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2 years ago
VANCOUVER, British Columbia – (October 4, 2022) Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) announces assay results from an additional 3,594 m of drilling from Holes N019 through N026 of its drilling program in the North Zone of its Santo Tomas property (the “Property”) located in northwestern Mexico (see Table 1 below and Figure 1 at the Company’s website). To view an interactive 3D model that includes the results announced today, use the following link or visit Oroco's website: https://vrify.com/companies/oroco-resource-corp
The current drill program is continuing to confirm and expand the 2009 Gradeshell model of Cu >0.30% (the “Gradeshell”) derived from the historical drilling described in the Company’s 2019 Technical Report. A total of 35 holes (22,769 meters of drilling) have now been completed in the North Zone, spanning approximately 1,300 meters of strike length, with intersections of good grade mineralization returned in all holes for which the Company has received assays.
HIGHLIGHTS
Drill holes N019, N021, and N024 continued the Company’s efforts to expand the North Zone mineralized zone at higher elevations to the west. All three holes identified significant intervals supporting previously released assays from Holes N016, N017, and N018.
Drill holes N022, N023, N025, and N026 targeted the central axis of the North Zone to define shallow-seated mineralization. All four holes returned significant intervals of higher-grade mineralization, including several collared in sub-cropping mineralization.
Drill hole N020 was drilled approximately 240 m to the south of Holes N015 and N017 in an area with limited historical drill testing and returned significant intervals within and outside the Gradeshell.
Richard Lock, CEO, commented: “We are very pleased that the drill results continue to expand the North Zone deposit relative to the Gradeshell. In addition, our recent increase in the number of drills from four to six allows us to dedicate two rigs to target the confirmation and expansion of the historical South Zone mineral resource. We are therefore focused on providing a combined North Zone and South Zone mineral resource estimate to support our upcoming Preliminary Economic Assessment.”
DRILLING RESULTS
All drill holes tested the North Zone deposit perpendicular to its structural attitude. Core intervals are within approximately 10% of true thickness. Assay results and cross-sections through the first twenty-six North Zone drill holes (18,136 m of drilling) are available at the Company’s website.
Extension of the Deposit to the West
The Company’s new strategy of drilling angle holes from the hangingwall of the deposit has reliably intersected a previously untested western shoulder to the main body of North Zone mineralization that is blind to the surface.
Drill hole N019 (Plate 63) returned 2 significant intervals, both outside the Gradeshell: 127.8 m of 0.29% Copper Equivalent (“CuEq”) above the Gradeshell, and 126.0 m of 0.25% CuEq lying downdip.
Drill hole N021 (Plate 61) returned four mineralized intervals, all outside the Gradeshell, with two main intersections of 81.4 m of 0.40% CuEq and 32.9 m of 0.49% CuEq lying above the Gradeshell.
Drill hole N024 (Plate 61) returned several intervals above, within and below the Gradeshell, with two main intervals: 86.6 m of 0.37% CuEq within the Gradeshell, and 90.1 m of 0.26% CuEq below the Gradeshell.
Defining Shallow, Higher-grade Mineralization Along the Central Axis of the North Zone
Drill holes N022, N023, N025 and N026 targeted shallow-seated mineralization in the eastern section of the North Zone with the goal of confirming the historical results which were generally of a higher-grade. The current drill holes not only confirmed the mineralization in this area, but also returned intervals of mineralized material that are generally higher grade than the comparable historical results.
Drill hole N022 (Plate 63) returned 152.1 m of 0.45 CuEq starting at 33m from surface, and 102 m of 0.24% CuEq starting in the Gradeshell and extending below it. Mineralization is shown to exist across the entire thickness of the Gradeshell and extends above and below it.
Drill hole N023 (Plate 62) returned 139 m of 0.35% CuEq, including 56.7 m of 0.61% CuEq starting at 4 m from surface.
Drill hole N025 (Plate 59) returned an interval, starting from surface and extending below the Gradeshell, of 286.0 m of 0.45% CuEq. This intersection is one of the most significant in the current drilling program.
Drill hole N026 (Plate 65) returned two main intervals: 92.2 m of 0.68% CuEq starting from surface, and 69.8 m of 0.29% CuEq, both within the Gradeshell.
Extension Along Strike to the South
Historical drilling delineated approximately 1,600 m of strike length to the North Zone. The southern 500 m of that length is blind to the surface, sparsely drilled, and open to discovering mineralization at depth and on the shoulders of the main deposit.
Drill hole N020 is currently the southernmost of the North Zone drill program, lying approximately 240 m south of Holes N015 and N017, and extending the strike length of the North Zone drilled by the Company to about 1,300 m. The hole returned 151.6 m of 0.49% Copper Equivalent (CuEq), much of which lies outside the Gradeshell. Drilling is currently planned for areas north, south and down dip (to the west) from Hole N020.
Table 1: Significant Assay Intervals in the Santo Tomas 2021-2022 Program, Holes N019 to N026:
Drill Hole
No. Dip From
(m) To
(m) Length
(m) Cu % Mo % Au g/t Ag g/t* CuEQ %
N019 -55 331.0 458.8 127.8 0.26 0.006 0.018 2.04 0.29
“ -55 472.0 598.0 126.0 0.21 0.008 0.011 1.82 0.25
N020 -55 223.4 375.0 151.6 0.43 0.004 0.063 2.28 0.49
including -55 223.4 308.2 84.9 0.53 0.001 0.101 2.68 0.61
N021 -55 299.0 380.4 81.4 0.34 0.008 0.028 3.16 0.40
" -55 394.1 427.0 32.9 0.41 0.018 0.022 2.53 0.49
N022 -55 33.0 185.1 152.1 0.37 0.009 0.068 1.57 0.45
" -55 191.0 293.0 102.0 0.21 0.005 0.019 1.15 0.24
N023 -55 4.0 143.0 139.0 0.31 0.005 0.030 1.63 0.35
including -55 4.0 60.7 56.7 0.55 0.006 0.053 2.72 0.61
N024 -55 505.0 591.6 86.6 0.30 0.016 0.010 1.59 0.37
" -55 599.9 690.0 90.1 0.22 0.007 0.016 2.43 0.26
N025 -55 8.0 294.0 286.0 0.40 0.004 0.047 2.48 0.45
N026 -55 0.0 92.2 92.2 0.60 0.010 0.063 2.05 0.68
" -55 96.3 166.0 69.8 0.25 0.009 0.019 1.39 0.29
Cu Equivalent (CuEq) % = Cu % + (Mo %*3.75) + (Au ppm*0.752). The commodity prices (3-year Average) used are in $US: Cu $3.20 /lb, Mo $12.00 /lb, and Au $1,650.00 /troy oz. * Ag values are not used in the CuEq calculations.
NORTH ZONE PROGRAM
The North Zone drilling program is designed to confirm and expand the 2009 Gradeshell model, delineate near-surface mineralization amenable to open-pit mining methods, and reduce waste rock stripping ratios (refer to the August 24, 2022 release for a fuller description of the program).
To date, the program has confirmed good grade mineralization in a gently north-plunging panel along the Santo Tomas ridge, extending 1,300 meters along strike at surface. The panel dips to the west and comprises consistent grades down-dip to about 400-500 m depth below the ridge, bottoming at about sea level.
The Company’s focus in the North Zone for the rest of 2022 is threefold: (1) to continue expanding the mineralized zone on the hanging wall to the west of the Gradeshell along the length of the deposit to potentially increase the resource and reduce the amount of waste rock stripping required; (2) to continue targeting the shallow seated mineralization in the eastern section of the North Zone to continue to confirm the higher grade shallow seated mineralization along the length of the deposit; and (3) to drill the relatively untested 600 m to the south of holes N015 and N017 (see Figure 1 attached) along which the North Zone is shown to extend. This area of the North Zone is prospectively of greater width and depth than the historical modeling and the Company intends to drill it with regular spacings to potentially establish a mineral resource in this area.
SOUTH ZONE PROGRAM
The Company has mobilized two drills to confirm and expand the South Zone deposit. Historical drilling, surface geological mapping, and the Dias Geo 3D Induced Polarization survey have defined near-surface mineralization projected to 400 m below the surface along 2,500 m of strike length. Drill holes S001 (735.5m), S002 (617.1 m) and S003 (701.5 m) are complete, and drill hole S004 is presently in progress.
TECHNICAL INFORMATION AND QUALITY CONTROL / QUALITY ASSURANCE
The historical drilling data employed in this current exploration program was the subject of Data Verification procedures cited in the current Technical Report. Additional drill collar verifications were performed in the current program, and collar locations fit closely to the 2021/2022 survey control. Appropriate QA/QC protocols governed geological logging, core sampling, sample preparation, analyses, and security during the current program, including quality controls with duplicates, standards, and blanks. Samples were submitted to the Mexican division of ALS Limited in Hermosillo, Mexico, for sample preparation to pulps. Sample pulps are then sent to ALS Canada Ltd. in Vancouver, Canada, for analysis. Total copper and molybdenum contents are determined by four-acid digestion with AAS finish. Gold was determined by fire assay of a 50-gram charge, or alternately, of a 30-gram charge (1 Assay ton).
QUALIFIED PERSON
Mr. Paul McGuigan, P. Geo., of Cambria Geosciences Inc., a “Qualified Person” (as defined in NI 43-101 -Standards for Disclosure for Mineral Projects) and a senior consulting geoscientist to the Company, has reviewed and approved the technical disclosures in this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting the exploration activities on its projects.
ABOUT OROCO:
The Company holds a net 73.2% interest in the collective 1,172.9 ha Core Concessions of the Santo Tomas Project in NW Mexico and may increase that majority interest up to an 85.5% interest with a project investment of up to CAD$30 million. The Company also holds a 77.5% interest in 8,154.3 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total project area of 23,048 acres). The Project is situated within the Santo Tomas District, which extends from Santo Tomas up to the Jinchuan Group’s Bahuerachi project, approximately 14 km to the northeast. Santo Tomas hosts a significant copper porphyry deposit defined by prior exploration spanning the period from 1968 to 1994. During that time, the property was tested by over 100 diamond and reverse circulation drill holes, totalling approximately 30,000 meters. Based on data generated by these drill programs, a historical Prefeasibility Study was completed by Bateman Engineering Inc. in 1994.
The Santo Tomas Project is located within 160km of the Pacific deep-water port at Topolobampo and is serviced via highway and proximal rail (and parallel corridors of trunk grid power lines and natural gas) through the city of Los Mochis to the northern city of Choix. The property is reached by a 32 km access road originally built to service Goldcorp’s El Sauzal Mine in Chihuahua State.
For further information, please contact:
Richard Lock, CEO
Oroco Resource Corp.
Tel: 604-688-6200
Email: info@orocoresourcecorp.com
www.orocoresourcecorp.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Information
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact included herein, including, without limitation, statements relating to future events or achievements of the Company, are forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated or implied in such statements. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these matters. Oroco does not assume any obligation to update the forward-looking statements should they change, except as required by law.
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2 years ago
VANCOUVER, Canada – (Sept. 20, 2022) Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company) is pleased to announce the commencement of a Preliminary Economic Assessment (a “PEA” or the “Study”) for the North and South Zones of the Santo Tomas Project located in NE Sinaloa, Mexico (“Santo Tomas”, or the “Project”).
The Company has appointed Ausenco Engineering USA South Inc. (“Ausenco”) to lead the Study, with SRK Consulting (Canada) Inc. (“SRK”) to complete an updated Mineral Resource Estimate (“MRE”) and Mining Plus Canada Consulting Ltd. (“MP”) to complete an open pit mine design. ALS Metallurgy has been selected to undertake metallurgical testing. The PEA is expected to be completed by the beginning of Q2 2023.
Ausenco, as our Study lead, brings a wealth of recent experience from projects and studies in Mexico, such as the SilverCrest Las Chispas EPC (Engineering, Procurement & Construction), Tarachi Gold’s Magistral EPCM (Engineering, Procurement & Construction Management), and Discovery Silver’s Cordero PEA projects, as well as a number of South American projects.
Richard Lock, CEO, commented: “The PEA and updated MRE will represent an important foundation for the intended future sale of the Project. Assets of the quality and favourable location of the Project are increasingly rare and we believe that the MRE and PEA will be a significant step in creating shareholder value as we continue to advance the Project.”
Preliminary Economic Assessment
The scope of work to be undertaken by Ausenco, together with SRK and others, comprises two Phases:
Phase 1: Mine to Mill Optimization, incorporating project engineering and including geotechnical assessment, metallurgical test work, off-site infrastructure, mine scheduling, and process plant engineering. The objectives of this Phase are to optimize mining and processing parameters by evaluating various business cases for the Project before proceeding to the PEA.
Phase 2: Preliminary Economic Assessment, incorporating cost estimation (capital and operating) and financial analysis, which will cover all aspects of such studies, including mining and recovery methods, project infrastructure, capital and operating costs and financial analysis.
The results of the Study will be compiled into an NI 43-101 Technical Report.
MOBILIZATION OF ADDITIONAL DRILL RIGS
In support of the MRE and the PEA, the Company has engaged Major Drilling de Mexico, SA. de C.V. to mobilize two additional drill rigs to the Project, bringing to six the total number of drills conducting infill and step-out drilling in the North Zone and South Zone.
ABOUT OROCO:
The Company holds a net 73.2% interest in the collective 1,172.9 ha Core Concessions of the Santo Tomas Project in NW Mexico and may increase that majority interest up to an 85.5% interest with a project investment of up to CAD$30 million. The Company also holds a 77.5% interest in 8,154.3 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total project area of 23,048 acres). The Project is situated within the Santo Tomas District, which extends from Santo Tomas up to the Jinchuan Group’s Bahuerachi project, approximately 14 km to the northeast. Santo Tomas hosts a significant copper porphyry deposit defined by prior exploration spanning the period from
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2 years ago
OROCO SUCCESSFULLY TESTS WESTERN SIDE OF NORTH ZONE
Press Release | 08/24/2022
Vancouver, Canada, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) is pleased to announce assay results from an additional 3,050 m of drilling from holes N015 through N018 of its drilling program in the North Zone of its Santo Tomas property (the “Property”) in northwestern Mexico (see Table 1 below and Figure 1 attached, or at the Company’s website.
The program is proceeding well with the results continuing to confirm and expand the 2009 Gradeshell model of Cu > 0.30% (the “Gradeshell”) derived from the historical drilling described in the Company’s 2019 Technical Report.
A total of 26 holes (18,136 m of drilling) have now been completed in the North Zone, spanning 1,100 m of strike length, with intersections of good grade mineralization returned in all holes for which the Company has received assays.
HIGHLIGHTS:
Hole N015 bisected the Gradeshell (extending above and below the Gradeshell), returning a 292 m interval of mineralization with copper grades comparable to those from historical drilling.
Holes N016 through N018 targeted areas to the west of, and mostly outside the Gradeshell, intercepting broad intervals of shallow seated mineralization with copper grades comparable to those from historical drilling, indicating a broader, shallower North Zone deposit than previously modelled.
Richard Lock, CEO, commented: “We continue to systematically define and expand the deposit at Santo Tomas. Work focuses on providing a mineral resource to support the upcoming PEA, which is planned for completion in Q1, 2023. To ensure these timelines are met, a fourth drill has been mobilized.”
DRILL HOLE N015
Drill Hole N015 targeted the 2009 Gradeshell at the current southern extremity of the North Zone drill program. The hole returned intervals of 292 m of 0.36% Copper Equivalent (CuEq) and 24 m of 0.25% CuEq (see Table 1 and Plate 51).
Drill Hole N015 lies approximately 110 m south of Drill Hole N010, which returned 311 m of 0.42% CuEq, and approximately 210 m south of Drill Hole N008, which returned 328.3 m of 0.45% CuEq.
DRILL HOLE N016
Drill Hole N016 targeted the deposit to the west of the Gradeshell at the current northern end of the North Zone drill program, down dip from Drill Holes 11 and 13. The hole returned three main mineralized intervals: 95.4 m of 0.37% CuEq, 44.7 m of 0.46% CuEq and 88.7 m of 0.31% CuEq. Additional shorter intervals were returned at depth below the Gradeshell (see Plate 65 attached, or at the Company’s website).
DRILL HOLE N017
Drill Hole N017 targeted the deposit to the west of the Gradeshell and downdip from Drill Hole N015 at the current southern extremity of the North Zone drill program. Most notably, good mineralization was identified less than 100 m from surface, with the hole returning two main intervals consisting of 63.8 m of 0.37% CuEq and 159.2 m of 0.28% CuEq (see Table 1 and Plates 50 and 51 attached, or at the Company’s website).
DRILL HOLE N018
Drill Hole N018 targeted the deposit at the western edge of the Gradeshell in the center of the strike length of the North Zone drill program. The hole returned several shorter intervals, including 21 m of 0.42% CuEq, 10 m of 0.68% CuEq and 42.3 m of 0.38% CuEq, over approximately 250 m, of which approximately 175 m was outside the Gradeshell (see Table 1 and Plate 55, attached, or at the Company’s website).
Table 1: Significant Assay Intervals in the Santo Tomas 2021-2022 Program, Holes N015 to N018:
Drill Hole No. Dip From
(m) To
(m) Length
(m) Cu% Mo (%) Au g/t Ag g/t CuEq %*
N015 -55 126.0 418.0 292.0 0.31 0.009 0.025 2.20 0.36
N016 -62 351.0 446.4 95.4 0.32 0.006 0.032 2.06 0.37
“ -62 464.0 508.6 44.7 0.39 0.016 0.022 3.68 0.46
“ -62 518.4 607.1 88.7 0.26 0.010 0.014 1.82 0.31
N017 -55 80.0 143.8 63.8 0.31 0.011 0.020 1.73 0.37
“ -55 153.8 313.0 159.2 0.22 0.010 0.020 1.38 0.28
N018 -55 203.0 224.0 21.0 0.36 0.011 0.017 2.54 0.42
“ -55 238.0 248.0 10.0 0.65 0.002 0.019 3.26 0.68
“ -55 263.8 306.1 42.3 0.33 0.012 0.017 1.96 0.38
Cu Equivalent (CuEq) % = Cu % + (Mo %*3.75) + (Au ppm*0.752). The commodity prices (3-year Average) used are in $US: Cu $3.20 /lb, Mo $12.00 /lb, and Au $1,650.00 /troy oz. * Ag values are not used in the CuEq calculations.
Drill Holes N015 to N018 test the North Zone deposit perpendicular to its structural attitude. Core intervals are within approximately 10% of true thickness. Assay results and cross-sections through the first eighteen North Zone drill holes (13,343 m of drilling) are available at the Company’s website.
In context, the results of N017 at the current southern extremity of the North Zone drill program, N018 at the center, and N016 at the northern end, demonstrate newly discovered shallow-seated mineralization located westward and in the hanging wall of the main North Zone deposit, indicating a broader North Zone deposit extending further westward and much closer to surface than previously modelled.
NORTH ZONE PROGRAM:
The North Zone drilling program is designed to confirm and expand the 2009 Gradeshell model, with the goal of delineating near-surface mineralization amenable to open-pit mining methods and the reduction of waste rock stripping ratios.
Drilling to date along 1,100 m of strike length (of which 1,000 m is along the historically indicated 1,600 m strike length of the North Zone deposit) has confirmed the NNE strike and moderately westerly dipping geometry of the deposit. Drill results confirm good grade mineralization contained in a gently north-plunging panel that is expressed at surface along the Santo Tomas ridge and extends consistently to about 400-500 m depth below the ridge, bottoming at approximately sea level.
Drilling in the North Zone to the end of 2022 will focus on supporting a mineral resource estimate by:
Extending confirmation of North Zone mineralization southward along the remaining 600 m of historical strike length, with targets between the 100 m and 600 m elevation.
Infill definition drilling.
Definition drilling of newly discovered shallow-seated mineralization located westward and in the hanging wall of the main North Zone deposit.
Successful drilling of the new hanging wall zone will define mineralized tonnage between the Santo Tomas ridge and the Gradeshell, potentially significantly reducing the amount of waste rock stripping required to access North Zone mineralization.
SOUTH ZONE PROGRAM
Historical drilling, surface geological mapping and the Dias Geo 3D Induced Polarization survey have defined near-surface mineralization in the South Zone. Historical drilling documents good mineralization that is open to depth at 400 m below surface. The Company will commence a drill program targeted at testing the South Zone in 2022.
TECHNICAL INFORMATION AND QUALITY CONTROL / QUALITY ASSURANCE
The historical drilling data employed in this current exploration program was the subject of Data Verification procedures cited in the current Technical Report. Additional drill collar verifications were performed in the current program and collar locations fit closely to the 2021/2022 survey control. Appropriate QA/QC protocols governed geological logging, core sampling, sample preparation, analyses, and security during the current program, including quality controls with duplicates, standards, and blanks. Samples were submitted to the Mexican division of ALS Limited in Hermosillo, Mexico, for sample preparation to pulps. Sample pulps are then sent to ALS Canada Ltd. in Vancouver, Canada, for analysis. Total copper and molybdenum contents are determined by four-acid digestion with AAS finish. Gold was determined by fire assay of a 50-gram charge, or alternately, of a 30-gram charge (1 Assay ton).
QUALIFIED PERSON
Mr. Paul McGuigan, P. Geo., of Cambria Geosciences Inc., a “Qualified Person” (as defined in NI 43-101 -Standards for Disclosure for Mineral Projects) and a senior consulting geoscientist to the Company, has reviewed and approved the technical disclosures in this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting the exploration activities on its projects.
ABOUT OROCO:
The Company holds a net 73.2% interest in the collective 1,172.9 ha Core Concessions of the Santo Tomas Project in NW Mexico and may increase that majority interest up to an 85.5% interest with a project investment of up to CAD$30 million. The Company also holds a 77.5% interest in 8,154.3 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total project area of 23,048 acres). The Project is situated within the Santo Tomas District, which extends from Santo Tomas up to the Jinchuan Group’s Bahuerachi project, approximately 14 km to the northeast. Santo Tomas hosts a significant copper porphyry deposit defined by prior exploration spanning the period from 1968 to 1994. During that time, the property was tested by over 100 diamond and reverse circulation drill holes, totalling approximately 30,000 meters. Based on data generated by these drill programs, a historical Prefeasibility Study was completed by Bateman Engineering Inc. in 1994.
The Santo Tomas Project is located within 160km of the Pacific deep-water port at Topolobampo and is serviced via highway and proximal rail (and parallel corridors of trunk grid power lines and natural gas) through the city of Los Mochis to the northern city of Choix. The property is reached by a 32 km access road originally built to service Goldcorp’s El Sauzal Mine in Chihuahua State.
For further information, please contact:
Richard Lock, CEO
Oroco Resource Corp.
Tel: 604-688-6200
Email: info@orocoresourcecorp.com
www.orocoresourcecorp.com
Neither 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.
Cautionary Note Regarding Forward Looking Information
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact included herein, including without limitation, statements relating to future events or achievements of the Company, are forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated or implied in such statements. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these matters. Oroco does not assume any obligation to update the forward-looking statements should they change, except as required by law.
Attachments
Assay Table
Plan Map
Richard Lock, CEO
Oroco Resource Corp.
(604) 688-6200
info@orocoresourcecorp.com
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2 years ago
OROCO RESUMES DRILLING AT SANTO TOMAS
Oroco Resource Corp. (TSX-V: OCO; OTC: ORRCF) (“Oroco” or “the Company”) is pleased to announce that it has resumed its drilling operations at Santo Tomas as the Federal military operations in the area have ended. Drilling commenced overnight at Brasiles with the resumption of Hole B007, and in the North Zone with the continuation of Hole N020.
“A safe and orderly return to drilling has been undertaken and we look forward to increasing our productivity with the additional drill capacity that is being planned” stated Richard Lock, Oroco’s CEO.
Core logging and assaying have continued during the period of drill stoppage, with an improvement in methods of handling and analysis, thereby better preparing the geological team for an increase in the rate of core processing.
In addition, Oroco has started work with Ausenco to prepare a 43-101 Preliminary Economic Assessment (PEA). Initial work on metallurgical testing is underway with samples being selected for shipment to the lab. It is planned for the PEA to be completed in Q1 2023.
ABOUT OROCO:
The Company holds a net 73.2% interest in the collective 1,172.9 ha Core Concessions of the Santo Tomas Project in NW Mexico and may increase that majority interest up to an 85.5% interest with a project investment of up to CAD$30 million. The Company also holds a 77.5% interest in 7,807.9 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total project area of 22,192 acres). The Project is situated within the Santo Tomas District, which extends from Santo Tomas up to the Jinchuan Group’s Bahuerachi project, approximately 14 km to the northeast. Santo Tomas hosts a significant copper porphyry deposit defined by prior exploration spanning the period from 1968 to 1994. During that time, the property was tested by over 100 diamond and reverse circulation drill holes, totalling approximately 30,000 meters. Based on data generated by these drill programs, a historical Prefeasibility Study was completed by Bateman Engineering Inc. in 1994.
The Santo Tomas Project is located within 160 km of the Pacific deep-water port at Topolobampo and is serviced via highway and proximal rail (and parallel corridors of trunk grid power lines and natural gas) through the city of Los Mochis to the northern city of Choix. The property is reached by a 32 km access road originally built to service Goldcorp’s El Sauzal Mine in Chihuahua State.
For further information, please contact:
Mr. Richard Lock, CEO
Oroco Resource Corp.
Tel: 604-688-6200
www.orocoresourcecorp.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact included herein, including without limitation, statements relating to future events or achievements of the Company, are forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated or implied in such statements. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these matters. Oroco does not assume any obligation to update the forward-looking statements should they change, except as required by law.
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Oroco Resource Corp. · 1166 Alberni St Suite 1201 · Vancouver, BC V6E 3Z3 · Canada
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2 years ago
INITIAL DRILLING AT SANTO TOMAS CONFIRMS GRADESHELL MODEL
Oroco Resource Corp. (TSX-V: OCO, US: ORRCF) (“Oroco” or “the Company”) is pleased to announce the receipt of the assay results from its initial drilling campaign at its Santo Tomas property (the “Property”) in northwestern Mexico. Eight drill holes have been completed to date, all in the North Zone (see Figure 1). An additional two drill holes in the North Zone are completed, pending surveying. A further two drill holes are in progress in the North Zone, and another in the Brasiles Zone. Assays reported herein are for the first three holes (N001 to N003) comprising 2,350m of HQ3 and NQ3 diameter diamond drilling which produced 1,492 assay samples.
The Company is very pleased that the initial drilling results confirms the following:
Copper grades in holes N001 to N003 are comparable to the historical drilling reported on each of the cross-sections drilled to date.
Drilling results in N001 to N003 conform closely to, and confirm the geological conclusions and the 2009 Gradeshell model of Cu > 0.3% (the “2009 Gradeshell Model”) contained in the current Technical Report (‘the “Technical Report”) (Bridge, 2019: See SEDAR, or the Company’s website www.orocoresourcecorp.com/projects/technical-reports/). (see Figures 2, 3 and 4).
Geological logging indicates copper is present as chalcopyrite and bornite dissemination and vein fillings. Pyrite is relatively sparse in the main drill intersections.
Molybdenum, gold and silver are elevated across the width of the North Zone and provide about a 15 to 20% contribution to the copper equivalent grade, without factoring for metallurgical recoveries.
Fracturing, Laramide intrusive dikes, mylonite zones, veining and sulphide mineralization are controlled by faulting co-eval with the formation of the North Zone deposit. The deposit is confirmed in drilling with a strike of N20°E and a dip of 50-55°W, as reported in the Technical Report.
Sulphide mineralization in the main intersections on the North Zone are hosted in strongly potassic-altered volcanic and intrusive rocks with an overprint of phyllic alteration.
The footwall of the North Zone is propylitic-altered andesite volcanic rock with disseminated and vein filling pyrite, explaining the extreme Chargeability High response in the 3D IP survey.
The Santo Tomas Cu-Mo-Au porphyry deposit is an example of the geologic style of Laramide-age porphyry copper deposits in the southwestern United States and northwestern Mexico. Historical Pre-Feasibility Studies, recent 3D modelling of historical drilling, and several new programs of geophysical surveying have defined drill targets, both for confirmation of historical mineral resource estimates and for exploration for additional resources.
The 2021 drill program commenced on the central North Zone mineral deposit to confirm historical drill results and the Company’s geological modelling, and has now spanned 500 m of strike length on the North Zone. Historical drilling spanning 1968 to 1994 was primarily vertical and unsuited to defining the full width and depth of the North Zone. The 2021 program is based on angled drill holes oriented perpendicular to the re-modelled strike and dip of the deposit and is the first program that features drill holes that pass from the hanging wall of the North Zone deposit into the footwall and which also features a full suite of assay information that includes copper, molybdenum, gold and silver.
Table 1 contains the most significant intervals in drill holes N001 to N003. Core intervals in this disclosure are within 10% of the estimated true thickness. The Copper Equivalent (%) grade is presented for geological comparisons only within this program and was calculated based on the three-year average of commodity prices with no factoring for metallurgical recoveries, which are not yet known. Silver is noted in Table 1 but not included in the copper equivalent grade calculation. The attached cross-sections depict all core intervals in N001 to N003 exceeding 10m core length of Cu > 0.10%.
Table 1: Significant Assay Intervals in the Santo Tomas 2021 Program, DDH N001 to N003.
Drill Hole No. From
(m) To
(m) Length
(m) Cu % Mo % Au g/t Ag g/t CuEq %
N001 310.0 565.0 255.0 0.39 0.010 0.045 2.20 0.46
“ 571.0 620.0 49.0 0.17 0.003 0.007 1.31 0.18
N002 349.9 630.0 280.1 0.38 0.012 0.025 2.85 0.44
N003 295.0 306.8 11.8 0.31 0.009 0.014 2.85 0.36
315.3 333.0 17.7 0.33 0.008 0.017 1.49 0.37
“ 339.0 364.5 25.5 0.29 0.015 0.020 2.81 0.36
“ 370.0 384.3 14.3 0.50 0.008 0.026 3.33 0.56
“ 390.0 597.7 207.7 0.39 0.014 0.019 2.81 0.45
“ 601.8 678.0 76.2 0.18 0.002 0.007 2.53 0.20
Cu Equivalent (CuEq) % = Cu % + (Mo %*3.75) + (Au ppm*0.752) The commodity prices (3-year Average) used are
in $US: Cu $3.20 /lb, Mo $12.00 /lb, and Au $1, 650.00 /troy oz. Ag was not used.
subslover
3 years ago
OROCO ANNOUNCES THE START OF DRILLING AT SANTO TOMAS
VANCOUVER, British Columbia – (November 17, 2021) Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) is pleased to announce the start of diamond drilling at the Brasiles Zone (“Brasiles”) of its Santo Tomas Project in Mexico. Brasiles potentially represents the northern extension of the mineralization in the Santo Tomas North Zone and is comprised of two very broad, sub-parallel, exploration targets. The drilling at Brasiles is supported from the Company’s new 28-person Brasiles exploration camp and its custom-built Hydracore 5000 Max diamond drill.
The first hole underway at Brasiles targets a prominent NE striking, chargeability-high, resistivity-low response (the “Brasiles Target”) identified by the Company’s 3D-IP survey (see the Company’s June 2, 2021 News Release), which extends from the North Zone to and beyond the prominent gossan of the Brasiles Zone.
The second Brasiles target (Brasiles West) is represented by a blind chargeability-high feature located west of and sub-parallel to the Brasiles Target. The Brasiles West Target is overlain by a blanket of meta-limestone and young, post-Laramide age conglomerates.
The Company has also commenced drilling ST-010, the 10th hole collared in the North Zone. Hole ST-005 was terminated at 37.5m owing to instability in the host rock and was re-collared as the now completed ST-006. The Company has drilled over 6,600m in North Zone of the Santo Tomas Project since the commencement of drilling at the end of July of this year.
The Company expects to be able to release Cu-Mo-Au-Ag assays for the first three holes in the North Zone (ST-001, ST-002 and ST-003) in the very near future.
ABOUT OROCO:
The Company holds a net 73.2% interest in the collective 1,172.9 ha Core Concessions of the Santo Tomas Project in NW Mexico. The Company also holds a 77.5% interest in 7,807.9 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total project area of 22,192 acres). The Project is situated within the Santo Tomas District, which extends from Santo Tomas up to the Jinchuan Group’s Bahuerachi project, approximately 14 km to the north-east. Santo Tomas hosts a significant copper porphyry deposit defined by prior exploration spanning the period from 1968 to 1994. During that time, the property was tested by over 100 diamond and reverse circulation drill holes, totaling approximately 30,000 meters. Based on data generated by these drill programs, a historical Prefeasibility Study was completed by Bateman Engineering Inc. in 1994.
The Santo Tomas Project is located within 160km of the Pacific deep-water port at Topolobampo and is serviced via highway and proximal rail (and parallel corridors of trunk grid power lines and natural gas) through the city of Los Mochis to the northern city of Choix. The property is reached by a 32 km access road originally built to service Goldcorp’s El Sauzal Mine in Chihuahua State.
For further information, please contact:
Mr. Craig Dalziel, CEO
Oroco Resource Corp.
Tel: 604-688-6200
www.orocoresourcecorp.com
Neither 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.
Cautionary Note Regarding Forward Looking Information
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact included herein, including without limitation, statements relating to future events or achievements of the Company, are forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated or implied in such statements. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these matters. Oroco does not assume any obligation to update the forward-looking statements should they change, except as required by law.
subslover
3 years ago
JULY 29, 2021
NEWS RELEASE
FOR IMMEDIATE RELEASE:
OROCO ANNOUNCES THE START OF DRILLING AT SANTO TOMAS
Oroco Resource Corp. (TSX-V: OCO, US: ORRCF) (“Oroco” or “the Company”) is pleased to announce that it has commenced diamond core drilling at its Santo Tomas copper project, with the first drill hole collared and in progress. A second drill rig is scheduled to begin operating next week, and a third rig, constructed for the Company by Hydracore Drills Ltd. of Canada, is in transit to the project. The drill hole currently in progress is located in the North Zone and represents the first drill hole collared anywhere on the property since 1993. The initial drilling is intended to confirm the presence of historically defined polymetallic copper mineralization and to begin the development of new mineral resource models at Santo Tomas.
Commenting on the start of drilling, Oroco’s CEO, Craig Dalziel, stated "We are extremely pleased to be able to initiate a new generation of drilling at Santo Tomas at a time when the acceleration of large copper projects is essential for global economic growth and stability. We are anxious to confirm and extend the historical resources at the North and South Zones, and to commence exploration at the Brasiles Zone, where our 3D DCIP program indicated extensive and compelling chargeability features.”
The initial holes in the drill program will be collared in the North Zone and will be drilled at steep angles to the East-Southeast. While heavy rains have impacted roads and mobilization, causing the initial drill setups to be supported by helicopter, the rapidly rising reservoir has enabled the project team to revert to waterborne support of the drilling program from the Company’s existing Buena Vista base camp. The light and highly (man-) portable drills being deployed by the Company allow for drilling at favourable locations with no environmental impact. Targeting for drilling is being informed by the recently completed 3D DCIP survey which has defined significant chargeability features that correlate well with mineralisation known from historical drilling and which features continue beyond the mineralization defined by that drilling.
ABOUT OROCO:
The Company holds a net 73.2% interest in the collective 1,172.9 ha Core Concessions of the Santo Tomas Project in NW Mexico. The Company also holds a 77.5% interest in 7,807.9 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total project area of 22,192 acres). The Project is situated within the Santo Tomas District, which extends from Santo Tomas up to the Jinchuan Group’s Bahuerachi project, approximately 14 km to the north-east. Santo Tomas hosts a significant copper porphyry deposit defined by prior exploration spanning the period from 1968 to 1994. During that time, the property was tested by over 100 diamond and reverse circulation drill holes, totaling approximately 30,000 meters. Based on data generated by these drill programs, a historical Prefeasibility Study was completed by Bateman Engineering Inc. in 1994.
The Santo Tomas Project is located within 160km of the Pacific deep-water port at Topolobampo and is serviced via highway and proximal rail (and parallel corridors of trunk grid power lines and natural gas) through the city of Los Mochis to the northern city of Choix. The property is reached by a 32 km access road originally built to service Goldcorp’s El Sauzal Mine in Chihuahua State.
For further information, please contact:
Mr. Craig Dalziel, CEO
Oroco Resource Corp.
Tel: 604-688-6200
www.orocoresourcecorp.com
Neither 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.
Cautionary Note Regarding Forward Looking Information
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact included herein, including without limitation, statements relating to future events or achievements of the Company, are forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated or implied in such statements. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these matters. Oroco does not assume any obligation to update the forward-looking statements should they change, except as required by law.
subslover
3 years ago
OROCO RECEIVES APPROVALS FOR DRILL PROGRAMS
Oroco Resource Corp. (TSX-V: OCO, US: ORRCF) (“Oroco” or “the Company”) is pleased to announce that it has received approval from the Chihuahua State and Sinaloa State offices of the Mexican Secretariat of Environment and Natural Resources (“SEMERNAT”) to conduct drill programs from a collective 55 approved drill locations in the Brasiles Zone and the North Zone of its Santo Tomas Project. While initial plans are for one hole per location, if warranted by results, the Company will be able to target different areas of the zone with multiple holes per location.
The Chihuahua State office of SEMERNAT approved the Company’s 46 drill locations, supporting 28-person camp, and access road network the Brasiles Zone. The program will test the Brasiles Gossan zone (identified in surface exposure and further defined by the 3D IP program) and the Western blind target identified by the 3D IP program.
The Sinaloa State SEMERNAT office has approved a non-environmental impact 9 drill location program in the North Zone which is intended to confirm and expand the historical North Zone resource. While this approval does not allow for the construction of new roads, the deployment of light, highly portable drill rigs with helicopter support will offset this restriction. During this initial program, the Company will pursue the unified environmental impact assessment and change of land use permit, as recommended by SEMERNAT, which will allow for the construction of access roads, more drill locations and supporting infrastructure throughout the North Zone.
The Company will now proceed to install water storage and distribution facilities to support the drilling at the Brasiles and North Zones and will shortly mobilize drill equipment to commence the drill programs.
“We are very pleased with the cooperation and support we have received from the Sinaloa and Chihuahua offices of SEMERNAT” stated Ian Graham, the Company’s President. “We see this positive relationship as integral to the success of the Santo Tomas Project.”
ABOUT OROCO:
The Company holds a net 73.2% interest in the collective 1,172.9 ha Core Concessions of the Santo Tomas Project in NW Mexico. The Company also holds a 77.5% interest in 7,807.9 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total project area of 22,192 acres). The Project is situated within the Santo Tomas District, which extends from Santo Tomas up to the Jinchuan Group’s Bahuerachi project, approximately 14 km to the north-east. Santo Tomas hosts a significant copper porphyry deposit defined by prior exploration spanning the period from 1968 to 1994. During that time, the property was tested by over 100 diamond and reverse circulation drill holes, totaling approximately 30,000 meters. Based on data generated by these drill programs, a historical Prefeasibility Study was completed by Bateman Engineering Inc. in 1994.
The Santo Tomas Project is located within 160km of the Pacific deep-water port at Topolobampo and is serviced via highway and proximal rail (and parallel corridors of trunk grid power lines and natural gas) through the city of Los Mochis to the northern city of Choix. The property is reached by a 32 km access road originally built to service Goldcorp’s El Sauzal Mine in Chihuahua State.
For further information, please contact:
Mr. Craig Dalziel, CEO
Oroco Resource Corp.
Tel: 604-688-6200
www.orocoresourcecorp.com
Neither 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.
Cautionary Note Regarding Forward Looking Information
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact included herein, including without limitation, statements relating to future events or achievements of the Company, are forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated or implied in such statements. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these matters. Oroco does not assume any obligation to update the forward-looking statements should they change, except as required by law.
subslover
3 years ago
OROCO ANNOUNCES ITS 3D INDUCED POLARIZED SURVEY RESULTS
VANCOUVER, British Columbia – (June 2, 2021) Oroco Resource Corp. (TSX-V: OCO; OTC: ORRCF) (“Oroco” or “the Company”) is pleased to announce receipt of the final data for its recently completed 3D IP geophysical survey at its Santo Tomas Project in north-western Mexico. The survey results clearly correlate chargeability and resistivity features with known mineralization and alteration zones related to the mineralising events, and with geological mapping in the area of historical drilling and resource delineation. Most importantly, the final survey data displays a very extensive distribution of the chargeability/resistivity features beyond the confines of the historical work at Santo Tomas.
The final dataset indicates a substantial continuation of Santo Tomas chargeability along strike and to depth, inferring that the mineralized system is much more extensive than was defined historically. In addition to the strike continuity, chargeability features at South Zone and Brasiles protrude east of their anticipated distribution, and a distinct feature of intermediate chargeability is developed westward below a mapped limestone bluff at Brasiles.
3D DCIP: The final survey report for the deep, three-dimensional, Induced Polarization ("DCIP") geophysical survey by Dias Geophysical of Saskatoon, Saskatchewan ("Dias"), was received on May 28, 2021. The survey was completed using a rolling, distributed partial 3D DCIP array and a distributed 2D array (at the South Zone extension), both with a pole-dipole configuration. The full survey covered an area of approximately 14 km2.
Commenting on the completed DCIP report, the Company’s CEO, Craig Dalziel, stated “Oroco is now highly confident that the close correlation between the DCIP results and our knowledge of the distribution of historically drilled mineralization provides the Company with a compelling basis for use of the DCIP results to guide the targeting of future drilling at the Santo Tomas South, North and Brasiles Zones. The coherence of the DCIP, and the knowledge being gained by in-progress selective geological surface mapping, will ensure that drilling is most efficiently deployed. The Company will maximise its significant investment in the DCIP survey with near-term integration of additional geophysics, comprising airborne magnetics, radiometrics and very low frequency electro-magnetics, along with a structural evaluation to be derived from the results of a LiDAR survey for which final results have just been received. The region of the Brasiles Zone which comprises new data not previously disclosed is not only exceptional for its indication of NNE strike continuity of chargeability in the Santo Tomas system, but also for its indication of very high interest drill targets in the western areas of Brasiles.”
The geophysical field program was carried out in two phases, a first phase spanning from September 1, 2020 until December 5, 2020, and a second phase carried out between February 10, 2021 and March 16, 2021. The Company previously reported the collection of field data on the South and North Zones at Santo Tomas (Nov. 5, 2020; Jan. 27, 2021), and relocation of the survey team to the Brasiles Zone (March 3, 2021).
The northward extension of the survey highlights the continuation of a NNE striking, west-dipping, chargeability-high response which the survey had already demonstrated extends from the North Zone to the prominent gossan of the Brasiles Zone (refer to the full survey coverage in Figure 1). The Company also took advantage of the current low water levels in the Huites Reservoir to collect data from previously inaccessible locations, and continued the 3D IP survey for another 800 meters to the north of the survey results reported on March 3. A grid extension at the NE corner of the grid was surveyed to follow the continuing chargeability feature northeastward: the feature was not closed off despite the extension of the survey limits.
Based on the additional evidence of the now completed DCIP survey, the core of the mineralized intrusive complex exposures and inferred trend spans a collective distance of at least 5 km by a width of 1-3 km from the South Zone, the North Zone and Brasiles. It remains open on its western fringe, its NE extremity, and to depth.
Notable features at Brasiles include:
The zone demonstrates a northeastward extension from the North Zone as well as a distinct, west-dipping high chargeability anomaly which displays similar character to the North Zone. However, in Brasiles it is co-incident with a low-resistivity response. The Resistivity response is best developed at depth, possibly indicating a change in alteration intensity. Surface expressions of the Brasiles Zone include observed hornfelsed andesite, clay-sericite altered andesite and some quartz monzonite dikes.
A chargeability response, west of the central North one – Brasiles axis, indicates a potential for: (a) a mineralized zone hosted in a vertical zone locally penetrating the entire 200 m thickness of the meta-limestone; and (b) a broad moderate chargeability high, possibly indicative of an intrusive-hosted target at depth.
The Company intends to post a presentation summarising the important results and observations derived from the integrated DCIP data on its website within two weeks and will highlight the very compelling targeting and upside potential that the DCIP data presents. The Company will also attempt to clearly illustrate the opportunity to target very significant additional tonnage among certain lateral chargeability extensions (South and Brasiles Zones) and where the strong North Zone anomaly extends to depth below the 700 m depth limit of investigation of the DCIP survey.
As an introduction to that presentation, the attached summary images are provided. Figure 2 shows chargeability results at the surface draped on the Santo Tomas orthophoto model to illustrate the surface responses of outcropping mineralized zones. Note the South, North and Brasiles Zone surface responses, corresponding to known mineralization and gossans. Areas of low chargeability (blue) on the ridge tops are meta-limestone and SMO volcanic rocks (refer to www.orocoresourcecorp.com/projects/technical-reports/).
The largescale features defined in the survey are illustrated in Figure 3, where a stepped plan view employs a 600 m elevation slice of the chargeability model to illustrate the responses that connect below the meta-limestone cap of the South Zone. The North Zone is better presented at the 100 m elevation slice, demonstrating the strong connection between the North and Brasiles Zones and the increase in the width of the response to depth.
The cumulative results of the Dias Geophysical 3D DCIP survey represent the beginning of a new generation of advanced exploration of the Santo Tomas deposit. The final 3D models of Resistivity and Chargeability have a mesh size of 25 m by 25 m by 25 m. This mesh size is appropriate, and at this resolution the data closely match historical drilling data, where available. Confident targeting of the next generation of exploration and mineral resource definition drilling is now entirely feasible.
Notwithstanding the exceptional results of the May 28 final report by Dias Geophysical, the Company plans to integrate the DCIP data with data from the pending delivery of Terraquest's helicopter magnetics survey, gamma-ray spectrometer and VLF EM survey. Results from ongoing geological structural mapping will be integrated in the near future.
LiDAR Survey: The Company has received the results of an airborne LiDAR survey flown by Eagle Mapping Services Ltd. of Langley, B.C. The survey covered some 450 km2 and was timed to coincide with the low level of the Huites reservoir which has exposed most of the area normally submerged beneath the water retained by the Huites dam. The survey was flown to recover data with sub-30 cm vertical and horizontal precision, and forms the basis for updated digital elevation models and derived map products (contour lines). The survey has also provided updated orthorectified aerial photography of the project site. The photography is instructive as the current drought has maximised surface feature visibility.
QUALIFIED PERSON
Mr. Paul McGuigan, P. Geo., of Cambria Geosciences Inc., a Qualified Person under NI 43-101 and a senior consulting geoscientist to the Company, has reviewed and approved the technical disclosures in this news release.
ABOUT OROCO:
The Company holds a net 73.2% interest in the collective 1,172.9 ha core concessions of the Santo Tomas Project in NW Mexico and may increase that majority interest up to an 85.5% interest with a project investment of up to CAD$30 million. The Company also holds a 77.5% interest in 7,807.9 ha of mineral concessions surrounding and adjacent to the core concessions (for a total project area of 22,192 acres).
subslover
3 years ago
APRIL 30, 2021
NEWS RELEASE
FOR IMMEDIATE RELEASE:
OROCO INCREASES SANTO TOMAS INTEREST
VANCOUVER, Canada - (April 30, 2021) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce that it has entered into agreements with Ruben Rodriguez Villegas (“Rodriguez”) of Mexico City to acquire 25 shares of Xochipala Gold, S.A. de C.V. (“Xochipala Gold”) for US$1.5 million. Xochipala Gold holds 100% of the registered title (85% of the beneficial ownership) to the seven core concessions (the “Core Concessions”) of the Company’s Santo Tomas Project. The shares of Xochipala Gold being acquired currently represent 8.5% of the beneficial ownership of the Core Concessions.
Background: Prior to reaching the current agreements with Rodriguez, the Company’s held all 180 issued shares of Xochipala Gold (the “Shares”). Mr. Rodriguez held a right to 50 of the Shares, as well as a 0.5% net smelter royalty in the Core Concessions. The Company held an option, through its wholly owned subsidiary Desarrollos Copper, S.A de C.V., to acquire all of Rodriguez’s rights and interest in the Shares for payments totaling US$16 million (the “Desarrollos Option”).
The Company has entered into agreements with Mr. Rodriguez to:
Purchase Mr. Rodriguez’s right to 25 of the Shares for US$1.5 million
Register to Mr. Rodriguez the legal title to the remaining 25 Shares to which he has a right.
In committing to the agreements with Rodriguez, the Company determined that it would not proceed with the Desarrollos Option.
The acquisition of Mr. Rodriguez’s right to 25 of the Shares increases the Company’s current interest in Xochipala Gold to 86.1% and its current net interest in the Core Concessions to 73.2%. The share purchase provides Oroco with the opportunity to acquire up to 85.5% of the Core Concessions with a project investment of up to CAD$30 million, an increase of 4.5%.
ABOUT OROCO:
The Company holds a net 73.2% interest in the collective 1,172.9 ha Core Concessions of the Santo Tomas Project in NW Mexico. The Company also holds a 77.5% interest in 7,807.9 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total project area of 22,192 acres). The Project is situated within the Santo Tomas District, which extends from Santo Tomas up to the Jinchuan Group’s Bahuerachi project, approximately 14 km to the north-east. Santo Tomas hosts a significant copper porphyry deposit defined by prior exploration spanning the period from 1968 to 1994. During that time, the property was tested by over 100 diamond and reverse circulation drill holes, totaling approximately 30,000 meters. Based on data generated by these drill programs, a historical Prefeasibility Study was completed by Bateman Engineering Inc. in 1994.
The Santo Tomas Project is located within 160km of the Pacific deep-water port at Topolobampo and is serviced via highway and proximal rail (and parallel corridors of trunk grid power lines and natural gas) through the city of Los Mochis to the northern city of Choix. The property is reached by a 32 km access road originally built to service Goldcorp’s El Sauzal Mine in Chihuahua State.
For further information, please contact:
Mr. Craig Dalziel, CEO
Oroco Resource Corp.
Tel: 604-688-6200
www.orocoresourcecorp.com
Neither 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.
Cautionary Note Regarding Forward Looking Information
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact included herein, including without limitation, statements relating to future events or achievements of the Company, are forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated or implied in such statements. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these matters. Oroco does not assume any obligation to update the forward-looking statements should they change, except as required by law.
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