VANCOUVER, British Columbia, Feb. 07, 2019 (GLOBE NEWSWIRE) -- Coro Mining Corp. (“Coro” or the “Company”) (TSX: COP) is pleased to announce an update for the Company’s Marimaca Project in the Antofagasta Region of Chile. The first 21 RC holes totalling 6,750 metres have been drilled at Atahualpa and have confirmed the northward extension of copper oxide mineralization from that previously defined at Marimaca 1-23 and La Atómica.  The Marimaca deposit has now been shown to be continuous over a strike length in excess of 1,000 metres and remains open to the north. As previously announced on November 27, 2018, underground workings at Atahualpa have been sampled and mineralization is known to be present for at least a further 250 metres beyond the current drill pattern.  Marimaca averages in excess of 500 metres in width, narrowing to the south, and leachable mineralization averages 50 to 200 metres in thickness.

Highlights

Hole ATR-03
From 6 to 84 metres, 78 metres of copper oxide mineralization averaging 0.62% CuT

Hole ATR-04 (extending to Marimaca 1-23 model area)

  • From 2 to 122 metres, 120 metres of copper oxide and lesser enriched sulphide mineralization averaging 1.09% CuT

Hole ATR-05

  • From 54 to 116 metres, 62 metres of copper oxide and lesser mixed mineralization averaging 0.61% CuT
  • From 174 to 248 metres, 74 metres of mixed and enriched copper mineralization averaging 1.06% CuT

Hole ATR-07

  • From 0 to 106 metres, 106 metres of copper oxide and mixed mineralization averaging 0.89% CuT

Hole ATR-09

  • From 50 to 106 metres, 56 metres of copper oxide and mixed mineralization averaging 1.03% CuT

Commenting on the results, Luis Tondo, CEO of Coro stated: “We are delighted that the first batch of drill results at Atahualpa, the area adjacent and to the north of Marimaca, has confirmed that the copper oxide mineralized zones extend on to the Atahualpa claims.  This is an important milestone for the project because we are now demonstrating the real potential of a larger resource at Marimaca, surpassing that established in the Phase I program. As the Phase II program continues and expands, we look forward to releasing more results confirming the continued growth of the Marimaca Project.”

Further Information

The Phase I drilling that established the initial Marimaca 1-23 resources and the Phase II drilling completed thus far at La Atómica and Atahualpha are detailed below in Figure 1.

Discussion of Results
Interpretation of all drilling to date shows that two styles of mineralization are present at Marimaca, as illustrated in Figure 1, namely:

  1. To the west, mineralization is more structurally controlled and characterised by weak to moderate north south oriented parallel fracturing cross cut by 60° east dipping, north south feeders, containing high grade brochantite rich mineralization, previously mined in the underground workings.
  2. To the east, the mineralization is characterised by strong north south penetrative parallel fracturing cross cut by north east oriented sub vertical feeders and is the continuation of the previously drilled Marimaca style mineralization. The two styles are separated by a dyke swarm known as the Main Dacitic Dyke (MDD) and a similar set of dykes defines the hanging wall of the Marimaca style mineralization.

Towards the west, drill holes ATR-15, 17, 18 and 19 defined the border of the Marimaca deposit, intersecting narrow low-grade copper mineralization related to a northeast system of dioritic dykes. To the east, a concealed post mineral diorite containing minor primary sulphides was intersected in hole ATR-21 and in holes previously drilled inn the north east section of the Marimaca 1-23 Claim.

The drilling has also returned some attractive primary sulphide copper grades, notably, ATR-04, 18 metres at 0.95% CuT, ATR-08, 14 metres at 0.94% CuT and ATR-10, 16 metres at 0.66% CuT.  These results confirm the existence of sulphide mineralization at depth and remaining open.

The section diagram above corresponds to a cross section along the 310° direction, showing copper grades from new RC holes as well as intersected underground workings. Thickness and grades increase towards the east as they are controlled by the intersection of NS strike dipping east parallel fractures with north east trending feeders. Limits between mineralized zones are also shown. In this section the higher grades correspond chiefly to brochantite rich mineralization.

Two drill rigs are currently operating on site. With the drill rigs fully active and assaying now in progress, the Phase II program is approaching peak activity. A third RC rig and a diamond drilling will add to the overall activity, expected to peak in March 2019. The anticipated enlarged and integrated Marimaca resource estimate remains on track for completion in the third quarter of 2019. The preparation of access roads, drilling platforms and RC drilling at Tarso and Sorpresa has commenced. The Marimaca project area and exploration Phases are detailed in the Figure 3 below.

Sampling and Assay Protocol
True widths cannot be determined with the information available at this time. Coro RC holes were sampled on a 2-metre continuous basis, with dry samples riffle split on site and one quarter sent to the Andes Analytical Assay preparation laboratory in Calama and the pulps then sent to the same company laboratory in Santiago for assaying. A second quarter was stored on site for reference. Samples were prepared using the following standard protocol: drying; crushing to better than 85% passing -10#; homogenizing; splitting; pulverizing a 500-700g subsample to 95% passing -150#; and a 125g split of this sent for assaying. All samples were assayed for CuT (total copper), CuS (acid soluble copper), CuCN (cyanide soluble copper) by AAS and for acid consumption. A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results. Pulps and sample rejects are stored by Coro for future reference.

Underground samples were taken as 2 metres continuous chip channel samples in previously carefully cleaned surface walls. Both adit walls were sampled by Coro personnel. The samples were transported to the Andes Analytical Assays (“AAA”) preparation laboratory in Calama. Samples were prepared and assayed as for the drill samples. No standards, blanks or duplicates were employed. After sampling, underground workings were geologically mapped in detail following a protocol adapted from that used for drill hole logging, with emphasis on mineralization and its structural and litohologic controls.

Figure 4: Atahualpa Intersections

HoleTD (m) FromTom%CuTType
ATR-01250 26116900.44Oxide - Mixed - Enriched
  including3460260.62Oxide
   7894160.49Mixed
  and12413280.35Primary - Enriched
ATR-02300 268660.59Oxide
  including2861.08Oxide
   5268161.22Oxide
  and6888200.37Mixed - Enriched
   184204200.41Primary - Enriched
ATR-03350 684780.62Oxide
  including626200.89Oxide
   4272300.79Oxide
  and88114260.32Oxide
   24024660.74Oxide
   252262100.30Oxide
ATR-04350 21221201.09Oxide - Enriched
  including834260.95Oxide
   4876281.80Oxide
   8292101.80Enriched
   94122281.07Oxide
  and160178180.95Primary
  and19420280.34Oxide

Atahualpa intersections continued,

ATR-05450 54116620.61Oxide - Mixed
  including5484300.81Oxide - Mixed
   96116200.66Oxide
  and174248741.06Mixed - Enriched
  including198248501.41Primary - Enriched
  and256274180.33Primary
   33634260.43Mixed - Enriched
ATR-06400 046460.41Oxide
  including1032220.57Oxide
  and14615480.33Enriched
   198210121.24Primary - Enriched
   316338220.38Primary
ATR-07400 01061060.89Oxide - Mixed
  including1646301.52Oxide - Mixed
  and116148320.65Enriched
  including128140121.20Enriched
  and190224340.32Primary-Mixed-Enriched
   260312520.26Primary
  including260280200.42Primary
  and38439060.36Oxide
ATR-08350 01101100.69Oxide
  including060600.79Oxide
   74110360.74Oxide
  and198226280.60Primary
  including198212140.94Primary
ATR-09400 218160.66Oxide
  and344280.76Oxide
   50106561.03Oxide-Mixed-Enriched
  including66106401.27Mixed - Enriched
  and122134120.30Enriched
ATR-10350 076760.47Oxide
  including212101.26Oxide
   404661.62Oxide
   6072120.61Oxide
  and76102261.91Oxide - Enriched
  including768484.14Oxide
   8496121.30Enriched
  and118134160.66Primary
   134150160.21Oxide - Mixed

Atahualpa intersections continued,

ATR-10  17217860.41Oxide
cont.,  22423061.42Mixed
   242262200.47Oxide
ATR-11300 064640.40Oxide
  including101661.12Oxide
   2044240.43Oxide
  and118138200.40Mixed - Enriched
  including12813461.06Enriched
  and228252240.33Oxide
ATR-12350 658520.34Oxide
  and768480.38Primary
   8698120.32Oxide
   130144140.30Primary
   32633260.52Primary
ATR-13250 232300.42Oxide
ATR-14300 618120.30Oxide
  and5264120.30Oxide
   90102120.30Oxide
   118128100.30Oxide
   246258120.49Primary - Mixed
ATR-15200No Significant Results    
ATR-16250 1240280.43Oxide
ATR-17270 25826680.28Oxide
ATR-18230 869260.33Oxide
  and13213860.31Oxide
ATR-19200 6884160.29Oxide
ATR-21450 32633260.59Primary
ATR-22350 110134240.55Oxide - Mixed
  including112130180.65Oxide - Mixed
  and17017880.50Enriched - Mixed
   306318121.53Primary

Figure 5: Atahualpa Drill Collars

HoleEastingNorthingElevationAzimuthInclinationDepth
ATR-01374924.47435815.61038.9310-60250
ATR-02374960.77435793.11037.6220-60300
ATR-03374986.07435714.71053.8310-60350
ATR-04374988.37435713.51053.9220-60350
ATR-05375106.17435757.81068.0310-60450
ATR-06375115.17435744.51068.5220-60400
ATR-07375014.07435803.41048.1310-60400
ATR-08375014.97435797.41048.1220-60350
ATR-09374960.47435878.41027.6310-60400
ATR-10374962.17435874.21027.7220-60350
ATR-11374876.97435940.0994.9310-60300
ATR-12374880.27435930.2995.3220-60350
ATR-13374791.57436009.4973.6310-60250
ATR-14374792.67436006.8973.7220-60300
ATR-15374729.37436046.4966.8310-60200
ATR-16374730.97436040.9966.8220-60250
ATR-17374634.07436086.1959.2310-60270
ATR-18374635.37436084.7959.2220-60230
ATR-19374574.17436174.5932.6310-60200
ATR-21375209.57435815.91083.0310-60450
ATR-22375210.67435809.41082.9220-60350

Qualified Persons

The technical information in this news release, including the information that relates to geology, drilling and mineralization of the Marimaca Phase I and II exploration program was prepared under the supervision of, or has been reviewed by Sergio Rivera, Vice President of Exploration, Coro Mining Corp, a geologist with more than 36 years of experience and a member of the Colegio de Geologos de Chile and of the Institute of Mining Engineers of Chile, and who is the Qualified Person for the purposes of NI 43-101 responsible for the design and execution of the drilling program.

Contact Information

For further information please visit www.coromining.com or contact:
Nicholas Bias, VP Corporate Development & Investor Relations
Office: +56 2 2431 7601
Cell: +44 (0)7771 450 679
Email: nbias@coromining.com

Forward Looking Statements
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation.  These statements relate to future events or the Company’s future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements regarding the future development and exploration potential of the Marimaca Project. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Coro, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the inherent risks involved in the mining, exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project delays or cost overruns or unanticipated excessive operating costs and expenses, uncertainties related to the necessity of financing, the availability of and costs of financing needed in the future 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.

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