Coro Mining, who recently announced they’d hit high grade copper in Chile, have announced they’ve identified multiple high grade zones as well as primary sulphide mineralisation at depth following results from the final fifth batch of 17 reverse circulation holes from their Marimaca Project at Atahualpa.
Luis Tondo, President and CEO of Coro said the results obtained, both multiple high grade zones within the oxide zone near the surface, and higher grade primary sulphide and secondary mineralization open at depth, means this is helping to confirm their theses that Marimaca has the potential to be a large-scale open pittable copper deposit. The latest data will be used in the enlarged project resource estimate, due for completion in Q3 this year.
Highlights include:
Results from the drilling confirmed oxide mineralization, including:
• Hole ATR-72, from 6 to 50 metres, 44 metres averaging 0.91% CuT.
• Hole ATR-78, from 54 to 86 metres, 32 metres averaging 0.68% CuT
• Hole ATR-80, from 54 to 104 metres, 50 metres averaging 0.57% CuT
• Hole ATR-85, from 26 to 84 metres, 58 metres averaging 0.77% CuT
• Hole ATR-87, from 140 to 166 metres, 26 metres averaging 1.10% CuT
• Hole ATR-94, from 18 to 38 metres, 20 metres averaging 0.74% CuT
Results from the drilling confirmed mixed oxide-enriched sulphide mineralization, including:
• Hole ATR-66, from 76 to 110 metres, 34 metres averaging 3.14% CuT
• Hole ATR-75, from 76 to 118 metres, 42 metres averaging 1.73% CuT
• Hole ATR-77, from 44 to 104 metres, 60 metres averaging 0.81% CuT
• Hole ATR-81, from 48 to 74 metres, 26 metres averaging 0.94% CuT
• Hole ATR-87, from 188 to 206 metres, 18 metres averaging 1.68% CuT
• Hole ATR-93, from 144 to 166 metres, 22 metres averaging 1.41% CuT
Results from the drilling confirmed primary sulphide mineralization, including:
• Hole ATR-78, from 178 to 204 metres, 26 metres averaging 0.97% CuT
• Hole ATR-79, from 122 to 138 metres, 16 metres averaging 1.4% CuT
• Hole ATR-82, from 206 to 250 metres, 44 metres averaging 1.05% CuT
• Hole ATR-84, from 148 to 174 metres, 26 metres averaging 0.84% CuT
• Hole ATR-85, from 84 to 120 metres, 36 metres averaging 1.68% CuT
• Hole ATR-93, from 180 to 218 metres, 38 metres averaging 1.04% CuT
• Hole ATR-94, from 78 to 126 metres, 78 metres averaging 1.30% CuT
The final 17 RC holes for 4,300 metres brings the total number of reported RC holes at Atahualpa to 92 for a total 24,816 metres. The original drill program envisaged 51 holes for 12,310 metres being completed by the end of the first quarter 2019; the additional 41 holes and 12,506 have taken extra time and therefore completed during the second quarter.
Phase II Drilling
The Marimaca Phase II program commenced in Q4 2018 and has been designed to determine the extension of the orebody across the Atómica, Atahualpa and Tarso areas, with a view to publishing an enlarged and combined mineral resource estimate for the whole Marimaca project in Q3 2019.
The Atahualpa RC drilling is now complete, and the drilling for the Marimaca Phase II will be completed shortly. A diamond drill program of 15 holes totalling 4,500 metres at La Atómica and Atahualpa is ongoing and will assist with metallurgical testing for a Preliminary Economic Assessment (PEA). In addition, the Company is also undertaking a smaller RC drilling campaign at Tarso, targeting 19 holes for 5,300 metres. The results from both are anticipated in Q3 2019. The remaining drill holes will complement the 100 X 100 metre exploration of the oxide mineral zone across the Phase II area, the more detailed drilling of the La Atómica southwest limit along the Manolo zone, the east-west program which will allow a better understanding of higher copper grade feeders controlling mineralization along Atahualpa and La Atómica areas, and the recent extra drill metres devoted to define the high grade zones.
Deposit Size and High-Grade Zones
It is now known that the oxide deposit extends 1.4 kilometre along a north-northwest strike direction and attains a maximum width of approximately 800 metres along an east-west direction and a thickness of 100 to 150 metres, containing at least four well defined higher grade zones, three of which are exposed from surface. The principal higher grade zone presently identified is estimated to measure approximately 250 x 250 metres and located in the central part of a 90 metre thick oxide blanket.
The latest drill results permit the interpretation of the existence of other higher-grade zones located at Atahualpa and La Atómica as they correspond to either feeders or parallel fracture controlled mantos, mostly at the intersection of both.
Newly Identified Primary Mineralisation at Atahualpa
The results show that the higher grade mineral zones result from the process of supergene alteration of a high grade primary preserved at depth and converted in turn to enriched sulphides and then oxide mineralization during supergene alteration. For the first time, drilling has intercepted more continuous primary mineralization which reveals a potential that was not previously considered. An interpretation of the several high-grade zones is illustrated in plan view in Figure 2, as a cross section in Figure 3, and a long section in Figure 4 below.
About the Marimaca Project
The Marimaca Project is located in the Antofagasta Region of northern Chile. It is situated within a 25 kilometre radius of plug-and-play infrastructure: people, power, clean water, road and rail networks.
The regional capital Antofagasta, a city built on mining and today the world’s “capital of copper” is only 60 kilometres away.
Discovered, controlled and currently being explored by Coro, the Marimaca Project is demonstrating its potential to be one of the best new open-pittable copper oxide deposits discovered in Chile in recent times. A fully funded Phase II exploration program is currently underway, targeting an enlarged resource in the third quarter of 2019.
The initial discovery at Marimaca 1-23 was made by Sergio Rivera, Coro’s VP of Exploration. His hunch that this area had the potential to be a big project was confirmed only a few months later when a one-in-a hundred-year rainfall washed the Atacama dust away and revealed the green colored mountain side at Marimaca. Sergio and his experienced team are now advancing a second phase of exploration at Marimaca, with over 150 drill holes for approximately 50,000 metres.
Investors have the opportunity to generate considerable value during the early phases of the mining life cycle – namely the discovery, exploration and project definition stages. This is where Coro is with the Marimaca Project and with the discovery already made, the story is partly de-risked and a simple one focused on resource growth.
About Coro Mining
Coro is a Canadian quoted copper company focused on exploring and developing new sources of copper to supply an increasing global demand for this essential commodity.
Our vision is to create significant value for our shareholders and stakeholders by realizing the full potential of our flagship Chilean asset Marimaca, which has the promise to become one of the most significant copper‐oxide discoveries in recent years.
Managed by a team of highly experienced professionals in exploration, development, operations and capital markets, Coro is committed to the highest standards of governance, environmental stewardship and corporate social responsibility.
The Company’s shares are quoted on the Toronto Stock Exchange (“TSX”) under the symbol COP.
For further information visit https://www.coromining.com
