Oroco Announces Updated Resource Calculation
April 29, 2010
VANCOUVER, British Columbia – (April 29, 2010) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce an updated NI 43-101 compliant resource estimate based on the 2008 and 2009 results from drilling on its Cerro Prieto Project in Sonora State, Mexico.
The previously released results of 14,551 meters of drilling in 66 holes now outline a zone containing potentially economic gold oxide resources over a strike length of 1000 meters to a depth of approximately 300 meters from the crest of the hill which hosts the mineralization.
Table 1: The estimated oxide gold resource tonnages with their associated grades:
| Category |
Tonnes |
Au
(g/t) |
Ag
(g/t) |
Pb
(%) |
Zn
(%) |
| |
|
|
|
|
|
| Measured |
3,740,000 |
1.10 |
15.82 |
0.19 |
0.52 |
| Indicated |
11,000,000 |
0.71 |
11.82 |
0.38 |
1.14 |
| |
|
|
|
|
|
| Measured and Indicated |
14,740,000 |
0.81 |
12.83 |
0.33 |
0.98 |
| |
|
|
|
|
|
| Inferred |
281,000 |
0.66 |
12.55 |
0.22 |
0.74 |
Table 2: Gross contained metal present within the estimated resources from the oxide gold resource noted in Table 1, above:
| Category |
Tonnes |
Au
(ounces) |
Ag
(ounces) |
| |
|
|
|
| Measured |
3,740,000 |
132,028 |
1,902,286 |
| Indicated |
11,000,000 |
251,805 |
4,180,304 |
| |
|
|
|
| Measured and Indicated |
14,740,000 |
383,833 |
6,082,590 |
| |
|
|
|
| Inferred |
281,000 |
5,918 |
113,383 |
The current NI 43-101 compliant resource calculation was produced by Gary Giroux of Giroux Consulting Ltd. using ordinary kriging utilizing a geologic model and all of the data from the two drill programs. The current calculation uses a 0.25 g/t cutoff, which is considered to be the average of cutoffs used for resource calculations for similar deposits in the region.
The current calculation elevates a significant portion of the resource to a higher level of certainty, with 34 % classified as Measured, 64% as Indicated, and 2% as Inferred. The previous resource was predominantly classified in the Indicated category with a very small Inferred component. The Measured portion of the resource is the upper portion of the deposit which has been designated as the first area to be considered for mining from both a logistical and an economic perspective. Grades in this zone are higher than the average of the overall deposit and strip ratios are anticipated to be low due to the resource’s setting at the crest of a topographical high.
Concurrent with the establishment of this resource calculation, Oroco has been advancing many important aspects of the Cerro Prieto Project necessary to completing a Preliminary Economic Assessment by the middle of June, 2010. These advancements include contributions from the following consulting firms:
1. Kappes Cassidy and Associates, under the direction of A. H. Winckers and Associates Inc., has been conducting metallurgical tests, including column tests on different areas of the deposit using various feed sizes. In addition, compacted permeability tests are being conducted and work and abrasion indices are being calculated. The primary data collection is expected to be completed on most of the column tests by June 1, 2010.
2. Clifton Associates Ltd. has completed the baseline environmental study for submission to the Mexican authorities. No impediments to a production decision are considered to exist.
3. Moose Mountain Mining is compiling all of the resource, metallurgical and engineering data and is preparing the Preliminary Economic Assessment.
Oroco’s President, Mr. Craig Dalziel states: “The 2009 drill program increased Cerro Prieto’s oxide gold resource by almost 30% and its silver resource by approximately 100%. It also increased the certainty of the overall resource estimates, in that 98% of the tonnage is now classified in the Measured and Indicated Category, while also confirming a significantly higher gold and silver grade in that area of the deposit that is expected to provide the initial years of ore production at Cerro Prieto.”
About Oroco
Oroco is a Canadian-based mineral exploration company with its primary focus on the accelerated development of the gold-bearing oxide zones of its Cerro Prieto project in northern Sonora State, Mexico. The Cerro Prieto Project consists of the 100% owned, San Felix, San Francisco and Cerro Prieto concessions, totalling 2,723 ha, and 4,120 ha of the connecting Argonauta 5 Fraccion 1 concession to which the Company holds an option to purchase.
Qualified Person
Kenneth R. Thorsen, B.Sc., P. Geo., is a director of the company and is a ‘qualified person’ for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators. He has verified the data (including sampling, analytical and test data) and prepared or supervised the preparation of the information contained in this news release.
Quality Assurance & Control
The Company has implemented a quality assurance and control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the best possible practices. Split core is transported to the ALS Chemex laboratory in Hermosillo where it is crushed and pulverized, with pulps sent to the ALS Chemex laboratory in Vancouver, B.C. for assaying. The other half of the core is retained for future assay verification. The QA/QC policy includes the chain of custody monitoring, insertion of blanks, standards and duplicates in the initial samples submitted. The laboratory provides an additional internal control program.
For further information, please contact:
Mr. Craig Dalziel, President and CEO
Oroco Resource Corp.
Tel: 604-688-6200
www.orocoresourcecorp.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
