VANCOUVER, British Columbia, Sept. 06, 2018 (GLOBE NEWSWIRE) -- Coro Mining Corp. (“Coro” or the “Company”) (TSX:COP) is pleased to announce that it has completed the acquisition of the Sierra Miranda claims, a package of concessions adjoining the Marimaca 1-23 claim. The acquisition of these claims is a major milestone because the combination of the various Marimaca, Sierra Miranda, La Atómica and Naguayan claims completes the consolidation of the greater Marimaca district. With a comprehensive financing plan recently announced, the Company will have the land package and financial resources in place to undertake a significant exploration program to expand and determine the full resource potential of the Marimaca district.
Commenting on the announcement, Luis Tondo, President and CEO of Coro said: “I am pleased to announce that we have now completed the acquisition of the Sierra Miranda claims, and therefore the consolidation of ground that we consider prospective around the original Marimaca claim, to form the greater Marimaca district. This was the first step in our strategy to realise value at Marimaca and with a further financing in place, we will advance that strategy with a US$10 million resource expansion and exploration drill program to fully understand the potential at this exciting new copper district.”
Marimaca Project Area
As geological confidence in a greater Marimaca resource has grown, the Company has moved decisively to establish ownership over the prospective claims that surround the Marimaca 1-23 claim.
In June 2018, the Company announced the results of a definitive feasibility study (DFS) for the Marimaca 1-23 claim. This DFS covered only a fraction of the bigger Marimaca area, being a condition for Coro to earn a 51% interest in the property owner, Compañía Minera Newco Marimaca (CMNM). It is the Company’s intention to exercise its option to acquire a further 24% of CMNM by contributing its Ivan processing plant.
The Company has now consolidated ownership of the wider Marimaca district with the acquisition of the Sierra Miranda claims. Furthermore, the option payments due over the next 12 months to acquire the Naguayan and La Atómica 1-10 claims will be paid with funds from the recent private placement, ensuring control of the district.
Sierra Miranda Claims
The Sierra Miranda Claims cover 379 hectares adjoining the core Marimaca 1-23 claim immediately to the north and south.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/023b825b-960a-4c5a-9bae-25ca512e5f15
The most important areas within the Sierra Miranda package are adjacent to the Marimaca 1-23 and La Atómica 1-10 claims. Surface and underground mapping and sampling has shown that very attractive brochantite rich Marimaca style copper mineralization extends for at least 700 metres from the northern boundary of the Marimaca 1-23 claim.
The total consideration for the Sierra Miranda claims was US$6.0 million and they are subject to a 2% NSR.
Marimaca District Exploration Program
The company will invest US$10 million in the Marimaca District resource expansion and exploration program. The main objective is to reveal the copper oxide resource potential at La Atómica and Atahualpa-Santa Maria properties (part of the Sierra Miranda claims), which can be combined with the existing known Marimaca 1-23 claim and thereby the resources across the whole Marimaca district. The company has initiated an 8,500 metre reverse circulation drill program at La Atómica and drill platforms are being established on the adjacent Atahualpa and Santa Maria, in preparation for the copper oxide resource discovery and expansion drill program. Additional surface exploration work, including detailed outcrop geological mapping as well as geochemical sampling, will be conducted elsewhere on the newly acquired claims to further define exploration drill targets. Details of the full program will be provided, following the completion of the rights offering currently underway and expected to complete at the end of September 2018.
On behalf of the Board of Directors,
LUIS TONDO, PRESIDENT & CEO.
Sergio Rivera, Vice President of Exploration, Coro Mining Corp, a geologist with more than 37 years of experience, a member of the Colegio de Geólogos de Chile and of the Instituto de Ingenieros de Minas de Chile, and a Qualified Person for the purposes of NI 43-101 was responsible for the design and execution of the exploration program and he is also responsible for the contents of this news release
Contact Information
For further information please visit www.coromining.com or contact:
Nicholas Bias, VP Corporate Development & Investor Relations
+1 (604) 682 5546 x202 or +44 (0)7771 450 679 | nbias@coromining.com
Forward Looking Statements
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements in this press release may be included. 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 ability of Coro to satisfy the conditions precedent to conversion of the loan and management’s discretion to reallocate the use of proceeds 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.