EDITOR: | December 22nd, 2017

Coro Reports Results from Infill Drilling at its Marimaca Copper Project, Chile and Obtains US$3M Debt Financing

| December 22, 2017 | No Comments
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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.”

Drilling Results

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

Hole TD From To m %CuT Type
MAR-67 200m 182 192 10 2.98 Mixed
MAR-68 250m 2 144 142 0.89 Oxide
and 174 192 18 0.47 Oxide
214 250 36 0.38 Oxide
MAR-69 200m 10 192 182 0.48 Oxide
MAR-71 200m 28 170 142 0.74 Oxide
MAR-74 200m 0 52 52 0.49 Oxide

 

Hole TD From To m %CuT Type
MAR-75 200m 46 60 14 0.44 Oxide
and 70 150 80 1.25 All
including 70 112 42 1.01 Oxide
112 150 38 1.52 Mixed
MAR-76 250m 8 156 148 0.59 Oxide
and 196 250 54 1.49 Oxide
MAR-78 250m 112 242 130 1.41 Oxide
and 242 250 8 7.26 Mixed
MAR-80 250m 100 172 72 0.30 Oxide
and 188 250 62 1.10 Oxide
MAR-81 200m 4 32 28 0.31 Oxide
and 102 176 74 0.47 Oxide
MAR-82 200m 10 118 108 0.61 Oxide
and 118 134 16 0.32 Mixed
162 200 38 0.42 Mixed
MAR-83 250m 4 16 12 0.30 Oxide
and 36 94 58 0.42 Oxide
128 242 114 0.79 Oxide
MAR-84 200m 18 138 120 0.59 Oxide
and 138 152 14 0.55 Mixed
170 190 20 1.25 Oxide
MAR-85 200m 130 200 70 0.83 Mixed

Note; Hole MAR-75 was previously released on December 5th 2017 but contained a typographic error which is now corrected here.

Hole TD From To m %CuT Type
MAR-86 200m 0 48 48 0.59 Oxide
and 66 160 94 0.70 Oxide
174 194 20 0.95 Mixed
MAR-87 200m 2 26 24 0.56 Oxide
and 40 102 62 0.54 Oxide
MAR-91 150m 20 66 46 1.08 Oxide
and 80 92 12 1.02 Oxide
MAR-92 200m 52 100 48 0.74 Oxide

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.

Debt Financing

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

Hole Easting Northing Elevation Azimuth Inclination Depth Type Released
MAR-55 375081 7435511 1108 220 -60 200 RCH Nov 9 2017
MAR-56 375091 7435518 1109 310 -60 200
MAR-57 375243 7435416 1117 220 -60 200
MAR-58 374820 7435613 1133 310 -60 258
MAR-59 374823 7435604 1133 220 -60 200
MAR-60 374864 7435581 1112 310 -60 250
MAR-61 375186 7435369 1109 220 -60 250
MAR-62 375161 7435319 1103 220 -60 250
MAR-63 375001 7435642 1093 220 -60 200
MAR-64 374861 7435576 1112 220 -60 250
MAR-65 374903 7435648 1115 220 -60 200
MAR-66 375153 7435478 1101 220 -60 200 Dec 5 2017
MAR-67 375136 7435484 1102 310 -60 200 This NR
MAR-68 374954 7435616 1111 220 -60 150
MAR-69 374952 7435621 1112 310 -60 200
MAR-70 375007 7435586 1121 220 -60 250 Dec 5 2017
MAR-71 375002 7435591 1121 310 -60 200 This NR
MAR-72 375145 7435530 1125 220 -60 150 Dec 5 2017
MAR-73 375141 7435536 1125 310 -60 200
MAR-74 375185 7435507 1119 0 -90 200 This NR
MAR-75 374982 7435551 1130 310 -60 200
MAR-76 374977 7435556 1130 220 -60 250
MAR-77 374846 7435655 1134 310 -60 200 Pending
MAR-78 374848 7435649 1134 220 -60 250 This NR
MAR-79 374884 7435622 1126 310 -60 200 Pending
MAR-80 374885 7435617 1126 220 -60 250 This NR
MAR-81 375046 7435561 1128 220 -60 200
MAR-82 375042 7435563 1128 310 -60 200
MAR-83 375025 7435465 1117 220 -60 250
MAR-84 375021 7435472 1118 310 -60 200
MAR-85 374833 7435471 1077 220 -60 200
MAR-86 374834 7435477 1077 310 -60 200
MAR-87 374902 7435424 1058 220 -60 200
MAR-88 374800 7435428 1066 220 -60 150 Pending
MAR-89 374844 7435394 1064 220 -60 150
MAR-90 374840 7435397 1064 310 -60 200
MAR-91 374917 7435335 1061 220 -60 150 This NR
MAR-92 374916 7435341 1061 310 -60 200
MAR-93 375191 7435114 1055 220 -60 150 Pending
MAR-94 375185 7435115 1054 310 -60 200
MAR-95 374809 7435362 1062 220 -60 150
MAR-96 374806 7435368 1062 310 -60 150
MAR-97 374830 7435333 1065 310 -60 150
MAR-98 374851 7435352 1059 220 -60 100
MAR-99 374924 7435266 1038 310 -60 150
MAR-100 374927 7435264 1038 220 -60 150
MAR-101 375055 7435173 1046 220 -60 150
MAR-102 375048 7435176 1047 310 -60 150
MAR-103 375179 7435045 1047 310 -60 150
MAR-104 374880 7435226 1053 310 -60 150
MAR-105 374962 7435159 1024 310 -60 150
MAR-106 375060 7435347 1053 220 -60 200
MAR-107 375057 7435345 1053 310 -60 300
MAR-108 375097 7435382 1064 220 -60 250
MAR-109 375091 7435389 1064 310 -60 250
MAR-110 375143 7435431 1080 310 -60 300
MAR-111 375146 7435426 1080 220 -60 150
MAD-07 374914 7435409 1060 310 -60 250 DDH Dec 5 2017
MAD-08 374988 7435422 1097 310 -60 200
MAD-09 374996 7435412 1096 220 -60 150
MAD-10 374898 7435481 1084 310 -60 220
MAD-11 374842 7435473 1077 266 -60 200 Pending
MAD-12 374905 7435653 1115 324 -60 200

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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