The six month chart of COP.to(I'm feeling generous so decided against the twelve month chart)
Back in 2008 IKN had a couple of pops at the mess Coro Mining (COP.to) made at the time of trying to get itself financed up and into the world of the producers and the fallout thereof. Well yesterday I got the following mail from the company's CEO Alan Stephens that deserves applause from where I'm sitting.
I asked for and was given permission to publish the mail here on the blog because I was seriously impressed. Here's a company that is out there battling and coming up with good news that's worth passing on (early days on the program but yeah, 100m @ 1.37% Cu works for me) and with a CEO that has the cojones to mail lil ol' me* and say "hey...not that bad nowadays, huh?".
Good for you, Stephens. Here's his mail and below find the relevant PR:
I asked for and was given permission to publish the mail here on the blog because I was seriously impressed. Here's a company that is out there battling and coming up with good news that's worth passing on (early days on the program but yeah, 100m @ 1.37% Cu works for me) and with a CEO that has the cojones to mail lil ol' me* and say "hey...not that bad nowadays, huh?".
Good for you, Stephens. Here's his mail and below find the relevant PR:
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Otto,
I enjoy reading your daily epistle on Latin American politics and mining stocks, which I find insightful and entertaining. After having given us a good going over at the end of last year for being unable to complete our acquisition of a small mine in Chile when the financial world was imploding and then having to do a highly dilutive share placement to stay alive, I thought I'd send you a copy of our recent press release in case you hadn't seen it. One swallow doesn't make a summer, but I hope you agree that 100m at 1.37% Cu plus some Mo and Ag in a virgin prospect in an underexplored part of Chile, isn't a bad start.
We are also continuing to advance the approval process for the EIS on our San Jorge project in Mendoza and I look forward to confounding your views on us again later this year.
Times have been tough for junior companies over the past 12 months or so, and may not get too much better for a while yet; the challenge has always been to stay in the game and hopefully generate good returns for our shareholders, of which I am one.
Keep up the good work of exposing frauds and charlatans, and keeping the rest of us on our toes.
Cheers
Alan Stephens
President & CEO
Coro Mining Corp
I enjoy reading your daily epistle on Latin American politics and mining stocks, which I find insightful and entertaining. After having given us a good going over at the end of last year for being unable to complete our acquisition of a small mine in Chile when the financial world was imploding and then having to do a highly dilutive share placement to stay alive, I thought I'd send you a copy of our recent press release in case you hadn't seen it. One swallow doesn't make a summer, but I hope you agree that 100m at 1.37% Cu plus some Mo and Ag in a virgin prospect in an underexplored part of Chile, isn't a bad start.
We are also continuing to advance the approval process for the EIS on our San Jorge project in Mendoza and I look forward to confounding your views on us again later this year.
Times have been tough for junior companies over the past 12 months or so, and may not get too much better for a while yet; the challenge has always been to stay in the game and hopefully generate good returns for our shareholders, of which I am one.
Keep up the good work of exposing frauds and charlatans, and keeping the rest of us on our toes.
Cheers
Alan Stephens
President & CEO
Coro Mining Corp
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May 28, 2009, Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol: COP) is pleased to announce that Freeport-McMoRan Exploration Corporation ("Freeport") has completed a 7 hole, 1300m reverse circulation drill program at Coro's Llancahue prospect, located 38km south west of the city of Talca in central Chile, as required under the terms of the Talca Belt exploration agreement, announced in the Company's news release dated August 11th 2008. One of these holes, LLA-07, designed to test copper mineralization exposed in a small shaft at the edge of a covered area, intersected 100m at 1.375% CuT + 0.015% Mo+ 3.8g/t Ag from 10m to 110m. The hole was drilled at an inclination of -65 degrees, terminated at a depth of 220m and intersected thin zones of oxide and mixed oxide/chalcocite mineralization before entering primary mineralization at 24m depth. Details of the individual mineralized zones are shown on the table below.
LLA-07 | From | To | meters | %CuT | %Mo | g/t Ag |
Overburden | 0 | 4 | 4 |
|
|
|
Leached Cap | 4 | 10 | 6 | 0.220 | 0.015 | 2.1 |
Oxide | 10 | 18 | 8 | 2.313 | 0.011 | 4.2 |
Oxide/Chalcocite | 18 | 24 | 6 | 4.045 | 0.015 | 1.7 |
Primary | 24 | 110 | 86 | 1.102 | 0.015 | 3.9 |
Alan Stephens, President and CEO commented, "We are very pleased to see that drilling at Llancahue has intersected a significant zone of good grade copper mineralization and look forward to receiving the results of the ongoing surface exploration from our partners, shortly." Mineralization intersected in LLA-07 is hosted by a porphyritic diorite, brecciated in part, with moderate to strong phyllic (silica - sericite - tourmaline - biotite) alteration and quartz-chalcopyrite veinlets. From 110-220m, the hole intersected a porphyritic diorite with propylitic (magnetite - silica - epidote - chlorite) alteration, disseminated pyrite and copper grades averaging less than 0.10%CuT. The remaining holes, LLA-01 to LLA-06 were drilled to test areas of outcropping alteration with associated anomalous soil geochemistry to the northwest of LLA-07, as shown on the accompanying map, and all of these intersected a diorite with propylitic alteration similar to that encountered at depth in LLA-07, but no copper mineralization. LLA-07 was the last hole in the program and Freeport is currently assessing the potential for a deposit by means of a ground magnetic and soil sampling program over the covered area to the south of LLA-07. The Llancahue drill program was supervised by, Freeport's geological staff. Samples were shipped by truck to Andes Analytical Assay Ltda. laboratory in Santiago, Chile and assayed by ICP; all copper samples returning greater than 10,000ppm Cu were re-assayed by atomic absorption. A full program of standards, blanks and duplicates was employed by Freeport. The remaining properties subject to the Talca Belt agreement have been prospected by Freeport and found not to be of interest to them; Coro will determine which of these properties, if any, it will retain. One of the properties, Pocillas, hosts a low sulphidation epithermal gold prospect, discovered by Cyprus Amax Minerals ("Cyprus") in the early 1990's and subjected to surface sampling, reconnaissance mapping and hand trenching by them. Mineralization is associated with a series of mainly NE oriented structures, hosted in rhyolite volcanics, which at their highest elevations were previously exploited for pyrophyllite in a number of small open pits. Cyprus sampling of the pyrophyllite workings returned low levels of Au, but first pass hand trenching at lower elevations along strike returned peak values of 13m at 2.95g/t Au, including 2m at 12.8g/tAu, 21m at 0.62g/t Au, and 33m at 0.50g/t Au. These results were sampled and assayed to the standards of the day, but have not been confirmed by Coro, and so should not be relied upon. The property has not been drilled, and the Company is seeking a joint venture partner to continue with its exploration. Coro has completed a 7 hole, 772m reverse circulation drilling program at the Andrea property. The holes were designed to test a variety of targets and while vein and stockwork style mineralization was intersected in some of the holes, copper and gold values were uniformly low. The Company does not envisage that a deposit meeting its criteria is likely to be present at Andrea, and accordingly has decided to terminate its option.
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*Let's face it, there's no expecting any mails from Rick Van Nieuwenhuyse