VANCOUVER, British Columbia – (November 9, 2012) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to provide an update on the mapping and sampling program currently underway on its 100% owned Xochipala Property in Guerrero State, central Mexico.
The Company commenced the mapping program in September in order to locate the contact between the intrusive and overlying sediments. Approximately two kilometers of the contact has now been identified on the Xochipala Property in addition to geological characteristics similar to known deposits in the Guerrero Gold Belt, including the existence of a strong magnetic signature and extensive areas of alteration associated with the contact between the intrusive and overlying sediments. Regionally, where the intrusive is gold bearing, high grade gold mineralization is often found at or near the contact between the intrusive and the overlaying sediment.
Following up on the limited sampling program conducted by Oroco in 2008 (see the Company’s news release of August 14, 2012), a second sampling program has commenced with the goal to establish the surface extent of mineralization in the intrusive and the contact zone. Oroco plans to channel sample all showings, rock exposures along road cuts and other areas of altered outcrop with the intention of developing drill targets that will include both high grade structural and contact mineralization and lower grade intrusive mineralization. The Company intends to take approximately 500 samples in the current program, with initial sampling concentrating on the endoskarn or intrusive, and then concentrate on the contact zone between the intrusive and the overlying sediments and the exoskarn mineralization within the sediments. Road cuts on the property allow easy access to the highly altered rocks which are an excellent sampling medium. Samples are continuous chip samples and are generally bagged over 1.5 meter intervals.
Kenneth R. Thorsen, B.Sc., P. Eng., 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.
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 a group of 100% owned concessions comprising over 7,000 ha. Oroco also owns a 100% interest in the 193 ha Xochipala Property, contained within the original Morelos National Mining Reserve in Guerrero State, Mexico.
For further information, please contact:
Mr. Craig Dalziel, President and CEO
Oroco Resource Corp.
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company’s actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company’s control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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.