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.

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