wide , oxide resources for Marimaca.
The exploration team will now refine their future exploration programme with the objective of adding near mine,
surface, oxide tonnes to extend Marimaca’s mine life, and we look forward to releasing a high level overview of
our future exploration plans to the market in due course.”
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Marimaca Copper Project Overview
Coro recently released an updated Mineral Resource Estimate (“MRE”) for Marimaca of 420Kt of contained
copper with an average grade of 0.60% copper within the Measured & Indicated Categories and 224kt of
contained copper with an av erage grade of 0.52% copper within the Inferred Category (refer release on 2
December 2019). This represents an increase of almost 100% from the MRE released in April 2018 and makes
the Project one of the most significant copper oxide discoveries in Chile in the last decade.
The Company is currently undertaking a Preliminary Economic Assessment (“PEA”) for the Project , which is
anticipated to be completed in the first half of 2020. The Project is expected to benefit from very low upfront
capital developmen t cost s and, due to the favourable geometry of the orebody and relatively simple oxide
processing, through Solvent Extraction -Electrowinning (“SX-EW”), Management believes the Project will have
very competitive operating costs, delivering compelling economics in the PEA.
Scout Exploration Drilling Summary
Considerable exploration potential for Marimaca style oxide copper deposits exists within Coro’s extensive land
package both adjacent to the current MRE at Marimaca, and more distant to it, which could represent additional
mine life for any future development.
Figure 1: Marimaca New Oxide Deposit Exploration Potential
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Extensive exploration work shows mineralisation at the Marimaca deposit is associated with several key
features. Firstly, a dominant structural feature of sheeted dykes and fracturing zones, oriented north-south and
dipping 45-60o to the east, which tend to host the copper bearing mineralisation. Secondly, the Hanging Wall
Alteration (“HWA”) zone is an important geological feature, within which there are many structures carrying
copper mineralization , and which is interpreted as representing the upper expression of Marimaca style
mineralization at depth.
Importantly, the HWA is extensive across the Project area and has been defined over a strike length in excess of
10km. Within these areas, geological mapping has identified the same intrusive rock package as those observed
in the Marimaca Deposit.
Scout Drilling Results Summary
At Sierra, nine RC holes for 2,350 metres were completed with the best results obtained near old workings on
the projected southeast exten sion of the Marimaca deposit. Hole SIR- 09 intersected 42 metres grading 0.32%
CuT in oxides while hole SIR- 07 intersected 26 metres grading 0.54% CuT in sulphide mineralization. These
results confirm the potential southeastwards extension of the Marimaca deposit into the Sierra area.
At Sorpresa, 2.2km south of Marimaca, 12 scout holes for 2,900 metres tested Marimaca -style fracture -
controlled mineralization which is well exposed in underground workings, as well as targets defined by geologic
outcrop mapping and rock geochemistry. The six holes near the underground workings intercepted 10 to 20
metre sections of low-grade mineralization in the 0.2-0.3% CuT range with the highlight being 40 metres grading
0.5% CuT in hole SOR-03. Again, these results confirm the potential southern extension of the Marimaca deposit
into the Sorpresa area.
At the other Sorpresa targets, drilling intercepted 10 to 20 metres grading 0.2% CuT with only RC hole SOR 10,
intercepting a mineralized structure and returning 12 metres grading 1.7% CuT. While this drilling failed to
demonstrate the extension of the attractive mineralization encountered in the underground workings in the
southern part of the Sorpresa area, most holes over a one square kilometre area intersected structu rally
controlled copper oxide mineralization , which may indicate potential for Marimaca style mineralization at
depth.
Some 3km northeast of Marimaca, six RC holes for 1,220 metres were drilled at Olimpo and four holes for 800
metres at Cedro. These scout holes tested targets characterised by a combination of favorable surface geological
evidence, mostly northeast trending magnetite -rich structures bearing copper oxides, and rock geochemistry.
All holes at Olimpo returned intercepts of 8 to 20 metres of oxide mineralization averaging 0.1 to 0.2% CuT with
the best intercept in hole OLR- 1 collared near old shallow pits, which returned 30 metres grading 0.31% CuT
from surface. At Cedro, two holes encountered copper oxides in the 0.14 to 0.2% CuT range.
Based on a preliminary review of the data from the scout drilling programme, the results appear to demonstrate
that within the HWA alteration zone there are many structures carrying copper mineralization which may be an
expression of Marimaca style mineralization at depth. This concept will be followed up with further surface
exploration to generate targets for subsequent drilling.
Drill collars for the scout holes are shown in Tables 1 and 2 located in the appendices at the end of this news
release.
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Appendix 1 – Drill Hole Collars
Table 1: Olimpo and Cedro RC drill collars
Hole Easting Northing Elevation Azimuth Inclination Depth
OLR-01 376180.2 7437339.8 1025.5 310 -60 200
OLR-02 376133.2 7437256.9 1045.7 310 -60 200
OLR-03 375536.8 7437560.9 1058.8 310 -60 220
OLR-04 375617.4 7437637.1 1049.8 310 -60 200
OLR-05 375667.6 7437825.8 1024.9 310 -60 200
OLR-06 375744.3 7437974.5 1008.4 310 -60 200
CER-01 375763.7 7438148.6 994.1 310 -60 200
CER-02 376075.7 7438350.3 996.4 310 -60 200
CER-03 375714.6 7438389.8 953.8 310 -60 200
CER-04 375448.3 7438219.6 1048.9 270 -60 200
Table 2: Sorpresa & Sierra RC drill collars
Hole Easting Northing Elevation Azimuth Inclination Depth
SOR-01 375649.1 7433202.8 1110.4 270 -60 200
SOR-02 375650.7 7433302.5 1098.8 270 -60 200
SOR-03 375657.2 7433387.7 1094.4 270 -60 200
SOR-04 375745.9 7433198.5 1119.1 270 -60 300
SOR-05 375754.3 7433303.6 1107.7 270 -60 250
SOR-06 375756.1 7433395.7 1099.6 270 -60 250
SOR-07 375829.6 7433397.0 1106.6 310 -60 250
SOR-08 375854.7 7433575.3 1111.8 310 -60 250
SOR-09 375638.3 7433553.0 1152.1 310 -60 250
SOR-10 375731.5 7433671.1 1119.8 310 -60 250
SOR-11 375445.8 7433717.6 1147.1 310 -60 250
SOR-12 375470.0 7433893.4 1154.9 310 -60 250
SIR-01 375640.5 7434014.6 1174.8 310 -60 250
SIR-02 375533.4 7434081.6 1174.7 310 -60 250
SIR-03 375483.2 7434124.6 1196.5 310 -60 250
SIR-04 375628.3 7434313.6 1141.8 310 -60 250
SIR-05 375774.0 7434528.0 1160.4 310 -60 250
SIR-06 375607.4 7434613.7 1100.2 310 -60 250
SIR-07 375228.6 7434588.2 1099.1 310 -60 300
SIR-08 375321.6 7434678.7 1098.7 310 -60 300
SIR-09 375283.9 7434628.5 1077.7 310 -60 250
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Qualified Person
The technical information in this news release, including the information that relates to geology, drilling and
mineralization 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.
The independent Qualified Person responsible for the Mineral Resource Estimate at Marimaca is Luis Oviedo
Hannig, a geologist with more than 41 years of experience at NCL Ingeniería y Construcción S.A. He is a
member of the Colegio de Geologos de Chile and the Institute of Mining Engineers of Chile and is registered
with the Qualification Commission of Resources and Mining Reserves (CRISCO, CMC, Membership Number
013). He has a postgraduate degree in "Certification and Validation of Mining Assets” from Queens University
and PUVC.
The Qualified Person for other contents than geological information of this news release is Luis Tondo, Chief
Executive Officer and Director of Coro Mining, a mining engineer with more than 30 years of experience and a
Fellow of The Australasian Institute of Mining and Metallurgy, who is the Qualified Person for the purposes of
NI 43-101.
All QPs confirm they have visited the project area, reviewed relevant project information, allowing the correct
technical judgement in their respective areas of expertise, in turn used in the writing and reviewing the
contents of this news release.
Coro Mining and the Marimaca Project
Marimaca is fast becoming recognised as one of the most significant copper discoveries in Chile in recent years
as it represents a new type of deposit which challenges accepted exploration wisdom and promises to open up
new frontiers for discoveries elsewhere in t he country. Marimaca is hosted by intrusive rocks while the
numerous manto deposits in the same region are hosted by volcanics. With a lack of new copper exploration
discoveries in Chile, the growing Marimaca resource is a high-profile development project as it is situated in the
coastal belt at low elevation close to Antofagasta and Mejillones. This prime location could enable its future
development at a relatively modest capital investment. Marimaca will benefit from nearby existing
infrastructure including roads, powerlines, ports, a sulphuric acid plant, a skilled workforce and seawater.
Contact Information
For further information please visit www.coromining.com or contact:
Tavistock
+44 (0) 207 920 3150
Jos Simson/Emily Moss
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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, the impact of a rebranding of the
Company, 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: risks related to share price and market conditions, the
inherent risks involved in the mining, exploration and development of mineral pro perties, 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, S askatchewan, 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.