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Coro Mining Marimaca Exploration Update: New Multiple High Grade Zones and Primary Mineralization Identified at Atahualpa

Highlighted by 126 metres at 1.54% CuT and 118 metres at 0.93% CuT

VANCOUVER, British Columbia, June 19, 2019 (GLOBE NEWSWIRE) -- Coro Mining Corp. (“Coro” or the “Company”) (COP.TO) is pleased to provide an update for the Marimaca Project in the Antofagasta Region of Chile. 

Results have now been received from the final fifth batch of 17 RC holes for 4,300 metres at Atahualpa, identifying new multiple high grade zones as well as primary sulphide mineralisation at depth.

Highlights

Results from the drilling confirmed oxide mineralization, including:

  • Hole ATR-66, from 24 to 70 metres, 46metres averaging 1.25% CuT
  • Hole ATR-78, from 54 to 86 metres, 32 metres averaging 0.68% CuT
  • Hole ATR-80, from 54 to 104 metres, 50 metres averaging 0.57% CuT
  • Hole ATR-85, from 26 to 84 metres, 58 metres averaging 0.77% CuT
  • Hole ATR-87, from 140 to 166 metres, 26 metres averaging 1.10% CuT
  • Hole ATR-94, from 18 to 38 metres, 20 metres averaging 0.74% CuT

Results from the drilling confirmed mixed oxide-enriched sulphide mineralization, including:

  • Hole ATR-66, from 76 to 110 metres, 34 metres averaging 3.14% CuT
  • Hole ATR-75, from 76 to 118 metres, 42 metres averaging 1.73% CuT
  • Hole ATR-77, from 44 to 104 metres, 60 metres averaging 0.81% CuT
  • Hole ATR-81, from 48 to 74 metres, 26 metres averaging 0.94% CuT
  • Hole ATR-87, from 188 to 206 metres, 18 metres averaging 1.68% CuT
  • Hole ATR-93, from 144 to 166 metres, 22 metres averaging 1.41% CuT

Results from the drilling confirmed primary sulphide mineralization, including:

  • Hole ATR-78, from 178 to 204 metres, 26 metres averaging 0.97% CuT
  • Hole ATR-79, from 122 to 138 metres, 16 metres averaging 1.4% CuT
  • Hole ATR-82, from 206 to 250 metres, 44 metres averaging 1.05% CuT
  • Hole ATR-84, from 148 to 174 metres, 26 metres averaging 0.84% CuT
  • Hole ATR-85, from 84 to 120 metres, 36 metres averaging 1.68% CuT
  • Hole ATR-93, from 180 to 218 metres, 38 metres averaging 1.04% CuT
  • Hole ATR-94, from 78 to 126 metres, 78 metres averaging 1.30% CuT

Commenting on the results, Luis Tondo, President and CEO said: “We are very excited by these results at Atahualpa. We have discovered new multiple high grade zones within the oxide zone at surface, and for the first time, we are also starting to see fairly continuous higher grade primary sulphide and secondary mineralization open at depth.

These results continue to confirm our thesis that Marimaca has the potential to be a large-scale open pittable copper deposit and will now be incorporated in the enlarged project resource estimate, which remains on track for completion during the third quarter 2019.”

Further Information
The final 17 RC holes for 4,300 metres brings the total number of reported RC holes at Atahualpa to 92 for a total 24,816 metres. The original drill program envisaged 51 holes for 12,310 metres being completed by the end of the first quarter 2019; the additional 41 holes and 12,506 have taken extra time and therefore completed during the second quarter. The fifth batch drill holes are illustrated in Figure 1 below.

Figure 1: Atahualpa 5th-batch RC holed locations
https://www.globenewswire.com/NewsRoom/AttachmentNg/2a8d177d-43fb-41aa-a1fa-d5bfc55fe70c

Phase II Drilling
The Marimaca Phase II program commenced in Q4 2018 and has been designed to determine the extension of the orebody across the Atómica, Atahualpa and Tarso areas, with a view to publishing an enlarged and combined mineral resource estimate for the whole Marimaca project in Q3 2019.

The Atahualpa RC drilling is now complete, and the drilling for the Marimaca Phase II will be completed shortly. A diamond drill program of 15 holes totalling 4,500 metres at La Atómica and Atahualpa is ongoing and will assist with metallurgical testing for a Preliminary Economic Assessment (PEA).  In addition, the Company is also undertaking a smaller RC drilling campaign at Tarso, targeting 19 holes for 5,300 metres.  The results from both are anticipated in Q3 2019. The remaining drill holes will complement the 100 X 100 metre exploration of the oxide mineral zone across the Phase II area, the more detailed drilling of the La Atómica southwest limit along the Manolo zone, the east-west program which will allow a better understanding of higher copper grade feeders controlling mineralization along Atahualpa and La Atómica areas, and the recent extra drill metres devoted to define the high grade zones.

Deposit Size and High-Grade Zones
It is now known that the oxide deposit extends 1.4 kilometre along a north-northwest strike direction and attains a maximum width of approximately 800 metres along an east-west direction and a thickness of 100 to 150 metres, containing at least four well defined higher grade zones, three of which are exposed from surface. The principal higher grade zone presently identified is estimated to measure approximately 250 x 250 metres and located in the central part of a 90 metre thick oxide blanket.

The latest drill results permit the interpretation of the existence of other higher-grade zones located at Atahualpa and La Atómica as they correspond to either feeders or parallel fracture controlled mantos, mostly at the intersection of both.

Newly Identified Primary Mineralisation at Atahualpa
The results show that the higher grade mineral zones result from the process of supergene alteration of a high grade primary preserved at depth and converted in turn to enriched sulphides and then oxide mineralization during supergene alteration. For the first time, drilling has intercepted more continuous primary mineralization which reveals a potential that was not previously considered.  An interpretation of the several high-grade zones is illustrated in plan view in Figure 2, as a cross section in Figure 3, and a long section in Figure 4 below.

Figure 2: Phase II Map showing interpreted higher-grade zones with reference to Marimaca 1-23 block model location
https://www.globenewswire.com/NewsRoom/AttachmentNg/0cb42754-50a0-4d05-b914-a14f8ce7a3f9

Figure 3: Cross section
https://www.globenewswire.com/NewsRoom/AttachmentNg/4ed9831a-a841-40f6-9325-6fbe918588ce

Figure 4: Long section
https://www.globenewswire.com/NewsRoom/AttachmentNg/9285343b-d02e-4e69-8d5b-494c41016983

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.

Figure 5: Atahualpa Intersections

Hole TD (m)   From To m %CuT Type
ATR-66 350   0 126 126 1.54 Oxide - Mixed - Enriched
including 24 70 46 1.25 Oxide
76 110 34 3.14 Mixed - Oxide - Enriched
and 236 262 26 0.42 Enriched - Oxide
and 326 344 18 0.31 Enriched - Primary
ATR-70 350   8 86 78 0.51 Oxide1
including 12 38 26 0.49 Oxide
46 64 18 1.07 Oxide
and 150 176 26 0.60 Primary
and 278 340 62 0.43 Primary
including 280 312 32 0.68 Primary
ATR-75 200   4 38 34 0.26 Oxide
and 76 118 42 1.73 Primary - Mixed - Oxide
including 76 92 16 3.46 Primary - Mixed - Oxide
104 118 14 1.20 Oxide - Mixed
ATR-77 200   44 122 78 0.68 Enriched - Primary
including 44 104 60 0.81 Enriched - Primary
108 122 14 0.31 Primary
ATR-78 300   50 108 58 0.67 Oxide – Enriched2
including 54 86 32 0.68 Oxide
90 108 18 0.76 Oxide - Enriched
and 136 166 30 0.58 Oxide - Enriched - Primary
including 138 160 22 0.72 Oxide - Enriched - Primary
and 178 204 26 0.97 Primary
including 178 194 16 1.36 Primary
ATR-79 200   6 46 40 0.46 Oxide
and 50 60 10 0.33 Oxide - Mixed
and 76 82 6 0.87 Mixed
and 122 138 16 1.40 Primary

Atahualpa intersections continued,

Hole TD (m)   From To m %CuT Type
ATR-80 300   54 124 70 0.45 Oxide3
including 54 104 50 0.57 Oxide
and 184 208 24 0.52 Primary
including 184 196 12 0.85 Primary
and 224 234 10 0.31 Primary - Enriched
and 246 254 8 0.39 Primary
ATR-81 200   2 32 30 0.52 Oxide
including 2 22 20 0.65 Oxide
and 44 112 68 0.60 Oxide - Mixed - Enriched
including 48 74 26 0.94 Oxide - Mixed - Enriched
88 112 24 0.59 Oxide - Mixed - Enriched
and 124 184 60 0.44 Primary - Enriched
including 152 170 18 0.73 Primary - Mixed
  182 194 12 0.82 Primary - Mixed - Enriched
ATR-82 250   58 100 42 0.31 Oxide - Enriched - Primary
including 84 98 14 0.53 Mixed
and 206 250 44 1.05 Enriched - Primary
including 206 218 12 0.78 Enriched
222 232 10 3.22 Enriched - Primary
ATR-83 200   2 102 100 0.43 Oxide - Mixed - Primary
including 44 72 28 0.84 Oxide - Mixed
and 178 194 16 0.32 Oxide
ATR-84 300   68 114 46 0.31 Oxide
including 90 108 18 0.52 Oxide
and 126 174 48 0.57 Oxide - Mixed - Primary
including 126 144 18 0.27 Oxide - Mixed
148 174 26 0.84 Mixed - Primary
and 194 206 12 1.36 Enriched - Primary

Atahualpa intersections continued,

Hole TD (m)   From To m %CuT Type
ATR-85 200   2 120 118 0.93 Oxide - Enriched - Primary
including 26 84 58 0.77 Oxide
84 120 36 1.68 Enriched - Primary
ATR-87 300   88 120 32 0.32 Oxide - Mixed
including 88 96 8 0.65 Oxide
and 138 214 76 0.80 Oxide - Enriched - Primary
including 140 166 26 1.10 Oxide
188 206 18 1.68 Enriched - Primary
  250 288 38 0.48 Oxide
ATR-92 200   6 102 96 0.49 Oxide - Mixed
including 6 32 26 0.40 Oxide
40 48 8 1.98 Oxide
64 102 38 0.50 Oxide - Mixed
and 114 120 6 0.46 Oxide
ATR-93 300   144 166 22 1.41 Oxide - Mixed - Enriched
and 180 242 62 0.79 Primary - Enriched
including 180 218 38 1.04 Primary - Enriched
222 236 14 0.57 Primary
ATR-94 200   12 52 40 0.55 Oxide
including 18 38 20 0.74 Oxide
and 64 136 72 0.98 Oxide - Primary
including 78 126 48 1.30 Primary - Oxide
  150 160 10 0.60 Oxide - Mixed
  166 172 6 0.30 Oxide
ATR-97 250   102 114 12 0.30 Oxide
and 146 168 22 0.33 Mixed - Primary
including 154 164 10 0.53 Primary

1  ATR-70, from 40 to 42 metres includes 2 metres not recovered due to passing through an historic underground working
2  ART-78, from 86 to 90 metres includes 4 metres not recovered due to passing through an historic underground working
3  ATR-80, from 72 to 76 metres includes 4 metres not recovered due to passing through an historic underground working


Figure 6:  Fifth Batch Atahualpa Drill Collars

Hole Easting Northing Elevation Azimuth Inclination Depth
ATR-66 375015.0 7435797.5 1048.2 270 -60 350
ATR-70 375107.9 7435753.0 1068.1 270 -60 350
ATR-75 375041.0 7435742.3 1046.1 220 -60 200
ATR-77 375037.9 7435746.6 1045.8 270 -60 200
ATR-78 375089.5 7435792.9 1086.7 270 -60 300
ATR-79 375045.3 7435738.0 1046.6 310 -60 200
ATR-80 375089.6 7435789.3 1086.6 220 -60 300
ATR-81 374993.1 7435750.8 1040.1 220 -60 200
ATR-82 375088.7 7435793.9 1086.7 310 -60 250
ATR-83 374991.5 7435754.3 1040.1 270 -60 200
ATR-84 375064.9 7435861.1 1093.1 220 -60 300
ATR-85 374987.6 7435760.3 1039.8 310 -60 200
ATR-87 375063.0 7435863.5 1093.2 270 -60 300
ATR-92 374958.4 7435795.6 1037.4 270 -60 200
ATR-93 375053.8 7435897.1 1094.4 220 -60 300
ATR-94 374959.1 7435799.3 1037.5 310 -60 200
ATR-97 375144.1 7435803.9 1084.6 270 -60 250

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.

Coro Mining and the Marimaca Project
Marimaca is fast becoming recognised as one of the most significant copper discoveries in Chile in recent years as it represents a new type of discovery which challenges accepted exploration wisdom and promises to open up new frontiers for discoveries elsewhere in the country. Marimaca is an intrusive orebody while the mantos deposits in the region are volcanic, which saw it overlooked by the major copper producers in the past, although it behaves like a volcanic setting as the extensive fracturing provides space for mineralisation to enter.

With a lack of new copper exploration discoveries in Chile the growing Marimaca resource is likely to make it a sought-after development project as it is situated in the coastal belt at low elevation close to Antofagasta and Mejillones. This prime location could enable its future development at a relatively modest capital investment. Marimaca would benefit from nearby existing infrastructure including roads, powerlines, ports, a sulphuric acid plant, a skilled workforce and seawater.

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