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| | January 05, 2010
Coro Announces 88 Metres at 0.47% Copper From Drilling Program at Chacay Property
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| | January 5, 2010, Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol: COP) is pleased to announce that its Chilean subsidiary, Minera Cielo Azul Ltda ("MCAL") has completed a 4 hole 1,024m reverse circulation drilling program at its 100% owned Chacay porphyry copper property, located 12km southeast of Teck Resources Limited's Relincho copper project, and 50km east of the city of Vallenar in the III Region of Chile.
The Chacay property hosts a porphyry copper prospect of probable Paleogene age that has previously been drill tested by several companies. The drillhole locations and summary geological information are available for some of the previous drilling but it has not been possible to obtain the corresponding assay information. A zoned porphyry alteration suite of external propylitic alteration surrounding a quartz-sericite core is developed over a distance of 3,500m, oriented west northwest. A strongly developed sulphide stockwork coincident with an intensely phyllic altered quartz feldspar porphyry, occurs over an area of 1,000m x 1,000m centered on Cerro Chacay. This hill has an elevation difference of 300m over the surrounding valleys and hosts a leached cap, which drilling has shown to vary from 50 to 200m in thickness. Underlying the leached cap, a partially oxidized, flat lying, chalcocite enrichment blanket has been intersected in drilling, that is currently interpreted to be between 20 and 110m thick.
Three of the four widely spaced holes, CHCRC08-10, intersected the secondary enrichment blanket as anticipated with the following grades;
Hole |
From |
To |
m |
%CuT |
%CuS |
%CuCN |
Solubility |
CHCRCO9 |
236 |
324 |
88 |
0.47 |
0.09 |
0.35 |
95% |
including |
246 |
290 |
44 |
0.57 |
0.10 |
0.43 |
98% |
CHCRC08 |
160 |
208 |
48 |
0.20 |
0.06 |
0.12 |
93% |
CHCRC10 |
138 |
194 |
56 |
0.15 |
0.05 |
0.09 |
91% |
The intersection in CHCRC09 is comparable to previously drilled hole CHCRC06 (refer to news release 09-11 dated November 25, 2009) which intersected 78m at 0.44%CuT.
CHCRC09 intersected disseminated chalcocite, while holes CHCRC08 and CHCRC10 intersected chalcocite developed as a thin coating on disseminated pyrite. The fourth hole, CHCRC11, which was drilled to test a prominent silicified rib near the southeast edge of the alteration zone, passed through a silicified and strongly pyritic zone with no secondary copper development. All holes were all drilled at -60 degrees inclination, so the intersect thicknesses do not represent true thicknesses.
Alan Stephens, President and CEO of Coro commented, "The results of this short drilling program continue to demonstrate the potential for heap leachable copper mineralization in a partially oxidized chalcocite enrichment blanket at Chacay. We now intend to complete detailed structural and leached cap mapping and rock chip sampling over the core of the Chacay system with a view to defining the distribution of original primary and secondary copper minerals. Based on the outcome of this, a second round of drilling will then be planned."
All RC holes were sampled on a 2 m continuous basis, with samples riffle split on site and one quarter sent to the Andes Analytical Assaying laboratory in Santiago. A second quarter was stored at a MCAL facility for reference. Samples were transported to the laboratory by Andes Analytical Assaying under the supervision of MCAL. Samples were prepared using the following standard protocol: drying, crushing to better than 80% passing -10#, homogenizing, splitting and pulverizing a 400 g subsample to 95% passing -150#. All samples were analyzed by sequential assaying for CuT, CuSol and CuCN. 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 24 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 34 years of experience is the Qualified Person for the purposes of NI 43-101.
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 and precious 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. Coro's core property is the advanced San Jorge copper-gold project, in Argentina, and the Company holds other earlier stage exploration properties located in Chile.
For further information please visit the Company's website at www.coromining.com or contact Michael Philpot, Executive Vice-President at (604) 682 5546 or 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, Prince Edward Island and Newfoundland and Labrador. |
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