Changing Name To Oro X
Western Pacific Resources Corp.(TSXV: WRP) has entered into an Option Acquisition Agreement with Titan Minerals Ltd. purchase the latter’s Titan’s right to acquire the Coriorcco and Las Antas gold projects located in Ayacucho, Peru.
Upon closing of the transaction and Exchange acceptance, the company will change its name to Oro X Mining Corp.
The flagship Coriorcco project is comprised of two concessions totalling 2,000 Ha and fully encloses the high priority Coriorcco Dome Structure. The Dome hosts 17 epithermal quartz, quartz-carbonate, and quartz-carbonate-adularia veins with Veins 3 and 6 being the most significant. These veins may represent the upper reaches of a low-sulphidation epithermal system.
The outcropping quartz vein system is host to drill-ready targets located within an extensive belt of volcanic hydrothermal systems. With favourable topography, access, and proximity to electrical power, the project is well suited for low capex development of high-grade, low-tonnage mining of veins.
“The acquisition of the Coriorcco and Las Antas options along with our proposed re-brand as Oro X Mining speaks to the strength of our new team and the transformative nature of this transaction” said Luis Zapata, Chief Executive Officer of Western Pacific.
“The Coriorcco and Las Antas projects are ideally located in an established mining district and have shown impressive gold grades in very limited past production. The market is rewarding to projects with the potential to be high-grade low-cost mines, and we will move expeditiously to advance the projects in that direction.”
Previous exploration activity at the Coriorcco Property included surface channel sampling and follow-up trial mining from 2010 to 2011. Three portals were developed and over 400m of sub-horizontal mining was completed on three veins up to 60 m below surface, within the silica cap of the Coriorcco Dome.
The three portals were sunk into the side of the Dome, to the east and west of the major vein swarm, and followed mineralized Vein 3, 6 and an unnamed vein. There are 15 additional veins visible on surface within the broader vein swarm that require systemic mapping and sampling.
Historical mining of veins 3 and 6 exploited over 5,720 tonnes of material and was shipped to a third-party mill for processing. The underground minable width of the vein system ranged from 0.8 m to 2.5 m and the material produced had an average head grade of 7.5 g/t Au.
The Las Antas property consists of two contiguous mineral concessions immediately to the south of the Coriorcco Concessions. It lies in the same established metallogenic belt recognised for its prospectivity for epithermal Au-Ag mineralisation, and polymetallic veins. The property hosts a large zone of extensive hydrothermal alteration developed in volcanics at the junctions of regionally significant northwest and northeast trending faults.
Two named prospects have been established at the property based on observed hydrothermal alterations:
- Yuracmarca is an approximately 1.9 x 1.4 km area in the northwestern part of the Property, with pervasive hydrothermal alteration including, propylitization and argilization.
- Cerro Amarillo is an approximately 3.0 x 1.5 km area in the central and southwestern part of the Property with intense silicification.
Artisanal and small-scale miners have been intermittently active in the areas around the Property and wider San Juan de Lucanas Mining District since pre-colonial times.
