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- Reviewing potential precious metals acquisitions
- Potential strategic reorganization of the Company's
assets
- Exploration update on flagship Coriorcco gold
project
- Marketing initiatives
VANCOUVER, BC, Oct. 19, 2020 /CNW/ - ORO X MINING CORP. (TSXV: OROX) (the
"Company") is pleased to provide the following update.
Following the successful completion of the acquisition of the
Coriorcco and Las Antas options in Peru (see news release dated October 8, 2020), the Company now holds gold
exploration assets in two of South
America's premier mining jurisdictions. In addition to
advancing its project portfolio, the Company is leveraging its
commercial and technical expertise to strategically review other
potential precious metals acquisitions in the region.
M&A Developments
Peru
In Peru, the Company is
currently completing the strategic review of advanced stage gold
exploration, development and production targets. Due to management
and advisors of Oro X having significant experience in Peru the company plans to increase its
exposure in one of the world's top gold mining jurisdictions.
Ecuador
In Ecuador, the Company is
leveraging its relationship with Green Oil S.A., the country's
preeminent mining contractor, to advance the potential acquisition
of a new mineral exploration concession package. The Company
expects to have an update later this year.
Ecuador Assets Spin Out
To pursue a strategy of maximizing shareholder value through
disciplined project development and accretive transactions, the
Company is evaluating the potential of spinning out its Ecuadorian
assets. The planned corporate reorganization would create two
listed companies focused respectively on the development of
projects in Peru and in
Ecuador. The intention of the
reorganization would be to allow the company to better allocate
resources and deploy capital, while unlocking additional value for
its shareholders.
Coriorcco and Las Antas Exploration Strategy
The Coriorcco and Las Antas concessions lie within an
established metallogenic belt in the San Juan de Lucanas Mining
District. The belt hosts multiple producing mines including
Hochschild's Inmaculada and Pallancata low-sulphidation epithermal
gold-silver operations which have collectively produced 100 Moz Ag
& 1.1 Moz Au, with 33.5
Moz Ag & 633 Koz Au in proven
and probable reserves (source: Hochschild 2019 Annual report, and
Hochschild corporate website).
The high priority Coriorcco Dome Structure hosts 17 epithermal
quartz, quartz-carbonate, and quartz-carbonate-adularia veins,
which may represent the upper reaches of a similar low-sulphidation
epithermal system. Previous work on the project focused on
channel sampling and trial mining from 2010 to 2011. Four
hundred meters of tunnels following two veins were driven into
the silica cap of the Coriorcco Dome. Over 5,720 tonnes of ore
averaging 7.5 g/t Au were exploited and sent to a third-party mill
for processing.
Oro X staff have recently completed a two week visit to the
Coriorcco property with a focus on stakeholder mapping and
engagement. This in conjunction with the continuing work done by
the previous operator, has led to negotiations with the surrounding
community in respect of a new five (5) year surface rights access
agreement. The Company is seeking to close on this agreement before
the end of the year and thus secure sustainable project access.
The 2021 exploration program will focus on systematically
sampling and surveying the Coriorcco Dome to expand and increase
the confidence of previous results. The first step will be a soil
geochemical sampling program that will target visible epithermal
veins and step out to delineate additional veins that may be hidden
below surficial quaternary deposits. The Company will also run an
Induced Polarization (IP) plus magnetometry geophysical surveys
across the Dome to define vein structures below the surface and
generate targets for the maiden drill program.
Subject to receiving all necessary small-scale mining permits,
Oro X anticipates commencing initial exploratory drilling at
Coriorcco in 2021 upon completion of surface exploration programs.
The Company also plans to rehabilitate the historical mining works
to re-sample and test through underground drilling the gold and
silver bearing epithermal veins to determine grades at depth.
Concurrently, the Company will also begin surface rock geochemical
channel sampling at disseminated gold targets in Las Antas in the
second half of 2021.
Additional information on the Company's flagship Coriorcco
project is provided in a technical report that is available under
the Company's profile at www.sedar.com.
Mr. John E. Bolaños, who is a qualified person under National
Instrument 43-101, has reviewed and approved the technical content
of this news release.
Marketing Initiatives
Metals Investor Forum
The Company will be participating in the upcoming virtual Metals
Investor Forum conference to be held on November 5, 2020. As part of the conference, Mr.
Luis Zapata, CEO of Oro X, will give
a company update and will also participate in a live Q&A
session for conference attendees.
Native Ads Engagement
Oro X has entered into a 12-month programmatic digital
advertising campaign for a total cost of US$150,000. The campaign includes, but is not
limited to: content creation, web development, media buying and
distribution, advertising development, and campaign reporting and
optimization. A budget of US$112,500
from this payment will be allocated for digital advertising, paid
distribution, and media buying and US$37,500 will be allocated for production,
professional services and management fees over the campaign period.
Neither Native Ads nor any of its directors and officers own any
securities of Oro X.
About Native Ads:
Native Ads is in the business of providing strategic digital
media services, marketing and data analytics services. Native Ads
owns and operates a proprietary ad exchange with over 80 integrated
SSPs (supply-side platforms) resulting in access to 3-7 billion
daily North American ad impressions.
ON BEHALF OF THE BOARD
Luis Zapata
CEO & Director
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Statement Regarding "Forward-Looking"
Information
Some of the statements contained in this news release are
forward-looking statements and information within the meaning of
applicable securities laws. Forward-looking statements and
information can be identified by the use of words such as
"expects", "intends", "is expected", "potential", "suggests" or
variations of such words or phrases, or statements that certain
actions, events or results "may", "could", "should", "would",
"might" or "will" be taken, occur or be achieved. Forward-looking
statements in this news release include statement in respect of
potential asset acquisitions in Peru and Ecuador, the potential spin out of the
Company's Ecuador assets,
negotiation of a surface rights access agreement on the Coriorcco
property and the Company's exploration plans for the Coriorcco
property. Forward-looking statements and information are not
historical facts and are subject to a number of risks and
uncertainties beyond the Company's control. Actual results and
developments are likely to differ, and may differ materially, from
those expressed or implied by the forward-looking statements
contained in this news release. Important factors that could cause
actual results to differ materially from the Company's expectations
include the success or failure of the Company's proposed
exploration activities on its mineral properties and other risks
detailed from time to time in the filings made by the Company with
securities regulations. In addition, the potential transactions
described in this news release are speculative at this stage,
including potential acquisitions in Peru and Ecuador and plans to spin out the Company's
Ecuador assets. These transactions
are subject to numerous conditions, including negotiating
definitive agreements and regulatory approvals, and may not be
completed as proposed or at all. Accordingly, readers should not
place undue reliance on these forward-looking statements. The
Company undertakes no obligation to update publicly or otherwise
revise any forward-looking statements, except as may be required by
law.
SOURCE Oro X Mining Corp.
