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Coro Mining Corp. (TSX:COP) has completed due diligence work on the Marimaca project in Northern Chile. Following the results, Coro has decided to option the project from SCM Compañia Minera Constanza according to terms described in an August 13 news release.
Coro Mining Corp. (TSX:COP) has completed due diligence work on the Marimaca project in Northern Chile. Following the results, Coro has decided to option the project from SCM Compañia Minera Constanza according to terms described in an August 13 news release.
As quoted in the press release:
The mineralization, occurring as malachite and chrysocolla, appears to be present within the shear as several higher grade, elongated, lenticular zones parallel to strike possibly located in zones of dilation, surrounded by lower grade halos, and separated by internal waste blocks. A series of NS oriented, mineralized, sub vertical structures transect the shear zone. The sampling program was designed to be as representative as possible of the entire shear zone, avoiding focusing on obviously high grade mineralization in existing workings that could have otherwise skewed the overall results.
Coro president and CEO, Alan Stephens, said:
Our due diligence at Marimaca has confirmed the potential we identified initially. Surface sampling and geological mapping indicates that oxide copper mineralization occurs within an eastward dipping shear structure, some 250m in estimated true thickness and exposed over at least 600m. It is currently being exploited in a series of small open pits over a vertical elevation difference of 100-150m by mechanized artisanal miners. The weighted average of 365m of chip channel samples taken at various places along the exposed strike length is 0.49%CuT/0.36%CuS, including an internal waste section, and we are increasingly confident that a significant leachable copper oxide resource may be rapidly defined at Marimaca.
Click here to read the Coro Mining Corp. (TSX:COP) press release