- Landmark 6-year agreement ensures exploration access to
Coriorcco
- Oro X Mining will promote local education and
development
- 2021 geophysics and sampling campaign to begin in February
to define targets for a maiden Coriorcco drill campaign
VANCOUVER, B.C., Jan. 19, 2021 /CNW/ - ORO X MINING CORP. (TSXV:
OROX) (OTCPINK: WRPSF) (the "Company") is pleased
to announce it has signed a landmark surface rights agreement (the
"Agreement") with local communities that will allow for
unrestricted exploration and development of the Coriorcco project
for 6 years. In return, the Company will provide scholarships and
materials for local students, utilize local labour whenever
possible, support local agriculture capacitation, and make
three CAD $60,000 payments to the community.
"The signed agreement with the local community is an important
milestone in the development of Coriorcco", commented Oro X CEO
Luis Zapata. "Responsible resource
development means sharing the benefits fairly. This agreement
provides certainty to our shareholders that we can proceed
unencumbered in exploring Coriorcco. This agreement is the result
of three months of dialogue with the community and assures Oro X
shareholders the clear opportunity to explore our prospective
concessions, something previous operators were unable to
accomplish."
This Agreement forms the basis of a comprehensive relationship
with the community. For unencumbered access rights to Coriorcco,
Oro X will provide:
- Three CAD $60,000 payments to the community (S/. 500,000
total) over 6 years
- Prioritize local labour during exploration and development
- Technical scholarships for community members
- Funding for community guinea pig farms
- Construct watering troughs for livestock
- Promote local vicuña fiber production
- Distribute school supplies and kits to community students
With this Agreement, Oro X has contracted 3D Induced
Polarization (3D IP) survey providers to start field work in
February 2021. The geophysical
surveys and concurrent surface mapping and sampling programme will
define targets for a maiden Coriorcco drill campaign.
Oro X's Coriorcco project hosts 17 epithermal quartz,
quartz-carbonate, and quartz-carbonate-adularia veins, which may
represent the upper reaches of a similar low- sulphidation
epithermal system. Previous work on the project focused on channel
sampling and trial mining from 2010 to 2011. Four hundred meters of
tunnels following two veins were driven into the silica cap of the
Coriorcco Dome. Over 5,720 tonnes of ore averaging 7.5 g/t Au were
exploited and sent to a third-party mill for processing.
The Coriorcco concessions lies within an established
metallogenic belt in the San Juan de Lucanas Mining District. The
belt hosts multiple producing mines including Hochschild's
Inmaculada and Pallancata low-sulphidation epithermal gold-silver
operations which have collectively produced 100 Moz Ag & 1.1
Moz Au. Results from
neighbouring properties are not necessarily indicative of the
geology of Coriorcco.
About Oro X Mining
Oro X Mining is a Canadian exploration company currently
targeting high grade gold exploration in Peru. The Company's flagship asset is the
Coriorcco Gold Project in Ayacucho, Peru. Founders and management have a
successful track record of increasing shareholder value. For more
information visit our website at www.oroxmining.com.
Qualified Person
Mr. John E. Bolaños, who is a qualified person under NI
43-101, has reviewed and approved the technical content of this
news release and will continue consulting the Company for future
press releases. Mr. Bolaños is a M.Sc. Mining Geologist from
Camborne School of Mines (U.K.) and a Professional Geologist Eng.
from The Central University of Ecuador (honours degree). He is a registered
member (ID 4172671) of the Society for Mining, Metallurgy &
Exploration (SME) of the United
States; Director of the Ecuadorian College of Engineers in
Geology, Mines, Oil and Environment; and a member of the Mining
Chamber of Ecuador. He has 27
years of experience in the exploration and mining industry
throughout the Americas.
ON BEHALF OF THE BOARD
Luis Zapata
CEO & Director
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Statement Regarding "Forward-Looking"
Information
Some of the statements contained in this news release are
forward-looking statements and information within the meaning of
applicable securities laws. Forward-looking statements and
information can be identified by the use of words such as
"expects", "intends", "is expected", "potential", "suggests" or
variations of such words or phrases, or statements that certain
actions, events or results "may", "could", "should", "would",
"might" or "will" be taken, occur or be achieved. Forward-looking
statements in this news release include statements in respect of
the Company's exploration plans for the Property. Forward-looking
statements and information are not historical facts and are subject
to a number of risks and uncertainties beyond the Company's
control. Actual results and developments are likely to differ, and
may differ materially, from those expressed or implied by the
forward-looking statements contained in this news release.
Accordingly, readers should not place undue reliance on
forward-looking statements. the Company undertakes no obligation to
update publicly or otherwise revise any forward-looking statements,
except as may be required by law.
SOURCE Oro X Mining Corp.