Coro’s VP of Exploration, Sergio Rivera, made the original Marimaca discovery in 2016. Since then, exploration activities at Marimaca have grown along with the confidence in what is proving to be one of the most exciting copper oxide discoveries in Chile in the last decade.
The original discovery was made in the area called Marimaca 1-23, and the focus of a Phase I exploration program, resulting in the publication in 2017 of a NI 43-101 compliant copper oxide Mineral Resource Estimate of 48 million tonnes in Measured and Indicated categories. In 2018, Coro subsequently published a 2018 definitive feasibility study.
Today, the Phase I area today, is the centre point of a larger Marimaca Project, which comprises 8 areas stretching up to 2 kilometres east to west and 8 kilometres north to south. Although these 8 areas are distinct from a property law perspective, because they represent individual property transactions as the project was consolidate over time, geologically they don’t have boundaries, and together, have the potential to be a single resource, orebody and project.
The areas immediately surrounding Marimaca 1-23 to the west and north, namely La Atómica, Atahualpa and Tarso are currently being explored in the fully funded US$12 million Phase II exploration program. Coro is periodically releasing results from this Phase II program and plans to announce an enlarged Mineral Resource Estimated during the second half of 2019.
Some early work is also being undertaken in the areas to the south called Sierra and Sorpresa and to the north called Cedro and Olimpo, which could form part of a Phase III exploration program.
The Phase II exploration program work activities and dates are detailed in the table below:
The Company also has interests in the nearby Ivan and Sierra Medina claims, which have wider exploration potential.
Coro has an interest in the Nora Processing Plant, which had formerly processed ore from the Berta Mine. In April 2018, the Board of Coro decided to focus exclusively on the Marimaca Project, and the decision was taken to reduce the Company’s exposure to these assets. In October 2018 they were placed on care and maintenance to preserve ore resources and minimise costs. In February 2019, the Berta Mine was sold. Coro is still investigating opportunities for longer-term value at the Nora Plant, which could include selling to a third‐party, consolidation with other local copper companies, or restarting a reconfigured operation at higher copper prices.