- Julian is contiguous with the El Mozo project that has been
previously explored by Newmont Corporation, Odin Mining
International Inc. and IAMGOLD
- High-sulphidation epithermal features found at El Mozo are
also present at Julian
- Preliminary geological field mapping has identified two
prospective zones
- 2020 exploration will delineate epithermal gold
mineralisation for follow-up drilling
VANCOUVER, BC, Oct. 28, 2020 /CNW/ - ORO X MINING CORP. (TSX-V: OROX) (the
"Company") is pleased to announce the continuation of the
surface exploration program focused on generating drilling targets
at its 100% owned Julian gold exploration project in southern
Ecuador (the "Property").
The Property is adjacent to and surrounds to the east, south, and
west the renowned "El Mozo" high-sulphidation epithermal deposit.
The El Mozo mining project has been previously explored by Newmont
Corporation, Odin Mining International Inc. and IAMGOLD
Corporation. The results of the Company's current exploration
program aim to identify epithermal gold targets to be drilled in
2021.
The Julian Project
The Property is an exploration project comprising one concession
of 2,312 hectares (ha.) located approximately 370 km
south-southwest of Quito (the
capital of Ecuador) and 60 km
south of Cuenca in the southern highlands of Ecuador. The Property was staked in 2017 by
Green Oil S.A., a private company, and subsequently acquired by Oro
X on January 27, 2020. To date, there
has been little systematic exploration over the Property, although
there has been considerable technical exploration on the adjacent
El Mozo project.
The Julian Concession is contiguous with the El Mozo
project. The major structures and alteration zones mapped
within the El Mozo project continue across the concession boundary
into the Property. IBM (2005) and APEX (2014) characterize El Mozo
as an intermediate to high-sulphidation epithermal gold deposit
with eight mineralized zones. Mineralization is controlled by high
angle northeast and southeast trending faults that extend into the
Property. The same locally intense silica, silica-alunite, and
argillic alteration found in the El Mozo project are also present
in the Property (See Figure 1).
The Property lies within the Inter-Andean Depression, a graben
that separates the western Cordillera Occidental from the eastern
Cordillera Real. The southern sector of the depression where the
Property is located is dominantly filled with Tertiary to
Quaternary volcanics. Epithermal gold mineralization at the
Property is hosted within these volcanic-sedimentary sequences. The
Property is located near major regional NE-SW and E-W oriented
structures typical of the Collay-Shincata gold bearing mineralized
belt that is part of the Alao-Paute mining district. This district
hosts other high-sulphidation deposits such as El Mozo, Lomo
Quipal, La Encrucijada, Fierro Urco and other prospects.
Epithermal gold mineralization was first discovered at the
adjacent El Mozo project in 1992 by Newmont Mining Corporation.
Follow-up exploration by Newmont, IAMGOLD, and others established a
historical inferred resource of 3.5 million tonnes at an average
grade of 2.3 g/t gold for 256,000 oz contained gold oz. using a
cut-off grade of 0.5 g/t gold. Within this inferred resource, a
high-grade zone of 230,000 tonnes at an average grade of 8 g/t gold
was also discovered. About 75% of the estimated resource consists
of oxide material. Many of the epithermal features targeted at the
El Mozo project are also present on the Property.
The information with respect to the El Mozo deposit was taken
from "A Technical Report on the El Mozo Property, Cochapata and
Morasioma, Azuay Province, Southern
Ecuador, as prepared by Normand
Champigny, an associate partner of IBM Business Consulting
Services, dated the 10th of June
2005. This report was disclosed publicly by Channel
Resources Ltd and filed by on SEDAR on the 28th of
July 2005. Readers are cautioned that
the historical resource estimates relating to the El Mozo Property
do not extend to the Property. The Company has not independently
verified the information with respect to the El Mozo project
provided in this news release and it is not necessarily indicative
of the mineralization on the Property. Other than as described in
the El Mozo technical report, the Company is not aware of the key
assumptions, parameters and methods used to prepare the estimates
on the El Mozo project. The historical estimates on the El Mozo
project are not current mineral resources or mineral reserves as
defined in National Instrument 43-101. The Company considers the
historical estimates on the El Mozo project disclosed in this news
release to be relevant to investors for the purpose of
understanding the Company's current exploration strategy for the
Property.
Exploration Program
Preliminary geological, structural, and hydrothermal alteration
field mapping has identified two prospective areas within the
concession which will be the focus of further exploration. A
subsequent field program will perform detailed mapping and
geochemical sampling of the prospective targets. The 2020
exploration program at the Property will focus on delineating
prospective zones that may host epithermal gold bearing
mineralisation to generate targets for a follow-up drill program.
Additionally, the Oro X technical team will use ASTER remote
sensing data to define other targets with high-sulphidation
epithermal alteration related minerals. Extensive road cuts and
minimal vegetation in the area will accelerate the fieldwork
timeline.
Upon the successful receipt of fire assay and atomic absorption
results from field samples, a detailed geochemical soil sampling
program of prospective zones will be designed to identify drill
targets. Regional magnetometry has also identified a NE – SW
trending anomaly that extends from the El Mozo project through the
Property that warrants further investigation. The goal of the 2020
exploration program is to generate prospective targets for a maiden
drill campaign in 2021.
Qualified Person
Mr. John E. Bolaños, who is a qualified person under NI 43-101,
has reviewed and approved the technical content of this news
release. Mr. Bolaños is a M.Sc. Mining Geologist from Camborne
School of Mines (U.K.) and a Professional Geologist Eng. from The
Central University of Ecuador
(honours degree). He is a registered member (ID 4172671) of the
Society for Mining, Metallurgy & Exploration (SME) of
the United States; Director of the
Ecuadorian College of Engineers in Geology, Mines, Oil and
Environment; and a member of the Mining Chamber of Ecuador. He has 27 years of experience in the
exploration and mining industry throughout the Americas.
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 statements in respect of
the Company's exploration plans for the 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.
Accordingly, readers should not place undue reliance on
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.