HALIFAX, Nova Scotia, June 08, 2017 (GLOBE
NEWSWIRE) -- Oceanus Resources Corporation (TSXV:OCN),
(OTCQB:OCNSF) ("Oceanus" or the "Company") reports that step-out
hole ET-17-144 at its 100% owned El Tigre Property in Sonora,
Mexico intersected high-grade gold and silver mineralization in the
Protectora vein. Hole ET-17-144 returned 3.15 meters
of 36.6 g/t gold equivalent from a
depth of 88.25 meters to 91.40 meters consisting of 10.1 g/t gold and 1990.9 g/t
silver. This intercept included 0.85 meters of 135.1 g/t gold equivalent consisting
of 37.2 g/t gold and 7,338.9 g/t silver. Hole ET-144 also
returned 1107.36 g/t silver and
0.024 g/t gold over 1.5 meters from a depth of 188.65 meters to
190.15 meters.
The true width has not been calculated for the
intercepts, but true width is generally estimated at 75-90% of
drilled width. The gold equivalent ratio is based on a
gold-to-silver price ratio of 75:1.
Drill hole ET-17-144 is located approximately 800
meters north of the end of the old El Tigre mine where the Camp is
located. The hole was drilled to test the Protectora vein at
a shallow depth. The map attached as Appendix A is 6
kilometers of the 35 kilometer long El Tigre Property and shows the
location of drill hole ET-17-144. In this drill hole the Protectora
vein is hosted by a brecciated, dark grey fragmental tuff of the El
Tigre Formation. The mineralized zone consists of several
vuggy quartz veins and veinlets carrying galena, sphalerite,
chalcopyrite, stromeyerite and pyrite.
APPENDIX A is available for download
at http://www.globenewswire.com/NewsRoom/AttachmentNg/9da4b20b-3542-4457-87c9-44071c3e49f3
Glenn Jessome, President and CEO of Oceanus
reports, "The high gold and silver grades
intersected in drill hole ET-17-144 are reminiscent of the bonanza
silver and gold grades mined underground in the 1920's and 1930's
at the old El Tigre mine which is 800 meters to the south.
Surface mapping shows that the Protectora vein and alteration zone,
that has not been mined, extends along strike to the north from the
old El Tigre mine for 1,500 meters. This 1,500 meter long
extension presents a new exploration target to find additional near
surface mineralization. Our recent step-out drill results to the
north and south are very encouraging."
Refer to the Oceanus news releases dated September
14, 2016, October 18, 2016, December 14, 2016, March 6, 2017 and
May 25, 2017 for the assay results for the previous drill
holes. A drill hole location map is attached as Appendix
B.
APPENDIX B is available for download
at http://www.globenewswire.com/NewsRoom/AttachmentNg/6c7f4825-7799-447b-af75-8ff57b387623
El Tigre Drilling Program and
Resource Estimate
Oceanus has completed the 2016-17 infill drilling
program at El Tigre with a total of 62 diamond drill holes
totalling 11,923.1 meters. The purpose of this drill program
was to support a NI 43-101 resource estimation for the El Tigre
Property. The results from the Oceanus drilling, prior
drilling and other data will be incorporated into the resource
estimation to be completed by P&E Mining Consultants Inc. by
the end of June, 2017.
Prospecting Work to the North at
La Chula
As press released on May 25, 2017 field mapping
and prospecting surveys have identified newly discovered
mineralization, which has been named La Chula vein system. La Chula
is located approximately 2 kilometers north of hole ET-17-144
drilled at Protectora (see map at Appendix A). An extensive
mapping and prospecting program is now being carried out at La
Chula.
El Tigre Property
The El Tigre Property lies at the northern end of
the Sierra Madre gold belt which hosts many of the larger
multi-million ounce epithermal gold and silver deposits including
Ocampo, Pinos Altos, Dolores and Palmarejo. In 1896, gold was
first discovered on the property in the Gold Hill area and mining
started with the Brown Shaft in 1903. The focus soon changed
to mining high-grade silver veins in the area with the majority of
the production coming from the El Tigre vein. Underground
mining on the El Tigre vein extended 1,450 meters along strike and
mined on 14 levels to a depth of 450 meters. By the
time the mine closed in 1938, it is reported to have produced a
total of 353,000 ounces of gold and 67.4 million ounces of silver
from 1.87 million tons (Craig, 2012).
The El Tigre Property is approximately 35
kilometers long and comprises 21,842.78 hectares. The El Tigre gold
and silver deposit is related to a series of high-grade epithermal
veins controlled by a north-south trending structure cutting across
the andesitic and rhyolitic tuffs of the Sierra Madre Volcanic
Complex within a broad gold and silver mineralized propylitic
alternation zone. The veins dip steeply to the west and are
typically 1 meter wide but locally can be up to 5 meters in width.
The veins, structures and mineralized zones outcrop on surface and
have been traced for a distance of 5.3 kilometers along
strike. Historical mining and exploration activities focused
on a 1.5 kilometer portion of the southern end of the deposits,
principally on the El Tigre, Seitz Kelly and Sooy veins. Four veins
in the north (Aguila, Escondida, Fundadora and Protectora) were
explored with only limited amounts of production.
Lab Preparation and Assay
The diamond drill core (HQ size) is geologically
logged, photographed and marked for sampling. When the sample
lengths are determined, the full core is sawn with a diamond blade
core saw with one-third of the core being bagged and tagged for
assay. The remaining two-thirds portion is returned to the core
trays for storage and/or for metallurgical test work.
The sealed and tagged sample bags are transported
to the ActLabs facility in Zacatecas, Mexico. ActLabs crushes the
samples and prepares 200-300 gram pulp samples with ninety percent
passing Tyler 150 mesh (106micro-m). The pulps are assayed for
gold using a 50 gram charge by fire assay (Code 1A2-50) and over
limits greater than 10 grams per tonne are re-assayed using a
gravimetric finish (Code 1A3-50). Silver and multi-element analysis
is completed using total digestion (Code 1F2 Total Digestion ICP).
Over limits greater than 100 grams per tonne silver are re-assayed
using a gravimetric finish (Code 8-Ag FA-GRAV Ag).
Quality Assurance / Quality
Control and Data Verification
Quality assurance and quality control ("QA/QC")
procedures monitor the chain-of-custody of the samples and includes
the systematic insertion and monitoring of appropriate reference
materials (certified standards, blanks and duplicates) into the
sample strings. The results of the assaying of the QA/QC material
included in each batch are tracked to ensure the integrity of the
assay data. All results stated in this announcement have
passed Oceanus' QA/QC protocols.
Qualified Person
David R. Duncan, P. Geo., V.P. Exploration of the
Company, is the Qualified Person for Oceanus as defined under
National Instrument 43-101. Mr. Duncan has reviewed and
approved the scientific and technical information in this press
release and has reviewed the Technical Report.
About Oceanus Resources
Corporation
Oceanus Resources Corporation is a gold
exploration company operating in Mexico. Oceanus is managed by a
team of mine finders with extensive experience in exploring and
developing large hydrothermal gold projects in Mexico.
Oceanus is currently drilling and exploring the El Tigre Property
in the Sierra Madre Occidental.
For further information, please
contact:
Glenn Jessome
President and CEO
902 492 0298
jessome@oceanusresources.ca
CAUTIONARY STATEMENT:
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.
This News Release includes
certain "forward-looking statements". All statements other
than statements of historical fact included in this release,
including, without limitation, statements regarding potential
mineralization, resources and reserves, the ability to convert
inferred resources to indicated resources, the ability to complete
future drilling programs and infill sampling, the ability to extend
resource blocks, the similarity of mineralization at El Tigre to
the Ocampo mine, exploration results, and future plans and
objectives of Oceanus, are forward-looking statements that involve
various risks and uncertainties. Forward-looking statements are
frequently characterized by words such as "may", "is expected to",
"anticipates", "estimates", "intends", "plans", "projection",
"could", "vision", "goals", "objective" and "outlook" and other
similar words. Although Oceanus believes the expectations expressed
in such forward-looking statements are based on reasonable
assumptions, there can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from Oceanus's expectations include risks and
uncertainties related to exploration, development, operations,
commodity prices and global financial volatility, risk and
uncertainties of operating in a foreign jurisdiction as well as
additional risks described from time to time in the filings made by
Oceanus with securities regulators.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Oceanus Resources Corporation via
Globenewswire
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