Zoro Mining Announces Results from Yura Target Sampling Program
TUCSON, AZ – (Marketwire – May 22, 2012) – Zoro Mining Corp. (“Zoro” the “Company”) (OTCBB: ZORM) is pleased to report favorable results from the recent sampling campaign at its Yura gold project, located near Arequipa, Peru. Under the direction of senior project geologist Ed Gates, geological mapping and sampling during the last 10 months has identified structural controls in 16 target areas with known occurrences of quartz veining hosting native gold. Fourteen targets are highlighted in the map below, superimposed with the major occurrences of surface shears and veining.
To date, a total of 1,040 samples have been taken from mineralized shears, veins, outcrops, trenches, pits, and historical workings. Some of the more significant fire assay results of samples taken from the targets, and origin of each sample are shown in the table below:
|Target||Au g/t||Location||Au g/t||Location||Au g/t||Location||Au g/t||Location|
Of the 1,040 samples taken, 652 (62.7%) exceeded 0.1 grams per tonne gold, averaging 7.21 grams per tonne gold. Reconnaissance mapping and sampling has been completed on approximately 10% of the property (8,000 hectares).
A planned 19-hole drill program was delayed due to atypical 50-year storms that affected southern Peru and washed out the access roads to the property on three different occasions, with storm run-off delaying access through the middle of April. Zoro has its own road building equipment, and access has been restored to most of the major mineral and drill target areas, and work continues to restore access to outlying targets. It is anticipated that drilling will commence in the next 30 days.
The drill program will test gold dissemination both laterally and at depth across several of the more attractive mineralized zones. Prior geophysical testing at the Dolores, Marylin, and Suzie targets yielded resistivity lows of 84, 200, and 25 meters width respectively, suggesting the lateral extent of shearing.
The Yura Gold Project is a joint venture between Zoro and Yura Ventures. Zoro has the right to earn an initial 50% interest by funding US$5 million in exploration expenses by April 2014. Zoro can purchase an additional 25% equity interest in the project for a minimum of US$30 million, or 6% of the market price of inferred reserves (minimum 600,000 ounces), whichever is more, for a total project interest of 75%.
John E. Hiner, Licensed Geologist and Registered Member of SME, a qualified person as defined by National Instrument 43-101, has reviewed and approved the information provided in this news release.
About Zoro Mining Corp
Zoro Mining Corp. is a junior exploration company working to advance gold and copper projects in South America, with a major focus on large-scale, open pittable targets in Peru and Chile. Zoro’s key projects are the Yura, Don Beno, Escondida, Piedra Parada, and Fritis properties. For further information, please visit Zoro’s website at zoromining.com
To contact us, please call Zoro Mining Corporation Investor Relations at 1 888 486 5613
Forward-Looking Statements: This press release may contain projections and certain “forward-looking statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, which involve various risks and uncertainties regarding future events. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) inability to complete the Earn-In for any reason; (ii) adverse market conditions; (iii) a decrease in demand for and price of gold and precious metals; (iv) the inability to obtain, or a change in local governmental or regulatory approval or policies that may adversely affect permitting and the exploration work; (v) general uncertainties with respect to mineral exploration; (vi) the possibility of project cost overruns and of unanticipated costs and expenses; and (vii) the availability and costs of financing needed in the future. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates of opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.