VANCOUVER, British Columbia, June 14, 2017 (GLOBE NEWSWIRE) -- New Oroperu Resources Inc. (the “Company” or “New Oroperu”) (ORO.V) is pleased to report that Barrick has made the 2017 payment of US$250,000 to maintain its option on the Tres Cruces project.
The Tres Cruces project is located about 10 km south of Barrick’s Lagunas Norte gold deposit, where production started in June 2005. On February 22, 2016, Barrick announced the results of a prefeasibility study on a plan to extend the life of Lagunas Norte by mining the refractory material below the oxide ore body in the current open pit. This study, described in a Barrick National Instrument 43-101 Technical Report dated March 21, 2016, contemplates the installation of a new grinding-flotation-autoclave and carbon-in-leach processing circuit to treat the refractory material below the current open pit. On February 15, 2017, Barrick announced that it is now evaluating a sequenced approach to extending the life of the Lagunas Norte mine by first optimizing the recovery of carbonaceous oxide ore contained in existing stockpiles by grinding and CIL extraction, followed by extraction and processing of refractory ores as described above.
K. Wayne Livingstone, President, says “We believe the potential addition of a grinding-flotation-autoclave and carbon-in leach processing circuit to extend the life of Barrick’s Lagunas Norte mine could enhance the development opportunity for Tres Cruces because of the proximal advantages to and synergies with Barrick’s operations. Further exploration would better define known shallow higher grade zones and expand higher grade deep mineralization. We look forward to Barrick expanding and defining further Tres Cruces resources and ultimately making a production decision.”
The Tres Cruces property, 100% owned by New Oroperu, is under an Option to Purchase Agreement with a Peruvian subsidiary of Barrick Gold Corp., Minera Barrick Misquichilca S.A. (“Barrick”). Maintaining the option requires an annual payment of US$250,000, subject to 30% withholding for Peruvian tax. Under the terms of the Agreement all exploration expenditures deemed necessary by Barrick to make a production decision will be paid by Barrick at no cost to the Company. Following a production decision, which must be made on or before December 31, 2020, the Company would retain a 30% fully financed interest subject to certain payback provisions, a 2% royalty interest, and receive a US$1,000,000 advance royalty payment.
Tres Cruces gold mineralization is comprised of a minor oxidized component and a dominant sulphidic component. Metallurgical test work on Tres Cruces mineralization described in the Company’s National Instrument 43-101 Technical Report by Peter A. Lacroix, described below, indicates good gold recoveries in sulphidic mineralization using a CIL flotation process. The minor component of oxide mineralization in the Tres Cruces deposit is assumed, in the report, to be treated with the sulphides. The oxidized component is predominantly located in the south part of the deposit at shallow depths and associated with a higher grade part of the deposit. Further drilling of these shallow mineralized zones may better define areas with better grade and gold recoveries. Some examples of shallow mineralization in the south part (Southwest zone) of the Tres Cruces deposit which have been previously news released are:
|Date||Drill Hole||Interval (meters)||Grade g/tAu|
|June 18, 2007||DTC 238||48.1 to 72.5||24.4 m.||2.55|
|DTC 241||39.0 to 55.5||16.5 m.||2.67|
|DTC 243||44.0 to 65.0||21.0 m.||3.60|
|DTC 255||45.0 to 65.5||20.5 m.||3.06|
|August 13, 2007||DTC 293||37.5 to 66.5||29.0 m.||2.97|
|and in the Southwest Extension zone|
|DTC 279||57.0 to 144.0||67.0 m.||3.42|
|March 4, 2008||RTC 236||54.0 to 75.0||21.0 m.||2.89|
|and in the Southwest Extension zone|
|RTC 255||37.0 to 62.0||25.0 m.||3.37|
As mentioned in prior news release, June 8, 2016, the depth potential with better grade gold and silver remains untested. Drill Hole RTC 255, previously reported in our news release, dated March 4, 2008, is an example of a well mineralized hole which bottomed in mineralization. It averages 228.0 m. grading 2.95 g/t Au with a shallow component from 37.0 m. – 62.0 m. (25.0 m.) grading 3.37 g/t Au and a deeper component with higher grade, 197.0 m. – 210.0 m. (13.0 m.) grading 16.17 g/t Au with 67.7 g/t Ag. Drill hole DTC 278 (Twin) has a deep mineralized interval 235.0 m. – 261.0 m. (16.0 m.) grading 5.05 g/t Au with 84.2 g/t Ag. Not all deep holes measuring the deposit were assayed for Ag. Silver (Ag) reports as a recovered product in the metallurgical test work as reported in the New Oroperu Technical Report.
In summary, the Tres Cruces deposit has several mineralized zones which are not fully defined. The Southwest Extension zone and the Southwest zone display shallow better grade mineralization which also contains oxidized components in their upper part. There is also deep mineralization indicated in several holes. These deeper high grade targets have not been completely drill tested and some holes have bottomed in mineralization.
New Oroperu has a National Instrument 43-101 entitled “Technical Report on the Tres Cruces Project, North Central Peru” dated September 28, 2012 by Peter A. Lacroix, P.Eng. of Lacroix and Associated, which updated mineral resource estimates for the Tres Cruces project based on all available information to that date. According to the report, the Tres Cruces mineral resource is estimated to contain 2.6 million ounces of gold at a 0.6 g/t Au cut-off in the measured and indicated category. A complete copy of the report is available at www.sedar.com or through the Company’s website at www.oroperu.com.
The Company looks forward to future developments on the Tres Cruces project with Barrick.
ON BEHALF OF THE BOARD OF DIRECTORS
“K. Wayne Livingstone”
K. Wayne Livingstone
Forward looking statements: This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward looking statements").” Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, "forecast", “expect”, "potential", "project", "target", "schedule", budget" and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the expected. 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. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company’s expectations include whether or not Barrick makes a production decision on the Tres Cruces Project, the timing of such production decision, actual exploration results, changes in the Tres Cruces Project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
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