February 27 2014, Coro Mining Corp. (“Coro” or the “Company”) (TSX Symbol: COP) Coro has recently completed a 5 hole, 1191m diamond drilling program (EDH-01 to 05) and a 7 hole, 950m reverse circulation drilling program (CED-R-9 to 15) at its El Desesperado copper project, located 7 km NW of the city of Calama in the II Region of Chile, and immediately west of Codelco’s Toki Cluster of copper deposits (Figure 1).
The objective of this drilling program was to confirm the presence of significant near surface leachable copper mineralization contained within a partially oxidized chalcocite blanket, similar to that intersected in our 2012 drilling. Assay results and drill description for the program are summarized below;
Table 1; Drill Intersections
EDH-01, 03 & 04 and CED-R-11 & 12 intersected the same partially oxidized and leached chalcocite blanket as CED-R-04, but significantly thinner. EDH-05 was a diamond tail of RC hole CED-R-04 drilled in November 2012 which intersected 204m at 0.55%CuT from surface before the hole was lost. Core logging of EDH-05 indicates that the RC hole was lost in a major fault and only sporadic mineralization was encountered at depth. EDH-02 was targeted at intersecting primary mineralization at depth beneath the old workings; trace amounts of bornite and chalcopyrite were intersected over a 48m width, but this mineralization did not return copper assays in excess of 0.2%CuT. CED-R-9, 10, 13, 14 and 15 were drilled to test possible extensions to the N and E but did not intersect significant mineralization and were not assayed.
Alan Stephens, President and CEO of Coro commented, “These results indicate that the supergene mineralization is of more reduced dimensions than we had expected, due to a more pronounced structural control; a greater degree of leaching; and the presence of a post mineral porphyry and breccia complex which has invaded the prospective area (Figure 2). A major NNE oriented fault, as well as NW oriented structures, appear to have influenced blanket thickness, and the NNE Main Fault may also be controlling the emplacement of primary mineralization. Finally, the copper oxides are present partly in the form of water soluble copper sulphates and it is possible that some of this copper may have been washed away during diamond drilling, particularly in more heavily fractured core.
The area drilled is some 200-300m topographically higher than the adjacent Toki deposits and this is reflected in the higher level alteration assemblage at El Desesperado. Mineralization identified so far is almost entirely supergene in nature and is associated with quartz-sericite-pyrite (QSP) alteration of Triassic sediments, particularly where these have been converted to a crackle breccia; and of a hydrothermal breccia emplaced in the Main Fault. The primary driver for this QSP alteration and supergene chalcocite has not yet been found, but may be a Toki style porphyry copper system located at depth. The trace amounts of bornite intersected in EDH-02 support this concept.
As recently announced, Coro has agreed a three month extension to the February 17th 2014 option payment with the property owners, at a cost of US$20,000 per month. During this period, we will evaluate all of the available data and determine our next course of action.”
Table 2; Collar Coordinates
Sampling and Assay Protocol
The mineralized sections of diamond drill holes were sampled on a 2m continuous basis, with core samples split on site and one half delivered to the Andes Analytical Assaying (“AAA”) prep lab by Coro personnel. The remaining core was stored at a Coro facility for reference. Pulp samples were transported to the AAA assay laboratory in Santiago by AAA personnel. RC holes CED-R-11 & 12 were sampled on a 2 m continuous basis, with dry samples riffle split on site and one quarter sent to the Andes Analytical Assaying prep lab by Coro personnel. A second quarter was stored on site for reference.
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 assayed for CuT, CuS and Mo by AAS. A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed for the diamond drill core sampling with acceptable results. True widths have not been determined.
About El Desesperado:
The El Desesperado copper project, is located 7 km NW of the city of Calama in the II Region of Chile, and immediately west of Codelco’s Toki Cluster of copper deposits.
Sergio Rivera, Vice President of Exploration, Coro Mining Corp, a geologist with more than 31 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, President and CEO, of Coro Mining Corp, a geologist with more than 38 years of experience, and a Qualified Person for the purposes of NI 43-101, is responsible for the contents of this news release.
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 Berta, El Desesperado, and Payen copper properties located in Chile and the advanced San Jorge copper-gold project, in Argentina.
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 [email protected]
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 potential mineralization and geological comparisons 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.
Figure 1; Location and Claim Map Showing Toki Cluster Deposits
Figure 2; Exploration Summary Plan