Category: Uncategorized
- Published: 29 November -0001
September 4, 2008
Oro Gold Resources Ltd. (“Oro Gold”) (TSX-V: OGR) and Mazorro Resources Inc. (TSX-V: MZO; Frankfurt: JAM) report positive assay results for the first phase of the 2,400 metre reverse circulation (“RC”) drill campaign completed at the Cimarron property, located 40 kilometres east of Mazatlan, Mexico. The drilling tested the Calerita target located in the central part of the property and confirmed the presence of a significant outcropping gold-bearing zone. Highlights of the drill program include:
• CIMRC08-001: 0.6 g/t gold over 84.0 m
• CIMRC08-002: 0.9 g/t gold over 90.0 m (including 1.8 g/t gold over 24.0 m)
• CIMRC08-004: 0.7 g/t gold over 60.0 m
• CIMRC08-006: 0.5 g/t gold over 76.0 m
Based on these very encouraging results, the next phase of the drill program has been accelerated and a diamond core drill rig is currently being mobilized to the property to commence the next round of drilling within a week.
Calerita Target
The Calerita target is centered on a 1 kilometre by 300 metre northeast trending gold-in-soil anomaly hosted in intrusive and volcanic rocks. The gold mineralization is interpreted to be porphyry-style related to epidote, chlorite, and quartz. The drilling at Calerita expanded the known gold mineralization at depth. Drill holes CIMRC08-001 to CIMRC08-004 confirmed historic drill results completed in the past by Hecla, while holes CIMRC08-005 and CIMRD08-006 identified a new gold-bearing zone located approximately 200 metres to the south of the main zone. The dimensions of the zone are now at least 350 metres by 250 metres at surface and to a depth of approximately 100 metres. The gold zone is open to the south, to the northeast, and at depth (see Figure 1).
Highlights of composite intervals above a 0.2 g/t gold cut-off are shown below:
HOLE ID FROM(m) TO(m) INTERVAL(m) Gold (g/t) CIMRC08-001 0 84.0 84.0 0.62 118.0 144.0 26.0 0.53 CIMRC08-002 0 90.0 90.0 0.85 including 8.0 32.0 24.0 1.83 CIMRC08-003 58.0 80.0 22.0 0.44 92.0 118.0 26.0 0.32 CIMRC08-004 0 60.0 60.0 0.71 70.0 96.0 26.0 0.57 CIMRC08-005 92.0 98.0 6.0 0.49 128.0 138.0 10.0 0.56 CIMRC08-006 0 76.0 76.0 0.46 including 0 6.0 6.0 1.19 CIMRC08-007 0 12.0 12.0 0.46 52.0 56.0 4.0 0.24 80.0 96.0 16.0 0.24 CIMRC08-008 160.0 170.0 10.0 0.39 CIMRC08-009 No intervals > 0.2g/t Au CIMRC08-010 No intervals > 0.2g/t Au CIMRC08-011 No intervals > 0.2g/t Au CIMRC08-012 No intervals > 0.2g/t Au CIMRC08-013 No intervals > 0.2g/t AuContinuous composite intervals greater than 2m length and greater than 0.2 g/t Au can include up to 2m less than 0.2 g/t Au. Intervals posted are down-hole drill lengths.
Holes CIMRC08-009, 010, 012 and 013 drilled to test coincident soil geochemical and rock chip sampling anomalies at Veteranos and El Bolante located approximately 4 kilometres south and north of the main Calerita prospect. These holes did not intersect any significant gold values at depth
“The results of the first phase of drilling are very encouraging. We are currently incorporating these results into a 3-D geological model which we will use to guide the next phase of drilling. Based on results obtained to date, we are confident that the next drill program will produce sufficient results to justify completing a resource estimate in the Calerita area. We are also defining new target areas through surface mapping and sampling. The excellent infrastructure of the property in terms of road access, proximity to power, and location near an international port makes the project economics potentially very attractive if we continue to discover and define a gold resource”, stated Frank Powell, Vice President of Oro Gold.
The exploration plan in the fourth quarter of 2008 will include an additional 2,500 metres of RC drilling, 300 metres of core drilling, metallurgical test-work, and the completion of a first resource estimate of the Calerita target. The next phase of drilling will target the potential expansion of the gold resource in the Calerita area as well as test additional targets on the property.
Mark Pryor, Pr.Sci.Nat.,.a qualified person as designated by National Instrument 43-101, has reviewed the technical contents of this release and has supervised the drilling. A thorough quality assurance and quality control program (QA/QC) protocol was utilized on the project including blank and standard samples with each batch of assays. RC chip samples were submitted directly to Inspectorate de Mexico, S.A de C.V., for preparation in Durango, Mexico, and analysis in Reno, Nevada. Analysis was conducted on 1 assay ton samples, with one standard, one duplicate and one blank sample inserted every 30 samples. Analysis of Au was by fire assay, with a gravimetric finish on samples exceeding 3 g/t Au.
Mazorro has the option to acquire from Oro Gold a 60% undivided interest in the Cimarron property by spending US$2.7 million in exploration expenditures by June 30, 2011 and by issuing 1 million common shares in stages by June 30, 2010. The agreement schedule includes incurring an expenditure of US$1,442,500 by June 30, 2009.
ON BEHALF OF THE BOARD OF DIRECTORS
Darren Bahrey
President and CEO
Suite 1400-625 Howe Street, Vancouver BC V6C 2T6
Telephone: 604 646-1580 Facsimile: 604 642-2411
www.orogoldresources.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Some statements in this release may contain forward-looking information. These statements include, but are not limited to, statements with respect to future exploration, development and production activities and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the time and success of future exploration, development and production activities and the timing and amount of expenditures.
