Spotlight: 2 juniors advance Chile mining projects

Australia's Tesoro Resources and Vancouver-based Coro Mining secured funds for their gold and copper projects in Chile's Atacama and Antofagasta regions, even though major miners are reducing their on-site staff in response to the coronavirus pandemic.

EL ZORRO

Junior miner Tesoro will accelerate the 70% acquisition of El Zorro gold project in Atacama region, bringing forward a US$50,000 cost reimbursement for development expenditure incurred on the property and issuing 5mn company shares to its joint venture partner.

By 2021, Tesoro will invest US$3.5mn in exploration and the maiden gold resource of the project will be presented this year as the drill program is currently unaffected by the health emergency, managing director Zeff Reeves said during a conference call on Monday.

El Zorro was drilled between 1990 and 1993 by Coeur d’Alene Mines Corporation.

The company is also implementing a capital preservation program, which includes a review of work plans and budgets to face the market uncertainty due to the pandemic. 

MARIMACA

Coro Mining received a US$6mn loan from its major shareholders Greenstone Resources and Tembo Capital Mining Fund to continue exploration and development at the Marimaca copper project (pictured) in Antofagasta region.

“Current market conditions are unprecedented. We will be exercising a high degree of capital discipline and limiting cash burn wherever possible, while recognizing the safety of our personnel and maintenance of our assets being our key objectives,” Coro Mining's executive chairman Michael Haworth said in a release.

Marimaca hosts 420,000t of contained copper at 0.60% as measured and indicated resources and 224,000t of contained copper at 0.52% in the inferred category.  A preliminary economic assessment is underwa and set to be completed during 1H20.