An oxide mineral resource estimate (MRE) at Coro Mining’s Marimaca Copper Project shows a 100pc increase over its April 2018 estimate.
Under the new MRE, 420,000mt of copper with an average grade of 0.6pc has been measured and estimated, while there’s another 224,000mt with an average grade of 0.52pc in what the company categorized as “inferred.”
The company is also engaged in a preliminary economic assessment (PEA) of the Chile-based Maricama, which it expects will conclude sometime in H1 2020.
Maricama is noted for its premier location with great infrastructure, as well as its simple open pit mining, which simplifies oxide ore processing by Solvent Extraction Electrowinning (SX-EW). Coro’s management believes the project will have lower operating costs and generally fare better than its peers in the region.
Coro undertook a study with the help of its Chilean consultant company, GEM, to determine what its development strategies could be for Maricama, and they have all been included in the PEA.
Coro recently appointed Michael Haworth as its executive chairman to support Luis Tondo, the company’s chief executive office, in the completion of various work streams at Marimaca. Haworth will focus on the PEA’s delivery, more exploration work, and on preparing various separate work streams.