Coro Continues to Intersect Substantial Copper Mineralization at Marimaca Highlighted by 190m @ 0.80%CuT & 256m at 0.62%CuT

September 6, 2016

Responsive image

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 6, 2016) – Coro Mining Corp. (“Coro” or the “Company”) (TSX:COP) is pleased to announce the results of the first 8 reverse circulation (RC) holes from a 39 hole, 8530m hole program nearing completion at its Marimaca copper project, located 22km E of the port of Mejillones in the II Region of Chile, (Figure 1). Results for the initial 2680m program of 16 RC discovery holes were released on April 28 2016 and May 6 2016. We also announce the results of the first 2 diamond drill (DDH) holes of a 6 hole, 2021m program, aimed at providing metallurgical samples and geotechnical information; to corroborate the RC drilling; and to test underlying sulphide mineralization. The DDH program is complete, the RC program is expected to finish within the next few days, and further results will be released over the coming weeks. Coro continues to conduct due diligence on the Minera Rayrock (MR) acquisition announced on August 4 2016; MR is the owner of the Ivan SXEW plant located some 18km S of Marimaca, as well as a large claim position shown on Figure 1.

Drilling Results

All 8 RC holes, MAR-17 to MAR-21 and MAR-24 to MAR-26 and both DDH holes, MAD-01 & MAD-02 intersected significant copper mineralization as shown on Tables 1a and 1b where %CuT is total copper.

MAR-17 to MAR-28 are holes aimed at defining the mineralization discovered previously on ~50m centres while MAR-29 to MAR-47 and MAR-51 to MAR-54 are step out holes on ~100m centres. Both sets were drilled with azimuths of 220° and 310°. MAR-48 to MAR-50 are exploration holes testing other anomalies.

Drill hole locations and the interpreted mineralized zone are shown on Figure 2 and in more detail on Figure 3. Drill collars for all holes are shown on Table 2 and results for holes MAR-01 to MAR-16 are shown on Table 3.

Table 1a: RC Intersections
Hole TD From To m %CuT Type
8 194 186 0.28 All
8 56 48 0.26
64 90 26 0.43
MAR-17 200m
including 96 116 20 0.47 Oxide
128 170 42 0.31
180 194 14 0.31
2 136 134 0.45 All
2 68 66 0.47
MAR-18 250m including
76 136 60 0.47 Oxide
and 170 182 12 0.33
6 262 256 0.62 All
6 56 50 0.41
MAR-19 300m
including 62 204 142 0.75 Oxide
218 262 44 0.73
0 146 146 0.43 All
0 54 54 0.56
including Oxide
60 146 86 0.37
MAR-20 250m
and 178 250 72 0.89 All
178 194 16 2.29 Enriched
including
204 250 46 0.58 Mixed
4 18 14 0.30 Oxide
and 44 144 100 0.59 All
44 102 58 0.51
MAR-21 300m Oxide
including 108 132 24 0.66
132 144 12 1.10 Enriched
and 246 270 24 0.25 Mixed
Hole TD From To m %CuT Type
66 84 18 0.68 Oxide
and 110 198 88 1.19 All
110 134 24 1.12 Oxide
MAR-24 300m 134 140 6 0.84 Enriched
including 140 158 18 0.59 Oxide
158 180 22 2.47 Enriched
180 198 18 0.43 Oxide
22 38 16 0.40 Oxide
and 82 272 190 0.80 All
82 156 74 0.90 Oxide
156 182 26 0.71 Enriched
MAR-25 300m
182 194 12 0.69 Mixed
including
194 234 40 0.70 Primary
234 242 8 0.64 Oxide
242 272 30 0.83 Primary
MAR-26 250m 56 146 90 0.66 Oxide
Table 1b: DDH Intersections
Hole TD From To m %CuT Type
0 202 202 0.92 Oxide
and 346 374 28 0.66 All
MAD-01 421.05m
346 352 6 1.83 Enriched
including
352 374 22 0.34 Mixed
0 128 128 0.65 All
0 98 98 0.75 Oxide
MAD-02B 322m including 98 116 18 0.20 Mixed
116 128 12 0.53 Oxide
and 136 156 20 0.21 Oxide

MAD-01 was twinned with MAR-10 and MAD-02B with MAR-11 with good correlations. A full analysis of the comparisons between RC and DDH drilling will be provided once all results are to hand.

Alan Stephens, President and CEO of Coro commented, “Drilling at Marimaca continues to provide impress ive intersections, both in terms of grade and thickness, with average depth of leachable mineralization now shown to be in excess of 200m. The deposit comprises a significant oxidised enrichment blanket, with some of the enrichment partially or completely preserved as mixed and enriched zones respectively. The overall control to mineralization is the major N-S trending ~60°E dipping zone of fracturing, defined as the Marimaca Structure, cross cut by NE-SW oriented feeder structures, dipping to the SE. The host rock is a coarse grained Jurassic diorite intrusive intruded by a late mineral diorite and cross cut by post mineral andesitic sills and dykes. Strong potassic alteration and magnetite introduction accompanies the mineralization. Acid solubilities in the oxide zone are good at 74% for all assays > 0.1%CuT and rising to 80% for >0.3%CuT. We look forward to reporting the next batch of results in due course.”

Marimaca Agreement Terms

Coro has the right to earn a 75% interest in the property as follows;

  • 51% interest earned in Compañia Minera Newco Marimaca (CMNM) with a $125k payment together with completion of a NI43-101 resource estimate and engineering study that demonstrates the technical and economic feasibility of producing a minimum of 1.5ktpy Cu cathode by August 6th 2018 at Coro’s cost,
  • Additional 24% interest in CMNM earned by Coro upon obtaining financing for the project construction
  • The owner’s interest will comprise a 15% interest free carried to commencement of commercial production and a 10% participating interest subject to dilution. The owners at their election may request Coro to loan them the equity portion corresponding to their 10% interest, if any, recoverable by Coro from 100% of the project’s free cash flow after debt repayments
  • Coro retains a first right of refusal

Sampling and Assay Protocol

True widths cannot be determined with the information available at this time. Coro RC holes were sampled on a 2 m continuous basis, with dry samples riffle split on site and one quarter sent to the Geolaquim laboratory in Copiapo, Chile by Coro personnel for preparation and assaying. A second quarter was stored on site for reference. DDH holes were logged, split and sampled on site by Coro personnel and one half of the core sent to Geolaquim. 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 (total copper) and samples >0.1%CuT assayed for CuS (acid soluble copper) by AAS. A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results. Samples showing significant secondary sulphides will be assayed for CNCu (cyanide soluble copper) in due course.

Sergio Rivera, Vice President of Exploration, Coro Mining Corp, a geologist with more than 32 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 40 years of experience, and a Qualified Person for the purposes of NI 43-101, is responsible for the contents of this news release.

To view Figure 1: Location of Marimaca and Minera Rayrock Claims, Figure 2: Marimaca Drill Plan, Showing RC holes with assays in red, DDH holes in blue and remaining RC holes in grey and Figure 3: Detailed drill plan showing assayed MAR holes in red and MAD holes in blue, please visit the following link: http://media3.marketwire.com/docs/1068290a.pdf

Table 2: Marimaca Drill Collars
Hole East North Elev Azimuth Inclination TD
MAR-01 375,089 7,435,527 1,109 0 -90 140
MAR-02 374,951 7,435,480 1,097 0 -90 150
MAR-03 375,004 7,435,411 1,095 275 -60 200
MAR-04 374,916 7,435,432 1,057 310 -60 200
MAR-05 375,079 7,435,592 1,127 220 -60 200
MAR-06 375,074 7,435,595 1,127 310 -60 200
MAR-07 375,116 7,435,527 1,114 330 -55 210
MAR-08 374,965 7,435,459 1,098 310 -55 150
MAR-09 375,026 7,435,244 1,034 310 -55 150
MAR-10 375,074 7,435,207 1,050 310 -55 170
MAR-11 375,061 7,435,210 1,051 220 -55 170
MAR-12 375,092 7,435,118 1,047 310 -55 150
MAR-13 375,155 7,435,148 1,057 310 -55 150
MAR-14 375,029 7,435,238 1,033 220 -55 120
MAR-15 375,315 7,434,985 1,023 310 -55 200
MAR-16 375,097 7,435,111 1,046 220 -55 120
MAR-17 374,925 7,435,520 1,103 310 -55 200
MAR-18 374,922 7,435,517 1,104 220 -55 250
MAR-19 374,895 7,435,480 1,084 310 -55 300
MAR-20 374,870 7,435,452 1,062 310 -55 250
MAR-21 374,967 7,435,351 1,066 310 -55 300
MAR-22 374,967 7,435,344 1,066 220 -55 260
MAR-23 375,046 7,435,423 1,091 310 -55 300
MAR-24 375,051 7,435,421 1,091 220 -55 300
MAR-25 375,010 7,435,380 1,081 310 -55 300
MAR-26 374,974 7,435,275 1,059 310 -55 250
MAR-27 374,998 7,435,193 1,027 310 -55 250
MAR-28 374,834 7,435,262 1,063 310 -55 190
MAR-29 375,066 7,435,315 1,054 310 -55 250
MAR-30 375,011 7,435,116 1,021 310 -55 250
MAR-31 375,099 7,435,056 1,026 310 -55 200
MAR-32 374,805 7,435,433 1,066 310 -55 100
MAR-33 374,878 7,435,370 1,061 310 -55 200
MAR-33B 374,875 7,435,372 1,061 310 -55 200
MAR-34 375,131 7,435,220 1,085 310 -55 200
MAR-35 375,143 7,435,275 1,098 310 -55 200
MAR-36 375,144 7,435,271 1,098 220 -55 200
MAR-37 375,186 7,435,373 1,109 310 -55 200
MAR-38 375,247 7,435,420 1,117 310 -55 200
MAR-39 375,134 7,435,217 1,085 270 -55 200
MAR-40 375,131 7,435,220 1,085 220 -55 200
MAR-41 375,185 7,435,505 1,116 310 -55 300
MAR-42 375,002 7,435,513 1,130 310 -55 200
MAR-43 374,930 7,435,585 1,122 310 -55 200
MAR-44 374,930 7,435,585 1,026 220 -55 200
MAR-45 375,010 7,435,652 1,090 310 -55 100
MAR-46 375,129 7,435,711 1,078 310 -55 80
MAR-47 375,129 7,435,711 1,078 220 -55 150
MAR-48 375,665 7,435,240 1,066 310 55 200
MAR-49 375,635 7,435,160 1,064 310 55 200
MAR-50 375,445 7,435,155 1,048 310 55 200
MAR-51 375,166 7,435,325 1,101 310 -55 300
MAR-52 375,082 7,435,460 1,088 310 -55 250
MAR-53 374,868 7,435,503 1,080 220 -55 200
MAR-54 374,878 7,435,372 1,059 220 -55 200
MAD-01 375,075 7,435,210 1,050 310 -55 421
MAD-02 375,060 7,435,212 1,051 220 -55 22
MAD-02B 375,059 7,435,209 1,051 220 -55 322
MAD-03 375,004 7,435,409 1,095 277 -60 406
MAD-04 375,000 7,435,510 1,132 220 -55 320
MAD-05 374,915 7,435,430 1,058 310 -60 300
MAD-06 375,118 7,435,529 1,113 330 -55 230
Table 3: MAR-01 toMAR-16Intersects released previously
Hole TD From To m %CuT Type
10 40 30 0.91 Oxide
MAR-01 140m
and 92 108 16 0.34 Mixed
2 18 16 0.37
MAR-02 150m Oxide
and 64 144 80 0.72
0 200 200 0.81 All
0 158 158 0.69 Oxide
MAR-03 200m
including 158 190 32 1.42 Enriched
190 200 10 0.70 Mixed
MAR-04 200m 0 200 200 0.71 Oxide
0 168 168 0.54 All
0 28 28 0.71
28 34 6 Stope
34 48 14 0.56 Oxide
MAR-05 200m 48 52 4 Stope
including
52 62 10 0.58
70 94 24 0.41 Mixed
94 106 12 0.34
Enriched
122 168 46 0.77
14 196 182 0.42 All
14 54 40 0.57 Oxide
MAR-06 200m 54 88 34 0.24 Mixed
including
94 180 86 0.39 Enriched
180 196 16 0.69 Mixed
40 210 170 0.53 All
40 104 64 0.70 Oxide
MAR-07 210m
including 104 184 80 0.49 Mixed
184 210 26 0.20 Enriched
2 94 92 0.42
MAR-08 150m Oxide
and 130 150 20 0.60
MAR-09 150m 36 120 84 0.78 Oxide
0 158 158 1.08 All
MAR-10 170m 0 150 150 1.13 Oxide
including
150 158 8 0.27 Mixed
0 150 150 0.74 All
MAR-11 170m 0 96 96 0.95 Oxide
including
96 150 54 0.38 Mixed
MAR-12 150m 0 118 118 0.47 Oxide
MAR-13 150m 8 150 142 0.49 Oxide
4 120 116 0.65 All
MAR-14 120m 4 80 76 0.79 Oxide
including
80 120 40 0.39 Mixed
28 48 20 0.39
MAR-15 200m Oxide
and 172 200 28 0.40
MAR-16 120m 2 44 42 0.32 Oxide

CORO MINING CORP.

Alan Stephens, President and CEO

About Coro Mining Corp.:

Coro’s strategy is to grow a mining business through the discovery, development and operation of “Coro type” deposits. These are defined as projects at whatever stage of development, that are well located with respect to infrastructure and water, which have low permitting risk, and which have the potential to achieve a short and cost effective timeline to production. Our preference is for open pit heap leach copper projects, where we will seek to minimise capital investment rather than maximise NPV, where we will prioritise profitability over production rate, and finally, where the likely capital cost is financeable relative to our market capitalization. The Company’s assets include its 65% interest in SCM Berta; the Marimaca project; the Llancahue prospect, optioned to Industrias Peñoles; and a royalty on the San Jorge copper-gold project located in Argentina.

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Such forward-looking statements or information, include but are not limited to those with respect to the geological potential and size of Marimaca. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Coro’s ability to predict or control and may cause Coro’s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the operation of the Nora Plant, copper price volatility, and changes in debt and equity markets. Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, 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.

Accordingly, readers should not place undue reliance on forward-looking statements. Coro undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.

Category: General