Oroya Mining (ASX:ORO) is conducting drilling and exploration on its Orbost Copper Project (Victoria) and Talc Lake Nickel project (east of Kambalda).
Oroya Mining receives capital injection from China based Yucai Group
Tuesday, February 12, 2013 by John Phillips(ASX: ORO) will receive a capital injection to immediately fund exploration activities, following Soaraway Developments subscribing for $800,000 in convertible notes.
Soaraway is already a major shareholder in Oroya with a 19.83% stake, and is the mining subsidiary of the China based Yucai Group.
Oroya is currently preparing to mobilise a rig to test the extent of the porphyry copper mineralisation at the Orbost Copper Project, which is located in eastern Victoria around 30 kilometres from the town of Orbost.
The project was granted to Oroya in August 2011, and covers a regional copper metallogenic zone which is prospective for porphyry copper-gold mineralisation (Cadia-style).
Oroya is targeting large tonnage granodiorite-hosted copper deposits. Secondary targets include vein-hosted gold and massive sulphide base metal deposits.
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