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Coro Mining Marimaca Exploration Update: Northwards Continuation of Mineralization Confirmed at Atahualpa

Highlighted by 120 metres at 1.09% CuT and 106 metres at 0.89% CuT

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.

Figure 1
Atahualpa RC holed locations


Figure 2
Atahualpa northwest south east section looking north east


Figure 3
Marimaca Project Area


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.

/EIN News/ -- Figure 4: Atahualpa Intersections

Hole TD (m)   From To m %CuT Type
ATR-01 250   26 116 90 0.44 Oxide - Mixed - Enriched
    including 34 60 26 0.62 Oxide
      78 94 16 0.49 Mixed
    and 124 132 8 0.35 Primary - Enriched
ATR-02 300   2 68 66 0.59 Oxide
    including 2 8 6 1.08 Oxide
      52 68 16 1.22 Oxide
    and 68 88 20 0.37 Mixed - Enriched
      184 204 20 0.41 Primary - Enriched
ATR-03 350   6 84 78 0.62 Oxide
    including 6 26 20 0.89 Oxide
      42 72 30 0.79 Oxide
    and 88 114 26 0.32 Oxide
      240 246 6 0.74 Oxide
      252 262 10 0.30 Oxide
ATR-04 350   2 122 120 1.09 Oxide - Enriched
    including 8 34 26 0.95 Oxide
      48 76 28 1.80 Oxide
      82 92 10 1.80 Enriched
      94 122 28 1.07 Oxide
    and 160 178 18 0.95 Primary
    and 194 202 8 0.34 Oxide

Atahualpa intersections continued,

ATR-05 450   54 116 62 0.61 Oxide - Mixed
    including 54 84 30 0.81 Oxide - Mixed
      96 116 20 0.66 Oxide
    and 174 248 74 1.06 Mixed - Enriched
    including 198 248 50 1.41 Primary - Enriched
    and 256 274 18 0.33 Primary
      336 342 6 0.43 Mixed - Enriched
ATR-06 400   0 46 46 0.41 Oxide
    including 10 32 22 0.57 Oxide
    and 146 154 8 0.33 Enriched
      198 210 12 1.24 Primary - Enriched
      316 338 22 0.38 Primary
ATR-07 400   0 106 106 0.89 Oxide - Mixed
    including 16 46 30 1.52 Oxide - Mixed
    and 116 148 32 0.65 Enriched
    including 128 140 12 1.20 Enriched
    and 190 224 34 0.32 Primary-Mixed-Enriched
      260 312 52 0.26 Primary
    including 260 280 20 0.42 Primary
    and 384 390 6 0.36 Oxide
ATR-08 350   0 110 110 0.69 Oxide
    including 0 60 60 0.79 Oxide
      74 110 36 0.74 Oxide
    and 198 226 28 0.60 Primary
    including 198 212 14 0.94 Primary
ATR-09 400   2 18 16 0.66 Oxide
    and 34 42 8 0.76 Oxide
      50 106 56 1.03 Oxide-Mixed-Enriched
    including 66 106 40 1.27 Mixed - Enriched
    and 122 134 12 0.30 Enriched
ATR-10 350   0 76 76 0.47 Oxide
    including 2 12 10 1.26 Oxide
      40 46 6 1.62 Oxide
      60 72 12 0.61 Oxide
    and 76 102 26 1.91 Oxide - Enriched
    including 76 84 8 4.14 Oxide
      84 96 12 1.30 Enriched
    and 118 134 16 0.66 Primary
      134 150 16 0.21 Oxide - Mixed

Atahualpa intersections continued,

ATR-10     172 178 6 0.41 Oxide
cont.,     224 230 6 1.42 Mixed
      242 262 20 0.47 Oxide
ATR-11 300   0 64 64 0.40 Oxide
    including 10 16 6 1.12 Oxide
      20 44 24 0.43 Oxide
    and 118 138 20 0.40 Mixed - Enriched
    including 128 134 6 1.06 Enriched
    and 228 252 24 0.33 Oxide
ATR-12 350   6 58 52 0.34 Oxide
    and 76 84 8 0.38 Primary
      86 98 12 0.32 Oxide
      130 144 14 0.30 Primary
      326 332 6 0.52 Primary
ATR-13 250   2 32 30 0.42 Oxide
ATR-14 300   6 18 12 0.30 Oxide
    and 52 64 12 0.30 Oxide
      90 102 12 0.30 Oxide
      118 128 10 0.30 Oxide
      246 258 12 0.49 Primary - Mixed
ATR-15 200 No Significant Results        
ATR-16 250   12 40 28 0.43 Oxide
ATR-17 270   258 266 8 0.28 Oxide
ATR-18 230   86 92 6 0.33 Oxide
    and 132 138 6 0.31 Oxide
ATR-19 200   68 84 16 0.29 Oxide
ATR-21 450   326 332 6 0.59 Primary
ATR-22 350   110 134 24 0.55 Oxide - Mixed
    including 112 130 18 0.65 Oxide - Mixed
    and 170 178 8 0.50 Enriched - Mixed
      306 318 12 1.53 Primary

Figure 5: Atahualpa Drill Collars

Hole Easting Northing Elevation Azimuth Inclination Depth
ATR-01 374924.4 7435815.6 1038.9 310 -60 250
ATR-02 374960.7 7435793.1 1037.6 220 -60 300
ATR-03 374986.0 7435714.7 1053.8 310 -60 350
ATR-04 374988.3 7435713.5 1053.9 220 -60 350
ATR-05 375106.1 7435757.8 1068.0 310 -60 450
ATR-06 375115.1 7435744.5 1068.5 220 -60 400
ATR-07 375014.0 7435803.4 1048.1 310 -60 400
ATR-08 375014.9 7435797.4 1048.1 220 -60 350
ATR-09 374960.4 7435878.4 1027.6 310 -60 400
ATR-10 374962.1 7435874.2 1027.7 220 -60 350
ATR-11 374876.9 7435940.0 994.9 310 -60 300
ATR-12 374880.2 7435930.2 995.3 220 -60 350
ATR-13 374791.5 7436009.4 973.6 310 -60 250
ATR-14 374792.6 7436006.8 973.7 220 -60 300
ATR-15 374729.3 7436046.4 966.8 310 -60 200
ATR-16 374730.9 7436040.9 966.8 220 -60 250
ATR-17 374634.0 7436086.1 959.2 310 -60 270
ATR-18 374635.3 7436084.7 959.2 220 -60 230
ATR-19 374574.1 7436174.5 932.6 310 -60 200
ATR-21 375209.5 7435815.9 1083.0 310 -60 450
ATR-22 375210.6 7435809.4 1082.9 220 -60 350

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.

Photos accompanying this announcement are available at :

http://www.globenewswire.com/NewsRoom/AttachmentNg/9f9e040a-6e2d-4d00-aa7f-621f59512686

http://www.globenewswire.com/NewsRoom/AttachmentNg/b86544d6-2488-4685-a7da-ad9fc83fb0ee

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