Oroco Resource Corp. (TSX-V: OCO) ("Oroco" or "the Company") is pleased to announce that it has entered into a Letter Agreement for the acquisition, through its wholly-owned Mexican subsidiary, Minera Xochipala, S.A. de C.V., of an 80% interest in the 766.7 ha Rossy mineral concession situated within the NE limits of Oroco's existing land assembly at Santo Tomas.
Image: Operations at a mine. Photo: courtesy of swm/Freeimages.com.
The westernmost boundary of the Rossy concession lies 750 meters from the eastern boundary of the Bob concession, which covers a significant portion of the Santo Tomas North Zone.
Oroco has acquired its interest in the Rossy concession in consideration for the payment of US$125,000 over two years, the issuance by Oroco of 300,000 shares, and the grant to third parties of an aggregate 1.5% net smelter royalty. The transaction is subject to the approval of the TSX Venture Exchange.
The Rossy concession straddles the NE trend of Laramide intrusions, hydrothermal alterations and sulphide mineralization extending northeast from the Santo Tomas North Zone into the Brasiles Zone. Historical drilling at Santo Tomas extends to within 100 meters of the western boundary of the Rossy concession.
Commenting on the Rossy acquisition, Craig Dalziel, Oroco’s CEO, stated: “Acquiring the Rossy concession is a big step forward in Oroco’s land assembly initiatives at Santo Tomas. The Rossy concession has long been an acquisition target for Oroco for reason of its favourable geology and proximity to the Brasiles Zone.”
Mineral concessions that make up the Santo Tomas Project and controlled by Oroco now total approximately 8,980.8 ha (22,192 ac).
Source: Company Press Release