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Updated drilling results: Marimaca Copper Project, Chile

Published by , Assistant Editor
Global Mining Review,

Coro Mining Corp. is pleased to announce the results of a further 17 reverse circulation (RC) holes from the infill drill programme completed at its Marimaca copper project, located 22 km east of the port of Mejillones in the II Region of Chile. Together with the previously released 16 infill drill hole results from Marimaca (9 November and 5 December 2017), Coro has now published the results of 33 of the planned 57-hole infill drill programme. Additional results will be disclosed in meaningful batches as assays are returned to the company over the coming weeks.

“These results continue to demonstrate the continuity of the Marimaca deposit and we look forward to completing an updated mineral resource estimate during the first quarter of 2018,” commented Coro President and CEO, Luis Tondo.

“The exploration RC step out drilling programme is well under way on both the La Atomica and Marimaca claims and we expect initial results to be released next month.”

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 Andes Analytical Assay preparation laboratory in Calama and the pulps then sent to the same company’s 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#; homogenising; splitting; pulverising a 500 – 700 g subsample to 95% passing -150#; and a 125 g 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 programme, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results. Pulps and sample rejects are stored by Coro for future reference.

Sergio Rivera, Vice President of Exploration, Coro Mining Corp, a geologist with more than 33 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 programme and is the Qualified Person for the purposes of NI 43-101. Alan Stephens, FIMMM, Executive Director of Coro Mining Corp, a geologist with more than 42 years of experience, and a Qualified Person for the purposes of NI 43-101, is responsible for the contents of this news release.

Debt Financing

Coro has entered into a credit agreement with its major shareholder, Greenstone Resources L.P. pursuant to which Greenstone has advanced US$3 000 000 to Coro.

Under the terms of the credit agreement, the loan has an 11-month term and bears interest at 12% pa until 31 March 2018, after which the interest will be increased to 15%. Greenstone will receive a 3% arrangement fee under the credit agreement. The proceeds of the loan will be used for working capital and general operating costs.

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