Coro hits more copper-moly in Chile

Vancovuer – Coro Mining (COP-T) is adding two more solid copper-molybdenum intercepts as follow-ups to a May, 2009, discovery hole at its Llancahue property in Chile.

In May Freeport McMoran, which then had the property under option, drilled 100 metres grading 1.375% copper per tonne, 0.015% moly and 3.8 grams silver per tonne starting 10 metres downhole in hole LLA-7.

Though Freeport subsequently dropped the property – six other holes to the north were not fruitful – Coro decided to continue with drilling in the area near to LLA-7.

Hole 4, collared adjacent to that discovery hole, hit 36 metres grading 2.43% copper, 0.102% moly and 5.8 grams silver starting 68 metres downhole. Hole 4 was drilled at a 60 degree inclination to the west while LLA-7 was drilled to the northeast at a 65 degree inclination.

Hole 1, collared about 80 metres southeast of hole 4 and LLA-7 and drilled at an inclination of 60 degrees in a northwesterly direction, returned 12 metres grading 1.56% copper, 0.024% moly and 5.9 grams silver and 10 metres grading 1.03% copper and 0.079% moly and 3.8 grams silver, respectively, starting 124 and 222 metres downhole.

Drillhole results from two remaining holes, 5 and 3, which were respectively collared about 100 metres south and 100 metres east of LLA-7, are pending.

Breccia around a dioritic finger hosts mineralization. Coro says at present the areal extent of both breccia and diorite is restricted, but that a larger diorite may lie to the west. Coro will be putting that theory to the test with further exploration, which will include a ground magnetic survey.

Copper and moly mineralization at Llancahue, says Coro president and CEO Alan Stephens in a statement, is associated with magnetite destruction. That association could in turn help Coro pick up drill targets from a magnetic survey.

News of the copper-moly intercepts boosted Coro’s shareprice 3.5¢ to 34¢. Coro has just shy of 80 million shares outstanding.

Llanchahue is 38 km southwest of Talca, central Chile.