Business
Coro Mining: Acquisition of Llanos and Mercedes Claims Expand Marimaca Project Area
VANCOUVER, British Columbia, May 14, 2019 (GLOBE NEWSWIRE) -- Coro Mining Corp. (“Coro” or the “Company”) (TSX: COP) is pleased to announce that following the o
About this update from Marimaca Copper Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 14, 2019 (GLOBE NEWSWIRE) -- Coro Mining Corp. (“Coro” or the “Company”) (TSX: COP) is pleased to announce that following the ongoing successful exploration program at the Marimaca Project the Company has entered in to an option agreement to acquire the adjacent and prospective Llanos and Mercedes Claims, thereby expanding the project area towards the northeast and northwest. Highlights Additional 667 hectares of prospective ground added to Marimaca Project, further consolidating regional land control. Surface geological mapping suggests the presence of the controlling geological indicators necessary for copper mineralisation as seen at Marimaca, notably dyke swarms, feeder structures and banded fracturing. Existence of old artisanal mine workings suggest presence of copper mineralisation and could assist with exploration activities and the generation of exploration targets. Protection of boundaries where existing mineralisation already known. Commenting on the results, Luis Tondo, CEO of Coro said: “Our confidence in the scale and scope of the Marimaca Project continues to grow and consequently we have taken the logical step of further consolidating our control over the Marimaca district and ground that we consider prospective with this new option agreement covering the Llanos and Mercedes Claims. These areas comprise a selection of claims, in particular the areas flanking the northeast and northwest of the existing project area. The Marimaca project remains on track for the publication of a single and enlarged Phase II resource during the third quarter of 2019 and now, with the possible addition of the Llanos and Mercedes Claims, the potential for a subsequent and enlarged Phase III project.” Further InformationThe option agreement covers 100% of the Llanos and Mercedes claims, which include ground located adjacent and to the east and west of the Olimpo and Cedro areas. Covering a total 6.7km2 area, the addition of these areas increases the present Marimaca Project area by 34%. The option is for a total consideration of US$2.0 million with the following payment schedule: US$50,000on signing the option agreement (today) US$50,000 on the 12-month anniversary US$100,000 on the 24-month anniversary US$125,000 on the 30-month anniversary US$125,000 on the 36-month anniversary US$150,000 on the 42-m...