cvac01 Posted March 25, 2008 Report Share Posted March 25, 2008 Hi All, I am new to the forum and want to bring to your attention brand new company just listed on the TSXV March 18th that has huge upside IMO. They have 2 great properties in mining friendly mexico, the BOD and management is stacked, good share support and share structure. I'll keep the board as informed as possible from here on out. Good luck with your investments. Cheers, cvac01 -------------------------------------------------------------------------------------------------------------------------- Oroco Resource Corp (OCO.V) www.orocoresourcecorp.com began trading March 18th, 2008 and is a company focused on exploration and development of the Cerro Prieto Mine, a past producing historic mine in Sonora, Mexico. In addition their Xochipala Project in the Guerrero Gold Belt, which is currently being agressively explored by Canadian and Mexican Majors, (Teck, Goldcorp, Grupo Mexico) covers sufficient ground to potentially generate reserves greater then 1 million ounces gold. Share Capital Structure (as of March 18, 2008): Authorized Share Capital (Common Shares): 100,000,000 Common Shares Issued and Outstanding: 27,593,521 Common Share Purchase Warrants @ $0.90 until Sept 12, 2009: 4,101,760 Common Share Purchase Warrants @ $0.55 until Sept 12, 2009: 800,000 Incentive Stock Options@ $0.55 2,650,000 Common Shares Fully Diluted: 35,145,281 ----------------------------------------------------------------------- Lets try and put a valuation on OCO.v using some standard calculations. What we know: - The mineralized zone is between 6 and 30m thick (avg 18m) - Morgain Minerals reported 4.4 g/t gold eq - The mineralized structure is at least 350m deep - We control 6.5k of it (strike length). - Specific Gravity (density of the rock) 2.5 6500m length x 18m width x 350m depth x 2.5sg = 102,375,000 tonnes x 4.4 = 450,450,000 grams / 31 = 14,530,645 ozs gold eq. Don't forget there are NO moly figured into the above numbers and theres NO reason to suspect that mineralization stops at the 350m depth. It COULD go down to 500m, 700m or even 1000m. There is only one way to find out and that is to drill it deeper, which should get going within 4-6 weeks. Link to comment Share on other sites More sharing options...
cvac01 Posted March 25, 2008 Author Report Share Posted March 25, 2008 I realize that some probably think the numbers posted are a bit optimistic, and I agree sure the numbers are optimistic. However, that is the potential OCO has and if we prove things up to depth and along strike, the grade is there and the 43-101 compliant resource will be much much better then the historical non-compliant report on the property we have now. The histrocial report done by Morgain Minerals in 1998 is on Oroco's website and sedar. No they are not 43-101 compliant YET, but that is why the drill (s) will start turning shortly. I have heard as early as 4-6weeks. Even if we prove up no extra tonnage (highly unlikely with it open to depth and north and south) OCO has an historical resource of 8.5 mil tons grading 4.4g/t. THIS DOES NOT INCLUDE MOLY EITHER The geologic structure that hosts the Cerro Prieto mine is easily traceable over a 10k length. Oroco controls 100% of 6.5 km. So, we have 100% ownership, $2.7 mil in the bank and a very tight share structure with 35million F/D which will bring in another 5.6million IF/WHEN warrants are exercised. Technically we can work our 100% owned property (ie no payments) for 2 years without going back to the market. That is not something many companies can say right now, and good luck trying to raise cash IMO. We also have a team in place that can get the job done, from exploration to development to building and running a mine. OCO is a steal under .60 IMO and will be much higher in the near term. They have a good corporate presentation on their website have a look I am not making this stuff up. Cheers, cvac01 Link to comment Share on other sites More sharing options...
cvac01 Posted March 26, 2008 Author Report Share Posted March 26, 2008 Hi all, I have been getting a few questions in my inbox about the 6.5km strike length. So, is the 6.5km strike length that OCO owns 100% of, too optimistic to use in calculations? Maybe, but here are some quotes from the companies corporate presentation on their website www.orocoresourcecorp.com "Mineralization contained in steeply dipping veins within a regional shear zone approx. 25 metres wide, traceable north and south of mine for a total strike length of approx. 10 km " "Mineralization is open on strike to north and south and at depth with approx. 6.5 km of strike length potential contained on concessions." So, yes there is lots of proving up with the drill on the strike length, but the depth we will know a little bit more about in a month or so when we start drilling. Right now I am using 350m depth, but I have been told it could very easily go MUCH Deeper. How deep and what are the grades down there are the questions? 500M 750M 1000M? Tonnage starts to add up quick when you start proving up depth. I am told drilling some deep holes to test depth will be a part of their first phase exploration that should start in 4-6 weeks. Lets look at numbers that are not as bluesky, feel free to play with the numbers and post as well. Regardless of how you look at it, we get some really nice values that are at least 2 times greater in terms of tonnage (19m vs 7M tonnes), and the rock values ($) used by Morgain Minerals in 1998 are almost laughable in todays environment. It should be noted that they do not include Moly in the historical report. Perhaps because it was not worth the $30/lb it is today? Or because the presence of molybdenum in this system is unusual, though not unheard of? It is definetly not something to ignore at over $30/lb, but for now and for dicussion sake I will keep it simple and leave it out for easier comparison purposes to Morgain Minerals 1998 report. Rock Values: Rock Values Used by Morgain Minerals: $290/oz Gold, $5.00/oz Silver , $0.50/lb Zinc and $0.25/lb Lead Todays Rock Values: $940/oz Gold, $17.80/oz Silver, $1.06/lb Zinc, $1.25/lb Lead So the Rock $ Values are way off, and I think we can increase the tonnage a bit to, based on my readings. Tonnage: Morgain Minerals 1998 Report: 7,061,129 tonnes at 4.4 g/t Au Eq. Possible: 1200m x 18.3m x 350m x 2.5 sg x 4.4g/t divided by 31.1g/oz = 2.71 million oz so 19.2million tonnes vs. 7.06 million tonnes or Using: http://www.kitco.com/pop_windows/kitcorockcalc.html 1200m x 18.3m x 350m x 2.5 sg x $133 Rock (at 4.4g/t)= $2.55 Billion Taking things a bit further and to place an "optimistic" but not out of the question share value on Oroco. We can take 10% in situ (metal in the ground) and get: $2,555,595,000 x 10% = $255,559,500 divided by 35M F/D = $7.30 It should also be noted that major mining companies will usually pay up to 25% of in situ metal value, so the take-out value would be $7.30 x 2.5 = $18.25 So, IF we can prove this tonnage up and IF we can show some continuity of the cubic meters and grades used above, which will take a bit of drilling and time. We should have a nice stock on our hands IMO. Cheers, cvac01 Link to comment Share on other sites More sharing options...
cvac01 Posted March 27, 2008 Author Report Share Posted March 27, 2008 Hi all, Been doing a lot of digging on OCO.v the last couple days and found out some more good info on Oroco today. Apparently at PDAC, they were showing off a rock that assayed 1kg silver and 30% lead per tonne . Must have been funny watching people try to pick it up, I also came across a newsletter that features OCO.v and to the best of my knowledge this newsletter hasn't been sent out yet and was just recently posted to their website. I would imagine they have a subscriber base and it will be sent to them at some point?? www.northernventuregroup.com Follow the link and click on "current newsletter". Cheers, cvac01 Hi all, I have been getting a few questions in my inbox about the 6.5km strike length. So, is the 6.5km strike length that OCO owns 100% of, too optimistic to use in calculations? Maybe, but here are some quotes from the companies corporate presentation on their website www.orocoresourcecorp.com "Mineralization contained in steeply dipping veins within a regional shear zone approx. 25 metres wide, traceable north and south of mine for a total strike length of approx. 10 km " "Mineralization is open on strike to north and south and at depth with approx. 6.5 km of strike length potential contained on concessions." So, yes there is lots of proving up with the drill on the strike length, but the depth we will know a little bit more about in a month or so when we start drilling. Right now I am using 350m depth, but I have been told it could very easily go MUCH Deeper. How deep and what are the grades down there are the questions? 500M 750M 1000M? Tonnage starts to add up quick when you start proving up depth. I am told drilling some deep holes to test depth will be a part of their first phase exploration that should start in 4-6 weeks. Lets look at numbers that are not as bluesky, feel free to play with the numbers and post as well. Regardless of how you look at it, we get some really nice values that are at least 2 times greater in terms of tonnage (19m vs 7M tonnes), and the rock values ($) used by Morgain Minerals in 1998 are almost laughable in todays environment. It should be noted that they do not include Moly in the historical report. Perhaps because it was not worth the $30/lb it is today? Or because the presence of molybdenum in this system is unusual, though not unheard of? It is definetly not something to ignore at over $30/lb, but for now and for dicussion sake I will keep it simple and leave it out for easier comparison purposes to Morgain Minerals 1998 report. Rock Values: Rock Values Used by Morgain Minerals: $290/oz Gold, $5.00/oz Silver , $0.50/lb Zinc and $0.25/lb Lead Todays Rock Values: $940/oz Gold, $17.80/oz Silver, $1.06/lb Zinc, $1.25/lb Lead So the Rock $ Values are way off, and I think we can increase the tonnage a bit to, based on my readings. Tonnage: Morgain Minerals 1998 Report: 7,061,129 tonnes at 4.4 g/t Au Eq. Possible: 1200m x 18.3m x 350m x 2.5 sg x 4.4g/t divided by 31.1g/oz = 2.71 million oz so 19.2million tonnes vs. 7.06 million tonnes or Using: http://www.kitco.com/pop_windows/kitcorockcalc.html 1200m x 18.3m x 350m x 2.5 sg x $133 Rock (at 4.4g/t)= $2.55 Billion Taking things a bit further and to place an "optimistic" but not out of the question share value on Oroco. We can take 10% in situ (metal in the ground) and get: $2,555,595,000 x 10% = $255,559,500 divided by 35M F/D = $7.30 It should also be noted that major mining companies will usually pay up to 25% of in situ metal value, so the take-out value would be $7.30 x 2.5 = $18.25 So, IF we can prove this tonnage up and IF we can show some continuity of the cubic meters and grades used above, which will take a bit of drilling and time. We should have a nice stock on our hands IMO. Cheers, cvac01 Link to comment Share on other sites More sharing options...
cvac01 Posted March 27, 2008 Author Report Share Posted March 27, 2008 Hi All, As mentioned, I have done a lot of homework on this one and it is going to be a real big winner IMO, but do your own DD. I haven't seen a stock like this in a long time, especially an IPO. The IPO closed prior to the start of trading on March 18th and they are now working on getting a drill and crew for the Cerro Prieto Property. If all goes well they should have drills turning in 4-6 weeks. OCO has also made their last payment on the properties and own everything 100%. (no payments in these markets is HUGE) So, with 35 mil fully diluted and $2.7 mil in the treasury and first phase work costing about a miliion, we could work this property for about 2 years without going back to the market for cash. Start proving up some results and we have those warrants to exercise at .90 from the IPO and we got a lot more cash (over $5million) to work with and still only 35 million FD shares. The Public float and OCO appears to be about 9 mil. The 8 mil from the IPO is free trading along with only 20% of the private financings. So thats not a lot of shares, and I bet most won't want to sell. So, the reason for the lack of volume is because early private financings and those that took down the IPO don't have their share certificates in their accounts yet. I expect volume to increase gradually as people get their certificates. The few that wanted to sell and had their share certificates (electronic option) the first few days were cleaned out above the IPO price of .55 and they'll be lucky to get them back under the IPO price if that was their plan. Depending on how things trade next week I think we'll stay in the .60 to .65 range and then move up to .75-.85 and base there for a bit. Cheers, cvac01 Link to comment Share on other sites More sharing options...
cvac01 Posted March 28, 2008 Author Report Share Posted March 28, 2008 EXPLORATION, DISCOVERY, AND DEVELOPMENT OF MINERAL WEALTH IN MINING FRIENDLY MEXICO Introduction Oroco Resource Corp. (TSX-v: OCO) is a new listing which started trading Tuesday March 18th 2008. Unlike many new companies which only have a single property Oroco will have several high quality properties with known mineralization, including a significant historical resource, and considerable bluesky potential. In Mexico work can be done year round and the steady news flow so important for a junior exploration/development company will be forthcoming on a regular basis. Oroco Resources has pulled off an exceptionally rare feat for a junior company in that they have managed to pick up exceptional projects at basement bargain prices in an extremely mining friendly country. With Oroco's recently completed $0.55 IPO the company is cashed up ($2,700,000.00 in the treasury) and fully diluted will have 35,145,281 shares outstanding (an additional $5.6 million will be realized upon full dilution). Management and strong institutional investors hold a large part of these shares with management’s shares locked up for a considerable length of time. Oroco has strong brokerage support. The public float will be fairly small at around 9,000,000 shares but will be large enough to provide liquidity to get the stock trading nicely. Oroco's initial main focus will be the delineation and development of economic mineralization at the historic Cerro Prieto Mine. The goal is to prove up a mine that will have a long life and will be an economically robust project. Between its three 100% owned concessions Oroco now controls almost 6.5 kilometers of strike length potential of the geologic structures that hosts the Cerro Prieto Mine, with considerable area yet to be explored utilizing modern exploration practices. The project comes with an historic resource calculated by Morgain Minerals in 1998 of +8 million tons of polymetallic mineralization with an average grade of 4.4 g/ton gold equivalent. The resource was developed prior to NI 43-101, but is based on a recently conducted 23 hole reverse circulation (RC) drill program. This program was confined to the area of historic mining activities at the Cerro Prieto mine on just 800 meters of strike length of the geologic structure. Confirmation drilling in Oroco’s phase one exploration program will test within the area of the historic mine as well at depth where mineralization is open and a phase two drill program will test north and south along strike. Oroco's secondary focus is the 193 hectare Xochipala concessions and the newly acquired 100 hectare Salvador concession in Guerrero State Mexico. The Xochipala Property is located within the former Morelos National Mining Reserve, which is part of a wider area that has come to be known as the Guerrero Gold Belt (the "GGB") and includes the most promising and growing gold reserves in Mexico. As you can see Oroco is not a one trick pony. Not only does it have an advanced project, the Cerro Prieto Mine, with historical resources and an upside potential to expand this resource through comprehensive modern exploration programs, the company also has blue sky exploration projects which give leverage to possibly new exciting discoveries in the best gold producing area of Mexico where there are existing mines owned by majors and lots of activity on the exploration side. If it’s true the best place to find a mine is beside an existing mine then this is definitely the right neighborhood. Management Oroco has a strong management team. The company is very capably led by President and director Stephen Leahy, a no nonsense businessman who has been involved in the mining industry for many years, most recently as founder, then as Chairman and Chief Executive Officer of North American Tungstun. Oroco has knowledgeable, talented, experienced directors on its board who have been involved with all aspects of the mining business for decades and are very well respected in the business. Robert Friesen has more than 40 years of experience in mining and mineral exploration including seventeen years with the Noranda Group, mainly as Chief Geologist of the Geco Mine in Ontario and the Samatosum Mine in B.C. He also has five years of experience with Teck Exploration Ltd., a subsidiary of Teck Cominco Ltd., mainly as a Senior Geologist. Ken Thorsen, BSc Geological Engineering, P Eng. has in excess of 40 years experience in mining and mining exploration. Prior to retirement from a 21 year career with Teck Cominco Ltd., Mr. Thorsen held several senior positions including a two year term as President of Teck Exploration Ltd. In this position he was responsible for administration of 17 exploration offices and all field operations of the exploration department of Teck Corporation. CERRO PRIETO PROJECT SUMMARY The Cerro Prieto Project is located about 50 miles southeast of the town of Magdalena, Sonora, Mexico in a prolific region for mineral exploration, development and extraction. Magdalena lies on paved Mexican Highway No. 15 some 60 miles south of the town of Nogales, which is located on the Arizona-Mexico border. The project is contained within three concessions. The San Francisco concession of 10 hectares hosts the workings of the Cerro Prieto Mine. Surrounding this is the San Felix concession of 205 hectares. To the north is the 2,508 hectare Cerro Prieto North Concession which is separated from the San Felix Concession by approximately 1.7 kilometers. Oroco Resource Corp. has acquired the rights to the San Felix and San Francisco concessions through an option agreement with the Panamanian company Minera Polimetalicos Mexicanos. Oroco has paid $2.5 million, satisfied all its obligations, and now owns a 100% interest in the two concessions, subject to a 2% net smelter return (NSR). The Cerro Prieto North concession was acquired by staking and is 100% owned by Oroco. Without the burden of future property payments Oroco will be able to concentrate its resources on exploration and development and shareholders will not be faced with uncertain levels of dilution because of the need to raise funds to meet these payments. The Cerro Prieto mine operated from 1906 to 1912, at a rate of 500 - 750 tons per day, reportedly with grades of 15 g/t gold and 50-60 g/t silver. The mine closed in 1912 at the time of the Mexican revolution. “Mineralization (Pb-Zn-Au-Ag-Mo) at the Cerro Prieto Mine is contained in veins within an approximately 25 m thick major shear zone which cuts all units from Jurassic to Lower Tertiary in age. Within this shear zone are contained hanging wall and footwall veins, both of which are one to three m thick and dip steeply, as well as a series of secondary veins, stringers zones and silicification, ranging up to 40 cm thick, which together with the major veins produce a continuous mineralized zone of 6 m to in excess of 30 m thick. This principal structure is a regional structure that can be traced for approximately 10 km north and south of the mine with approximately 6.5 km of strike length potential contained on Oroco’s concessions. At the mine site the structure strikes 350° and dips vertical to 80°. Known mineralization extends from surface to below the lowest level of the historic workings approximately 335m below, and is open at depth, to the north and to the south. The Project is interpreted to be a strong mesothermal mineralizing system no older than Tertiary in age. A younger epithermal mineralizing system, containing higher grades of gold, may have been injected into the same structure at a later date which would account for the depth of gold mineralization, from surface down to 1050 Level, a minimum of 300 metres elevation difference.” (from Oroco’s corporate literature) Oroco has completed surface mapping of the structure in the vicinity of the mine as well as on the company’s property to the north. The geologic structure on Cerro Prieto North has been confirmed as mineralized and contains an historical mine working. A preliminary reserve estimate based on the assay results of 23 RC drill holes and underground crosscuts was carried out by Morgain Minerals. In its 1998 Annual Report Morgain Minerals reported a “bulk underground resource” of 7.06 million tons with an average grade of 4.4 g/ton equivalent and an “open pit resource” 1.39 million tons grading 2.47 g/ton gold. Morgain’s drilling was confined to the area of historical workings and did not test to depth, or along strike to the north and south of the historical workings where mineralization is open. The gold, silver, lead and zinc values were converted to grams of gold/ton equivalent for investors who wished to have a quick comparison. Note molybdenum is not factored into the calculations and also note historical prices were used which do not compare well to today’s prices. The exploration program for Oroco Resource Corp. is preliminary in nature and the Company does not have sufficient data to outline a reserve or resource as indicated under National Instrument 43-101. However, based on the historical data there is good potential to considerably expand upon the world class economic resource of Au-Ag-Pb-Zn-Mo that already exists at the Cerro Prieto Mine Project, both within the current mine workings, along strike to the north and south, and at depth below the current mine workings. XOCHIPALA PROPERTY SUMMARY “The "Celia Generosa" and "Celia Gene" claims optioned by Oroco, through its Mexican subsidary Minera de Xochipala S.A. de C.V., cover the central 193 hectares of the Xochipala intrusive and associated hydrothermal systems. The claims are located within the southeast extreme of the former Morelos National Reserve, a 49,400 hectare reserve which includes the most promising and growing gold reserves in Mexico. This region encompasses a northwest trend of intrusions with associated gold bearing iron skarn deposits and is part of a wider area which has come to be known as the Guerrero Gold Belt (the “GGB”). The GGB is currently the focus of aggressive exploration, delineation, development, and mining by Canadian and Mexican majors. Teck Cominco, Goldcorp and Grupo Mexico are exploring and delineating gold reserves in the GGB and to date have discovered in excess of 12 million ounces of gold. Regionally, several multi million ounce gold deposits related to skarns along the peripheries of felsic to intermediate intrusions have recently been identified. These include the El Limon deposit as well as the Nukay and Todos Santos deposits, and approximately two kilometres from the Xochipala Project boundary, Goldcorp’s Los Filos-El Bermejal mine, is forecast to produce 280,000 ounces of gold in 2008. Various surface manifestations at Xochipala (Loma del Tigre, Huacapita III, Mina Vieja-Xocoite targets) exhibit potential to generate >1,000,000 ounces of gold from high-grade mineralization in chimney and manto type ore bodies amenable to underground mining methods; and a surface manifestation at Loma del Tigre of mineralized endoskarn exhibits potential to generate a bulk tonnage type deposit. Additionally, a deep ravine in the northern extreme of the Xochipala properties allows for the development of crosscuts approximately 500 meters in length which would potentially permit relatively low cost access and mining methods to mine the upper 300 meters of persistence in depth of any high-grade ore bodies located in the Xochipala plateau. The former Morelos National Reserve area is presently the most important gold producing region within Mexico. Additionally, the region is relatively well accessed. In summary, the ground held by Oroco at Xochipala (193 hectares) is sufficient to potentially generate reserves of greater than 1 million ounces gold, in ore bodies similar to the productive high-grade ore bodies that have been discovered in the past within the former Morelos National Reserve.” (from Oroco’s corporate literature) Oroco holds a 100% interest in the Celia Gene and Celia Generosa concessions with no NSR, required exploration expenditures, or future payments of any kind. The newly acquired Salvador concession is a 100% owned, 100 hectare concession approximately 30 km west of the regional centre of Chilpancingo, Guerrero. The property is the site of historical high grade gold production and is contiguous to Goldcorp’s Cacho de Oro property. Country Risk One of the most serious and unpredictable risks facing mining operations and investor interests is "country risk" - where the political and economic stability of the host country is questionable and abrupt changes in the business environment could adversely affect profits or the value of the company’s assets. Several countries might come to mind as places where shareholders could, without warning, receive news that their operations have been taken over by the government and/or its friends, or that permits are suddenly suffering delays or have been cancelled outright. But Mexico is a mining friendly nation with stable political and financial systems. Mexico has an exceptionally long mining history, excellent infrastructure and sensible, rational environmental policies. Mining rights are protected in the Mexican constitution and Mexico is a signatory to NAFTA which provides significant protection to Canadian mining companies working in Mexico. Mexico also has one of the fastest permitting processes and a very friendly mining tax regime. The favorable conditions for Canadian miners in Mexico, both the legal and cultural factors, as well as the low costs, are reflected in the market in the form of significant market capitalization for those with recognized assets. Markets The purchase of gold/silver will increasingly be seen as the best way to protect purchasing power, never mind the allure of a safe haven asset in times of turmoil. Golds supply, which presently is not keeping up with demand, will decrease, further pressuring the price upwards. Base metals price appreciation over the last few years has been built upon the massive scale and solid foundation of Brazilian, Russian, Indian and Chinese (BRIC) modernization. This modernization and the resulting race to develop infrastructure, has commanded massive base metal utilization which shows no signs of abating. London Metals Exchange (LME) stockpiles are being measured in days instead of weeks or months. Scarity of the base metals needed for this massive modernization is a fast approaching reality. The price appreciation seen in base metals for the past few years is a return to more normal pricing after years of depressed prices. Oroco Resources Corporation, with its high potential properties, is well positioned to take part in the continuing precious and base metals bull market. Conclusion Oroco Resources Corp. (OCO.v) is an exciting young company with a strong balance sheet and underlying fundamentals. Oroco is offering investors an opportunity to take part in the possible development of a precious and base metal project in Mexico. The Cerro Prieto Mine is located in a mining-friendly country with very little political risk, (Mexico being tied for fourth overall behind Australia, Canada and the United States according to the Behre Dolbear 2007 Ranking of Countries for Mining Investment). Oroco’s Cerro Prieto mine is close to all forms of necessary infrastructure and the resource to date has been defined at a shallow depth. This historical defined resource relates to less than a 15 percent section of the target area with considerable area yet to be explored utilizing modern exploration practices. As well investors have the opportunity to participate in the start of a grassroots campaign actively exploring for gold on the Xochipala and the Salvador concessions in the Guerrero Gold Belt (the "GGB"), which includes the most promising and growing gold reserves in Mexico. Capital Structure Common Shares Issued and Outstanding 27,593,521 Common Share Purchase Warrants @ $0.90 until September 12th 2009 4,101,760 Common Share Purchase Warrants @ .55 until September 12th 2009 800,000 Incentive Stock options @ .55 2,650,000 Common shares Fully Diluted 35,145,281 Contact: Investor Relations Rav Deol Tel: 604-688-6200 ext 221 Fax: 604-688-6260 rdeol@orocoresourcecorp.com www.orocoresourcecorp.com Disclaimer The above article is in no way a solicitation to buy shares of Oroco Resource Corporation (OCO.v). The author is not a licensed investment advisor and cannot know your individual circumstances or risk tolerance. You must do your own due diligence and you and you alone are responsible for your decisions. The author owns shares in Oroco Resource Corp and is biased. If you wish to receive regular updates about Oroco Resource Corp. and learn of other exciting juniors in the resource sector please contact Northern Venture Group. Rick Mills President Northern Venture Group rick@northerventuregroup.com www.northernventuregroup.com THE END Link to comment Share on other sites More sharing options...
cvac01 Posted March 31, 2008 Author Report Share Posted March 31, 2008 The Public float and OCO appears to be about 9 mil. The 8 mil from the IPO is free trading along with only 20% of the private financings. So thats not a lot of shares, and I bet most won't want to sell. So, the reason for the lack of volume is because early private financings and those that took down the IPO don't have their share certificates in their accounts yet. I expect volume to increase gradually as people get their certificates. Hi all, Is anyone taking a look at this. I keep talking to myself and its getting boring. Comments or concerns welcomed. Cheers, cvac01 To further comment on and add to the public float information: I think we are near the bottom on the share price and that is solely on the valuation of the Cerro Prieto. So, you might be able to get OCO.v a LITTLE bit cheaper, but IMO I wouldn't wait too long. There is about 5.6 million shares from earlier financings that come free trading 20% each month since the IPO date, until they are all free trading July 18th. So thats 1.1 million that are free trading right now and the market has sucked up almost 600k already, plus there is 180k on the BID as of today all higher then the IPO price of .55 waiting to get filled. The only other shares to come out are the IPO shares at .55 that are 100% free trading and some broker shares. I understand there was a lag in getting the share certificates in accounts if they didn't use the electronic option, as per usual. IMO I don't think the brokers will be selling much if any of their commission shares, otherwise they would have just took the cash instead of the shares when the deal was put together. As for the IPO shares, I doubt many would sell their IPO for a few pennies to ride a .90 warrant for a year. Clearly, the downside has been factored in and there is only one direction IMO and that is up. OCO didn't just start working on their property on the IPO date either. They have been working hard and want to tell the market about what they have been doing with a bunch of news releases (2-3 NRs) over the next month. Shelby maybe your metallurgy concerns will be answered? We'll see. Lets not forget about that newsletter I posted the other day. I signed up for that newsletter the day Oroco started trading and I haven't received it via e-mail yet, and was happy to find it on their website. So that still has to go out to however many 1,000's of investors, unless I was the only one . So, unless you expect big selling from the .55 IPO I don't think you will be getting your shares much cheaper. As always do your own DD, I have done mine! Cheers, cvac01 Link to comment Share on other sites More sharing options...
cvac01 Posted April 9, 2008 Author Report Share Posted April 9, 2008 Hi All, IMO Oroco will be mining Cerro Prieto within 3 years at a rate of 1500 to 1800tpd. And will have quite a bit less than 60 mil shares outstanding. If so OCO's shares represent very good value anywhere under a buck. And thats not including whats on their southern properties. These are going to open a lot of eyes. I like the northern properties but that southern property, the Xochipala is awesome. "The GGB is currently the focus of aggressive exploration, delineation, development, and mining by Canadian and Mexican majors. Teck Cominco, Goldcorp and Grupo Mexico are exploring and delineating gold reserves in the GGB and to date have discovered in excess of 12 million ounces of gold. Regionally, several multi million ounce gold deposits related to skarns along the peripheries of felsic to intermediate intrusions have recently been identified. These include the El Limon deposit as well as the Nukay and Todos Santos deposits, and approximately two kilometres from the Xochipala Project boundary, Goldcorp’s Los Filos-El Bermejal mine, is forecast to produce 280,000 ounces of gold in 2008." Oroco is one of the best out of the gate companies i've seen in a very long while. Cheers, cvac01 Link to comment Share on other sites More sharing options...
cvac01 Posted April 10, 2008 Author Report Share Posted April 10, 2008 OF A 100% INTEREST IN THE CERRO PRIETO MINE VANCOUVER, BRITISH COLUMBIA – April 9, 2008 - Oroco Resource Corp. (TSX-V: OCO) is pleased to announce that it has completed the acquisition of the San Francisco and San Felix concessions, containing the past producing Cerro Prieto Mine, located in the state of Sonora, Mexico. Using funds from the company's CAN $4.4 million initial public offering Oroco has made the final payment of US $1.5 million to the Cerro Prieto property vendors, bringing the total price paid for the San Felix and San Francisco concessions to US $2.5 million. Minas de Oroco Resources S.A. de C.V., a wholly owned subsidiary of Oroco, now holds a 100% ownership interest in the San Felix and San Francisco mining concessions, subject to a 2% NSR payable to the property vendors. These concessions, together with Oroco's 100% owned Cerro Prieto North concession collectively comprise the 2,723 hectare Cerro Prieto Project. The project is focused on the historic Cerro Prieto Mine and the contained 6.5 km strike length of the geological structure that hosts the mine. THE CERRO PRIETO PROJECT The Cerro Prieto Project is located in the Cucurpe Mining District, northern Sonora, Mexico. Access from the regional centre of Magdalena de Kino (population 40,000) is by 40 kilometres of paved road and 12 kilometres of well maintained dirt road. Major electricity transmission lines are less than five kilometres from the project and water is available on site. The Cerro Prieto Mine operated from 1906 with production reportedly between 500 and 720 tpd of gold and silver ore grading three to 15 g/ton Au and 50 to 60 g/ton Ag. Mining operations ceased in 1912 at the time of the Mexican Revolution and were never resumed. In 1998, Morgain Minerals Inc. conducted a reverse circulation drill program of 23 holes collared from surface and contained within the area of historical workings over approximately 800 metres of strike length of the mineralized shear zone and to a depth of no greater than 335 metres. Mineralization (Pb-Zn-Au-Ag-Mo) at the Cerro Prieto Mine is contained in veins within an approximately 25 metre thick major shear zone which cuts all units from Jurassic to Lower Tertiary. Within this shear zone are contained hanging wall and footwall veins, both of which are one to three metres thick and dip steeply, as well as a series of secondary veins, stringer zones and silicification, ranging up to 40 centimetres thick, which together with the major veins produce a continuous mineralized zone from six metres to in excess of 30 metres thick. The principal structure is a regional structure that can be traced for approximately 10 kilometres north and south of the mine with approximately 6.5 kilometres of strike length contained on Oroco's concessions. At the mine site the structure strikes 350° and dips vertical to 80°. Known mineralization extends from surface to below the lowest level of the historic workings approximately 335 metres below, and is open at depth, to the north and to the south. EXPLORATION Exploration to date by Oroco has confirmed mineralization consistent with that reported by previous exploration programs. The average assays of the samples taken by Oroco across the vein on the 800 level haulage drift of the Cerro Prieto Mine are 3.45 g/T Au, 6.22 g/T Ag, 0.54% Pb, and 1.27% Zn over a sampled strike length of 408 metres. The highest assay values reported within the historic workings on all levels sampled in Oroco's exploration to date are 43.00 g/T Au, 1,050.0 g/T Ag, >30% Pb, 11.30 % Zn, and 0.605% Mo. Oroco's 2008 Phase I exploration program will include a 6,000 metre diamond drilling program in the area of the past producing Cerro Prieto Mine to confirm historic results and test below the historic workings. The program will also include surface mapping, sampling within the historic Cerro Prieto Mine workings and surrounding property, trenching across the vein systems at 200 metre intervals, ground geophysical surveys, and initial small scale (bench) metallurgical testing. A contingent Phase II program will include an additional 20,000 metres diamond drilling including detailed infill, extension surface drilling and underground drilling, and will also include rehabilitation and mapping of underground workings. Details of the Cerro Prieto Project may be found at: http://www.orocoresourcecorp.com/Cer...o-Project.html . Oroco is a Canadian mineral exploration company which holds a 100% interest in six mineral concessions in Mexico. The company's primary focus is the Cerro Prieto Mine, a historic polymetallic deposit in Sonora, Mexico and the nearby 2,508 hectare Cerro Prieto North concession. In addition Oroco holds three mining concessions in Guerrero, Mexico totaling 293 hectares. Director, Ken Thorsen, BSc Geological Engineering, P Eng, is the company's Qualified Person for the Cerro Prieto Project. Mr. Thorsen is responsible for the current exploration and development program and has reviewed the content of this release. Stephen Leahy President For further information, please contact: Oroco Resource Corp. Tel: 604-688-6200 or visit www.orocoresourcecorp.com Forward Looking Statements: This news release contains certain forward looking information concerning the business of the Company. These forward looking statements are based on the opinions of management at the date the statements are made and are based on assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events to differ materially from those projected in forward looking statements. These risks are further described in the Company's prospectus dated February 12, 2008, which is available at www.sedar.com. The Company is under no obligation to update forward looking statements if circumstances or management's opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward looking statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. Link to comment Share on other sites More sharing options...
cvac01 Posted April 13, 2008 Author Report Share Posted April 13, 2008 http://www.resourceinvestor.com/pebble.asp?relid=41909 Oroco on the Trail of Sonoran Gold & Silver By Andrew K. Burger 13 Apr 2008 at 03:00 PM EILAT, Israel (ResourceInvestor.com) -- Having raised C$4.4 million in a March 12 IPO Vancouver’s Oroco Resources [TSX:OCO] has moved quickly out of the gate by acquiring concessions for its Cerro Prieto Project, a gold, silver and polymetallic prospect in Sonora, Mexico. The company on April 9 announced that through its Mexican subsidiary Minas de Oroco Resources S.A. de C.V. it completed the acquisition of the San Francisco and San Felix properties and mining concessions by making a final US$1.5 payment. Combining the San Francisco and San Felix concessions with the previously acquired Cerro Prieto North concession gives Oroco mining rights to a 2,723 hectare plot that includes the historic Cerro Prieto Mine, which from 1906 to 1912 reportedly produced between 500-720 tonnes per day of gold and silver ore grading three to 15 grams/ton Au and 50-60 g/t Ag. Management is already bringing together the equipment and human resources to conduct an exploration program. “We are in a position, with sufficient capital, to aggressively push the Phase One exploration program, and are optimistic about the asset,” Stephen Leahy, Oroco’s president and CEO, stated. It has historic production, significant recent exploration conducted by a former property option holder that lead to a resource estimate, and considerable blue sky available though the potential at depth and on strike." Getting Set for Phase One Exploration Oroco spent a total US$2.5 million of the capital raised in its IPO, along with a 2% Net Smelter Royalty to the previous owners, to acquire the San Francisco and San Felix properties. It is moving forward as quickly as possible to commence its C$1.0235 million Phase One exploration program, which is expected to take five to seven months to complete. The program is to include 6,000 meters of diamond drilling, sampling within the Cerro Prieto Mine workings and surrounding property, 200-metre interval trenching along a 6.5 kilometer shear zone, ground geophysical surveys and initial, small-scale bench metallurgical testing, according to Oroco Resources' Adam Smith. “The company has already secured surface access rights, a drilling contractor, a local crew that includes two geologists and labour, as well as all ancillary requirements. Drilling is therefore expected to commence shortly and be completed on schedule,” Smith told Resource Investor. Based on historical and its own exploration work, all reporting a consistent level of mineralization, Oroco management has “a high degree of confidence in its development potential,” according to Smith. Historical data includes reports from several exploration programs conducted since 1969 that culminated in 1998 with a 23-hole reverse circulation drilling program. “Having it fully paid for - subject to a 2% NSR - gives us tremendous flexibility in the timing of expenditures and future fund raising,” Smith added. The funds to complete the acquisition were raised at a time and price of our choosing. Investors can therefore have confidence that the company will not have dilution forced on it due to the need to raise money at times and prices not in the best interests of the company because of the need to meet property payment deadlines.” Exploration to Date Morgain Minerals’ 1998 RC drilling program resulted in an estimated bulk underground resource of 7.061 million tons of ore at an average gold equivalent grade of 4.40 g/t and an open pit resource 1.391 million with an average gold equivalent grade of 2.47 g/t, bringing the total estimated resource to more than 1.1 million ounces gold equivalent. Conducted prior to the establishment of Canada’s NI 43-101 resource estimation and reporting requirements, Oroco is working to verify and provide a more detailed resource estimate in compliance with NI 43-101. According to Smith, “the average thickness of mineralization included in Morgain's resource estimate is 18 metres and 10 metres, respectively, suggesting low mining and processing costs in line with the $40 to $70 per tonne in similar Mexican underground mining operations.” Average assays of channel samples taken by Oroco over a sampled 408-metre strike length across the vein on the 800 level haulage drift of the Cerro Prieto Mine are 3.45 g/t Au, 6.22 g/t Ag, 0.54% Pb (lead), and 1.27% Zn (zinc). “Assays on the vein on the 900 and lower levels showed values well in excess of these including a channel sample across 2.70 metres of 0.197g/t Au, 701 g/t Ag, 4.98 Pb, and 4.79 Zn and 0.387 g/t Au, 401 g/t Ag, 4.34% Pb, 3.56% Zn, and 0.605% Mo (molybdenum),” Smith added. Oroco believes there is significant resource potential below historical exploration work and mining. “Morgain's drilling was confined within the area of historical workings, a strike length of 725 metres and a vertical extent of 400 metres, though the geological structure can be traced on surface for the property's 1.7 km length and is evident for significant additional strike length, up to an additional 5 km, on the Cerro Prieto North concession,” Smith explained. “Mineralization is open at depth and Oroco's best individual assay of its program, 1050 g/t Ag and >30% Pb was obtained at the lowest level of the historical workings. As a mesothermal system there is significant additional depth possible. Consequently, we feel that considerable exploration potential exists on the project.” Investment Potential In addition to the Cerro Prieto North, San Francisco and San Felix properties that comprise its Cerro Prieto Mine Project in Sonora, Oroco wholly owns three other unencumbered properties in the state of Guerrero- taken together called the Xochipala Project - including two within the original Morelos National Reserve less than three kilometers from the Goldcorp Los Filos-Bermajal gold mine. The properties are reported to contain similar mineralization as that which hosts Goldcorp mine. When it comes to investment potential, 8 million of Oroco’s 27.593 million shares outstanding are restricted by escrow and voluntary pooling agreements, and a high percentage is owned by of institutions, Smith noted. The company also has an experienced and proven management team with more than enough cash on hand to see the Cerro Prieto’s Phase One exploration program through to completion. “Current market conditions for junior miners are therefore not weighing on the company and we continue to have tremendous support from investors even those worried about any short term fluctuations,” Smith commented. “The company has tremendous flexibility in future fund raising. Existing warrants at C$0.90 are sufficient to raise in excess of C$3.6 million when exercised and with a modest number of shares outstanding an additional equity offering can be achieved while still maintaining a highly attractive capital structure,” he concluded. Link to comment Share on other sites More sharing options...
cvac01 Posted April 15, 2008 Author Report Share Posted April 15, 2008 *Infrastructure – Power, water, trained eager workforce, a fairly large city close by for supplies, storage buildings, easy road access to project, a mining friendly government, no green issues, friendly tax regime and fast permitting. *Significant underground development and access already in place. Drilling from underground will save a lot of money. 360 degree fan drilling will give you more comprehensive data and be much cheaper than drilling from surface. *Mineralization starts right at surface extends to depth vertically and is an excellent mineable width. *All property payments have been made and Oroco owns 100% of all three of its projects/properties, with $2.5 million in the treasury. No dilution to raise money solely for a property payment. *World Class management that can run exploration and development campaigns. With an IPO at .55/1/2 warrant at .90 they can also obviously raise money. *Historical polymetallic resource of 8.5 million tons. Oroco controls 100% of 6.5 kilometers of the 10 kilometer geologic feature that hosts the former Cerro Prieto mine. *Incredible bluesky potential to increase the size of the historical resource as the mineralization at the mine is open to the north, the south and to depth with less than 15% of the property tested with modern exploration methods. *No value is being assigned into the share price for Oroco's 2gold properties. *Company founders and insiders are in an escrow agreement for share release over the next three years. *Country risk - Mexico is a mining friendly nation with stable political and financial systems. Mexico has an exceptionally long mining history, excellent infrastructure and sensible, rational environmental policies. Mining rights are protected in the Mexican constitution and Mexico is a signatory to NAFTA which provides significant protection to Canadian mining companies working in Mexico. *Currency risk is mitigated by the fact Mexico has adopted a fixed exchange rate regime through which the Mexican Peso is linked to the US Dollar Link to comment Share on other sites More sharing options...
cvac01 Posted April 18, 2008 Author Report Share Posted April 18, 2008 From Wikipedia, the free encyclopedia Underground hard rock mining refers to various underground mining techniques used to excavate hard minerals such as those containing metals like gold, copper, zinc, nickel and lead or gems such as diamonds. In contrast soft rock mining refers to excavation of softer minerals such as coal, or oil sands. Underground Access Accessing underground ore can be achieved via a decline (ramp), vertical shaft or adit. Declines can be a spiral tunnel which circles either the flank of the deposit or circles around the deposit. The decline begins with a box cut, which is the portal to the surface. Depending on the amount of overburden and quality of bedrock, a galvanized steel culvert may be required for safety purposes. They may also be started into the wall of an open cut mine. Shafts are vertical excavations sunk adjacent to an ore body. Shafts are sunk for ore bodies where haulage to surface via truck is not economical. Shaft haulage is more economical than truck haulage at depth, and a mine may have both a decline and a ramp. Adits are horizontal excavations into the side of a hill or mountain. They are used for horizontal or near-horizontal ore bodies where there is no need for a ramp or shaft. Declines are often started from the side of the high wall of an open cut mine when the ore body is of a payable grade sufficient to support an underground mining operation but the strip ratio has become too great to support open cast extraction methods. Ore Access Levels are excavated horizontally off the decline or shaft to access the ore body. Stopes are then excavated perpendicular (or near perpendicular) to the level into the ore. Development Mining vs. Production Mining There are two principle phases of underground mining: development mining and production mining. Development mining is composed of excavation almost entirely in (non-valuable) waste rock in order to gain access to the orebody. There are five steps in development mining: remove previously blasted material (muck out round), drill rock face, load explosives, blast explosives, and support excavation. Production mining is further broken down into two methods, long hole and short hole. Short hole mining is similar to development mining, except that it occurs in ore. There are several different methods of long hole mining. Typically long hole mining requires two excavations within the ore at different elevations below surface, (15m-30m apart). Holes are drilled between the two excavations and loaded with explosives. The holes are blasted and the ore is removed from the bottom excavation. Ventilation One of the most important aspects of underground hard rock mining is ventilation. Ventilation is required to clear toxic fumes from blasting and removing exhaust fumes from diesel equipment. In deep hot mines ventilation is also required for cooling the workplace for miners. Ventilation raises are excavated to provide ventilation for the workplaces, and can be modified to be used as escape routes in case of emergency.The main sources of heat in underground hard rock mines are virgin rock temperature, machinery, auto compression, and fissure water although other small factors contribute like people breathing, inefficiency of machinery, and blasting operations. Ground Support Some means of support is required in order to maintain the stability of the openings that are excavated. This support comes in two forms, local support and area support. Area Ground Support Area ground support is used to prevent major ground failure. Holes are drilled into the back (ceiling) and walls and a long metal bar (or rock bolt) is installed to hold the ground together. There are several different styles of area ground support. Point Anchor Bolts are a common style of area ground support. A point anchor bolt is a metal bar between 20mm-25mm in diameter, and between 1m-4m in length (the size is determined by the Mine's engineering department). There is an expansion shell at the end of the bolt which is inserted into the hole. As the bolt is tightened by the installation drill the expansion shell expands and the bolt tightens holding the rock together. Resin Grouted Rebar is used in areas which require more support than a point anchor bolt can give. The rebar used is of similar size as a point anchor bolt but does not have an expansion shell. Once the hole for the rebar is drilled, cartridges of epoxy resin are installed in the hole. The rebar bolt is installed after the resin and spun by the installation drill. This opens the resin cartridge and mixes it. Once the resin hardens the drill spinning tightens the rebar bolt holding the rock together. Local Ground Support Local ground support is used to prevent smaller rocks from falling from the backs and walls. Not all excavations require local ground support. Welded Wire Mesh is a metal screen with 10 cm x 10 cm (4 inch) openings. It is held to the backs using point anchor bolts or resin grouted rebar. Shotcrete is a spray on concrete which coats the backs and walls preventing smaller rocks from falling. Shotcrete thickness can be between 50 mm-100 mm. Latex Membranes can be sprayed on the backs and walls similar to shotcrete, but in smaller amounts. Stope and Retreat vs. Stope and Fill Stope and Retreat Using this method, mining is planned to extract rock from the stopes without filling the voids, this allows the wall rocks to cave in to the extracted stope after all the ore has been removed. The stope is then sealed to prevent access. Stope and Fill Where large bulk ore bodies are to be mined at great depth, or where leaving pillars of ore is uneconomical, the open stope is filled with backfill, which can be a cement and rock mixture, a cement and sand mixture or a cement and tailings mixture. This method is popular as the refilled stopes provide support for the adjacent stopes, allowing total extraction of economic resources. Mining Methods Cut and Fill mining is a method of short hole mining used in narrow ore zones. An access ramp is driven off the main level to the bottom of the ore zone to be accessed. Using development mining techniques a drift is driven through the ore to the defined limit of mining. Upon completion the drift (or "cut") is filled back to the access ramp with the defined type of backfill, which may be either consolidated or unconsolidated. Another drift is driven on top of filled cut. This process continues until the top of the stope is reached. Drift and Fill is similar to cut and fill, except it is used in ore zones which are wider than the method of drifting will allow to be mined. In this case the first drift is developed in the ore, is backfilled using consolidated fill. The second drift is driven adjacent to the first drift. This carries on until the ore zone is mined out to its full width, at which time the second cut is started atop of the first cut. Room and Pillar mining : Room and pillar mining is commonly done in flat or gently dipping bedded ore bodies. Pillars are left in place in a regular pattern while the rooms are mined out. In many room and pillar mines, the pillars are taken out starting at the farthest point from the stope access, allowing the roof to collapse and fill in the stope. This allows a greater recovery as less ore is left behind in pillars. Block Caving such as is used at the Northparkes Mine [1] in NSW, Australia, is used to effect with large sized orebodies which are typically composed of low-grade, friable ore. The method works best with cylindrical, vertical orebodies. Pre-production mining development work consists of driving accesses underneath the orebody[2]. This includes the formation of "drawbells" by undercutting and blasting. Initially, blasted ore is removed via the extraction level underneath the drawbells until a sufficient area of unsupported ore is formed that the orebody begins to fracture and cave on its own. The eventual aim of the block caving method is that the friable ore needs no blasting and continues to fracture and break up on its own, flowing down the drawbells to the extraction level, where it is removed from the ore chute mouths with loaders and sent off for processing. Eventually the fracturing will propagate to the surface, resulting in subsidence. One of the main hazards associated with block-caving is that fracturing can potentially stop before it reaches the surface unbeknownst to the people in control of the mine. If fracturing stops propagating upwards and extraction continues, a large void can be formed, resulting in the potential for a sudden and massive collapse and catastrophic windblast throughout the mine. Ore Removal In mines which use rubber tired equipment for coarse ore removal, the ore is removed from the stope (referred to as "mucked out" or "bogged" ) using center articulated vehicles (referred to as boggers or LHD [short for Load, Haul, Dump]). These pieces of equipment may operate using diesel or electric engines and resemble a low-profile front end loader. The ore is then dumped into a truck to be hauled to surface (in shallower mines). In deeper mines the ore is dumped down an ore pass (a vertical or near vertical excavation) where it falls to a collection level. On the collection level it may receive primary crushing via jaw crusher. The ore is then moved by Conveyor belts, trucks or occasionally trains to the shaft to be hoisted to surface in buckets or skips and emptied into bins beneath surface headframe for transport to the mill. In some cases the underground primary crusher feeds an inclined conveyor belt which delivers ore via an incline shaft direct to the surface. The ore is fed down ore passes, with mining equipment accessing the ore body via a decline from surface. ---------------------------------------------------------------------------------------- UNDERGROUND MINING Block caving This is normally the lowest cash cost per ton underground mining method. It does require substantial upfront development costs as large excavations must be made to "undermine" the block that is to cave, and large milling infrastructure must be established to handle the big ore tonnages that a successful cave will generate. " After the ore block is undermined, the ore block is fractured over time by gravity and the pieces fall down the finger raise. The size of the pieces passing to the chutes for loading is controlled by heavy duty sieves or "grizzlys" on the grizzly level. Long hole stoping Where large blocks of ore can be identified and the surrounding rock is reasonably strong, then a long hole mining method is generally the lowest cost mining method. The result is not unlike an underground quarry. Access to the top and bottom of the ore block is established with drifts or tunnels. A vertical hole (slot raise) is created within the ore from the top of the block to the bottom. Long holes are drilled to blast vertical slabs off the ore block. Normally a loader will pick up the broken ore from the lower tunnel and take it away to an ore pass. For safety reasons, the loader is operated remotely by a radio control when it is inside the large open stope. Once the ore block has been blasted and extracted, the stope will normally be filled with waste rock to stabilize the void and make possible the extraction of adjoining ore blocks. This mining method is very popular, and is almost the underground analogy to the advances achieved in mechanizing a large open pit. Where large blocks of ore can be identified in relatively strong rock this method is productive and has low costs. Cut and fill Where the rock surrounding the ore zone is too weak to use long hole stoping, or the sides of the ore-zone are irregular and drilling long holes would create too much dilution or miss too much ore, then cut and fill mining methods could be more suitable. In this method, top and bottom access is again created, but the ore is taken out in horizontal slices (or lifts) from the bottom. After a slice is blasted and the broken ore is carried away, the void must be backfilled to provide a platform for the equipment to stand and to support the side walls. This process is repeated until the block of ore is extracted. In wide ore zones, this method can be highly mechanized, but in narrow ore zones it can be very labour intensive, with a negative impact on cost per ton. Because of its higher costs, this method generally requires higher grade ore than that for long hole stoping. Rarely, where the ore zone is especially weak, the cut and fill method can be carried out in an underhand configuration. Here mining proceeds downwards. The advantage is that the miners are working under a roof of cemented fill, which might sometimes be stronger than the in-situ ore. Drift and fill This is a relatively expensive mining method used where rock conditions are very weak. Rather than risk opening a large excavation which in weak rock conditions might be difficult to support, ore is extracted by a large number of tunnels or drifts that are mined through the ore zone and which are then subsequently packed with cemented fill. This has the advantage that the rock roof or span above the miner's heads that must be supported can be as little as six feet across. Unusual configurations In an underground mine the best shaped orebody is close to vertical, since this facilitates the use of gravity to collect ore for transport to surface, as shown by the orepass system in Figure 25. If the ore body is flat, and especially if it is also narrow, this imposes an extra burden on the mine since the ore must be mechanically moved at all stages. Breast stoping is a method used extensively in the flat dipping South African gold fields but is little seen elsewhere. This relatively labour-intensive method has seen some innovations in terms of support methods and drilling technology, but the basic methodology has changed little over the years since the narrow flat-lying nature of the reefs in South Africa make mechanization very difficult. Link to comment Share on other sites More sharing options...
cvac01 Posted April 24, 2008 Author Report Share Posted April 24, 2008 Oroco Resource Corp. Commences Phase One Drilling Program at Past Producing Cerro Prieto Mine 11:32 EDT Thursday, April 24, 2008 VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 24, 2008) - Oroco Resource Corp. (TSX VENTURE:OCO) is pleased to announce that it has initiated its 2008 drilling program at its wholly owned Cerro Prieto project in Sonora, Mexico. On April 22, Phase I diamond drilling commenced at the Cerro Prieto project for the purpose of confirming historic drill results, potentially expanding the mineralized zone and developing a NI 43-101 compliant resource. Oroco has contracted Canmex Diamond Drill S.A. de C.V. of Mazatlan, Mexico to conduct the Phase I drilling. In the four weeks since the completion of Oroco's Initial Public Offering the company has been successful in securing surface access rights for the Cerro Prieto project, has engaged a crew managed by geologist Antonio Montante of San Luis Potosi, Mexico, and has secured the necessary machinery and infrastructure to conduct a comprehensive field program. Oroco's 2008 Phase I exploration program will include a 6,000 metre diamond drilling program in the area of the past producing Cerro Prieto Mine to confirm historic results and test below the historic workings. The program will also include surface mapping, sampling within the historic Cerro Prieto Mine workings and surrounding property, trenching across the vein systems at 200 metre intervals, ground geophysical surveys and initial small scale (bench) metallurgical testing. A contingent Phase II program will include an additional 20,000 metres diamond drilling including detailed infill, extension surface drilling and underground drilling, and will also include rehabilitation and mapping of underground workings. Details of the Cerro Prieto Project may be found at: http://www.orocoresourcecorp.com/Cer...o-Project.html. Oroco is a Canadian mineral exploration company which holds a 100% interest in six mineral concessions in Mexico. The company's primary focus is the Cerro Prieto Mine, a historic polymetallic deposit in Sonora, Mexico and the nearby 2,508 hectare Cerro Prieto North concession. In addition, Oroco holds three mining concessions in Guerrero, Mexico totaling 293 hectares. Director Ken Thorsen, BSc Geological Engineering, P Eng, is the company's Qualified Person for the Cerro Prieto Project. Mr. Thorsen is responsible for the current exploration and development program and has reviewed the content of this release. Stephen Leahy, President Forward Looking Statements: This news release contains certain forward looking information concerning the business of the Company. These forward looking statements are based on the opinions of management at the date the statements are made and are based on assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events to differ materially from those projected in forward looking statements. These risks are further described in the Company's prospectus dated February 12, 2008, which is available at www.sedar.com. The Company is under no obligation to update forward looking statements if circumstances or management's opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward looking statements. FOR FURTHER INFORMATION PLEASE CONTACT: Oroco Resource Corp. Stephen Leahy President (604) 688-6200 (604) 688-6260 (FAX) Website: www.orocoresourcecorp.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. © Copyright CCNMatthews Link to comment Share on other sites More sharing options...
cvac01 Posted April 30, 2008 Author Report Share Posted April 30, 2008 April 30, 2008 Oroco Announces First Sampling Results From Cerro Prieto North Property VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2008) - Oroco Resource Corp. (TSX VENTURE:OCO) is pleased to announce the results of a recent mapping and sampling program on its 100% owned Cerro Prieto North claim, part of its Cerro Prieto project in Sonora, Mexico. Highlights of the sampling include: 1) 2.11 g/t Au and 142.0 g/t Ag over 0.6 meters 2) 2.18 g/t Au and 134.0 g/t Ag over 1.2 meters 3) 1.70 g/t Au, 115.0 g/t Ag, 2.26% Pb and 3.17% Zn over 1.0 meter The southern boundary of the 2,508 ha Cerro Prieto North claim is located approximately two and one-half kilometers north of the historical Cerro Prieto Mine, situated on Oroco's San Felix and San Francisco concessions, where a drill program is currently underway. The northwest striking structural zone can be traced geologically across 1.7 kilometres of strike length of the San Felix and San Francisco concessions and onto the Cerro Prieto North concession. It outcrops on the Cerro Prieto North property over a strike length of approximately 300 meters starting approximately 2.6 kilometres north of the property boundary. In total, the structure has a potential strike length of 4.8 kilometers on the Cerro Prieto North property. The geological structure in this location is relatively steeply dipping and intersects relatively flat lying sediments and volcanics. An Oroco geologist recently began sampling and mapping the showings and general geology of the area. Results from the sampling along the 300 meter zone are shown in Table 1, below. Locations of the samples can be seen on the company's web site at www.orocoresourcecorp.com. Highly anomalous gold and silver values are accompanied by anomalous to highly anomalous lead and zinc values in the majority of the samples and indicate mineralization similar to that seen in the historical workings at the Cerro Prieto Mine. Samples FCO 001 and FCO 002, FCO 005 and FC 006, FC 008 and FC 009, and FC 015 and FC 016 represent contiguous samples taken across the total width of the mineralized zone. -------------------------------------------------------------------------------- Length Au Ag Pb Zn Sample (m) (g/t) (g/t) (%) (%) -------------------------------------------------------------------------------- FCO 001 1.2 0.342 93.2 0.34 0.28 -------------------------------------------------------------------------------- FCO 002 0.6 2.110 142.0 0.90 0.24 -------------------------------------------------------------------------------- FCO 003 0.9 0.851 31.6 0.30 0.22 -------------------------------------------------------------------------------- FCO 004 grab 0.090 31.0 0.09 0.04 -------------------------------------------------------------------------------- FCO 005 1.2 2.180 134.0 0.44 0.43 -------------------------------------------------------------------------------- FCO 006 1.1 1.960 139.0 0.23 0.26 -------------------------------------------------------------------------------- FCO 007 1.3 0.268 200.0 0.15 0.24 -------------------------------------------------------------------------------- FCO 008 0.4 0.330 143.0 0.26 0.09 -------------------------------------------------------------------------------- FCO 009 0.85 1.240 132.0 0.22 0.08 -------------------------------------------------------------------------------- FCO 010 Grab 0.194 87.8 0.17 0.09 -------------------------------------------------------------------------------- FCO 011 0.4 0.146 107.0 0.24 0.20 -------------------------------------------------------------------------------- FCO 012 0.3 0.084 33.3 0.05 0.07 -------------------------------------------------------------------------------- FCO 013 0.3 0.162 111.0 0.07 0.10 -------------------------------------------------------------------------------- FCO 014 0.8 0.400 47.9 0.32 0.79 -------------------------------------------------------------------------------- FCO 015 1.0 1.700 115.0 2.26 3.17 -------------------------------------------------------------------------------- FCO 016 0.5 0.031 1.1 0.04 0.04 -------------------------------------------------------------------------------- FCO 017 1.0 0.616 28.9 0.71 1.40 ------------------------------------------------------------- Regarding the significance to the Cerro Prieto Project of the identification of the mineralized structure and the assay results, Oroco President and CEO Stephen Leahy stated: "We are extremely encouraged by the strong mineralization such at these outcroppings several kilometers along strike from the Cerro Prieto Mine." Oroco is planning an extensive trench and sampling program on the Cerro Prieto North claim to further delineate the mineralized zone and a geophysical program to the north and south of the outcrop area to trace the zone under cover. The results from this follow-up program will assist in defining future drill programs. Details of the Cerro Prieto Project may be found at: http://www.orocoresourcecorp.com/Cerro-Prieto-Project.html Oroco is a Canadian mineral exploration company which holds a 100% interest in six mineral concessions in Mexico. The company is initially focused on its three Sonora concessions, comprising the Cerro Prieto Mine, a historic polymetallic deposit, and the nearby 2,508 hectare Cerro Prieto North concession. In addition, Oroco holds three mining concessions in the state of Guerrero totaling 293 hectares. Director Ken Thorsen, BSc Geological Engineering, P Eng, is the company's Qualified Person for the Cerro Prieto Project. Mr. Thorsen is responsible for the current exploration and development program and has reviewed the content of this release. Stephen Leahy, President Forward Looking Statements: This news release contains certain forward looking information concerning the business of the Company. These forward looking statements are based on the opinions of management at the date the statements are made and are based on assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events to differ materially from those projected in forward looking statements. These risks are further described in the Company's prospectus dated February 12, 2008, which is available at www.sedar.com. The Company is under no obligation to update forward looking statements if circumstances or management's opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward looking statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. CONTACT INFORMATION: Oroco Resource Corp. Stephen Leahy President (604) 688-6200 Fax: (604) 688-6260 Website: www.orocoresourcecorp.com INDUSTRY: Manufacturing and Production - Mining and Metals Link to comment Share on other sites More sharing options...
cvac01 Posted May 21, 2008 Author Report Share Posted May 21, 2008 http://www.marketwire.com/mw/search.do?par...companyid=49140 May 21, 2008 Oroco Resource Corp.: Initial Drill Holes Intersect Mineralized Structure at Cerro Prieto Mine VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 21, 2008) - Oroco Resource Corp. (TSX VENTURE:OCO) is pleased to report on the progress of its Phase One drilling program recently initiated within the area of the past producing Cerro Prieto Mine in Sonora, Mexico. The 6,000 metre diamond drill program is intended to confirm historical results and test below and beyond the historical workings. Since the commencement of drilling on April 22nd, three holes have been completed and the fourth is nearing completion for a total of 941 metres drilled. All three completed holes have intersected the targeted structural zone as shown on the longitudinal section on Oroco's web site: (http://caprice.websitewelcome.com/%7Eoroco/images/Longitudinal-Section.jpg). The first hole drilled, CP001, twinned drill hole SF-11 of the 1998 Morgain Minerals Inc. drill program. Morgain's drill hole SF-11 returned a 70.1 metre intersection (35.0 metres true width) averaging 2.69 g/t Au, 5.0 g/t Ag, 0.30% Pb, and 1.02% Zn, including a 15.3 metre intersection (7.7 metres true width) averaging 6.81 g/t Au, 9.1 g/t Ag, 0.35% Pb, and 1.16% Zn. Although assays have not been returned for Oroco's CP001, the thickness of the mineralized zone is comparable to that reported in Morgain's drill hole SF-11. Oroco's second hole, CP002, intersected the mineralized zone 100 metres northwest of, and 100 metres deeper than CP001. The third hole, CP003, intersected the mineralized zone 100 metres northwest of, and at the same elevation as CP001. Both holes intersected significant zones of mineralization (+40 metres apparent thickness). The fourth hole, CP004, is targeted to intersect the mineralized zone 100 metres northwest of, and at the same elevation as CP003. The drilling is being completed by Canmex Diamond Drilling S.A. de C.V. of Mazatlan and is being supervised in the field by geologist Antonio Montante of San Luis Potosi. Split core is transported to the ALS Chemex Laboratory in Hermosillo where it is crushed and pulverized, with pulps sent to the ALS Chemex laboratory in Vancouver, B.C. for assaying. Assays for holes CP001, CP002, and CP003 are pending. Oroco has a standard Quality Assurance/Quality Control program in place to ensure sample security and assay accuracy. Oroco is a Canadian mineral exploration company which holds a 100% interest in six mineral concessions in Mexico. The company is initially focused on its Sonora concessions, comprising the Cerro Prieto Mine and the nearby 2,508 hectare Cerro Prieto North concession. In addition, Oroco holds three mining concessions in the state of Guerrero totaling 293 hectares. Director Ken Thorsen, BSc Geological Engineering, P Eng, is the company's Qualified Person for the Cerro Prieto Project. Mr. Thorsen is responsible for the current exploration and development program and has reviewed the content of this release. Stephen Leahy, President Forward Looking Statements: This news release contains certain forward looking information concerning the business of the Company. These forward looking statements are based on the opinions of management at the date the statements are made and are based on assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events to differ materially from those projected in forward looking statements. These risks are further described in the Company's prospectus dated February 12, 2008, which is available at www.sedar.com. The Company is under no obligation to update forward looking statements if circumstances or management's opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward looking statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. CONTACT INFORMATION: Oroco Resource Corp. Stephen Leahy President (604) 688-6200 Fax: (604) 688-6260 Website: www.orocoresourcecorp.com INDUSTRY: Manufacturing and Production - Mining and Metals Link to comment Share on other sites More sharing options...
cvac01 Posted June 12, 2008 Author Report Share Posted June 12, 2008 Hi all, I just got off the phone with OCO's new Investor Relations and was told about an Oroco Presentation taking place in Prince George Monday Evening June 16th. IR seemed very excited about it and I am going to be making it to the presentation and will give a full report Monday after the meeting. If anyone is interested and can make it up to Prince George for the meeting, send me an inbox and I will give you the details. Stephen Leahy (President) will be coming up with Ken Thorsen (Director). Stephen Leahy - Mr. Leahy has more than 26 years experience in venture capital, primarily in the resource sector. Mr. Leahy has previously acted as a senior officer or director of StarTech Energy Inc. (TSX), First Silver Reserve Inc. (TSX) and Wellco Energy Services Inc. (TSX). As founder of North American Tungsten Corporation Ltd., he was instrumental in facilitating the Company's acquisition and the bringing into production of its wholly-owned Cantung Mine and Mactung deposit. He is currently the Chairman and Chief Executive Officer of North American Tungsten Corporation. Ken Thorsen - Mr. Thorsen has in excess of 40 years experience in mining and mining exploration. Prior to retirement from a 21 year career with Teck Cominco Ltd., Mr. Thorsen held several senior positions including a two year term as President of Teck Exploration Ltd. In this position he was responsible for administration of 17 exploration offices and all field operations of the exploration department of Teck Corporation. Mr. Thorsen is currently President of Thorsen Consulting Ltd. which offers services to the mining exploration industry and serves on the board of directors of several junior mining companies. Also, I am expecting assay results from a few holes very early next week. Cheers, cvac01 Link to comment Share on other sites More sharing options...
cvac01 Posted June 16, 2008 Author Report Share Posted June 16, 2008 Hi all, News is out on OCO this morning and it looks very good IMO. Cheers, cvac01 -------------------------------------- http://www.orocoresourcecorp.com/News-Releases/06-16-08.html Oroco Intersects 0.214 g/t Au, 361.8 g/t Ag, 2.40% Pb and 4.76% Zn over 11.2 Meters VANCOUVER, BRITISH COLUMBIA – June 16, 2008. Oroco Resource Corp. (OCO-TSX.V) is pleased to report results from its drill program on the Cerro Prieto program in Sonora State, Mexico. Highlights of the drilling include: Drill hole CP001 intersected 15.0 meters (8.3 m true thickness) averaging 2.449 g/t Au, 3.2 g/t Ag, 0.24% Pb and 0.56% Zn Drill hole CP002 intersected 11.2 meters (7.0 m true thickness) averaging 0.214 g/t Au, 361.8 g/t Ag, 2.40% Pb and 4.76% Zn To date a total of 1,426.8 meters has been completed in six diamond drill holes. The holes have been targeted to confirm and expand a 725 meter long mineralized zone previously outlined by Morgain Minerals in 1998 and 1999. Morgain calculated a resource of 8.5 million tons with a 4.4 g/t Au equivalent (the resource was calculated prior to NI43-101). The mineralized zone at Cerro Prieto consists of a shear zone up to 60 meters thick with an abundance of quartz veining, brecciation, stringer sulphides and oxides. Often, the bottom contact of the shear zone consists of a brecciated, mineralized quartz vein up to 10 meters thick. Oroco geologists previously sampled an underground adit along the mineralized zone that assayed an average of 3.45 g/t Au, 6.22 g/t Ag, 0.54% Pb and 1.27% Zn over a sampled strike length of 408 metres on the 800 level. The locations of the six completed holes and the next ten planned holes are shown on the longitudinal section on the Oroco website (http://www.orocoresourcecorp.com/images/Longitudinal-Section.jpg ). Assays have been received for the first two holes and are presented in the following table. Oroco Res. Corp. Phase I Drill Program Holes CP001 and CP002 Hole From To Length True Au Ag Pb Zn Width (m) (m) (m) (m) (g/t) (g/t) (%) (%) CP001 54.9 152.0 97.1 53.5 0.644 4.9 0.13 0.38 incl. 71.5 74.0 2.5 1.4 2.008 94.1 0.50 0.92 and 108.0 109.9 1.9 1.1 1.761 2.5 0.14 0.52 and 137.0 152.0 15.0 8.3 2.449 3.2 0.24 0.56 CP002 169.2 256.2 87.0 47.0 0.109 50.8 0.46 1.01 incl. 220.6 231.8 11.2 7.0 0.214 361.8 2.40 4.76 Core is split with a diamond saw on site and half of the core is placed in plastic sample bags. A company employee delivers the samples to the ALS Chemex preparation laboratory in Hermosillo. The samples are crushed and a portion is pulverized which is sent to the ALS Chemex laboratory in Vancouver Canada for assaying. Oroco also has a Quality Assurance – Quality Control program in place to ensure accuracy of sampling and assaying. The project is being run in the field by Antonio Montante, an experienced geologist from San Luis Potosi. The project is supervised by Ken Thorsen, a director of the company and the company’s Qualified Person. Oroco is a Canadian mineral exploration company which holds a 100% interest in six mineral concessions in Mexico. The company is initially focused on its Sonora concessions, comprising the Cerro Prieto Mine and the nearby 2,508 hectare Cerro Prieto North concession. In addition, Oroco holds three mining concessions in the state of Guerrero totaling 293 hectares. Director Ken Thorsen, BSc Geological Engineering, P Eng, is the company's Qualified Person for the Cerro Prieto Project. Mr. Thorsen is responsible for the current exploration and development program and has reviewed the content of this release. “Stephen Leahy” President Link to comment Share on other sites More sharing options...
cvac01 Posted September 9, 2008 Author Report Share Posted September 9, 2008 Oroco Announces 425 Meter Stepout to Mineralized Zone VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 9, 2008) - Oroco Resource Corp. (TSX VENTURE:OCO) is pleased to announce the results from a surface trenching program on the Cerro Prieto property, located in Sonora State, Mexico. Highlights: - Trench cut 425 meters north of current drilling exposes mineralized zone of comparable thickness and grade to that observed in holes drilled in Phase One drill program. - 163.4 g/t Ag, 0.327 g/t Au, 0.34% Pb and 0.30% Zn over true thickness of 13.5 meters within a 36.3 meter section averaging 79.7 g/t Ag, 0.401 g/t Au, 0.32% Pb and 0.47% Zn. The trench cut what is believed to be an extension of the Cerro Prieto mineralized zone 425 meters north of the current 6,000 meter Phase One diamond drill program. The 425 meter strike length between the most northerly drill section of that program and the trench is virtually unexplored with the exception of a few small historical pits that partially exposed minor veining and alteration. The trench exposes veining and brecciated veining comparable to that seen in drill core from the mineralized zone in the area of current drilling to the south. The assays for the full length of the sampled trench averages 0.401 g/t Au, 79.7 g/t Ag, 0.32% Pb and 0.47% Zn over a true thickness of 36.3 meters. Within that section, a higher grade silver zone assayed 163.4 g/t Ag, 0.327 g/t Au, 0.34% Pb and 0.30% Zn over a true thickness of 13.5 meters. Also within the trench, a separate section of higher grade lead and zinc averages 0.57 g/t Au, 25.2 g/t Ag, 0.57% Pb and 1.30% Zn over a true thickness of 6.0 meters. Mineralization is open on either end of the trench and a program of detailed trenching, mapping and sampling has begun both to the north and south of the trench. The company is pleased to note the consistency of the true thickness and average grade of the trench with that of the Phase One drill hole intersections for which assays have been previously reported. The trench is located on section 1075 N, 425 meters north of the northern most drill section and 925 meters north of the southern-most drill section of the current drill program. For a plan view map showing the location of the drill hole sections and the trench, and a longitudinal section showing the drill hole intercepts, please refer to Oroco's website at http://www.orocoresourcecorp.com/Cer...o-Project.html. The Cerro Prieto polymetallic project is located in Sonora State, Mexico and consists of three mineral concessions totaling 2,508 hectares. Oroco holds a 100% interest in these concessions. In April of this year a Phase 1 drill program commenced and at the completion of the this program (6,000 meters in approximately 25 holes) the mineralized zone will have been drill tested vertically at 100 meter centers along a strike length of at least 600 meters to a depth of 400 meters allowing the calculation of an initial estimation of resources. 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 and has verified the data (including sampling, analytical and test data) and prepared or supervised the preparation of the information contained in this news release. Quality Assurance & Control The Company has implemented a quality assurance and control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the best possible practices. Split core is transported to the ALS Chemex laboratory in Hermosillo where it is crushed and pulverized, with pulps sent to the ALS Chemex laboratory in Vancouver, B.C. for assaying. The other half of the core is retained for future assay verification. The QA/QC policy includes the chain of custody monitoring, insertion of blanks, standards and duplicates in the initial samples submitted. The laboratory provides an additional internal control program. Stephen Leahy, President The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Link to comment Share on other sites More sharing options...
cvac01 Posted September 18, 2008 Author Report Share Posted September 18, 2008 September 18, 2008 Oroco Resource Corp.: Copper and Molybdenum in Addition to Au-Ag-Pb-Zn Mineralization in Deepest Holes Drilled to Date at Cerro Prieto VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 18, 2008) - Oroco (TSX VENTURE:OCO) is pleased to announce the results from an additional four diamond drill holes from its Cerro Prieto Property located in Sonora State, Mexico. HIGHLIGHTS 1) A total of 18 holes have been completed and all holes have intersected the mineralized shear zone; 2) CP011, the first hole to return significant copper values, intersected a 1.5 meter section (0.7 meter true) that averages 0.403 g/t Au, 79.3 g/t Ag, 2.07% Cu, 8.06% Pb, and 9.35% Zn in a 61.0 meter section (30.0 meters true thickness) averaging 0.147 g/t Au, 13.3 g/t Ag, 0.74% Pb and 2.02% Zn. Within the broader section and including the high grade copper section is an 8.5 meter (4.2 meters true thickness) long section averaging 0.188 g/t Au, 79.6 g/t Ag, 0.78% Cu, 3.71% Pb and 6.13% Zn; 3) Three holes (CP009, CP010 and CP011) returned significant molybdenum assays (see table); 4) CP008 intersected 48.3 meters (25.0 meters true thickness) averaging 0.542 g/t Au, 20.4 g/t Ag, 0.45% Pb and 0.99% Zn including 19.8 meters (10.2 meters true thickness) averaging 0.904 g/t Au, 27.6 g/t Ag, 0.67% Pb and 1.35% Zn; 5) CP009 intersected 47.5 meters (32.0 meters true thickness) averaging 0.318 g/t Au, 14.9 g/t Ag, 0.91% Pb and 2.59% Zn including 8.5 meters (5.7 meters true thickness) averaging 0.746 g/t Au, 59.7 g/t Ag, 3.3% Pb, 5.45% Zn, and 0.06% Mo; 6) CP010 intersected 77.2 meters (42.0 meters true thickness) averaging 0.284 g/t Au, 4.9 g/t Ag, 0.36% Pb and 1.07% Zn including 11.5 meters (6.3 meters true thickness) averaging 1.21 g/t Au, 11.5 g/t Ag, 0.98% Pb and 2.29% Zn. To date, a total of 4,850 meters have been completed in the phase one drill program. The mineralized shear zone has been traced for a total of 500 meters along its strike length and to a maximum depth of 400 meters from surface. In addition, a surface trench located 425 meters north of Oroco's northernmost drill hole (see press release dated September 5, 2008) has exposed the mineralized zone over a 36.3 meter true width. Hole CP019 is currently being drilled and assays are awaited for holes CP012 to CP018. Please refer to Oroco's website for the location of the completed holes on a longitudinal section http://www.orocoresourcecorp.com/images/Lo...nal-Section.jpg. The following table is a summary of the significant assays received from holes CP008 to CP011. Also included is a new calculation for CP003 that includes an extension to the width of the mineralized zone that had not previously been sampled. -------------------------------------------------------------------------------- HOLE FROM TO AT TT Au Ag Cu Pb Zn Mo -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CP003 145.0 202.5 57.5 33.8 0.99 14.9 0.23 0.66 -------------------------------------------------------------------------------- incl 179.5 187.0 7.5 4.4 0.31 70.7 0.67 1.42 -------------------------------------------------------------------------------- and 194.5 202.5 8.0 4.7 6.05 7.8 0.36 1.12 -------------------------------------------------------------------------------- incl 197.0 202.5 5.5 3.2 8.34 6.2 0.35 1.04 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CP008 210.7 259.0 48.3 25.0 0.54 20.4 0.45 0.99 -------------------------------------------------------------------------------- incl 236.2 256.0 19.8 10.2 0.90 27.6 0.67 1.35 -------------------------------------------------------------------------------- incl 233.5 245.0 11.5 6.0 0.60 63.5 0.59 1.12 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CP009 255.0 302.5 47.5 32.0 0.32 14.9 0.91 2.59 -------------------------------------------------------------------------------- incl 280.5 289.0 8.5 5.7 0.75 59.7 3.30 5.45 0.06 -------------------------------------------------------------------------------- incl 283.5 286.2 2.7 1.8 0.59 83.1 2.60 10.35 0.05 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CP010 289.8 367.0 77.2 42.0 0.28 4.9 0.36 1.07 -------------------------------------------------------------------------------- incl 331.5 343.0 11.5 6.3 1.21 11.5 0.98 2.29 -------------------------------------------------------------------------------- and 330.0 337.5 7.5 4.1 0.96 9.1 1.27 2.22 0.02 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CP011 363.0 424.0 61.0 30.0 0.15 13.3 0.14 0.74 2.02 -------------------------------------------------------------------------------- incl 391.0 394.0 3.0 1.16 0.39 4.2 0.07 0.57 2.90 0.03 -------------------------------------------------------------------------------- and 402.5 411.0 8.5 4.2 0.19 79.6 0.78 3.71 6.13 -------------------------------------------------------------------------------- incl 402.5 404.0 1.5 0.7 0.40 79.3 2.07 8.06 9.35 0.01 -------------------------------------------------------------------------------- 401.3 404.0 2.7 1.3 0.41 55.1 1.33 5.06 6.27 0.02 --------------------------------------------------------------------------- The four new drill holes reported in this release are outside of the area included in Morgain Minerals' historical resource calculation and significantly enhance the potential for a larger resource than that concluded from Morgain's work. Also of great importance is the addition of copper and molybdenum to the metallogeny. Although the intersections containing high grade copper and molybdenum are relatively thin, the model of a deep epithermal or mesothermal system is holding true. Also significant is the fact that CP011, the deepest hole on the property to date, intersected sulphides including visible pyrite, galena and sphalerite indicating that the oxide zone exists to a depth of approximately 350 meters from surface and that higher base metal contents are present below the oxide zone. CP019 is currently being drilled and three other holes will be completed in the next few weeks, which will conclude the phase 1 drill program. Trenching, mapping and sampling are continuing on the surface trace of the mineralized zone. At the completion of these programs and after all assays are received and reviewed, the Company intends to commence a phase 2 drill program including infill and step out drilling. The Cerro Prieto polymetallic project is located in Sonora State, Mexico and consists of three mineral concessions totaling 2,508 hectares. Oroco holds a 100% interest in these concessions. In April of this year a Phase 1 drill program commenced and at the completion of this program (6,000 meters in 22 holes) the mineralized zone will have been drill tested vertically at 100 meter centers along a strike length of at least 600 meters to a depth of 400 meters allowing the calculation of an initial estimation of resources. 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 and has verified the data (including sampling, analytical and test data) and prepared or supervised the preparation of the information contained in this news release. Quality Assurance & Control The Company has implemented a quality assurance and control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the best possible practices. Split core is transported to the ALS Chemex laboratory in Hermosillo where it is crushed and pulverized, with pulps sent to the ALS Chemex laboratory in Vancouver, B.C. for assaying. The other half of the core is retained for future assay verification. The QA/QC policy includes the chain of custody monitoring, insertion of blanks, standards and duplicates in the initial samples submitted. The laboratory provides an additional internal control program. Stephen Leahy, President The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. CONTACT INFORMATION: Oroco Resource Corp. Stephen Leahy President (604) 688-6200 Fax: (604) 688-6260 Website: www.orocoresourcecorp.com Link to comment Share on other sites More sharing options...
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