OROCO ANNOUNCES COMMENCEMENT OF EXPLORATION AT ITS XOCHIPALA PROJECT
VANCOUVER, British Columbia – (September 21, 2012) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce the commencement of an exploration program on its Xochipala Project in Guerrero State, Mexico. The project is located at the southern end of a gold rich district in Mexico called the Guerrero Gold Belt (the “GGB”). To date more than 19 million ounces of NI 43-101 compliant gold resources in all categories have been reported, including Los Filos (Goldcorp Inc: 13.58 million ounces gold proven, probable, measured, indicated, and inferred as at 2011); El Limon and Los Guajes (Torex Gold Resources Inc.: 5.44 million ounces gold measured, indicated and inferred ounces as at September, 2012); and Ana Paula (Newstrike Capital Inc.: currently estimating its resource). The Xochipala Property is the last remaining under-explored target in the GGB that has geological characteristics similar to the known deposits, including the existence of a strong magnetic signature and extensive areas of alteration associated with the contact between intrusives and sediments.
The initial program on the 193 hectare property will include detailed geological mapping, prospecting and rock sampling. A detailed base map will also be prepared which will include historic mine workings, previous drill hole locations and accessibility.
The focus of the mapping and sampling will be the contact area of the sediments and intrusives. Extensive mineralized endoskarn and exoskarn zones are associated with similar contacts throughout the region and host all of the major gold deposits in the Guerrero Gold Belt. Visits to the property by company personnel have noted extensive areas of marbleized limestones (exoskarns) and highly altered, ferruginous intrusives (endoskarns) that are indicative of skarn mineralization in the vicinity of the more than one kilometer of the targeted contact zone.
The sampling program reported previously (August 14, 2012 news release) focused on showings where historical work targeted moderately thin (up to 5.0 meters) mineralized structures and contact zones. The current program will be considerably more extensive and will channel sample all showings, rock exposures along road cuts and other areas of altered outcrop with the intention of developing a larger target that will include both high grade structural and contact mineralization and lower grade skarn mineralization.
On receipt of assays from this program a diamond drill program will be initiated to test the anomalous areas noted from the mapping and sampling. It is anticipated that drilling will start in the fourth quarter of 2012.
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.