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Coro Mining set to consolidate Marimaca district as it inks definitive deal on Naguayan property

The site covers exploitation claims of 1,075 hectares northeast and east of the firm's Marimaca project.
Coro Mining set to consolidate Marimaca district as it inks definitive deal on Naguayan property
Coro Mining Corp is a copper focused resource group

Copper focused Coro Mining Corp (TSE:COP) has made an important step in consolidating its Marimaca district in Chile - finalising the deal to acquire the Naguayan property.

As reported in October last year when a letter of intent was signed, the property consists of a large block of exploitation claims totalling 1,075 hectares northeast and east of Coro's Marimaca project.

It lies 22km east of the port of Mejillones in the II region of Chile.

"The acquisition of the large Naguayan claim block is an important step in the consolidation of the Marimaca district and we look forward to integrating these properties into our plans for aggressively exploring the district during 2018," said Coro president and chief executive Luis Tondo.

As reported last year, the deal sees Coro pay US$6.5mln for the claims via a 48-month option with a timetable of payments.

It will pay US$200,000 on the signature of the option, US$300,000 on the 12-month anniversary, US$700,000 on the 24 month anniversary, US$1.75mln at the 36 month anniversary.

The final US$3.55mln will be due on the 48 month anniversary date.

In addition, a 1.5% net smelter return (NSR) is payable on the claims.

Alternatively, Coro can buy 0.5% of this 1.5% royalty for US$2mln at any time up to one year following the start of commercial production.

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