New Oroperu Resources Inc. is a junior exploration company based in Vancouver, B.C., which owns the Tres Cruces gold project in Peru.
On January 5, 2021, the Company announced that the right of Minera Barrick Misquichilca S. A. (MBM”) to acquire an interest in the shares of the Company's subsidiary, Aurifera Tres Cruces S. A., ("ATC"), holder of its Tres Cruces property in Peru, expired unexercised on December 31, 2020. Accordingly, MBM and its affiliates, including Barrick Gold, ("Barrick"), have no further rights, interests or claims whatsoever in or to the ATC shares or in or to the Tres Cruces property.
The Company notified MBM and Barrick accordingly and requested certain assurances from MBM arising as a result of the expiry of MBM's rights. Barrick has informed the Company that it believes that the Company has misstated MBM’s right. The Company has carefully considered its position and stands by its conclusion that MBM’s right acquire an interest in the Tres Cruces property has expired.
MINERAL RESOURCE ESTIMATE OF TRES CRUCES PROPERTY
The Tres Cruces gold project contains a mineral resource that is the subject of a NI 43-101-compliant technical report dated September 28, 2012 (see New Oroperu news release dated October 16, 2012).
According to the report, the Tres Cruces resource is estimated to contain 2.6 million oz. gold in the measured and indicated category, and 600,000 oz. gold in the inferred category at a 0.6 g/t gold cut-off.
The independent technical report is a National Instrument #43-101-compliant technical report, prepared by Mr. Peter A. Lacroix, P.Eng. of Lacroix & Associates, a Qualified Person as define
The 2.6 million oz. gold (“Au”) estimate is based on 359 drill holes comprising about 74,000 meters of drilling. Metallurgical testwork indicated a baseline recovery of 85% for oxidized mineralization and plus 80% for sulphide components of mineralization. An 82% recovery was used in the estimate. Pit optimization software used showed that 96% of the mineral resource was contained in the pit. However it is important to note that additional potential exists to increase the size of the resource and change category of resource with additional drilling at the margins and with depth. One of the best holes drilled on the project to date contained 228 m. grading 2.95 g/t Au down to 265 m. and is open to depth. It also contained silver (“Ag”) mineralization with a notable 13.0 m. zone grading 67.7 g/t Ag near the bottom. The low grade gold envelope and illite alteration is open to depth. Mineralized breccias containing fragments of the Cretaceous sedimentary rocks which underlie the Tres Cruces deposit also suggests depth potential.d by the National Instrument #43-101, which updates mineral resource estimates for Tres Cruces based on all available information to date.
The mineral resource contains silver (Ag) values which report in the metallurgical work but are not included in the estimate due to incomplete assay data in the block model. Based on 43,200 Ag assay intervals, the overall Ag to the Au ratio is 3:1 and 2:1 for gold values at 0.6 g/t Au cut-off.
The Tres Cruces project is a 100% company owned project subject to a 1.5% NSR royalty and subject to an option agreement with Barrick. Under the terms of the agreement, in order to exercise the option Barrick must pay for all expenditures up to a production decision. Oroperu retains a 30% interest and Oroperu's share of production costs are financed by Barrick. Additionally Oroperu retains a 2% NSR royalty of which US$1,000,000 is to be paid in advance at the time of a production decision. To maintain the option Barrick must pay US$250,000 to Oroperu on May 31st each year until a production decision is made.
The Tres Cruces project is located in north central Peru near three operating mines, including Barrick's Lagunas Norte operation which is 12 Km. to the north. The Tres Cruces project is a grass-roots discovery made by Oroperu in 1995. In the following year, after completion of initial surface sampling and alteration studies, four reverse circulation holes were drilled resulting in the discovery of mineralization beneath a silicified rhyo-dacite cap rock. Oroperu continued to define the broad limits of mineralization before optioning the property to Battle Mountain Gold Company in 1999. Battle Mountain made a resource estimate of 1.7 million oz. gold, which was reported as a historical resource by Oroperu.
In 2003 Barrick entered into an agreement with Oroperu to explore the Tres Cruces project. Since then, the Tres Cruces project has been operated by Barrick who then completed significant drilling and various technical surveys to advance the project.
New Oroperu Resources Inc. is a publicly traded company listed on the TSXV under the ticker symbol ORO. If you are a U.S resident and would like to purchase Canadian securities traded on the TSXV or CSE please open an account at Interactive Brokers (Phone #1-877-442-2757 ) Interactive Brokers is an online discount brokerage that offers U.S residents access to trading Canadian securities. Interactive Brokers Group affiliates provide automated trade execution and custody of securities, commodities and foreign exchange around the clock on over 135 markets in numerous countries and currencies from a single Integrated Investment Account to customers worldwide. This is not investment advice. Please view the disclaimer found on this website.
