Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to
announce assay results from the 8 hole 2,308m reverse circulation
(RC) drilling program completed at its El Desesperado copper
project in the Chuquicamata district and located 7 km NW of the
city of Calama in the II Region of Chile, and immediately west of
Codelco's Toki Cluster deposits. RC holes CED-R-1 to 5 were
completed in the El D Norte target and CED-R-6 to 8 in the El D Sur
target. Assay results are shown on Table 1, with drill hole
locations shown on Table 2 and on Figure 1.
Table 1; El Desesperado Significant Intersections
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Target Hole From To m %CuT Type
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El D Norte CED-R-1 2 40 38 0.14 Cu Ox
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CED-R-2 Anomalous leach cap
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CED-R-3 No significant results
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CED-R-4 0 204 204 0.55 Mixed
inc 4 92 88 0.71 "
and 110 172 62 0.24 "
and 172 204 32 0.99 "
inc 198 204 6 1.94 "
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CED-R-5 Anomalous leach cap
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El D Sur CED-R-6 72 90 18 0.16 Cu Ox
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CED-R-7 120 144 24 0.14 Chalcocite coating
and 164 190 26 0.18 Primary
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CED-R-8 Anomalous leach cap
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Alan Stephens, President and CEO of Coro commented, "We are
delighted with the results of CED-R-4, the first recorded
mineralized hole ever drilled on the property, which intersected a
partially oxidized chalcocite enrichment blanket essentially from
surface to the bottom of the hole. We have achieved our objective
with this initial drill program which was to demonstrate the
presence of a porphyry copper system within the very large
prospective area identified from our surface work, and hopefully to
intersect ore grade mineralization in at least one of the holes.
The presence of attractive grades and thicknesses in CED-R-4
together with remnant copper oxides and anomalous leached cap
assays in holes CED-R-1, 2 & 5, as well as our sampling and
mapping, indicate that the El D Norte target has potential to host
a significant porphyry copper deposit. The El D Sur results, while
not intersecting ore grades, confirm the presence of remnant copper
oxides in the leach cap, chalcocite coating and primary sulphides
in the pyrite-chalcopyrite zone, in an area with very poor outcrop.
We intend to conduct a follow up diamond drilling program in early
2013 to further test both targets."
As described in the Company's news release of November 1st 2012,
the drill program was designed to provide an initial test of an
approx. 4km2 prospective area of porphyry copper style alteration
and anomalous copper geochemistry resulting from Coro's mapping and
sampling program completed earlier this year. Inclined holes
CED-R-1 and 5 intersected tonalite porphyry in anomalous leached
cap before passing into propylitically altered wall rock diorite
and a late stage phaneritic diorite intrusive, while inclined hole
CED-R-2 was drilled entirely in tonalite porphyry and hydrothermal
breccia within the leached cap, prematurely terminating in a fault
zone. Inclined hole CED-R-3 tested an area of leached cap some 750m
ENE of the other holes, intersected a short interval of leached
tonalite porphyry before entering propylitically altered wall rock
diorite over most of the rest of the hole and encountered
increasing amounts of chalcopyrite associated with sericite in the
last 8m of the hole. Vertical hole CED-R-4 was drilled entirely in
tonalite porphyry and hydrothermal breccia; mineralization was
mostly disseminated and veinlet chalcocite, partially oxidized and
leached until the last 16m of the hole where both chalcocite and
chalcopyrite are present. Holes CED-R-6 and 7 intersected anomalous
leached cap with remnant copper oxides, thin chalcocite coatings on
pyrite and increasing amounts of chalcopyrite with depth, while
CED-R-8 intersected anomalous leached cap before entering a post
mineral granodiorite.
About El Desesperado
Coro believes there is good potential on the El Desesperado
property to host mineralization of similar style to the adjacent
Toki Cluster deposits (Toki, Quetena, Genoveva, Opache, Miranda and
Pulucktur). These are associated with swarms of NNE oriented Eocene
age porphyry dykes and stocks, intruded into both Paleozoic
volcanics and precursor Tertiary plutons. Zones of copper
mineralization associated with potassic alteration are related to
the porphyries with higher copper grades occurring where this has
been overprinted by sericite alteration, or where later veining is
present. The deposits tend to have very sharp boundaries between
mineralization and barren rock. The Toki Cluster deposits have been
oxidized to depths in excess of 100m beneath the gravel cover which
overly all of them, and host major copper oxide resources, as well
as significant underlying primary sulphide mineralization, and in
the case of Opache and Pulucktur, secondary enrichment blankets.
Codelco has not published resource estimates for these deposits,
but information in academic papers quotes inferred resources for
the Cluster of approximately 20 Mt of contained copper, with Toki
hosting 9.1 Mt, Quetena 5.0 Mt and Opache 1.2 Mt, at grades of
approximately 0.5% Cu.
El D Norte is located at higher elevations than the nearby
Genoveva, Quetena and Toki deposits, and has a higher level
phylllic alteration suite preserved. El D Sur is a large area of
poor outcrop, mostly covered with thin overburden and scree;
outcrops are of phyllic alteration bordered by propylitic
alteration to the SW.
Small scale open pit mining and leaching of copper oxide bearing
breccias, took place at the old Quetena Mine on the property during
the 1960-70's, and it was subsequently explored by two major mining
companies, firstly in 1997-98 prior to the discovery of the Toki
Cluster; and secondly in 2004. The first company completed wide
spaced reverse circulation and diamond drilling (11 holes, 2,582m),
mostly aimed at testing geophysical targets, while the second
company completed vertical reverse circulation drilling (2 holes,
700m) which tested two conceptual targets. In neither case, was
significant mineralization intersected.
In December 2011, Codelco initiated the permitting process for
production of cathode copper from the combined Quetena and Genoveva
deposits. According to the publicly available Environmental Impact
Study, this will involve an open pit at each of the deposits, the
trucking of 30,000tpd of higher grade ore to the existing SXEW
facilities at Chuquicamata, and 60,000tpd of Run of Mine dump
leaching at the project site, followed by pumping of solution to
Chuquicamata. Planned production is 528,000 tonnes of cathode
copper over the 10 year life of the project, with an average
production of 62,000 tpy Cu in the first five years. Capital
investment is estimated to be US$244,000,000.
Genoveva is located approx. 1km E of the El Desesperado
property, Opache approx. 2km to the ESE, and Pulucktur, approx.
1.5km to the SSW (Figure 1).
All Coro RC holes were sampled on a 2 m continuous basis, with
dry samples riffle split on site and one quarter sent to the Andes
Analytical Assaying laboratory in Sierra Gorda for preparation and
then to their assay laboratory in Santiago. A second quarter was
stored on site for reference. Wet samples were split with a
hydraulic rotary splitter on site and sent to Andes Analytical
Assaying laboratory in Sierra Gorda for drying and subsequent
preparation. Samples were transported to the laboratory by Minera
Coro Chile Ltda, while drilling control and logging of cuttings was
carried out by our contractor, Geominco. 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, Mo, Pb, Zn and As by AAS.
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 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 36 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.
Alan Stephens, 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, Payen, El Inca, Chacay, Llancahue, and Celeste copper
properties located in Chile.
For further information please visit the Company's website at
www.coromining.com.
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.
Table 2; El Desesperado Drillhole locations
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Hole East North Elev Az Dip Depth
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CED-R-1 501095 7520550 2493 330 -60 396
CED-R-2 501098 7520543 2493 150 -60 144
CED-R-3 501691 7520895 2475 330 -60 400
CED-R-4 501087 7520448 2516 0 -90 204
CED-R-5 500913 7520659 2523 135 -70 400
CED-R-6 500957 7517855 2232 0 -90 270
CED-R-7 500867 7517977 2247 90 -70 226
CED-R-8 500857 7518180 2254 90 -70 268
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To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/cop1122i.pdf.
Contacts: Coro Mining Corp. Michael Philpot Executive
Vice-President (604) 682 5546investor.info@coromining.com
www.coromining.com
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