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Coro Presents RC Drill Program Results from Marimaca Copper Project

Coro Mining Corp. ("Coro" or the "Company") is pleased to announce the results of the remaining 8 holes from a recently completed 16 hole, 2680m reverse circulation (RC) drilling program at its Marimaca copper project, located 22km E of the port of Mejillones in the II Region of Chile, (Figure 1). Results for the first 8 holes were released on April 28 2016.

Drilling Results

All 8 holes, MAR-09 to MAR-16, were drilled in the West Zone, and all intersected significant copper mineralization as shown on Table 1. Results for all 16 holes are shown on Tables 3 and 4. Drill hole locations and mineralized zones are shown on Figure 2 and a long section through the West Zone is shown on Figure 3.

Table 1: Marimaca West Zone Intersections
Zone Hole TD From To m %CuT Type
MAR-09 150m 36 120 84 0.78 Oxide
MAR-10 170m 0 150 150 1.13 Oxide
150 158 8 0.27 Mixed
MAR-11 170m 0 96 96 0.95 Oxide
96 150 54 0.38 Mixed
MAR-12 150m 0 118 118 0.47 Oxide
West
MAR-13 150m 8 150 142 0.49 Oxide
MAR-14 120m 4 80 76 0.79 Oxide
80 120 40 0.39 Mixed
MAR-15 200m 28 48 20 0.39 Oxide
172 200 28 0.40
MAR-16 120m 2 44 42 0.32 Oxide

Alan Stephens, President and CEO of Coro commented, "We continue to be impressed by the results received from our first drilling campaign at Marimaca. Subject to financing, we now intend to aggressively advance Marimaca to an initial resource estimate with a view to confirming its economic viability as quickly as possible."

About Marimaca

The Marimaca property contains a number of N-S trending, ~60°E dipping, broad shear zones, cross cut by later NE-SW oriented sub vertical feeder structures, all hosted by Jurassic age intrusive rocks. The intersection of these structures has produced wide NW-SE oriented zones of eastward dipping mineralization that have been exploited from a series of open cuts and small underground workings by artisanal miners (Figure 2).

Surface mapping and drilling has shown that the mineralization is comprised of multiple, thick, higher grade structures bordered by lower grade halos. The long section (Figure 3) shows that the West Zone is comprised of two SE plunging bodies separated by ~50m of barren material. Half of the holes bottomed in mineralization and none of them fully entered the primary sulphide zone. Mineralization is open down dip and along strike although the West Zone appears to be feathering out to the SE as shown by MAR-15, and other zones remain to be tested. The good grades in the oxide zone represent the oxidation of an enrichment blanket, consisting mostly of covellite. Mineralization is associated with potassic alteration and albitization while the wall rocks exhibit calci-sodic alteration.

Acid solubilities in the oxide zones are good at 76% for all assays greater than 0.1%CuT and rising to 81% for all samples greater than 0.3%CuT. This is consistent with previous third party preliminary column test work carried out from surface samples which indicated ~75-85% CuT recovery and ~20-40kg/t net acid consumption. Cyanide soluble copper assays will be completed to define total solubilities in the mixed and enriched zones.

Other significant currently or recently producing deposits in the belt include Mantos Blancos, Michilla, Ivan and Mantos de la Luna. (Figure 1)

Coro has the right to earn a 75% interest in the property as follows;

  • 51% interest earned in Compañia Minera Newco Marimaca ("CMNM") with a $125k payment together with completion of a NI43-101 resource estimate and engineering study that demonstrates the technical and economic feasibility of producing a minimum of 1.5ktpy Cu cathode by August 6th 2018 at Coro's cost
  • Additional 24% interest in CMNM earned by Coro upon obtaining financing for the project construction
  • The owner's interest will comprise a 15% interest free carried to commencement of commercial production and a 10% participating interest subject to dilution. The owners at their election may request Coro to loan them the equity portion corresponding to their 10% interest, if any, recoverable by Coro from 100% of the project's free cash flow after debt repayments
  • Coro retains a first right of refusal

Sampling and Assay Protocol

True widths cannot be determined with the information available at this time. Coro RC holes were sampled on a 2 m continuous basis, with dry samples riffle split on site and one quarter sent to the Geolaquim laboratory in Copiapo, Chile by Coro personnel for preparation and assaying. A second quarter was stored on site for reference. Samples were prepared using the following standard protocol: drying, crushing to better than 80% passing -10#, homogenizing, splitting and pulverizing a 400 g subsample to 95% passing -150#. All holes were assayed for CuT (total copper) and CuS (acid soluble copper) by AAS. A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results.

Sergio Rivera, Vice President of Exploration, Coro Mining Corp, a geologist with more than 32 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 40 years of experience, and a Qualified Person for the purposes of NI 43-101, is responsible for the contents of this news release.

To view Figure 1: Location of Marimaca and Nearby Mines, please visit the following link: http://media3.marketwire.com/docs/COPfigure1.pdf.

To view Figure 2: Marimaca Drill Plan, Showing Mineralized Zones, please visit the following link: http://media3.marketwire.com/docs/COPfigure2.pdf.

To view Figure 3: Long Section through West Zone, Showing Two SE Plunging Bodies, please visit the following link: http://media3.marketwire.com/docs/COPfigure3.pdf.

Table 2: Marimaca Drill Collars
HOLE E N Elev Az Inc TD
MAR-01 375088 7435527 1107.05 0 -90 140
MAR-02 374953 7435476 1094.39 0 -90 150
MAR-03 375003 7435412 1092.97 275 -60 200
MAR-04 374918 7435431 1054.24 310 -60 200
MAR-05 375080 7435590 1123.72 220 -60 200
MAR-06 375073 7435594 1123.72 310 -60 200
MAR-07 375116 7435529 1107.13 330 -55 210
MAR-08 374965 7435460 1096.27 310 -55 150
MAR-09 375027 7435242 1029.87 310 -55 150
MAR-10 375073 7435209 1045.81 310 -55 170
MAR-11 375060 7435210 1045.81 220 -55 170
MAR-12 375092 7435117 1044.06 310 -55 150
MAR-13 375155 7435148 1057.25 310 -55 150
MAR-14 375027 7435238 1029.87 220 -55 120
MAR-15 375314 7434985 1023.47 310 -55 200
MAR-16 375095 7435110 1044.06 220 -55 120
Table 3: All West Zone Drill Intersects
Zone Hole TD From To m %CuT Type
MAR-02 150m 2 18 16 0.37 Oxide
64 144 80 0.72

MAR-03

200m
0 158 158 0.69 Oxide
158 190 32 1.42 Enriched
190 200 10 0.70 Mixed
MAR-04 200m 0 200 200 0.71 Oxide
MAR-08 150m 2 94 92 0.42 Oxide
130 150 20 0.60
MAR-09 150m 36 120 84 0.78 Oxide
MAR-10 170m 0 150 150 1.13 Oxide
West 150 158 8 0.27 Mixed
MAR-11 170m 0 96 96 0.95 Oxide
96 150 54 0.38 Mixed
MAR-12 150m 0 118 118 0.47 Oxide
MAR-13 150m 8 150 142 0.49 Oxide
MAR-14 120m 4 80 76 0.79 Oxide
80 120 40 0.39 Mixed
MAR-15 200m 28 48 20 0.39 Oxide
172 200 28 0.40
MAR-16 120m 2 44 42 0.32 Oxide
Table 4: All East Zone Intersections
Zone Hole TD From To m %CuT Type
MAR-01 140m 10 40 30 0.91 Oxide
92 108 16 0.34 Mixed
MAR-0 200m 0 28 28 0.71

Oxide


 
28 34 6 Stope
34 48 14 0.56
48 52 4 Stope
52 62 10 0.58
70 94 24 0.41 Mixed
East 94 106 12 0.34 Enriched
122 168 46 0.77
MAR-06
200m
14 54 40 0.57 Oxide
54 88 34 0.24 Mixed
94 180 86 0.39 Enriched
180 196 16 0.69 Mixed
MAR-07 210m 40 104 64 0.70 Oxide
104 184 80 0.49 Mixed
184 210 26 0.20 Enriched

CORO MINING CORP.

Alan Stephens, President and CEO

Source: http://www.coromining.com/

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