Coro has identified near deposit oxide targets which offer the potential to further extend the mineral resource estimate for Marimaca.
Coro Mining (TSX:COP) has announced changes to the company’s board of directors, and released an update on its Marimaca copper project in Chile, which it recently released an updated oxide mineral resource estimate of 420Kt of contained copper with an average grade of 0.60 percent copper within the measured and indicated categories and 224kt of contained copper with an average grade of 0.52 percent copper within the inferred category, representing an increase of nearly 100 percent from the pit constrained MRE released in April 2018.
According to the release, the company has identified several near deposit oxide targets which offer the potential to further extend the mineral resource estimate in addition to larger sulphide exploration targets both at Marimaca and within the broader tenement package, which will be the subject of follow-up exploration work.
As quoted in the press release:
“Coro is currently undertaking a Preliminary Economic Assessment (PEA) for Marimaca, which is anticipated to be completed in the first half of 2020. The company, through its Chilean consultants, GEM, recently completed a detailed trade-off study to understand the key development strategies available for the project and which has identified a stand-alone, full scale, development option for Marimaca to be used for the PEA. As a result of its premier location and access to first class infrastructure, simple open-pit mining and oxide processing, Marimaca is expected to benefit from low capital development costs relative to other copper development peers in the region. In addition, due to the favourable geometry of the orebody and relatively simple oxide ore processing through Solvent Extraction-Electrowinning (SX-EW), management believes the project will have highly competitive operating costs, delivering compelling economics in the PEA.