CALGARY, ALBERTA -- (Marketwired) -- 04/30/13 -- Petro-Occidente Capital Corp. ("OPP" or the "Company") (TSX VENTURE: OPP.P) is pleased to announce the completion and filing of a technical report prepared in accordance with National Instrument 43-101 (the "Technical Report") for the Uptown Gold Project located in the Northwest Territories Mining District of the Northwest Territories, approximately three kilometres north of the city of Yellowknife (the "Property" or "Uptown") as well as provide an update on its non-brokered private placement.
The Technical Report is dated effective April 10, 2013 and entitled "Technical Report Uptown Gold Property - Northwest Territories, Canada". The Company commissioned Aurora Geosciences Ltd. ("Aurora") to prepare the Technical Report and the Technical Report was authored by Robin Wyllie B.Sc. (Honours), P. Geol., an employee of Aurora. Mr. Wyllie is a "qualified person" as defined in NI 43-101 and is independent of OPP.
As previously announced on March 12, 2013, OPP is proposing to acquire Uptown as its Qualifying Transaction pursuant to a letter agreement dated March 7, 2013 among Panarc Resources Ltd. ("Panarc"), Manson Creek Resources Ltd. ("Manson") and the Company (the "Agreement").
Work to date on the Property has outlined a large, multi-square kilometre gold and silver mineralized system. Geological mapping and sampling programs completed in 2012 were successful in delineating particular structural features, alteration assemblages and variable precious metal grades consistent with a granitoid-hosted lode gold deposit type ("GHLG"). GHLG deposits have received increased attention recently and there is a growing awareness that they constitute a distinct deposit class with analogues in Canada, Africa and Australia.
A property-wide system of sub-vertical, generally north-south striking shear zones provided a conduit for mineral bearing fluids to exploit. The laterally extensive shears have produced significant brittle micro-fracturing that were subjected to subsequent alteration. The wide-spread and generally pervasive alteration halos that envelope the shears suggest a large scale system may have been responsible for the mineralization on the Property. Hematite is pervasive with specularite in evidence at many locations. Secondary biotite is present in varying abundances and is generally observed to be altered to chlorite in many locations, particularly along micro-fractures. Sericite is also present in varying amounts with sulphides generally present but in low abundances. Increased understanding of the alteration assemblages will facilitate the determination of additional prospective zones.
Surface sampling during the 2012 Manson field program has returned elevated precious metal values in chip and grab samples sourced from various zones across the Property. Elevated gold values are often accompanied by a significant silver component, a fact not recognized in the historical work that will be important in adding value to the project. The Fox South zone returned average gold grades of 3.06 g/t and 1.52 g/t silver from 9 samples (sampling consisted of grab samples as well as hand chiseled continuous chip samples). Within the J zone, a 2.1m chip sample returned 7.99 g/t gold with 35.56 g/t silver while several grab samples registered between 3 and 15 g/t gold and 3 and 9 g/t silver. 15 grab samples from the Rod zone reported an average grade of 22.79 g/t gold with four of the samples returning silver grades in excess of 100 g/t. The remaining 11 samples from Rod averaged 10.21 g/t silver. Several of the zones remain open along strike and will be the focus of future work.
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