VANCOUVER, BRITISH COLUMBIA–(Marketwire – June 22, 2010) – Coro Mining Corp. (“Coro” or the “Company”) (TSX:COP) is pleased to announce that Quantec International Project Services Ltd. has initiated a 6 line km Titan 24 DCIP survey, at Coro’s 100% owned Chacay porphyry copper property, located 12km southeast of the Teck Resource Limited’s Relincho copper-molybdenum project, and 50km east of the city of Vallenar in the III Region of Chile, at an elevation of approximately 2,600m above sea level. Full drilling results for the Chacay property were announced in the Company’s news release of May 4, 2010.
Alan Stephens, President and CEO of Coro, commented, “We anticipate that the Titan survey, which can provide information to depths in excess of 750m depth, will enable us to better define the geometry of the mineralization at Chacay. Based on the results of this survey, Coro intends to complete a drill program aimed at continuing to define the extent of the Nacho Zone chalcocite blanket, testing the deeper portions of the deposit for primary copper mineralization, and exploring other zones on the property.”
The Chacay property hosts a porphyry copper prospect of probable Eocene age that has previously been drill tested by several companies. The drillhole locations and summary geological information are available for some of the previous drilling but it has not been possible to obtain the corresponding assay information. A zoned porphyry alteration suite of external propylitic alteration surrounding a phyllically altered core is developed over a distance of 3,500m, oriented west northwest. Three zones of copper mineralization have been outlined by the drilling to date (refer Figure 2).
The largest of these, known as the Nacho Zone, occupies an area of approximately 900 x 850m centered on Cerro Colorado. This hill has an elevation difference of 300m over the surrounding valleys and hosts a leached cap, which drilling has shown to vary from 50 to 200m in thickness. Underlying the leached cap, a partially oxidized, flat lying, chalcocite enrichment blanket has been intersected in drilling, that is currently interpreted to be between 20m thick on its margins and greater than 100m thick towards its centre. Re-logging of all available RC drill chips has shown that the chalcocite blanket is thickest and has the highest copper grades when developed within a diorite porphyry intrusive exhibiting sericite-chlorite-quartz alteration, and which contained original primary copper sulphides. This diorite is cross cut by zones of moderate to strong quartz-sericite-pyrite alteration, which may or may not represent a separate late porphyry phase, and which generally hosts mineralization grading less than 0.2%CuT, such as in hole CHCRC 16, with chalcocite occurring only as coatings on pyrite. A weakly altered, late mineral hornblende diorite occurs as small stocks and dykes within the Nacho Zone, as do post mineral latite dykes.
The less well defined Lucho Zone, is located on Cerro Chacay, and has been peripherally drill tested by two holes for which assay information is unavailable, one of which had primary copper sulphides reported and both of which have visible chalcocite in the drill cuttings left on site. The smaller Martin zone, located between Nacho and Lucho has been tested on its periphery by MCAL hole CHCRC02, which intersected 28m of mixed copper oxide and sulphide mineralization, from 14-42m downhole, averaging 0.51%CuT, in a potassically altered diorite porphyry. Mineralization at Chacay contains anomalous gold values, but no significant molybdenum or silver assays are present in the holes assayed to date. Coro owns 100% of the Chacay property, subject to a 2% Net Profits Interest with a US$2 million cap, payable to First Quantum Minerals.
Alan Stephens, FIMMM, President and CEO, of Coro Mining Corp., a geologist with more than 34 years of experience is the Qualified Person for Coro who has reviewed and approved 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 Chacay, Llancahue and Celeste copper exploration properties located in Chile. The Company also holds 9,140,353 shares (a 20.5% interest) in Valley High, which holds the Cordero property in Mexico (www.valleyhighventures.com).
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, 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.
To view Figures 1 and 2 please click on the following link: