Coro Mining Corp surges after latest drilling results from Marimaca

The company also revealed it has secured US$3mln of debt financing from its major shareholder, Greenstone Resources.
marimaca copper deposit
Coro has now published the results of 33 of the planned 57-hole infill drill program.

Coro Mining Corp. (TSE:COP) saw its stock shoot up on Friday after reporting results from infill drilling at its Marimaca copper project in Chile.

Highlights included:

  • Hole 67: 10 metres at 2.98% total copper
  • Hole 68: 142 metres at 0.89% total copper
  • Hole 71: 142 metres at 0.74% total copper
  • Hole 75: 80 metres at 1.25% total copper; 42 metres at 1.01% total copper; 38 metres at 1.52% total copper
  • Hole 76: 54 metres at 1.49% total copper
  • Hole 78: 130 metres at 0.59% total copper; 8 metres at 7.26% total copper
  • Hole 84: 20 metres at 1.25% total copper
  • Hole 91: 46 metres at 1.08% total copper; 12 metres at 1.02%

"These results continue to demonstrate the continuity of the Marimaca deposit and we look forward to completing an updated mineral resource estimate during the first quarter of 2018," said the president and chief executive officer of Coro, Luis Tondo.

"The exploration RC [reverse circulation] step-out drilling program is well under way on both the La Atomica and Marimaca claims and we expect initial results to be released next month," he added.

The company also revealed it has secured US$3mln of debt financing from its major shareholder, Greenstone Resources.

The loan runs for 11 months and bears interest of 12% a year until the end of March 2018, after which the rate goes up to 15%.

Shares in Coro were up 15% at C$0.115.

View full COP profile View Profile

Coro Mining Corp. Timeline

Related Articles

February 07 2018
The Gunnison Copper Project is slated for commercial production in the second half of this year
June 14 2018
In April, Vast also acquired an indirect interest of 23.75% in the Eureka gold mine
June 26 2018
In April this year, the group said it was fully funded for exploration at the project for the next 18 months

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright ©, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated.