Coro Completes Process to Acquire 51 Percent Ownership of Marimaca Claims, Chile

Coro Mining (TSX: COP) has announced that it has now completed the Chilean legal registrations and has title over 51 percent of the corporate entity holding the Marimaca 1-23 Claims, following the completion of the initial definitive feasibility study, released in June 2018.

According to the company this marks the first step in ownership over the Marimaca copper project. To increase ownership to 75 percent, the company intends to exercise its option to acquire an additional 24 percent by incorporating the Ivan Plant into the new Marimaca joint venture company, targeting completion in the fourth quarter 2018.

As quoted in the press release:

A comprehensive exploration program for the Marimaca district will also be announced once the ongoing rights offering has been completed.

In the meantime, the company has completed detailed surface geological mapping and sampling of underground workings at La Atómica. In January 2018, Coro announced encouraging results from drilling at La Atómica, and following this, has now initiated a 10,000 metre reverse circulation drill program which is expected to be completed in the fourth quarter.

Click here to read the full Coro Mining (TSX:COP) press release.