Oro X Signs Surface Rights Agreement With Coriorcco Community
- 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.
Oro X Mining Corp., Luis Zapata, CEO, 604 358 1382, [email protected]
Share this article