HALIFAX, May 14, 2018 /CNW/ - Oceanus Resources
Corporation (TSXV:OCN and OTCQB:OCNSF) ("Oceanus" or the "Company")
is pleased to announce that the Company will be participating in
the 2018 International Mining Investment Conference taking place
May 15-16, 2018 at the Vancouver Convention Centre, East Building,
located at 1055 Canada Place, Vancouver,
British Columbia. Oceanus will be exhibiting in Booth #117
for the duration of the conference.
El Tigre Property
The Company is continuing to conduct mapping and sampling
activities at the El Tigre Property in order to identify targets
for its next drill program. The El
Tigre property is approximately 35 kilometres long and now
comprises 26,307 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 prophylitic alternation zone. The veins dip steeply to
the west and are typically 1 metre wide but locally can be up to 5
metres in width. The veins, structures and mineralized zones
outcrop on surface and have been traced for a distance of 5.3
kilometres along strike. Historical mining and exploration
activities focused on a 1.5 kilometre 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.
The El Tigre formation is the
rock package that hosts the historic El
Tigre mine, which operated from 1903 to 1938, and was
reported to have produced a total of 353,000 ounces of gold and
67.4 million ounces of silver from 1.87 million tonnes averaging
7.54 g/t gold and 1,308 g/t silver (Steven
D. Craig, B.A., M.Sc., P. Geo. 2012). Oceanus' drilling has
intersected similar-style gold-silver mineralization in the
El Tigre formation at the
Protectora, Caleigh and Fundadora areas to the north of the old
mine as well as to the south, past Gold Hill.
Qualified Person
David R. Duncan, P. Geo, Vice
President, Exploration of the Company, is the qualified person for
Oceanus as defined under NI 43-101. Mr. Duncan has reviewed and
approved the scientific and technical information in this news
release.
About Oceanus Resources Corporation
Oceanus Resources Corporation is a gold exploration and
development company operating in Mexico, with 100% ownership of the
35-kilometre-long, royalty free El
Tigre property located in Sonora. A maiden resource estimate for the
El Tigre project was reported on
September 13, 2017 and filed on SEDAR
on October 26, 2017 containing
indicated resources of 661,000 gold equivalent ounces at 0.77 g/t
(21 g/t silver and 0.51 g/t gold) and inferred resources of 341,000
gold equivalent ounces at 1.59 g/t (88 g/t silver and 0.52 g/t
gold). The full National Instrument 43-101 technical report is
posted to the Company's website, and can also be accessed by
clicking here. Oceanus is managed by a team of mine finders with
extensive experience exploring and developing large hydrothermal
gold projects in Mexico. Oceanus is currently exploring the
El Tigre Property in the Sierra Madre Occidental.
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.
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SOURCE Oceanus Resources Corporation