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| | October 29, 2007
San Jorge Drill Results And Project Update - NR 07-10
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| | October 29, 2007 Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol: COP) is pleased to announce the results of diamond drilling and provide an update for the San Jorge Project, in Argentina. A drilling program comprising a total of 27 diamond drill holes for 4,177 meters has recently been completed, aimed at expanding and further defining the in pit copper gold resource base. Infill drilling (Holes SJ-IN-17 to SJ-IN-27, excl SJ 23) was target in improving the definition of the various ore types and resource categories and providing additional information regarding gold distribution in the Enriched and Primary Sulphide ore types, while stepout drilling was aimed at defining extensions to the deposit. Results are shown in the following tables.
Alan Stephens, President and CEO of Coro commented, "We are pleased with the results of this latest round of drilling at San Jorge. The stepout holes encountered additional Oxide mineralization to the east and north of the existing resource, while the infill drilling has confirmed and better defined the very attractive copper and gold grades present in the Enriched and Primary resource. We continue to work towards completing the 20,000 tonne per annum heap leach pre-feasibility study ("PFS") in the next few months, as well as evaluating the potential for substantially larger copper and gold production from a combined flotation and leach operation. Coro looks forward to demonstrating the merits of the San Jorge Project to the people of the Province of Mendoza, and by so doing ensuring that the regulatory conditions are in place to initiate the permitting process in 2008."
Infill Drilling:
Hole |
From |
To |
m |
%CuT |
%CuSol |
Au g/t |
%CuT eq |
Ore Type |
TD |
SJ_IN_17 |
40.0 |
54.0 |
14.0 |
0.45 |
0.35 |
0.45 |
|
Oxide |
148.5 |
SJ_IN_17 |
66.0 |
94.0 |
28.0 |
1.21 |
0.77 |
0.43 |
|
Oxide |
|
SJ_IN_17 |
94.0 |
124.0 |
30.0 |
1.99 |
|
0.33 |
2.15 |
Enriched |
|
SJ_IN_17 |
124.0 |
148.5 |
24.5 |
0.61 |
|
0.25 |
0.73 |
Primary |
|
SJ_IN_18 |
59.0 |
92.0 |
33.0 |
0.57 |
0.49 |
0.10 |
|
Oxide |
209.0 |
SJ_IN_18 |
92.0 |
132.0 |
40.0 |
1.68 |
|
0.25 |
1.80 |
Enriched |
|
SJ_IN_18 |
132.0 |
209.0 |
77.0 |
0.59 |
|
0.20 |
0.69 |
Primary |
|
SJ_IN_19 |
76.0 |
88.0 |
12.0 |
0.36 |
0.21 |
0.13 |
|
Oxide |
201.5 |
SJ_IN_19 |
88.0 |
114.0 |
26.0 |
0.90 |
|
0.26 |
1.03 |
Enriched |
|
SJ_IN_19 |
114.0 |
201.5 |
87.5 |
0.53 |
|
0.22 |
0.64 |
Primary |
|
SJ_IN_20 |
0.0 |
20.0 |
20.0 |
0.43 |
0.26 |
0.21 |
|
Oxide |
204.0 |
SJ_IN_20 |
34.0 |
62.0 |
28.0 |
0.33 |
0.17 |
0.37 |
|
Oxide |
|
SJ_IN_20 |
62.0 |
128.0 |
66.0 |
0.75 |
|
0.49 |
0.99 |
Enriched |
|
SJ_IN_20 |
128.0 |
204.0 |
76.0 |
1.00 |
|
0.50 |
1.24 |
Primary |
|
SJ_IN_21 |
72.0 |
204.6 |
132.6 |
0.61 |
|
0.26 |
0.74 |
Primary |
204.6 |
SJ_IN_22 |
38.0 |
201.0 |
163.0 |
0.20 |
|
0.13 |
0.26 |
Primary |
201.0 |
SJ_IN_24 |
22.0 |
84.0 |
62.0 |
0.48 |
0.40 |
0.18 |
|
Oxide |
160.0 |
SJ_IN_24 |
84.0 |
140.0 |
56.0 |
0.96 |
|
0.38 |
1.14 |
Enriched |
|
SJ_IN_25 |
0.0 |
96.0 |
96.0 |
0.52 |
0.44 |
0.23 |
|
Oxide |
213.0 |
SJ_IN_25 |
96.0 |
108.0 |
12.0 |
0.58 |
|
0.55 |
0.85 |
Enriched |
|
SJ_IN_25 |
108.0 |
170.0 |
62.0 |
0.36 |
|
0.29 |
0.50 |
Primary |
|
SJ_IN_26 |
54.0 |
82.0 |
28.0 |
0.46 |
|
0.24 |
0.58 |
Enriched |
201.0 |
SJ_IN_26 |
124.0 |
132.0 |
8.0 |
1.86 |
1.62 |
0.15 |
|
Oxide |
|
SJ_IN_26 |
132.0 |
146.0 |
14.0 |
2.47 |
|
0.46 |
2.69 |
Enriched |
|
SJ_IN_26 |
146.0 |
201.0 |
55.0 |
0.84 |
|
0.40 |
1.03 |
Primary |
|
SJ_IN_27 |
0.0 |
66.0 |
66.0 |
0.54 |
0.45 |
0.22 |
|
Oxide |
212.5 |
SJ_IN_27 |
66.0 |
140.0 |
74.0 |
0.44 |
|
0.22 |
0.55 |
Enriched |
|
SJ_IN_27 |
140.0 |
212.5 |
72.5 |
0.31 |
|
0.14 |
0.38 |
Primary |
|
Copper equivalent grades (%CuT eq) are calculated at $500 per ounce Au and $1.50/lb Cu, with no account taken of metallurgical recoveries.
These 10 infill holes were drilled within the existing measured and indicated resources and have resulted in improved resource definition and categorization, particularly of Enriched and Primary Sulphide ore types. They have also provided further confidence in the gold distribution, given that some of the older drill holes were not assayed for gold. Eight of the ten holes ended in sulphide mineralization.
Stepout Drilling:
Stepout drilling (Holes SJ-IN-1 to SJ-IN-16, incl. AJ 23) were drilled peripheral to the existing measured and indicated resource and were aimed at defining additional Oxide and Enriched resources, as well as to convert Inferred resources to Indicated category. Eight of the seventeen holes ended in sulphide mineralization. Additional mineralization was encountered in this stepout drilling and the results of this will be incorporated in an updated resource estimate to be completed by year end.
Hole |
From |
To |
m |
%CuT |
%CuSol |
Au g/t |
%CuT eq |
Type |
TD |
SJ_IN_01 |
13.6 |
74.0 |
60.4 |
0.57 |
0.43 |
0.10 |
|
Oxide |
100.0 |
SJ_IN_01 |
74.0 |
100.0 |
26.0 |
0.25 |
|
0.08 |
0.29 |
Primary |
|
SJ_IN_02 |
50.0 |
68.0 |
18.0 |
0.48 |
0.39 |
0.20 |
|
Oxide |
130.7 |
SJ_IN_02 |
68.0 |
118.0 |
50.0 |
0.32 |
|
0.13 |
0.38 |
Primary |
|
SJ_IN_03 |
96.0 |
118.0 |
22.0 |
0.25 |
|
0.03 |
0.26 |
Enriched |
161.8 |
SJ_IN_03 |
118.0 |
161.8 |
43.8 |
0.22 |
|
0.04 |
0.24 |
Primary |
|
SJ_IN_04 |
64.0 |
88.0 |
24.0 |
0.39 |
|
0.16 |
0.47 |
Enriched |
101.7 |
SJ_IN_04 |
88.0 |
101.7 |
13.7 |
0.45 |
|
0.25 |
0.57 |
Primary |
|
SJ_IN_05 |
48.0 |
80.0 |
32.0 |
0.42 |
0.31 |
0.18 |
|
Oxide |
100.0 |
SJ_IN_05 |
80.0 |
100.0 |
20.0 |
0.26 |
|
0.45 |
0.48 |
Primary |
|
SJ_IN_06 |
70.0 |
88.0 |
18.0 |
0.40 |
0.24 |
0.12 |
|
Oxide |
182.2 |
SJ_IN_06 |
88.0 |
106.0 |
18.0 |
0.34 |
|
0.21 |
0.44 |
Enriched |
|
SJ_IN_06 |
106.0 |
124.0 |
18.0 |
0.38 |
|
0.15 |
0.45 |
Primary |
|
SJ_IN_06 |
152.0 |
178.0 |
26.0 |
0.25 |
|
0.10 |
0.30 |
Primary |
|
SJ_IN_07 |
64.0 |
92.0 |
28.0 |
0.40 |
|
0.15 |
0.47 |
Enriched |
108.0 |
SJ_IN_07 |
92.0 |
108.0 |
16.0 |
0.40 |
|
0.12 |
0.46 |
Primary |
|
SJ_IN_08 |
21.0 |
58.0 |
37.0 |
0.46 |
0.36 |
0.23 |
|
Oxide |
99.0 |
SJ_IN_08 |
58.0 |
72.0 |
14.0 |
0.36 |
|
0.23 |
0.47 |
Enriched |
|
SJ_IN_08 |
72.0 |
97.0 |
25.0 |
0.34 |
|
0.23 |
0.45 |
Primary |
|
SJ_IN_09 |
41.0 |
86.0 |
45.0 |
0.40 |
0.33 |
0.17 |
|
Oxide |
104.8 |
SJ_IN_09 |
86.0 |
104.8 |
18.8 |
0.45 |
|
0.18 |
0.54 |
Enriched |
|
SJ_IN_10 |
50.0 |
96.0 |
46.0 |
0.37 |
0.32 |
0.27 |
|
Oxide |
113.7 |
SJ_IN_10 |
96.0 |
113.7 |
17.7 |
0.39 |
|
0.19 |
0.48 |
Primary |
|
SJ_IN_11 |
26.0 |
66.0 |
40.0 |
0.36 |
0.30 |
0.15 |
|
Oxide |
140.4 |
SJ_IN_12 |
51.0 |
82.0 |
31.0 |
0.25 |
0.21 |
0.15 |
|
Oxide |
129.5 |
SJ_IN_12 |
82.0 |
104.0 |
22.0 |
0.32 |
|
0.19 |
0.41 |
Enriched |
|
SJ_IN_12 |
104.0 |
122.0 |
18.0 |
0.32 |
|
0.17 |
0.40 |
Primary |
|
SJ_IN_13 |
24.0 |
56.0 |
32.0 |
0.30 |
0.22 |
0.20 |
|
Oxide |
150.4 |
SJ_IN_13 |
56.0 |
108.0 |
52.0 |
0.26 |
|
0.33 |
0.42 |
Enriched |
|
SJ_IN_13 |
108.0 |
150.0 |
42.0 |
0.22 |
|
0.13 |
0.28 |
Primary |
|
SJ_IN_14 |
80.0 |
160.0 |
80.0 |
0.38 |
0.31 |
0.10 |
|
Oxide |
179.8 |
SJ_IN_15 |
48.0 |
60.0 |
12.0 |
0.26 |
0.12 |
0.16 |
|
Oxide |
158.8 |
SJ_IN_16 |
42.0 |
52.0 |
10.0 |
0.33 |
0.25 |
0.26 |
|
Oxide |
128.4 |
SJ_IN_23 |
No Significant Results |
|
|
|
|
|
131.9 |
Copper equivalents (%CuT eq) are calculated at $500 per ounce Au and $1.50/lb Cu with no account taken of metallurgical recoveries.
Project Update:
The Company continues to work towards the completion of an independent PFS, which contemplates the production of 20,000 tonnes per annum of cathode copper via heap leaching and SXEW, from the Oxide and Enriched resources only. In order to incorporate the positive results of the recent drilling, into a new resource model the PFS is now expected to be completed early in 2008.
In addition, the Company has initiated an internal evaluation to produce 30,000 tonnes per annum of copper in concentrates, with a significant gold credit, from flotation of the Enriched and Primary resources plus the production of 10,000 tonnes per annum of copper in cathode from heap leaching of the Oxide resource only. This internal evaluation is scheduled for completion in the first quarter of 2008.
As noted in the Company's News Release 07-05, dated July 23, 2007, Minera San Jorge SA. Coro's Argentine subsidiary, filed an action to have a recently enacted Provincial Act, which prohibits the use of toxic substances including sulphuric acid in any metalliferous mining in the Province, declared unconstitutional. The Company now intends to engage directly with the newly elected Provincial government to have this Act substantially modified or repealed by demonstrating that the San Jorge Project could be developed in an environmentally responsible manner to the lasting economic and social benefit of the local community and the Province.
For further information about the San Jorge Project and drill plan map showing the recent drilling, please refer to the Company's website at www.coromining.com or review the NI 43-101 Technical Report dated April 2007 on SEDAR at www.sedar.com.
All diamond drill holes were sampled on a 2 meters continuous basis, with core split on site and one half sent to the ALS Chemex preparation laboratory in Mendoza, Argentina, and assayed in the ALS Chemex laboratory in La Serena, Chile. Samples were transported to the laboratory by Minera San Jorge personnel who maintained control and custody of them. Samples were prepared using the following standard protocol: crushing to better than 75% passing -10 mesh, splitting and pulverizing a 1000 gram subsample to 85% passing -200 mesh. All samples were analyzed for sequential copper (CuT, CuSol, CuCN) by atomic absorption, and for Au by fire assay. A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results.
Angelo Peri, VP Exploration, Coro Mining Corp, a geologist with more than 22 years was responsible for the design and conduct of the exploration, and Alan Stephens, FIMMM, President and CEO, of Coro Mining Corp, a geologist with more than 32 years of experience is the Qualified Person for the purposes of NI 43-101, has reviewed the information contained in this news release.
CORO MINING CORP.
"Alan Stephens"
Alan Stephens
President and CEO
About Coro Mining Corp.:
The Company was founded with the goal of building a mining company focused on medium-sized base metals deposits in Latin America. The Company intends to achieve this through the exploration for, and acquisition of, projects that can be developed and placed into production and it has established an experienced development and exploration team to accomplish this. The Company has two main properties; Barreal Seco, in Chile and San Jorge, in Argentina, as well as other exploration properties located in Chile and Mexico.
For further information please contact Michael Philpot, Executive Vice-President at (604) 682 5546 or email investor.info@coromining.com
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of copper, estimated future production, estimated costs of future production, permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, the factual results of current exploration, development and mining activities, 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, Price Edward Island and Newfoundland and Labrador. |
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