(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). 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.
ABOUT THE DIAS SURVEY:
The Dias Geophysical DCIP survey was completed using the
DIAS32 system with common voltage referencing. The receiver
electrode spacing was 100 m on lines separated by 200 m. The
electrical current injection spacing was 200 m along lines that
extended between the receiver lines. From 1 to 4 current
injections were added to the ends of the lines to increase depth
coverage near the ends of the survey grid. The survey was
completed as a roll-along 3D array with a total of four
receiver-lines active for each current injection for a total of
approximately 100 active receivers for each current injection.
A total of 714,887 pole-dipole data records were processed and
delivered from a total data set of over 2 million data points.
Dipoles ranged in size from 100 m to 850 m, and the orientation of
the dipoles ranged across all azimuths. Unconstrained 3D inversions
of the final Resistivity and Chargeability data were generated
using the SimPEG tensor mesh 3D DCIP code. The final 3D
models of Resistivity and Chargeability have a mesh size of 25 m by
25 m by 25 m.
Craig Dalziel
Oroco Resource Corp.
(604) 688-6200
cdalziel@orocoresourcecorp.com
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