Coro Mining (TSX: COP, Forum) added to its portfolio when the company announced that its 65%-owned Chilean subsidiary, SCM Berta (“SCMB”) had optioned the Salvadora Copper Project located approximately 30 kilometres northwest of the Nora plant and 58 kilometres northeast of the port of Chañaral in the III Region of Chile.
According to the news release, the company previously explored Salvadora under option in 2006-7 including reverse circulation drilling for a total of 64 RC holes at a total depth of 8,892 metres. A private company conducted a RC campaign in 2014 for 14 RC holes at a total depth of 3,282 metres.
SCMB may acquire 100% in the property by with a cash payment of $3.005 million split up into eight instalments.
The release went on to state that SCMB has leased the Veronica property, located approximately 26 kilometres west of the Nora plant, for five years in return for a production royalty.
Company President and CEO, Alan Stephens, commented, “SCMB actively intends to access to as many satellite deposits as possible in its area of operation, through property acquisitions and production leases. Our Nora plant provides us with a competitive advantage as most of these deposits are not viable as stand alone operations.”
He continued, “We intend to truck ore from the higher grade ones and install leach facilities at the larger, lower grade deposits. Salvadora falls into the latter category and we are pleased to be able to acquire it on reasonable terms. No independent resource estimate has been completed on the property but, based on the existing drilling, we see good potential for 10-15mt @ 0.4 - 0.5% CuT of leachable mineralization, with a low strip ratio, as shown on Figure 2.”
Then he concluded, “Previous bottle roll test work carried out by Coro in 2007 indicates that acceptable recoveries and acid consumptions should be achievable. Veronica hosts a 20-30m wide structure previously mined from a small open pit, and offers good potential for a small tonnage, good grade trucking operation. We look forward to further defining both deposits and continue to seek others to add to our inventory.”
Figure 1: Location of Salvadora
Figure 2: Salvadora Cross Section, showing higher grade (pink) with lower grade (yellow) envelope and base of oxidation (red line). Elevations are at 50m intervals
Coro Mining was in the news recently when the Vancouver-based company was spotlighted two days ago in an editorial by Stockhouse’s own Gaalen Engen.
Shares were up 4.17% to $0.125 per share.
Currently there are 159.37m outstanding shares with a market cap of $19.12 million.
FULL DISCLOSURE: Coro Mining is a Stockhouse Publishing client.