Hedge funds slash bullish wagers on gold before war jitters
Speculators have reduced net-long positions by 3.6%.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Nov. 9, 2012) – Oroco Resource Corp. (TSX VENTURE:OCO)(FRANKFURT:OR6) (“Oroco” or “the Company”) is pleased to provide an update on the mapping and sampling program currently underway on its 100% owned Xochipala Property in Guerrero State, central Mexico.
The Company commenced the mapping program in September in order to locate the contact between the intrusive and overlying sediments. Approximately two kilometers of the contact has now been identified on the Xochipala Property in addition to geological characteristics similar to known deposits in the Guerrero Gold Belt, including the existence of a strong magnetic signature and extensive areas of alteration associated with the contact between the intrusive and overlying sediments. Regionally, where the intrusive is gold bearing, high grade gold mineralization is often found at or near the contact between the intrusive and the overlaying sediment.
Following up on the limited sampling program conducted by Oroco in 2008 (see the Company’s news release of August 14, 2012), a second sampling program has commenced with the goal to establish the surface extent of mineralization in the intrusive and the contact zone. Oroco plans to channel sample all showings, rock exposures along road cuts and other areas of altered outcrop with the intention of developing drill targets that will include both high grade structural and contact mineralization and lower grade intrusive mineralization. The Company intends to take approximately 500 samples in the current program, with initial sampling concentrating on the endoskarn or intrusive, and then concentrate on the contact zone between the intrusive and the overlying sediments and the exoskarn mineralization within the sediments. Road cuts on the property allow easy access to the highly altered rocks which are an excellent sampling medium. Samples are continuous chip samples and are generally bagged over 1.5 meter intervals.
Qualified Person
Kenneth R. Thorsen, B.Sc., P. Eng., is a director of the company and is a ‘qualified person’ for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators. He has verified the data (including sampling, analytical and test data) and prepared or supervised the preparation of the information contained in this news release.
About Oroco
Oroco is a Canadian-based mineral exploration company focused on its two Mexican gold projects, the 7000 ha Cerro Prieto Project in northern Sonora State, Mexico and the 193 ha Xochipala Property, lying within the original Morelos National Mining Reserve in Guerrero State, Mexico.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
