The 100% owned Celeste Sur iron ore project is located 55km NE of the port of Chañaral, in the III Region of Chile. The Celeste property is comprised of a number of concessions covering ~2,800 hectares and was acquired by Coro in 2010 for the issuance of 150,000 Coro shares and the assumption of a 2.5% copper royalty.
Celeste is contiguous with and along strike to the northeast from the ENAMI owned Cerro Negro iron oxide copper gold (“IOCG”) type deposit. Small scale artisanal copper mining activity has been carried out in the Celeste area since the early 1900s. In the period 1994 to 2002, Cominco, (later Teck Resources), Phelps Dodge and Atna conducted exploration at the Celeste Property, including the drilling of 18 RC holes for 4,161m and 16 RC holes for a total of 3,650m. No resource estimates have been completed on the property.
In September 2014, results from initial mapping, surface sampling, and test work indicated a potential target of 5-10 million tonnes at 40-50% iron. This could be capable of sustaining an operation to produce iron concentrate, using a simple, low cost, dry crushing and magnetic separation process route, enhanced by its proximity to a port with existing concentrate handling facilities.
The potential quantity and grade is conceptual in nature, being based on surface sampling and mapping only, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
No further work is planned in the Celeste property until iron ore prices recover.