|July 31, 2012|
Coro Reports Remaining Results From Second Phase Drilling Program at Berta Copper Project and Announces Initiation of Resource Drilling and Metallurgical Sampling
|July 31 2012, Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol: COP) is pleased to announce the remaining results from the recently completed Phase II, 32 hole (10,520m) reverse circulation drilling program at its Berta property, located approximately 20km west of the PanAust/Codelco owned Inca de Oro feasibility stage project and 30km southeast of Anglo American's Manto Verde copper heap leach mine, in the III Region of Chile. Initial assay results from 20 of these holes were released on June 13th 2012. The latest results are shown on Table 1 below, including additional results from hole BR-41, which was extended after bottoming in mineralization. Coro announced the terms for the 100% acquisition of Berta in its news release of June 13th 2011, and results from its Phase I drilling in its news release of September 27th 2011. |
Alan Stephens, President and CEO of Coro commented, "Our objective at Berta is to define a relatively modest sized oxide deposit that can be placed into production quickly and cheaply, and thus generate cash flow for our Chilean exploration program. The reported results are mainly from the lower grade, southwest extension of the Berta Sur area. An infill grid drilling reverse circulation drilling program on 50m centers is in progress, in order to produce an NI43-101 compliant resource estimate for the higher grade oxide material at Berta Sur and Berta Central. Sampling of diamond drill core and surface trenches is underway to provide material for a preliminary metallurgical column test work program."
Table 1: Significant intersections
No significant intersections were received from holes BR-40, BR-49, BR-51 to BR-53 and BR-55. All drill hole locations are shown on the attached map and table. Copper equivalents were calculated at $3.00/lb Cu and $12/lb Mo, with no adjustment for metallurgical recoveries. In particular, no molybdenum would be recovered from the envisaged oxide operation.
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. At Berta Sur, this mineralization is present within an area of approximately 500m by 300m, oriented ENE, with oxidation extending from surface to depths of 50m in the east to greater than 150m in the west. Berta Central comprises a smaller body, sub-parallel to and located immediately north of, Berta Sur and was the focus for previous artisanal mining. 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 this phase of drilling. Copper and molybdenum mineralization broadly occur together at Berta although copper can occur without molybdenum and vice versa.
Berta has previously been explored by two major mining companies in the 1990's who completed wide spaced shallow percussion drilling (48 holes, 1,090m), reverse circulation ("RC") drilling (49 holes, 6,033m), and bulldozer trenching. More recently, Grandcru Resources Corp, completed diamond drilling (9 holes, 3,311.4m) in 2006-2007. All of the previous holes were assayed for total copper (%CuT), and the oxide sections of 42 of the RC holes were assayed for acid soluble copper. With the exception of 42 of these RC holes, all holes were assayed for molybdenum. Coro completed a 24 hole, 4360m RC program in 2011.
All Coro 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 Copiapo for preparation and then to their assay laboratory in Santiago. A second quarter was stored on site for reference. Samples were transported to the laboratory by Andes Analytical Assaying under the supervision of Minera Coro Chile Ltda's contractor, Geominco, who also logged the drill cuttings. 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 holes were assayed for CuT and Mo, with intersections containing greater than 0.1%CuT also assayed for CuS and Au. A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results.
Sergio Rivera, Vice President of Exploration, Coro Mining Corp, a geologist with more than 30 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 drilling program and is the Qualified Person for the purposes of NI 43-101.
Figure 1; Berta Sur and Central areas. Drill tested copper oxide mineralization shown in green, faults shown in blue, Coro Phase II RC hole collars in pink, planned Coro infill RC hole collars in red, pre-2012 holes in grey.
Table 2; UTM Collar coordinates for Coro Phase II RC holes.
CORO MINING CORP.
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 properties include the advanced San Jorge copper-gold project, in Argentina, and the Berta, El Desesperado, Chacay, Llancahue, and Celeste copper 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 firstname.lastname@example.org
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 and molybdenum , metallurgical results and resources, 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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