VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2012) -
Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to provide an update on exploration work carried out on its El Desesperado Property, which we announced the acquisition of in our news release dated February 21st 2012. The 698 hectare property hosts porphyry copper style mineralization and is located approximately 7km northwest of the city of Calama, and 16km southwest of the Chuquicamata copper mine, in the II Region of Chile, at an elevation of 2,500m (Figure 1). The Toki Cluster porphyry copper deposits currently being evaluated by Codelco, are located immediately to the east of the property. They comprise the major Toki, Quetena, Genoveva, Miranda and Opache centers of porphyry Cu mineralization, each containing several hundred million tonnes of copper oxide resources, grading 0.4-0.5%Cu, and are entirely covered by gravels (Figure 2).
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Coro has completed a ground magnetic survey over the entire El Desesperado property and has completed geological mapping and geochemical sampling of the northern sector. This has defined a NE trending zone of porphyry style alteration and associated leached capping, partially covered by landslips, and containing anomalous copper values, measuring approximately 1,000m x 500m. This zone extends from the area of the old Quetena mine workings to the eastern property boundary, with Codelco's Genoveva deposit located approximately 1km further to the NE. The northern and western margins to the zone are defined by a reverse fault which has thrust recrystallized and epidote altered Jurassic carbonate rocks over pervasively silicified and chlorite altered Carboniferous-Triassic volcanics and volcaniclastics which in turn are intruded by several small dacite porphyry stocks and dykes, and by hydrothermal breccias of Eocene-Oligocene age. The eastern half of the zone is characterized by a magnetic low, potentially caused by magnetite destruction during sericite alteration. Prior drilling at the southwest end of the zone intersected anomalous copper values in what is interpreted to be a pyritic halo above deeper copper mineralization.
Reconnaissance of the southern sector of the property has located old trenches containing quartz-sericite altered rocks with associated remnant copper oxides after chalcocite. Follow up mapping and sampling, which is currently in progress, has identified a NE oriented zone of strong porphyry style alteration associated with dacite dykes emplaced into Tertiary age diorite porphyry which in turn intrudes Paleozoic volcanics. A prior drill hole, which was drilled on the northern periphery of the area of interest, intersected quartz sericite alteration associated with dacite dykes and with strongly anomalous Cu and Mo values. A second prior hole drilled to the south of the area encountered weak quartz stockworking and propylitic alteration, again with anomalous Cu and Mo values. The zone, as currently defined, measures approximately 600m x 300m from the property boundary, is open to the southwest, and has an associated magnetic low. It is located approximately 2km northwest of the Opache deposit.
Alan Stephens, President and CEO of Coro, commented, "We are encouraged by the initial results of our surface exploration at El Desesperado, which confirm the potential we saw for discovering additional members of the Toki cluster. The Company considers the combination of geology, geochemistry and geophysics seen on the property to be consistent with the upper portions of Toki cluster style mineralization, which is associated with swarms of NE oriented Eocene porphyry dykes and stocks, intruded into both Paleozoic volcanics and precursor Tertiary plutons. Copper grades in these deposits tend to have sharp cutoffs to only anomalous values in the wall rocks. Coro intends to drill test both the northern and southern targets of El Desesperado later this year."
About El Desesperado
Small scale open pit mining and vat 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. Anomalous copper and molybdenum values were encountered in some of these holes.
In December 2011, Codelco initiated the permitting process for the 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 30,000 tpd of higher grade ore to the existing SXEW facilities at Chuquicamata, and 60,000 tpd 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. The Genoveva planned open pit rim is located approximately 1km to the east of the El Desesperado property, while the Opache deposit is located approximately 2km to the east-southeast.
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, Chacay, Llancahue, and Celeste copper exploration properties located in Chile.
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 the prices of copper, estimated future production, estimated costs of future production, permitting time lines, exploration potential, 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.