New Oroperu Resources Inc.: Barrick Drills 24,462 m in 2007 At Tres Cruces
March 04 2008 - 12:42AM
Marketwired
SURREY, BRITISH COLUMBIA ("New Oroperu" or the "Company") is
pleased to review the status of drilling on its Tres Cruces Project
in North Central Peru by Minera Barrick Misquichilca S.A.
("Barrick").
In 2007, Barrick completed a 5,776 m diamond drill program on
the Tres Cruces Project which was reported by the Company in its
August 8, 2007 News Release. Following the diamond drilling Barrick
initiated reverse circulation drilling for the purpose of in-fill
drilling and testing the limits of the existing mineralization, as
well as some condemnation drilling. In addition, a program of
geotechnical drilling was completed comprising 3,925 m in 20
holes.
The Tres Cruces project is a 100% company owned project subject
to a 1 1/2% NSR royalty and subject to an option agreement with
Barrick. Under the terms of the agreement, in order to exercise the
option Barrick must pay for all expenditures up to a production
decision. The Company retains a 30% interest. The Company's share
of production costs are financed by Barrick. Additionally the
Company retains a 2% NSR royalty of which US$1,000,000 is to be
paid in advance at the time of a production decision. To maintain
the option Barrick must pay US$250,000 to the Company on May 31st
each year (2007-Paid) until a production decision is made.
Prior to Barrick's option the Company had reported a measured
and indicated resource of 34.5 million tones grading 1.59 g/t,
about 1,700,000 oz gold. This historical resource estimate was made
and reported to the Company by Battle Mountain Gold in 1999. To
prepare an independent technical report the Company's qualified
person reviewed the data and interviewed the Battle Mountain
personnel responsible for the estimate and determined that it was
according to industry standards at the time. The details are in the
Company's NI 43-101 report "Summary Report of the Tres Cruces
Property dated July 25, 2002" and filed on SEDAR, www.sedar.com on
July 31, 2002. These resources are determined to be historical with
respect to the implementation of NI 43-101 and as such are deemed
not NI 43-101 compliant and not to be relied on. All holes drilled
by Barrick subsequent to this report are not included in the
resource estimate.
Table 1 below summarizes Barrick's drilling for the Tres Cruces
Project in 2007. Table 2 summarizes the assays from the
geotechnical holes drilled in 2007. The assay results of the latest
reverse circulation drilling are almost complete and the better
assay intervals received to date are reported in Table 3 below.
TABLE 1
----------------------------------------
TRES CRUCES PROJECT
2007 Total Drilling Summary
----------------------------------------
Meters Holes
----------------------------------------
Diamond Drilling 5,773 37
----------------------------------------
Reverse Circulation 9,401 43
----------------------------------------
Twin Holes 547 3
----------------------------------------
Piezometer Holes 2,540 13
----------------------------------------
Geotech Holes 1,385 7
----------------------------------------
Condemnation Holes (RC) 4,816 27
----------------------------------------
TABLE 2
----------------------------------------------------------
ASSAY RESULTS
GEOTECHNICAL HOLES
----------------------------------------------------------
From - To Interval Grade
Drill Hole ID (m) (m) (m) (g/t Gold)
----------------------------------------------------------
TCG-001 57.5 69.5 12.0 1.87
----------------------------------------------------------
TCG-002 57.5 84.5 27.0 1.55
----------------------------------------------------------
TCG-003 61.0 150.5 89.5 2.65
----------------------------------------------------------
TCG-007 133.5 139.5 6.0 5.41
----------------------------------------------------------
TCP-007 52.0 89.0 37.0 2.24
----------------------------------------------------------
incl. 52.0 75.0 23.0 3.00
----------------------------------------------------------
112.0 (ii)200.0 88.0 0.99
----------------------------------------------------------
TCP-009 155.0 184.0 29.0 4.25
----------------------------------------------------------
(ii) signifies mineralization open at end of hole.
TABLE 3
---------------------------------------------------------------------
ASSAY RESULTS
REVERSE CIRCULATION HOLES
---------------------------------------------------------------------
From - To Interval Grade
Drill Hole ID (m) (m) (m) (g/t Gold)
----------------------------------------------------------
RTC-218 4.0 40.0 36.0 2.54
----------------------------------------------------------
RTC-222 40.0 62.0 22.0 1.03
----------------------------------------------------------
90.0 102.0 12.0 1.18
----------------------------------------------------------
RTC-229 52.0 59.0 7.0 1.05
----------------------------------------------------------
78.0 91.0 12.0 1.61
----------------------------------------------------------
RTC-236 54.0 75.0 21.0 2.89
----------------------------------------------------------
RTC-239 48.0 77.0 29.0 2.61
----------------------------------------------------------
86.0 101.0 15.0 1.64
----------------------------------------------------------
118.0 127.0 9.0 1.39
----------------------------------------------------------
166.0 183.0 17.0 1.04
----------------------------------------------------------
RTC-240 72.0 83.0 11.0 2.91
----------------------------------------------------------
RTC-248 30.0 41.0 11.0 (i)2.65
----------------------------------------------------------
RTC-251 54.0 72.0 18.0 1.47
----------------------------------------------------------
RTC-254 64.0 95.0 31.0 1.58
----------------------------------------------------------
RTC-255 37.0 265.0 228.0 (ii)2.95 Grade
---------------------------------------------------------- Silver
incl. 37.0 62.0 25.0 3.37 (g/t)
---------------------------------------------------------------------
111.0 122.0 11.0 5.96 111.8
---------------------------------------------------------------------
197.0 210.0 13.0 16.17 67.7
---------------------------------------------------------------------
RTC-259 140.0 155.0 15.0 2.09
----------------------------------------------------------
RTC-269 33.0 76.0 43.0 1.66
---------------------------------------------------------------------
(i) an unusually high 1.0 m assay of 101.5 g/t gold was cut to 10.89
g/t gold for this average.
(ii) signifies mineralization open at end of hole.
Drill Hole RTC-255 is notable because of its continuous length
of mineralization and better grade, 228.0 m grading 2.95 g/t gold.
It also contains a 13.0 m section grading 16.17 g/t gold with 67.7
g/t silver. The presence of significant silver values is notable as
the first occurrence of continuous silver mineralization.
Some of the deep holes completed by Barrick encountered gold and
silver mineralization as deep as 350 m before technical
difficulties caused termination of the hole. There is potential for
deeper mineralization within the Tres Cruces low sulphidation
system such as high grade feeder zones known to exist elsewhere in
this type of deposit.
Barrick has also completed an IP survey and is planning,
concurrent with further definition and condemnation drilling, to
test any new geophysical targets. Work on baseline environmental
studies is in progress. Additional samples have been submitted for
metallurgical test work. A progress report on this work is
expected. A new resource estimation by Barrick is currently in
progress.
The Company is advised by Barrick that it is continuing to
delineate the resource and explore the deeper targets as well as
other studies necessary for the evaluation of the deposit. The
Company will report on these results when received from
Barrick.
K. Wayne Livingstone, New Oroperu's President, states, "The
continued successful drilling by Barrick on the Company's 100%
owned Tres Cruces Project is an important step in its development.
We look forward to the completion of the next steps necessary for
the advancement of our project. The close proximity of Barrick's
Lagunas Norte operating mine with the Tres Cruces Project will
permit certain economic synergies for its development."
Dr. Peter A. Christopher, P. Eng., a technical advisor to the
Company is the qualified person responsible for reviewing this news
release.
ON BEHALF OF THE BOARD OF DIRECTORS
K. Wayne Livingstone, President
Forward looking statements: The news release includes certain
"forward-looking statements". All statements other than statements
of historical fact included in this release, including, without
limitation, statements regarding potential mineralization,
exploration results and future plans and objectives of New Oroperu
are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from New Oroperu's expectations include exploration
risks detailed herein and from time to time in the filings made by
the Company with securities regulators.
The TSX Venture Exchange had not reviewed or accepted
responsibility for the adequacy or accuracy of the contents of this
release, which has been prepared by management.
Contacts: New Oroperu Resources Inc. K. Wayne Livingstone
President (604) 535-4451 (604) 608-3878 (FAX)
New Oroperu Resources (TSXV:ORO)
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