Coro Mining Corp. has signed a binding letter of intent to acquire 100% of the La Atomica property from a local Chilean company.
The property directly adjoins the Company’s Marimaca project to the northwest and both properties are located 22 km east of the port of Mejillones. It is noted that Coro will acquire this property through a wholly-owned local subsidiary, as well as claims for a total of US$6,000,000 via a 36 month payment scheme.
Luis Tondo, President and CEO, commented: “We are very pleased to have signed a binding LOI on this adjoining property which is strategically-located with respect to Marimaca’s current pit design, and look forward to executing the definitive option agreement shortly
Similar mineralisations encountered in previous drilling campaigns at Marimaca are indicated to occur on this property as well. As announced in a Coro’s January press release, the open pit resource is currently constrained by the Marimaca property limits. Acquisition of La Atomica allows positive the permitting of deeper mineralized blocks on the Marimaca property to be included in the next pit constrained resource estimate. The combination of these positive impacts on the existing block model, together with good potential for further mineralization on the La Atomica property, as seen at surface and in underground workings, may add substantially to the Marimaca resource base.
Read the article online at: https://www.globalminingreview.com/exploration-development/24082017/coro-mining-to-acquire-marimaca-property-in-chile/