Berta Copper Project - Feasibility Study Expected Mid to Late 2013
The Company believes that Berta could be placed into production quickly and at a relatively low-cost, and thus generate cash flow for our Chilean exploration program. Located in an established mining area with good infrastructure (Chile's Region III), an initial NI-43-101 resource estimate
was completed for Berta Sur in December 2012
, with the potential for additional resources to be added.
2013 Development Plan
- For $3.00.lb copper price, the optimum pit was determined at Berta Sur to contain 6,101,000t at a grade of 0.40%CuT and a minimal stripping ratio of 0.04:1 (at surface resource)
- Preliminary metallurgy indicates quick copper recovery and low acid consumption.
- Internal evaluation supports a 5,000 tpy Cu SXEW operation
- Drill off and complete resource estimate for Berta Sur/Central
- Complete additional column test work and mine plan for Berta Sur
- Complete feasibility study in mid-late 2013; includes standalone SXEW project (5,000 tpy copper cathode) with acid plant to supply all of the power requirements
- Seek financing in mid-2013 to develop what should be a simple leach project to generate cash flow for Coro
The property is located approximately an 1 hour drive from the copper-industry town of Copiapo and 20km from village of Inca de Oro (elevation 1700m) in Region III of Chile. Anglo American's Manto Verde operating copper mine is located 33km to the northwest of Berta, and Capstone Mining and Kores Resources Corporation Santo Domingo (copper-iron) project is located 30km to the northeast.
Acquisition Terms (June 2011)
Coro may acquire 100% of the Berta property for US$6million ($1million paid) by making the remaining staged option payments; 24 months from signing: US$1.5million (June 10, 2013); 36 months from signing: US$3.5million (June 10, 2014) In addition, a 1.5% NSR is payable on any sulphide copper production together with any by-product metals.
Mineralization and Drilling to Date
Mineralization, as defined by drilling, mapping and grid geochemistry, occurs in three principal areas; Berta Sur, Central and Norte, and is associated with sub-vertical, elongate potassically altered porphyry intrusive bodies and related hydrothermal and intrusive breccias, emplaced into a tonalite stock (see Figure 3 and Figure 4, below). At Berta Sur, this mineralization is present within a roughly horseshoe shape area with oxidation extending from surface to depths of 50m to 100m. Berta Central comprises several smaller bodies, located immediately north of Berta Sur, which was the focus for previous artisanal mining, as well as several NW oriented zones. Berta Norte comprises several, discreet, NW oriented zones of mineralization, individually 25-85m in width and 100-250m in strike length, partially gravel covered, and mostly intersected at depth as sulphides in Coro's drilling. Copper and molybdenum mineralization broadly occur together at Berta although copper can occur without molybdenum and vice versa.
Figure 3: Berta Sur and Central areas. Drill tested copper oxide mineralization
shown in green, Coro RC hole collars in red, pre-2012 holes in grey.
Click to enlarge
Berta had previously been explored by two major mining companies in the 1990's with wide spaced shallow percussion drilling (48 holes, 1,090m), reverse circulation ("RC") drilling (49 holes, 6,033m), and bulldozer trenching. Diamond Drilling (9 holes, 3,311.4m) was completed by Grandcru Resources Corp. in 2006-2007.
In 2011/2012 Coro completed a total of 92 RC holes, (18,872m) and the results may be viewed in the September 19, 2012 News Release