Coro Mining Corp

Marimaca is Going to Grow

Impact: Positive

Coro announced its first batch of drilling results from Atahualpa, which occurs immediately north of their Marimaca deposit. Results are very good and suggest ore-grade copper oxides extend for at least 200m north of the existing Marimaca Deposit. As the company advances its Phase II drilling program it looks increasingly plausible that La Atómica and Atahualpa could double resources at the Marimaca Project.

  • Atahualpa extends Marimaca north. Recent drill results successfully extend mineralization at least 200m north of the Marimaca border at grades in line with the current Marimaca Resource (46.7Mt at 0.65%CuT M&I and 11.0 Mt at 0.48%CuT Inferred). Notable highlights include Hole ATR—07 which returned 106m of oxide-mixed mineralization at 0.89% CuT from surface and Hole ATR-08 which returned 110m at 0.69% CuT in oxides from surface.
  • Open and untested to the north. The Marimaca deposit now extends for 1km and remains open to the north. A further 10,000 m of drilling are planned in the Atahualpa East/Tarso sector. Targets include the ≈600m NNE extension of the Main Dacitic Dyke which appears to play a role in controlling copper mineralization, as well as the Atahualpa workings which extend ≈350m to the NNW and host high grade copper.
  • Resources Expanding - Haven’t Even Mentioned the Blue Sky. We currently estimate a doubling of Coro’s copper oxide resources upon completion of the Phase II program. That said, following our site visit we like the exploration potential on the greater property. With 15,000m of drilling planned to test regional targets we favor Coro’s chances of discovering one or more satellite oxide copper deposit(s). 

Expected resource growth justifies current premium to peers – continued exploration success is likely to widen the gap. Coro is expected to have three rigs turning by March and should continue to deliver assay results as exploration advances. We view Coro as a growing exploration story in a favourable jurisdiction whose potential has yet to be fully priced by the market. Upcoming Catalysts include 1) Maiden La Atómica Resource in Q1/19 2) Maiden Atahualpa Resource in Q4/19 3) Ongoing results from Phase II drilling.

Coro Mining Corp

Growing Marimaca into a Potential Mining District

Impact: Positive

Coro Mining Corp announced a second batch of drilling results from La Atómica which continue to demonstrate the potential to expand oxide copper resources at its Marimaca project in Chile. With cash in the bank and 30,000 meters of drilling planned in 2019, we think Coro is well positioned to create value as it steps out to test targets on trend and contiguous to its Marimaca oxide-copper deposit (M&I: 47Mt @ 0.65% CuT).


  • Expansion of Marimaca resource towards La Atómica likely. Results to date from La Atómica suggest mineralization extends a further 300 meters northwest of Coro’s Marimaca deposit. Highlights include LAR 63 which returned 98 meters of copper oxide mineralization at 0.63% CuT and LAR 44 with 44 m @ 0.79% CuT. Overall, we expect La Atómica will contribute to expansion of resources at Marimaca – a maiden La Atómica resource estimate is anticipated by end of Q1 2019. 
  • Attention now shifting to Atahualpa. With the Phase II drilling at La Atomica now complete, Coro will be shifting focus to Atahualpa, where 18,000 meters are planned for H1 2019. We note that small scale artisanal workings extend for at least 500 meters to the north of Marimaca within the Atahualpa property. The first batch of Atahualpa drill results are expected as early as two weeks and should shed light on the potential of this area to host additional oxide copper resources. 
  • Cash in the bank and drilling underway. With its 45,000 meter Phase II drilling program fully funded we believe Coro is well positioned to create value through 2019 as it tests both near-mine and distal targets on its recently consolidated property package. Steady drilling news flow and resource updates at La Atómica and Atahualpa if positive, should eventually begin to raise market profile of this Company. We will publish more detailed thoughts on geological potential following our site visit next week.
Coro Mining trades at a premium to peer explorers – drilling progress and resource expansion key to re-rating. We view Coro mining as a growing exploration story in a favourable jurisdiction whose potential has yet to be fully priced in by the market. Upcoming Catalysts include 1) Resource estimate incorporating La Atómica Q1/19 2) Drill results from SW part of Atómica Q1/19 and Phase II.


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