Minera Cielo Azul Ltda., Santiago, a local subsidiary of Canadian junior Coro Mining Corp., Vancouver, acquired the Celeste copper project from the American company Atna Resources, Golden, Colorado, for millions.
Celeste is located 47 km northeast of the small port of Chañaral, in the III Region of Atacama, in Norte Chico of Chile.
Coro Mining had control of Celeste previously through a lease agreement with Atna. It completed an exploration campaign from 2006 to 2007. The northeastern part of the Celeste property is bordering the Cerro Negro IOGC deposit of ENAMI.
Celeste has been exploited at a small scale artisanally by small miners since the beginning of the past century. Celeste’s mineralization is also of the IOGC type, which is located mainly in a northeastern orientation with the deepest part in the east zone. It also contains veins and favorable disseminations via andesitic volcanic intrusives from the Cretaceous period. The Celeste deposit could contain important oxide mineralization.
Between 1994 and 2002, the Canadian firm Cominco – previously called Teck–, Phelps Dodge and Atna Resources carried out exploration works on Celeste. These included the development of 18 exploration drill holes with reverse circulation (RC) drilling totaling 4,161 meters and 16 diamond drill holes (DD) of 4,639 meters. Between 2006 and 2007, Minera Celeste completed a surface exploration program and carried out 19 new RCs, totaling 3,650 meters, of which results were published by the company end 2007.
The activities and properties of Coro in the region include the advanced San Jorge copper-gold project located in Argentina and the exploration prospects of Chacay, Llancahue and Celeste located in Chile. The company is also the owner of 9,140,353 shares, equivalent to a stake of 20.5%, in the company Valley High (Toronto), a Canadian junior mining company that controls the Cordero polymetals project located in Mexico.