Mineralisation has been identified at surface,1,500 metres south-west of Berenguela Central, within the Berenguela concession package.
This discovery indicates a possible significant extension to the existing Berenguela Central deposit.
Similarities in mineralisation
Sampling from Corona confirmed extensive Berenguela-style mineralisation at surface across a substantial area, similar in size to Berenguela Central.
Further sampling results are expected in coming days, and in the interim management has applied for drilling permits.
Opportunity to add new deposit to project
Management sees the prospect of adding a completely new deposit to the Berenguela project.
Mark Sumner, chairman, said: “The high-grade copper and silver mineralisation encountered within the Corona area is indicative of further Berenguela-style, near-surface, mineralisation, less than 1,500 metres from the Central deposit area.
“The outcropping mineralisation at Corona is very similar to the surface outcrops previously identified at Berenguela Central.
“Hence we believe that this is an opportunity to add a completely new deposit to the project within close proximity to Berenguela.
"We believe Corona has the potential to add significant resources to the Berenguela project.”
Near term catalysts
With further sampling results pending, confidence around the potential development of the project could increase.
Having increased the resource at Berenguela by 80% since May 2017, the company has established a positive exploration track record.
Management expects to complete the additional sampling and design of the drill program in the coming weeks, and the company will aim to commence drilling in April/May.