Oroco Resource Corp. (
TSX-V: OCO, OTC: ORRCF)
(“
Oroco” or “
the Company”) is
pleased to announce the receipt of additional assay results from
its drilling campaign at the Santo Tomas property (the
“
Property”) in northwestern Mexico, having
received the drill results from Holes N004 to N008 in the North
Zone deposit. Assay results through the first eight drill
holes have now been received (see Table 1, below, and Figure 1,
attached or at the Company’s website Figure 1).
Notably, the best intersection in the 2021 drill program was
returned by drill hole N008: a true thickness of 328.3 m of
0.45% Copper Equivalent (see Table 1). A nearby
hole, N004, was drilled to test the strong Chargeability anomaly
that extends westward from N008 and the known North Zone
deposit. A zone of Laramide intrusion and altered and copper
mineralized volcanic rocks in N004 confirms the prospectivity of
the strong Chargeability anomaly, more than doubling the width of
the North Zone deposit target at the 200 m elevation, (see
Figure 2, attached or Figure 2). This newly
confirmed target lies on the western flank of the North Zone
deposit, concealed beneath a blanket of limestone beds.
Table 1: Significant Assay Intervals in the Santo Tomas
2021 Program, Holes N001 to N008:
Drill HoleNo. |
From(m) |
To(m) |
Length(m) |
Cu
% |
Mo
% |
Au
g/t |
Ag
g/t* |
CuEQ % |
N001 |
272.6 |
299.6 |
27.0 |
0.18 |
0.012 |
0.018 |
0.82 |
0.24 |
" |
310.0 |
565.0 |
255.0 |
0.39 |
0.010 |
0.045 |
2.20 |
0.46 |
" |
571.0 |
620.0 |
49.0 |
0.17 |
0.003 |
0.008 |
1.31 |
0.18 |
N002 |
349.9 |
630.0 |
280.1 |
0.38 |
0.012 |
0.025 |
2.85 |
0.44 |
N003 |
295.0 |
306.8 |
11.8 |
0.31 |
0.009 |
0.014 |
2.85 |
0.36 |
" |
315.3 |
333.0 |
17.7 |
0.33 |
0.008 |
0.017 |
1.49 |
0.37 |
" |
339.0 |
364.5 |
25.5 |
0.29 |
0.015 |
0.020 |
2.81 |
0.36 |
" |
370.0 |
384.3 |
14.3 |
0.50 |
0.008 |
0.026 |
3.33 |
0.56 |
" |
390.0 |
597.7 |
207.7 |
0.39 |
0.014 |
0.019 |
2.82 |
0.45 |
" |
601.8 |
678.0 |
76.2 |
0.18 |
0.002 |
0.007 |
2.53 |
0.20 |
N004 |
434.3 |
498.0 |
63.7 |
0.38 |
0.012 |
0.017 |
2.12 |
0.44 |
N006 |
31.0 |
219.5 |
188.5 |
0.39 |
0.004 |
0.051 |
2.29 |
0.44 |
" |
223.4 |
277.0 |
53.7 |
0.17 |
0.005 |
0.011 |
1.55 |
0.20 |
N007 |
213.9 |
405.2 |
191.3 |
0.32 |
0.005 |
0.029 |
2.93 |
0.37 |
" |
408.1 |
518.0 |
109.9 |
0.32 |
0.012 |
0.018 |
3.06 |
0.38 |
N008 |
159.8 |
488.0 |
328.3 |
0.38 |
0.010 |
0.038 |
2.60 |
0.45 |
Cu Equivalent (CuEq) % = Cu % + (Mo %*3.75) + (Au
ppm*0.752). The commodity prices (3-year Average) used are in
$US: Cu $3.20 /lb, Mo $12.00 /lb, and Au $1,650.00 /troy oz.
* Ag values are not used in the CuEq calculations.
- Drill Holes N001 to N003 and N005 to N011 were drilled to test
the North Zone deposit perpendicular to its structural
attitude. Core intervals for those holes are within
approximately 10% of true thicknesses.
- Hole N004 was drilled to test a geophysical target and did not
test the North Zone deposit. Core intervals are not true
thickness for that hole.
- Hole N005 was ended early, in unstable ground at 38m
depth. Hole N006 was collared adjacent to that of N005 and
was drilled to completion.
- Holes N009 to N011 in the North Zone and B001 in the Brasiles
Zone are completed.
Before ending drilling operations for the seasonal break, 12
drill holes were completed (11 in the North Zone), totalling 8,455
m of diamond drilling, mostly in HQ core size. Drilling
operations will re-commence on the North Zone within two
weeks. Drilling on the Brasiles Zone has re-commenced with
Hole B002, which was in progress prior to the break.
The Company is very pleased that drilling results continue to
confirm the following:
- Copper grades in holes N001 to N003, and N006 to N008 are
comparable to the historical drilling reported on each of the
cross-sections drilled to date (see Figures 1 to
6, attached or Figures 1-6). Results continue to
confirm the geological conclusions and the 2009 Gradeshell model of
Cu > 0.3% (the “2009 Gradeshell Model”)
contained in the current Technical Report (the “Technical
Report”) (Bridge, 2019: See SEDAR, or the Company’s
website
www.orocoresourcecorp.com/projects/technical-reports/).
- Geological logging indicates copper is present as chalcopyrite
and bornite dissemination and vein fillings. Pyrite is
relatively sparse in the main drill intersections. Sulphide
mineralization in the main intersections on the North Zone are
hosted in strongly potassic-altered volcanic and intrusive rocks
with an overprint of phyllic alteration.
- Molybdenum, gold, and silver are elevated in the core across
the width of the North Zone and provide an approximate 15%
contribution to the copper equivalent grade, without factoring for
metallurgical recoveries.
- Fracturing, Laramide intrusive dikes, mylonite zones, veining
and sulphide mineralization are controlled by faulting co-eval with
the formation of the North Zone deposit. The deposit is
confirmed in drilling to have a strike of N20°E and a dip of
50-55°W, as reported in the Technical Report.
The Santo Tomas Cu-Mo-Au porphyry deposit is an example of the
geologic style of Laramide-age porphyry copper deposits in the
southwestern United States and northwestern Mexico.
Historical Pre-Feasibility Studies, recent 3D modelling of
historical drilling and several new programs of geophysical
surveying have defined drill targets both for confirmation of
historical mineral resource estimates and for exploration for
additional resources.
The 2021 drill program commenced on the central North Zone
mineral deposit and has now spanned 600 m of strike length on the
North Zone. Historical drilling from 1968 to 1994 was
primarily vertical and unsuited to defining the full width and
depth of the North Zone. The 2021 program is based on angled
drill holes oriented perpendicular to the re-modelled strike and
dip of the deposit and is the first program that features drill
holes that pass from the hanging wall of the North Zone deposit
into the footwall and which also features a full suite of assay
information that includes copper, molybdenum, gold and silver.
Drilling confirms that the North Zone is comprised of intensely
fractured, potassic- and phyllic-altered andesite volcanics and
Laramide-age porphyritic intrusive dikes. Elevated Mo, Au and
Ag accompany copper assays along the central axis of the North
Zone. Pyrite is relatively low in the core of the North Zone,
explaining the IP response that is in the mid-range of the
Chargeability High responses on the Property. In contrast,
drilling into the footwall of the North Zone consistently
intersected propylitic-altered andesite. The footwall
contains abundantly disseminated and vein pyrite, explaining the
pronounced Chargeability High and a corresponding Resistivity Low
in the 3D IP modelling.
TECHNICAL INFORMATION AND QUALITY CONTROL & QUALITY
ASSURANCE
The historical drilling data employed in this current
exploration program was the subject of Data Verification procedures
cited in the current Technical Report. Additional drill
collar verifications were performed in the current program and
collar locations fit closely to the 2021 survey control.
Appropriate QA/QC protocols governed geological logging, core
sampling, sample preparation, analyses, and security during the
current program, including quality controls with duplicates,
standards, and blanks. Samples were submitted to the Mexican
division of ALS Limited in Hermosillo, Mexico, for sample
preparation to pulps. Sample pulps are then sent to ALS
Canada Ltd. in Vancouver, Canada, for analysis. Total copper
and molybdenum contents are determined by four-acid digestion with
AAS finish. Gold was determined by fire assay of a 50-gram
charge, or alternately, for a 30-gram charge (1 Assay ton).
QUALIFIED PERSON
Mr. Paul McGuigan, P. Geo., of Cambria Geosciences Inc., a
“Qualified Person” (as defined in NI 43-101 -Standards for
Disclosure for Mineral Projects) 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.
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.
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.
- Oroco Resource Corp January 13, 2022 News Release Figures
Craig Dalziel
Oroco Resource Corp.
(604) 688-6200
cdalziel@orocoresourcecorp.com
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