Coro Reports Results from Infill Drilling at its Marimaca Copper Project, Chile and Obtains US$3M Debt Financing
December 22, 2017 (Source) — Drilling highlights include 130m @ 1.41%CuT and 142m @ 0.89%CuT
Coro Mining Corp. (TSX: COP) (“Coro” or the “Company”) is pleased to announce the results of a further 17 reverse circulation (RC) holes from the infill drill program completed at its Marimaca copper project, located 22km E of the port of Mejillones in the II Region of Chile, (Fig. 1). Together with the previously released 16 infill drill hole results from Marimaca (November 9th and December 5th 2017), Coro has now published the results of 33 of the planned 57-hole infill drill program. Additional results will be disclosed in meaningful batches as assays are returned to the Company over the coming weeks.
“These results continue to demonstrate the continuity of the Marimaca deposit and we look forward to completing an updated mineral resource estimate during the first quarter of 2018,” commented Coro President and CEO, Luis Tondo. “The exploration RC step out drilling program is well under way on both the La Atomica and Marimaca claims and we expect initial results to be released next month.”
Results are shown on Table 1 where %CuT means total copper. Drill hole locations are shown on Fig 2. Drill collar coordinates are shown on Table 2.
Table 1: Intersections
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Note; Hole MAR-75 was previously released on December 5th 2017 but contained a typographic error which is now corrected here.
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’s 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.
Sergio Rivera, Vice President of Exploration, Coro Mining Corp, a geologist with more than 33 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, Executive Director of Coro Mining Corp, a geologist with more than 42 years of experience, and a Qualified Person for the purposes of NI 43-101, is responsible for the contents of this news release.
Coro has entered into a credit agreement (the “Credit Agreement“) with its major shareholder, Greenstone Resources L.P. (“Greenstone“) pursuant to which Greenstone has advanced US$3,000,000 to Coro (the “Loan“).
Under the terms of the Credit Agreement, the Loan has an eleven month term and bears interest at 12% per annum until March 31, 2018, after which the interest will be increased to 15%. Greenstone will receive a 3% arrangement fee under the Credit Agreement. The proceeds of the Loan will be used for working capital and general operating costs
Fig 1: Location of Marimaca and Coro Claims
Fig 2: Marimaca Drill Plan
2017 drilling, this release: holes numbered
2017 drilling, red symbols
2016 drilling: blue symbols
Table 2: 2017 Infill drill Collars
|MAR-55||375081||7435511||1108||220||-60||200||RCH||Nov 9 2017|
|MAR-66||375153||7435478||1101||220||-60||200||Dec 5 2017|
|MAR-70||375007||7435586||1121||220||-60||250||Dec 5 2017|
|MAR-72||375145||7435530||1125||220||-60||150||Dec 5 2017|
|MAD-07||374914||7435409||1060||310||-60||250||DDH||Dec 5 2017|
About Coro Mining Corp.:
Coro’s strategy is to grow a mining business through the discovery, development and operation projects at any stage of development, which are well located with respect to infrastructure and water, have low permitting risk, and have the potential to achieve a short and cost effective timeline to production. The Company’s preference is for open pit heap leach copper projects, where minimizing capital investment and creating profitability are priorities and, where the likely capital cost is financeable relative to the Company’s market capitalization. The Company’s assets include the Marimaca development project; its 65% interest in the SCM Berta company, which owns the Berta mine and Nora plant and the Llancahue prospect.
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 timing of future results and further programs. 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 completion of assays, drill rig availability and ability to finance. 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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