RETRANSMISSION: CuOro Exploration Work Programs Established for 2014
January 13 2014 - 8:30AM
Marketwired
RETRANSMISSION: CuOro Exploration Work Programs Established for
2014
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 13, 2014) -
CuOro Resources Corp. (TSX-VENTURE:CUA)(FRANKFURT:6BC) ("CuOro" or
the "Company") is pleased to announce it has successfully filed
applications for new concession contracts in the copper-prospective
Pelaya municipality of Cesar, Colombia. The applications were filed
with the National Mining Agency of Colombia in July, 2013.
According to the National Mining Agency, CuOro is the "first-in"
applicant for the areas that comprise the Pelaya Project and the
applications are now under legal and technical review. CuOro
expects these concessions to be granted in Q1 or Q2 2014.
The Pelaya Copper Project is comprised of two contiguous
applications for concession contracts in the Cesar Department of
the Republic of Colombia, 200 km south of Valledupar, Cesar. The
application areas total 3,309.1 ha. The Pelaya Copper Project is
situated close to National Highway 45 (Ruta del Sol) and easily
accessed by secondary roads. Several large-scale coal mining
operations are currently in production in the Cesar and La Guajira
departments proximal to the Project area.
To date, CuOro has completed several reconnaissance visits and a
widely-spaced soil geochemical sampling grid at the Pelaya Project.
This work has defined a Cu in soil anomaly with a strike length of
approximately 800 m (Singarare anomaly). Exploration work has also
defined several Cu in soil anomalies (Boloazul anomaly) over 4 km
to the north of the Singarare anomaly. Regional geologic context
and field evidence indicates the Pelaya area has potential to host
a clastic-hosted (sandstone-redox and Revett-type) redbed and
reduced (Kupferschiefer and Nonesuch) redbed copper deposits, as
well as potential for volcanic hosted redbed copper. The
occurrences discovered during Cuoro's work to date are of the
latter type.
The Company is well funded to implement an aggressive
exploration program to test the propsectivity of the property. The
work program recommended includes mapping and sampling. The Company
has budgeted $1,500,000 for the 2014 work program at Pelaya.
In addition to the work planned for Pelaya the Company has a
prospect generation work program ongoing in Colombia The generative
work program has to date identified a number of opportunities for
acquisition and the Company is advancing its due diligence on the
targets identified. The Company is planning to expand its
generative efforts on other opportunities in Colombia.
An overall exploration budget of up to $2,500,000 is anticipated
for 2014.
About CuOro Resources Corp.
CuOro aims to identify mineral properties that have significant
potential to develop large-scale resources in well-established and
mining receptive jurisdictions such as Colombia. Management looks
to leverage its exploration and development expertise to bring
additional value to shareholders and to reduce development risk and
expense through its focus on community relations, corporate and
social responsibility. The Company will continue to look for
additional opportunities that can bring value to the Company and
its shareholders. The company is committed to upholding the highest
environmental and social standards while focusing on delivering the
financial growth that its shareholders expect.
For further information regarding CuOro, see CuOro's disclosure
documents on SEDAR at www.sedar.com
On Behalf of the Board of Directors of CuOro,
Marc Cernovitch, President & CEO
Neither the
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the Exchange) accepts responsibility for
the adequacy or accuracy of this release
CuOro Resources Corp.Marc
Cernovitch647.203.7868mcernovitch@cuororesources.com