Benton advised that Coro intersects 88m @ 0.71%CuT and 32m @
0.99%CuT at its El Desesperado Project, in the Chuquicamata
district, Chile
THUNDER BAY, ON,
Nov. 22, 2012 /CNW/ - Benton
Capital Corp. (TSXV: BTC) is pleased to announce that Coro
Mining Corp. (TSX: COP) ("Coro") has announced assay results
from the 8 hole 2,308m reverse circulation (RC) drilling program
completed at its El Desesperado copper project in the Chuquicamata
district and located 7 km NW of the city of Calama in the II Region
of Chile, and immediately west of
Codelco's Toki Cluster deposits. RC holes CED-R-1 to 5 were
completed in the El D Norte target and CED-R-6 to 8 in the El D Sur
target. Assay results are shown on Table 1, with drill hole
locations shown on Table 2 and on Figure 1.
Table 1; El Desesperado Significant Intersections
|
|
|
|
|
|
|
Target |
Hole |
From |
To |
m |
%CuT |
Type |
El D Norte |
CED-R-1 |
2 |
40 |
38 |
0.14 |
Cu
Ox |
CED-R-2 |
Anomalous leach cap |
|
CED-R-3 |
No significant results |
|
CED-R-4 |
0 |
204 |
204 |
0.55 |
Mixed |
inc |
4 |
92 |
88 |
0.71 |
" |
and |
110 |
172 |
62 |
0.24 |
" |
and |
172 |
204 |
32 |
0.99 |
" |
inc |
198 |
204 |
6 |
1.94 |
" |
CED-R-5 |
Anomalous leach cap |
|
El D Sur |
CED-R-6 |
72 |
90 |
18 |
0.16 |
Cu
Ox |
CED-R-7 |
120 |
144 |
24 |
0.14 |
Chalcocite
coating |
and |
164 |
190 |
26 |
0.18 |
Primary |
CED-R-8 |
Anomalous leach
cap |
|
|
|
|
|
|
|
|
|
Alan Stephens,
President and CEO of Coro commented, "We are delighted with the
results of CED-R-4, the first recorded mineralized hole ever
drilled on the property, which intersected a partially oxidized
chalcocite enrichment blanket essentially from surface to the
bottom of the hole. We have achieved our objective with this
initial drill program which was to demonstrate the presence of a
porphyry copper system within the very large prospective area
identified from our surface work, and hopefully to intersect ore
grade mineralization in at least one of the holes. The presence of
attractive grades and thicknesses in CED-R-4 together with remnant
copper oxides and anomalous leached cap assays in holes CED-R-1, 2
& 5, as well as our sampling and mapping, indicate that the El
D Norte target has potential to host a significant porphyry copper
deposit. The El D Sur results, while not intersecting ore grades,
confirm the presence of remnant copper oxides in the leach cap,
chalcocite coating and primary sulphides in the pyrite-chalcopyrite
zone, in an area with very poor outcrop. We intend to conduct a
follow up diamond drilling program in early 2013 to further test
both targets."
As described in Coro's news release of
November 1st 2012, the
drill program was designed to provide an initial test of an ~
4km2 prospective area of porphyry copper style
alteration and anomalous copper geochemistry resulting from Coro's
mapping and sampling program completed earlier this year. Inclined
holes CED-R-1 and 5 intersected tonalite porphyry in anomalous
leached cap before passing into propylitically altered wall rock
diorite and a late stage phaneritic diorite intrusive, while
inclined hole CED-R-2 was drilled entirely in tonalite porphyry and
hydrothermal breccia within the leached cap, prematurely
terminating in a fault zone. Inclined hole CED-R-3 tested an area
of leached cap some 750m ENE of the other holes, intersected a
short interval of leached tonalite porphyry before entering
propylitically altered wall rock diorite over most of the rest of
the hole and encountered increasing amounts of chalcopyrite
associated with sericite in the last 8m of the hole. Vertical hole
CED-R-4 was drilled entirely in tonalite porphyry and hydrothermal
breccia; mineralization was mostly disseminated and veinlet
chalcocite, partially oxidized and leached until the last 16m of
the hole where both chalcocite and chalcopyrite are present. Holes
CED-R-6 and 7 intersected anomalous leached cap with remnant copper
oxides, thin chalcocite coatings on pyrite and increasing amounts
of chalcopyrite with depth, while CED-R-8 intersected anomalous
leached cap before entering a post mineral granodiorite.
About El Desesperado
Coro believes there is good potential on the El
Desesperado property to host mineralization of similar style to the
adjacent Toki Cluster deposits (Toki, Quetena, Genoveva, Opache,
Miranda and Pulucktur). These are associated with swarms of NNE
oriented Eocene age porphyry dykes and stocks, intruded into both
Paleozoic volcanics and precursor Tertiary plutons. Zones of copper
mineralization associated with potassic alteration are related to
the porphyries with higher copper grades occurring where this has
been overprinted by sericite alteration, or where later veining is
present. The deposits tend to have very sharp boundaries between
mineralization and barren rock. The Toki Cluster deposits have been
oxidized to depths in excess of 100m beneath the gravel cover which
overly all of them, and host major copper oxide resources, as well
as significant underlying primary sulphide mineralization, and in
the case of Opache and Pulucktur, secondary enrichment blankets.
Codelco has not published resource estimates for these deposits,
but information in academic papers quotes inferred resources for
the Cluster of approximately 20 Mt of contained copper, with Toki
hosting 9.1 Mt, Quetena 5.0 Mt and Opache 1.2 Mt, at grades of
approximately 0.5% Cu.
El D Norte is located at higher elevations than
the nearby Genoveva, Quetena and Toki deposits, and has a higher
level phylllic alteration suite preserved. El D Sur is a large area
of poor outcrop, mostly covered with thin overburden and scree;
outcrops are of phyllic alteration bordered by propylitic
alteration to the SW.
Small scale open pit mining and leaching of
copper oxide bearing breccias, took place at the old Quetena Mine
on the property during the 1960-70's, and it was subsequently
explored by two major mining companies, firstly in 1997-98 prior to
the discovery of the Toki Cluster; and secondly in 2004. The first
company completed wide spaced reverse circulation and diamond
drilling (11 holes, 2,582m), mostly aimed at testing geophysical
targets, while the second company completed vertical reverse
circulation drilling (2 holes, 700m) which tested two conceptual
targets. In neither case, was significant mineralization
intersected.
In December 2011,
Codelco initiated the permitting process for production of cathode
copper from the combined Quetena and Genoveva deposits. According
to the publicly available Environmental Impact Study, this will
involve an open pit at each of the deposits, the trucking of
30,000tpd of higher grade ore to the existing SXEW facilities at
Chuquicamata, and 60,000tpd of Run of Mine dump leaching at the
project site, followed by pumping of solution to Chuquicamata.
Planned production is 528,000 tonnes of cathode copper over the 10
year life of the project, with an average production of 62,000 tpy
Cu in the first five years. Capital investment is estimated to be
US$244,000,000.
Genoveva is located ~1km E of the El Desesperado
property, Opache ~2km to the ESE, and Pulucktur, ~1.5km to the SSW
(Figure 1).
All Coro RC holes were sampled on a 2 m
continuous basis, with dry samples riffle split on site and one
quarter sent to the Andes Analytical Assaying laboratory in
Sierra Gorda for preparation and
then to their assay laboratory in Santiago. A second quarter was stored on site
for reference. Wet samples were split with a hydraulic rotary
splitter on site and sent to Andes Analytical Assaying laboratory
in Sierra Gorda for drying and
subsequent preparation. Samples were transported to the laboratory
by Minera Coro Chile Ltda, while drilling control and logging of
cuttings was carried out by our contractor, Geominco. Samples were
prepared using the following standard protocol: drying, crushing to
better than 80% passing -10#, homogenizing, splitting and
pulverizing a 400 g subsample to 95% passing -150#. All holes were
assayed for CuT, Mo, Pb, Zn and As by AAS.
Sergio Rivera,
Vice President of Exploration, Coro Mining Corp, a geologist with
more than 30 years of experience and a member of the Colegio de
Geologos de Chile and of the
Instituto de Ingenieros de Minas de Chile, was responsible for the design and
execution of the exploration program and is the Qualified Person
for the purposes of NI 43-101. Alan
Stephens, FIMMM, President and CEO, of Coro Mining Corp, a
geologist with more than 36 years of experience, and a Qualified
Person for the purposes of NI 43-101, is responsible for the
contents of this news release.
CORO MINING CORP.
"Alan Stephens"
Alan
Stephens
President and CEO
About Coro Mining Corp.:
The Company was founded with the goal of
building a mining company focused on medium-sized base and precious
metals deposits in Latin America.
The Company intends to achieve this through the exploration for,
and acquisition of, projects that can be developed and placed into
production. Coro's properties include the advanced San Jorge
copper-gold project, in Argentina,
and the Berta, El Desesperado, Payen, El Inca, Chacay, Llancahue,
and Celeste copper properties located in Chile.
For further information please visit the
Company's website at www.coromining.com or contact
Michael Philpot, Executive
Vice-President at (604) 682 5546 or
investor.info@coromining.com
This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation. Such forward-looking statements or information,
including but not limited to those with respect to potential
mineralization and geological comparisons involve known and unknown
risks, uncertainties, and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information. Such factors include, among others, the
actual prices of copper, the factual results of current
exploration, development and mining activities, changes in project
parameters as plans continue to be evaluated, as well as those
factors disclosed in the Company's documents filed from time to
time with the securities regulators in the Provinces of
British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New
Brunswick, Nova Scotia,
Prince Edward Island and
Newfoundland and Labrador.
Table 2; El Desesperado Drillhole locations
|
|
|
|
|
|
|
|
|
|
|
|
|
Hole |
|
East |
|
North |
|
Elev |
|
Az |
|
Dip |
|
Depth |
CED-R-1 |
|
501095 |
|
7520550 |
|
2493 |
|
330 |
|
-60 |
|
396 |
CED-R-2 |
|
501098 |
|
7520543 |
|
2493 |
|
150 |
|
-60 |
|
144 |
CED-R-3 |
|
501691 |
|
7520895 |
|
2475 |
|
330 |
|
-60 |
|
400 |
CED-R-4 |
|
501087 |
|
7520448 |
|
2516 |
|
0 |
|
-90 |
|
204 |
CED-R-5 |
|
500913 |
|
7520659 |
|
2523 |
|
135 |
|
-70 |
|
400 |
CED-R-6 |
|
500957 |
|
7517855 |
|
2232 |
|
0 |
|
-90 |
|
270 |
CED-R-7 |
|
500867 |
|
7517977 |
|
2247 |
|
90 |
|
-70 |
|
226 |
CED-R-8 |
|
500857 |
|
7518180 |
|
2254 |
|
90 |
|
-70 |
|
268 |
To view Coro's El Desesperado claim map see Coro Mining Corp.'s
website at coromining.com.
About Benton Capital Corp.:
Benton Capital Corp. is a Canadian based junior
which holds the Goodchild Copper-Nickel-PGM project located 5km NE
of Stillwater Mining's Marathon
Copper-PGM deposit currently being permitted for production. Benton
Capital Corp. also holds approximately 57.87 million shares
(approximately 41.84%) of Coro Mining Corp. (TSX: COP) - a
Vancouver based copper exploration
company with projects located in South
America.
On behalf of the Board of Directors of Benton
Capital Corp.,
"Stephen Stares"
Stephen Stares, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND
DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
SOURCE Benton Capital Corp.