Welcome!

News Feed Item

Inca One Acquires 100% Option on Corizona Gold Mining Concession

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/13 -- INCA ONE RESOURCES CORP. (TSX VENTURE:IO) -

Highlights include:

--  Authorized by Peruvian Government to produce up to 350 tons per day
    while working on formalizing commercial operating permits 
--  200+ meters of previous workings and underground tunnels 
--  Great infrastructure including roads, mine buildings, grid power &
    running water on site 
--  Five potential high-grade gold veins on the Project show evidence of
    1,200m strike

INCA ONE RESOURCES CORP. ("the Company" or "Inca One") is pleased to announce that it has entered into an Option Agreement ("Agreement") with Canadian Mining S.A., pursuant to which it has been assigned an option to acquire 100% of the Corizona Mining Concession ("Corizona Project" or "the Project").

The Project is located in the Lahuaytambo District, Huarochiri province in the Department of Lima, the area is known as Cruz de Laya and La Mina, approximately 85 kilometers from the city of Lima or a 2.5 hour drive. The Corizona Mining Concession consists of 259 hectares recorded in the Public Registry Office of Lima.

The Corizona Project is subject to a formalization process, which allows exploration and production of up to 350 tons per day while working towards formal operating permits and authorizations. Canadian Mining S.A. is a private Peruvian company which has an option to acquire the Project from the underlying property owner. It is submitting an IGAC (Corrective Environmental Management Instrument) to the Ministry of Energy and Mines as due procedure to obtain commercial operating permits.

Previous work on infrastructure, exploration and engineered mine development has been performed on the Project. Roads and an office have been built to the Project, while running water and electricity is on site.

The Corizona Project contains a large hydrothermal system with gold hosted in a hematite-chlorite-quartz structurally controlled en echelon veins. The veins intruded with rhyo-dacitic dykes in parallel fractures along andesite-dacite tuff volcaniclastic bedding planes. The high grades of gold referenced below are associated with quartz-iron oxide and argillic-kaolinitic alteration. An extensive network of artisan working and pits that span the width of the Project, over one kilometer in strike, suggest the potential for multiple veins.

There are eight known veins on the Corizona Project, two of which (Veins B and C) have been partially mined previously from over 200meters of tunneling and underground workings. Previous work and sampling from these veins have reported very consistent grades of more than 10g/t gold over vein widths of 0.5 to 1.5 meters. Inca One intends to thoroughly resample and map the historical workings, timber the tunnels and commence bulk sampling of the known veins as soon as possible.

In 2010, Mr. Elard Zegarra, a Peruvian engineer, wrote a report on the Corizona Project and although it was not written to 43-101 specifications, the study is consistent with previous mining engineering practices. This study produced an accurate survey of the main existing mine workings on Veins B and C. From the historic sampling (non 43-101 compliant) grades averaged 7.57 g/t gold for Vein B and 11.49 g/t gold for Vein C over a width of 0.7 meters, from samples taken every 2 meters along the 80 meter length of the previous mine workings. Several samples from this previous work reported over 100 g/t gold.

Known veins confirm evidence for up to 200 meters vertical above the level of the main adit while remaining open at depth with 1200 meters strike on 5 separate veins. With further study and diamond drilling to evaluate the resource, under the applicable formalization laws, a near term bulk sample program could potentially be realized by re-opening and modernizing the existing workings using narrow vein, cut and timber, shrinkage stoping methods.

It should be noted that the potential quantity and grade above remains conceptual in nature, and that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in Veins B and C on the Project being delineated as a mineral resource.

The Agreement calls for an initial payment of US$50,000 to Canadian Mining for the assignment. To acquire the Project, Inca One must pay Canadian Mining US$1,950,000 (which includes the payment due to the underlying property owner) on or before December 19, 2014.

"We are very excited to have been able to acquire this option on the Corizona Project," stated Edward Kelly, President and CEO of Inca One. "Our internal geological and financial models suggest it is a low capital risk project with great upside potential."

Inca One intends to work closely with Canadian Mining S.A. and in the near future enter into an agreement for the exploration and development of the Project.

The technical information on the Corizona Project in this news release has been prepared in accordance with the Canadian regulatory requirements set up in NI 43-101 and reviewed on behalf of the Company by John Buckle, P.Geo., an independent Qualified Person under NI 43-101.

About Inca One:

Inca One Resources Corp. (TSX VENTURE:IO) is focused on acquiring and advancing properties in Peru with an option to acquire a 100% interest in the Las Huaquillas Gold- Copper project and an option to earn 100% of the Corizona Gold Mining Concession.

In 1998, Sulliden Resources estimated a geological resource on Las Huaquillas of 6.57 million tons grading 2.09 g/t Au and 25.2 g/t Ag (equivalent to 443,000 ounces of gold and 5.3 million ounces of silver)(i). The historical estimate used a cut-off of 1.5 g/t gold and remains open at depth and along its 2.2 Km strike.

(i) Note: The historic resource was calculated in 1998 and the Company has not completed the work necessary to have the historical estimate verified by a Qualified Person. The Company is not treating the estimate as a current NI 43-101 defined resource and the historical estimate should not be relied upon. The Project will require considerable future exploration which the Company intends to carry out in due course.

More information on the project and Inca one can be found on its web site at www.incaone.com.

On behalf of the Board,

INCA ONE RESOURCES CORP.

Edward Kelly, President& CEO

Statements in this press release regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties such as the risk that the closing may not occur for any reason. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) the inability of the parties to consummate the definitive letter agreement; (ii) fluctuation of mineral prices; (iii) a change in market conditions; (iv) the inability to produce the technical report for any reason whatsoever; and (v) the refusal of the Exchange to accept the proposed transaction for any reason whatsoever. Except as required by law, the Company does not intend to update any changes to such statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
KIN Communications
1-866-684-6730
1-604-684-6730
[email protected]
www.kincommunications.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...