OROCO ENCOURAGED BY EARLY 3D IP RESULTS AT SANTO TOMAS
November 05 2020 - 3:14PM
VANCOUVER, British Columbia – (November 5, 2020) Oroco Resource
Corp. (
TSX-V: OCO) (“
Oroco” or
“
the Company”) is pleased to announce progress
with a deep Three Dimensional (“
3D”) Induced Polarization
geophysical survey on the Santo Tomas property, Mexico, which is
intended to map mineralized zones that contain chargeable metal
sulphide minerals.
The survey is being undertaken by DIAS Geophysical of Saskatoon,
SK (“DIAS”) and utilizes their DIAS32 direct current
resistivity and induced polarization (“DCIP”) system using a
rolling layout of transmitter locations and a large receiver array
that is advancing the survey in successive swaths from the south
towards the north of the Santo Tomas mineralized zones. The
survey is targeted to cover an area of approximately 10 km2 of the
Property which will encompass the mineralized South Zone and North
Zones, and exploration targets which exist in the Brasiles Zone at
Santo Tomas. Survey work commenced over the South Zone, and is
progressing northward, along the general strike of the
mineralization.
“The initial survey has yielded two important results to date,
being a substantial increase in the width and depth of the
mineralization in areas of the South Zone, and a strong correlation
between chargeability features and the historical drill results in
that zone. Overall, these results have provided a very
positive start to the program” said Craig Dalziel, Oroco’s CEO.
The DCIP survey is about 40% complete and Oroco has received
preliminary inversion data from Dias Geophysical for the first 25%
of the survey data. The preliminary inversion information
will be subject to additional quality control procedures and
certain modeling constraints from Oroco’s 3D geological model when
a larger set of data is obtained. The preliminary inversion
model has been successful to date in mapping the resistivity and
chargeability characteristics along a swath 2.0 km wide by 1.2 km
along strike over the known mineralization of the South Zone.
The preliminary survey data support the following
observations:
- The chargeability model clearly identifies the known sulphide
mineralization across this swath and appears to map this parameter
to a depth of about 600 meters, particularly in the central axis of
the South Zone deposit.
- The chargeability also appears to map variability in the tenor
of the sulphide mineralization within the South Zone deposit area,
correlating very closely with the ten widely spaced historical
drill holes that intersect the deposit.
- Results show a chargeability high and resistivity low response
that spans 1,000 m wide by 1,200 m long in plan view. The response
is located below the volcanic and limestone units and above contact
with an inferred Laramide batholith exposed to the south and west
of the South Zone. The responses define a wedge 200-400 m thick at
the western limit, increasing to 600 m on the eastern fringe of the
surveyed area. The responses are open at depth and to the
east.
The preliminary results demonstrate the DIAS32 distributed array
approach to surveying provides a higher level of confidence in the
derived model because the method removes bias caused by the
direction of current flow. The close correlation to historical
drilling results in the South Zone adds to this confidence.
The method provides coverage to great depth and is a robust
method for drill targeting. The Company has extended selected
current injection lines to enhance depth coverage of certain
chargeability and resistivity features.
The DCIP survey work has now progressed into the North Zone.
A total of 2,200 m of strike length has been surveyed to Nov.
4. The pace of survey work has increased lately, due to the
better road and water access to the survey lines of the North
Zone. Updates will follow as the pace of work increases.
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 disclosure in this news release.
ABOUT OROCO:
The Company holds a net 61.4% 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 81.0% 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 (a total project
size of 8,980.8 ha). 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 drill and reverse circulation drill holes, totaling
approximately 30,000 meters. Based on data generated by these drill
programs, a 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. The
reader is directed to the Oroco’s August, 2019 Technical Report
filed on SEDAR, as amended, and on the Company’s website at
<orocoresourcecorp.com/santo-tomas-technical-report.>
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.
Craig Dalziel, CEO
Oroco Resource Corp.
6046886200
cdalziel@orocoresourcecorp.com
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