Coco Liso Exploration announces $3,000,000 non-brokered private placement after the discovery of Platinum Group Elements on properties in Ecuador
Dec 18, 2017, 07:00 ET
VANCOUVER, Dec. 18, 2017 /CNW/ - COCO LISO EXPLORATION CORP ("Coco Liso" or "the Company") is pleased to announce the results of its 2017 exploration program in the Cascabel/Junin Area, Northwest Andes, Ecuador.
Platinum was first recognized by chemical scientists in 1735. Yet platinum was used extensively by the Tolita culture of Northwestern Ecuador in their beautiful gold sculptures. These sculptures predate Antonio de Ulloa's discovery of the element Pt (platinum) by several millenniums. Pre-Hispanic platinum metallurgy has no parallel in the Old World.
ABOUT THE COCO LISO PROJECT
Coco Liso is pleased to announce as a result of its in-house Ecuadorian geochemical soil sampling program of over 2,500 samples, it has discovered platinum group elements ("PGE's"). In addition, Coco Liso has entered into certain confidential agreements for mining interests in the Northwestern Andes of Ecuador.
This is a unique and new discovery by Coco Liso for Ecuador. The discovery is a mineral deposit along an under-explored province in the northern section of the richly endowed Andean Copper Belt.
"Adding PGE's to our Coco Liso inventory of new discoveries is a pleasant surprise; a generous reward from a hard working Ecuadorian exploration crew. Vince Lombardi Jr once said, 'The man on top of the mountain didn't fall there.' Coco Liso management has researched Ecuador's geology for 15 years, the last 3 years with boots on the ground. Through hard work, in difficult and dangerous terrain, and practical applied earth science, this last year Coco Liso has many new mineral discoveries. Included with the aforementioned platinum group elements are gold, silver, copper, precious gems, and other valuable mineral deposits. It's little wonder Ecuador won Best Country of the Year at the 'Mining and Money America's Outstanding Achievement Awards' night in Toronto, Canada. This award is an acknowledgment of the best improvement in attractiveness to mineral investors, and the importance of the country's growing mining industry." says Timothy McKinnon, Coco Liso's Executive Vice President. "And no better country to explore in than Ecuador, in our opinion, it is a mining geologist's paradise, and surprisingly under-explored."
The alteration assemblages on the new Coco Liso discovery which contain gold, silver, copper and PGE's are an early stage, atypical, copper-gold porphyry project located within the Western Cordillera of the Andes, which hosts numerous world class copper-gold deposits in Chile and northwards through Peru, Ecuador and Colombia.
Druzy quartz and citrine are also present throughout the mineralization. Additionally, though uncommon, platinum-group metals are recovered from some worldwide porphyry deposits. It has been reported the occurrence of platinum-group-metal-bearing tellurides and arsenides in the porphyry deposit at Elatsite, Bulgaria. In addition, some Chilean porphyry systems are often classified due to PGE's present.
The zone of alteration is currently mapped at 2.6 kilometers long in the north-northeast direction and 600- to nearly 1,000 meters wide. Two distinct types of crackle breccia are identified within the alteration area. Depth of the alteration zone is yet to be determined, but a historic drill site core analysis supports an estimated zone of alteration of 200 meters. The mineralized zone runs parallel and within close proximity to the Pujili fault and other tertiary arc magmatic events.
Recently, Coco Liso obtained confirmation testing by a third party Canadian laboratory of ten of our in-house geochemical samples. The test samples were chosen randomly across the mineralization. Rhodium* rich PGE concentrations of 1,640 grams per ton were confirmed by the third-party lab. Geologically similar projects with porphyry development in other areas of the world with comparable platinum values to the Coco Liso discovery range are described as bonanza grade. As this is a new discovery, Coco Liso will continue analysis of our samples by competent independent third-party laboratories located in Canada and worldwide.
Coco Liso has now ramped up its geochemical sampling program in the area, including a 10,000 geochemical sampling program within and nearby the porphyry mineralization, and the re-analyses of an additional 2,200 historic geochemical soil and rock chip samples.
PRIVATE PLACEMENT FINANCING
Coco Liso is currently undertaking a non-brokered private placement of up to 3,000,000 shares for gross proceeds of up to $3,000,000 CDN. The proceeds are budgeted to use $1,900,000 for land consolidating activities, $800,000 CDN to fulfill ongoing drilling commitments, and the remainder of the balance used primarily to further delineate our asset base through ongoing exploration activity and completion of our National Instrument 43-101 report for the above-mentioned discovery and area.
Coco Liso Exploration is a Canadian mineral exploration company that was incorporated in 2014. The company is led by an experienced management team that has engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in Ecuador.
Following the completion of the private placement, the Company will have 6,000,000 common shares outstanding. Shares will be offered by way of private placement in each of the provinces of Canada. If you are would like to learn more about Coco Liso Exploration, please take a few moments to introduce yourselves to us.
Certain disclosure in this release constitutes forward-looking statements. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this release include statements regarding Coco Liso's anticipated use of funds raised under its current financing and the continuation of its geochemical sampling program, which involve known and unknown risks and uncertainties which may not prove to be accurate. In making the forward-looking statements in this release, Coco Liso has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to Coco Liso, including, among others, that Coco Liso will successfully complete its financing in such amount and on terms acceptable to Coco Liso, that it will be successful in identifying and closing on suitable property acquisition opportunities, development opportunities and pursuing continued exploration, and Coco Liso being able to procure personnel, equipment and supplies required for its sampling and exploration activities in sufficient quantities and on a timely basis and that actual results of sampling and exploration activities are consistent with management's expectations. Although Coco Liso considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Risks and factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements include, among others, risks and factors relating to market conditions generally, political stability in the jurisdictions in which Coco Liso operates, changes in legislation (including mining, tax and environmental legislation), availability of labour, mineral exploration, commodity prices, securing financing and acquiring accretive properties. Readers are cautioned not to place undue reliance on forward-looking statements. Coco Liso does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
*Current price of Rhodium on December 15, 2017 is $1550/oz (quoted from quandl.com)
*Current price of Gold on December 17, 2017 is $1255/oz (quoted from goldprice.org)
SOURCE Coco Liso Exploration Corp
For further information: Timothy McKinnon, Executive Vice President, 403-894-9052, [email protected]
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