Oro X Provides Corporate Update
Oro X Provides Corporate Update
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWS WIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
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.
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http://www.newswire.ca/en/releases/archive/October2020/19/c8409.html
%SEDAR: 00029200E
For further information:
Oro X Mining Corp., Luis Zapata, CEO, +1 236 858 9593,
CO: Oro X Mining Corp.
CNW 00:30e 19-OCT-20