HALIFAX, Jan. 7, 2019 /CNW/ - Oceanus Resources
Corporation (TSXV: OCN) and (OTCQB: OCNSF) ("Oceanus" or the
"Company") is providing the following review of 2018
activities.
2018 Year End Review
Following the issuance in September
2017 of the Company's maiden resource estimation for the
100% owned El Tigre Property located in Sonora, Mexico (see press release dated
September 13, 2017), the Company
carried out a regional prospecting and mapping program during 2018
with the objective of identifying extensions of the El Tigre
Formation. The El Tigre Formation is the 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).
The Phase 1 prospecting and mapping program was carried out to
the south of Gold Hill and demonstrated that the El Tigre Formation
continues along strike in a southeasterly direction for an
additional 5 kilometres to the Lluvia de Oro prospect. Tunnels exposing quartz veins
with the same alterations and mineralization as observed in the
existing El Tigre area, and
assays, demonstrated significant potential for additional
near-surface mineralization in this newly defined area. The El
Tigre Formation was also identified a further 3 kilometres to the
south at La Mancha where old
workings were located.
The Phase 2 prospecting and mapping program was carried out on
the eastern side of the mountain. The team located several
historic underground workings in this area (Santa Maria) that followed mineralized quartz
veins similar to the old El Tigre Mine, as well as, outcropping of
vein mineralization. Given the positive results from this program,
the Company submitted application in March
2018 to acquire an additional 4,465 hectares. This
represents an increase of 20% for a total land package of 26,307
hectares.
The Phase 3 prospecting and mapping program was carried out to
north-east of the resource area on the new claims and identified
outcropping of the El Tigre Formation in several areas.
2019 Exploration Program
Oceanus has now identified in excess of 10 kilometres of
favorable host stratigraphy with several areas of mineralization
identified to the south, east and north-east of the old El Tigre
Mine. The Company plans to send the exploration team back to the
property in 2019 to continue prospecting and mapping as well as
sampling. The objective of this program will be to establish
drill targets.
Glenn Jessome, President and CEO
of Oceanus, commented: "Since acquiring the El Tigre Property at
the end of 2015, we have completed in excess of 12,000 metres of
diamond drilling, generated a 43-101 mineral resource estimate
containing indicated resources of 661,000 gold equivalent ounces
and inferred resources of 341,000 gold equivalent ounces, and our
experienced exploration team has identified several additional
high-priority exploration targets located to the south, north and
north-east of the resource area. With the favorable El Tigre
Formation having been followed for more that 10 kilometres, we
believe that we have the makings of a district-scale system. We are
still in the early days of unlocking the potential of the large
land package we have at El Tigre
and look forward to further exploration success in 2019."
El Tigre Property
The El Tigre Property is approximately 35 kilometres long and
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 10
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 (El Tigre Mine). 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 during 2017 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.
A maiden resource estimate for the El Tigre Property was
reported by Oceanus on September 13,
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 complete National Instrument
43-101 technical report is available on the Company's website and
on SEDAR under the Company's profile.
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 one metre
wide, however, locally can be up to five metres in width.
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.
Expiry of Warrants
On December 22, 2018 a total of
14,166,668 common share purchase warrants having an exercise price
of $0.24 per share expired
unexercised.
Issuance of Stock Options and Deferred Share Units
The Board of Directors of Oceanus, in accordance with the
provisions of the Company's Stock Option Plan, has approved the
issuance of 2,600,000 stock options to employees, officers,
directors and consultants of the Company. The options are
exercisable at a price of $0.10 per
common share. The last grant of stock options to officers and the
Board of Directors was on October 31,
2016.
The Board of Directors also approved the issuance of 900,000
Deferred Share Units (DSU's) to officers of the Company pursuant to
the Company's Deferred Share Unit Plan (DSU Plan). The DSU's
are priced at $0.10 per common share
and vest over a period of three years. This is the first award of
DSU's by the Company under the DSU Plan which was approved by the
shareholders on September 29,
2016.
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.
SOURCE Oceanus Resources Corporation