Oroco Announces Start of Drilling Program
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/08/11 -- Oroco Resource Corp. (TSX VENTURE: OCO)(FRANKFURT: OR6) ('Oroco' or 'the Company') is pleased to announce the commencement of an exploration and condemnation drilling program on its Cerro Prieto Property located in Sonora State, Mexico.
The drill program will include a minimum of 15 diamond drill holes that are intended to extend the Cerro Prieto deposit to the south of its previously drill defined limits. Surface sampling has indicated that the mineralized shear zone hosting the deposit extends for at least 500 meters south of the limits of the resource reported in the Preliminary Economic Assessment of Cerro Prieto (See News Release, December 15, 2010). These holes will be drilled to test to a maximum of 100 meters below the anomalous assays received from surface sampling. Highlights of the surface sampling results (previously announced on March 7, 2011) include:
4.79 g/t Au and 21.0 g/t Ag over 5.2 m at line 150 N
4.08 g/t Au and 36.2 g/t Ag over 9.8 m and 7.4 g/t Au and 63.5 g/t Ag at
line 100 N
2.36 g/t Au and 28.0 g/t Ag over 4.7 meters at line 150 S
1.78 g/t Au and 250.0 g/t Ag over 1.2 m at line 220 S
4.64 g/t Au and 53.3 g/t Ag over 5.5 m at line 272 S
2.49 g/t Au and 93.0 g/t Ag over 8.0 m at line 300 S
The Company conducted the surface sampling program from 150 N, being the southern edge of the Current Resource Area, along approximately 500 meters of strike extension to line 350 S. It is important to note that the samples were taken only where the mineralized zone was exposed and no attempt was made to extend the exposures.
An additional three holes, considered condemnation holes, will be drilled at the planned sites for the leach pad and the crushing facility. The total program will consist of 2,000 meters of drilling.
Oroco also announces the grant, pursuant to the Company's Stock Option Plan and subject to approval by the TSX Venture Exchange, of a total of 750,000 incentive stock options to officers and consultants at an exercise price of $0.30 per share with a term of five years.
In addition, the Company reports that the $250,000 loan made to a non-arm's length entity (see News Release, May 19, 2011) has been repaid with interest.
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.
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 a group of 100% owned contiguous concessions totaling approximately 7,000 ha in size.
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.
Contacts:
Oroco Resource Corp.
Mr. Craig Dalziel
President and CEO
604-688-6200
www.orocoresourcecorp.com