Coro Mining Corporation announced that its Chilean subsidiary, Minera Cielo Azul Limited has completed 5 hole 1,004 meters reverse circulation drilling program at its 100% owned Cerro Chacay porphyry copper property, located 12 kilometers southeast of Teck Resources Relincho copper project and 50 kilometers east of the city of Vallenar in the III Region of Chile.
The Chacay property hosts a porphyry copper prospect of probable Paleogene age that has previously been drill tested by several companies. The drill hole locations and summary geological information are available for some of the previous drilling but it has not been possible to obtain the corresponding assay information. A zoned porphyry alteration suite of external propylitic alteration surrounding a phyllically altered core is developed over a distance of 3,500 meters oriented west northwest. The most intense alteration occupies an area of 1,000 x 1,000 meters centered on Chacay. This hill has an elevation difference of 300 meters over the surrounding valleys and hosts a leached cap, which drilling has shown to vary from 50 meters to 200 meters in thickness. Underlying the leached cap, a partially oxidized, flat lying, chalcocite enrichment blanket has been intersected in drilling, that is currently interpreted to be between 20 and greater than 100 meters thick. Results from the previous round of drilling at Chacay were released in the Company's news release NR 10-01 dated January 5th 2010.
MCAL recently completed reconnaissance mapping at Chacay aimed at further understanding the lithologies and alteration present. This, combined with ongoing relogging of previous RC drill chips has indicated the presence of 2 porphyritic rock types; a recessive, early dioritic feldspar porphyry intrusive, exhibiting potassic alteration; and a more prominently exposed, later, quartz feldspar porphyry with moderate to strong quartz sericite pyrite alteration. As currently understood, the chalcocite blanket is best developed as enrichment of original primary copper sulphides when hosted by the feldspar porphyry, whereas chalcocite occurs as coatings on pyrite when hosted by the quartz feldspar porphyry.
All holes were vertical except for CHCRC15 which was drilled at 70 degrees. Assays for the bottoms of holes CHCRC14 and 15, together with CHCRC16 are anticipated to be received within 2 to 4 weeks. A drill hole location map will accompany the news release for the final drill results.
Mr Alan Stephens president and CEO of Coro said that "We are very pleased with the results of this latest round of drilling at Chacay. The upper 58 meters of CHCRC13 averages almost 1%CuT, the enrichment blanket is at least 122 meters thick and we would anticipate that primary mineralization occurs beneath this. We now intend to undertake a diamond drilling program aimed at better defining the chalcocite blanket, providing better understanding of the geology and alteration and testing the deeper portions of the deposit."
