One person had been reported killed after the earthquake, with five trapped in the mine.
Codelco said that the victim found in the mine on Saturday still needs to be identified, but the families of the five trapped miners had been notified.
“This discovery fills us with sadness, but it also tells us that we are in the right place, that the strategy we followed led us to them,” El Teniente Division’s general manager Andres Music said in a statement.
Rescue teams have been using heavy machinery in an effort to clear the blocked passageways to try to reach the miners.
Mr Music said the rescuers were hoping to be proceeding at a rate of 15-20m (49-66ft) every 24 hours.
El Teniente is the world’s largest underground copper mine.
It is located high in the Andes mountains in central Chile.