ROK: TSX.V
VANCOUVER, July 27 /PRNewswire-FirstCall/ - Roca Mines Inc. (ROK: TSX-V) ('Roca' or 'the Company') announces that it has entered into an option agreement with Cream Minerals Ltd. ('CMA'), to acquire up to a 70% interest in CMA's Nuevo Milenio Project (the 'Property').
Roca has assessed many advanced stage project opportunities over the past months that could provide the following benefits to the Company;
1. Revenue growth through the potential near-term development of new
mining operations;
2. Broadening exposure to alternative mining-friendly jurisdictions; and,
3. Diversified metals production that could provide a natural hedge to
global economic and financial conditions.
CMA's 100% owned Nuevo Milenio Project encompasses 2,560 Hectares (Ha) and is located 27 kilometres (km) by road from Tepic, the capital city of Nayarit State, Mexico. Tepic is an important commercial centre with a population of over 300,000 people located 150 km northeast of Puerto Vallarta. Access to railway, airport, power lines and water are within reasonable distance of the Nuevo Milenio Project providing cost effective access to infrastructure.
The Property contains low sulphidation, epithermal gold-silver resources comprised of mineralization in quartz veins and stockwork zones in Miocene volcanics within a collapsed caldera structure. Work by CMA has outlined four mineralized zones consisting of sub-parallel vein-stockwork systems: the Veta Tomas, Dos Hornos 1, Dos Hornos 2, ('Dos Hornos Zone') Once Bocas and Chacuaco Zones. A recent resource estimate comprising only the Veta Tomas, Dos Hornos Zone and Once Bocas Zones represents multiple mineralized systems and includes Spanish-era workings highlighting excellent ground conditions. The ancient workings were clearly exploratory only and had limited production.
A revised National Instrument 43-101 Inferred Mineral Resource report was prepared by F. Holcapek, P.Eng. and filed on December 24, 2008, based on exploration and drilling programs conducted between 2000 and 2007. This report estimated an Inferred Mineral Resource of 54.6 million ounces silver equivalent contained within 5.09 million tonnes. The average grade was estimated at 1.6 g/t Gold and 251 g/t Silver. The resource estimate is based on relatively limited drilling to date, highlighting the potential to add to the resource through additional drilling.
Particular attention was given to defining mineable widths of the veins and continuity of grade.
