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 assay results from Holes N009 through N012 in the
North Zone deposit. Assay results through the first twelve
drill holes (8,633 m of drilling) have now been received (see
Table 1 below and
Figure 1, attached, or at the
Company’s website www.orocoresourcecorp.com). The drill program in
the North Zone is proceeding very well with the targeted
mineralization intersected at the anticipated depths and with
noteworthy intervals in all holes. In addition, drilling in
the Brasiles Zone continues at Hole B005 with the assays from Holes
B001 to B003 pending.
The 2021-2022 drill program in the North Zone has now spanned
900 m of strike length along the core of the mineral deposit.
Notably, Drill Hole N010 returned 311.0 m of 0.42 Copper
Equivalent. Drill Hole N010 lies south of Hole
N008, which produced the best intersection to date in the 2021-2022
drill program. Hole N008 yielded a true-thickness of 328.3
m of 0.45% Copper Equivalent.
“Management is very pleased to see the targeted mineralization
intersected at the anticipated depths in the North Zone, with
significant intervals existing in all holes. Drilling results
have established wide, near-surface intersections of good grade
Cu-Mo-Au mineralization, confirming the primary target of this
drill program. With the mineralized structure taking shape,
the Company will now target down-dip extensions in areas of the
North Zone previously untested by historical drilling” commented
Craig Dalziel, Oroco’s Executive Chairman. "Oroco's
opportunity at Santo Tomas continues to gain strength," Mr. Dalziel
concluded.
DRILLING PROGRESS:
- In summary, Drill Holes N001 to N012 were drilled to test the
North Zone deposit at angles almost perpendicular to its structural
attitude. As a result, core intervals for those holes are
within approximately 10% of true thicknesses, except for Hole
N004.
- Hole N004 was drilled to test a geophysical target and did not
test the North Zone deposit. Core intervals are not
representative of true thickness for that hole.
- Hole N005 was ended early, in unstable ground at 38 m
depth. Hole N006 was collared adjacent to N005 and was
drilled to completion.
- Holes N013 to N016 in the North Zone and B001 to B004 in the
Brasiles Zone are completed and constitute an additional 6,205 m of
drilling from which assays have yet to be generated.
- To date, the 20 drill holes that have been completed at Santo
Tomas (16 in the North Zone) total 14,838 m of diamond drilling,
mainly in HQ core size.
- The Company has now received the approvals necessary to begin
drilling the western extension of the North Zone 3D IP model,
thereby targeting a deeper tier of potential mineralization 300-400
m below the 2009 Gradeshell model of Cu > 0.3% (the “2009
Gradeshell Model”) contained in the current Technical Report
(the “Technical Report”) (Bridge, 2019: See the Company website
www.orocoresourcecorp.com/projects/technical-reports/ or
SEDAR).
Table 1: Significant Assay Intervals in the Santo Tomas
2021-2022 Program, Holes N001 to N012:
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 |
N009 |
438.0 |
470.0 |
32.0 |
0.76 |
0.011 |
0.021 |
4.90 |
0.82 |
" |
516.2 |
538.0 |
21.9 |
0.31 |
0.027 |
0.013 |
2.00 |
0.42 |
" |
542.0 |
665.6 |
123.6 |
0.29 |
0.014 |
0.011 |
1.76 |
0.35 |
" |
671.4 |
686.6 |
15.2 |
0.45 |
0.016 |
0.022 |
2.61 |
0.53 |
" |
692.1 |
752.0 |
59.9 |
0.27 |
0.010 |
0.020 |
2.70 |
0.32 |
N010 |
137.0 |
448.0 |
311.0 |
0.36 |
0.011 |
0.029 |
2.33 |
0.42 |
" |
454.0 |
476.0 |
22.0 |
0.21 |
0.002 |
0.005 |
1.59 |
0.22 |
N011 |
48.2 |
279.0 |
230.8 |
0.39 |
0.007 |
0.039 |
2.84 |
0.45 |
N012 |
309.1 |
606.0 |
296.9 |
0.35 |
0.015 |
0.025 |
2.58 |
0.42 |
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.
INTERPRETATION
The Company advises that the 2012-2022 drilling results continue
to confirm the following:
- Copper grades in holes N009 through N012 are comparable to the
historical drilling reported on each related cross-section (Figures
1-5, attached, or on the Company website:
www.orocoresourcecorp.com) Results to date continue to
confirm the geological conclusions and the 2009 Gradeshell Model
contained in the Technical Report.
- Importantly, in the southern area of the North Zone, drilling
(N008 and N010) has intersected increasing widths of
mineralization. The Dias Geo 3D IP modelling shows broader
chargeability responses on the western side of the deposit.
Recent drilling has begun to test these extensions, and assays are
pending. Also, copper grades are higher in the footwall
alteration zone on the eastern flank of the North Zone in the area
of N008 and N010 than in the area immediately north of hole N008
(holes N001, 002 and 003).
- The 16 drill holes completed to date test the North Zone
deposit and the 2009 Gradeshell Model to a depth of 300 to 400 m
below the surface. Notably, geological and
geophysical modelling support a westward targeting at a
significantly greater depth below surface.
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 additional resource
exploration.
- Geological logging indicates that copper is present as
chalcopyrite, with significant covellite, chalcocite, and bornite
disseminations and vein fillings. Pyrite is relatively sparse
in the main drill intersections. The best mineralization in
the central portions of the North Zone is 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. Silver is not used in Oroco’s
copper equivalent grade calculations.
- Fracturing, mylonite zones, Laramide intrusive dikes, veining
and sulphide mineralization are controlled by faulting co-eval with
the formation of the North Zone deposit. Drilling confirms a
strike of N20°E and a dip of 50-55°W, as reported in the Technical
Report.
Historical drilling from 1968 to 1994 in the North Zone was
primarily vertical and unsuited to defining the full width and
depth of the deposit, especially on the southern extremity that is
concealed under a blanket of limestone. The 2021-2022 program
is better suited to the orientation of the deposit by utilizing
angled drill holes more perpendicular to the re-modelled strike and
dip of the deposit. This 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 comprises 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 has 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.
QUALITY CONTROL & QUALITY ASSURANCE
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 an
AAS finish. Gold was determined by fire assay of a 50-gram
charge, or alternately, for a 30-gram charge (1 Assay ton).
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 are being performed in the current
program.
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 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
northeast. 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, totalling
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 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept 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, Executive Chairman
Oroco Resource Corp.
(604) 688-6200
info@orocoresourcecorp.com
Oroco Resource (TSXV:OCO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Oroco Resource (TSXV:OCO)
Historical Stock Chart
From Jul 2023 to Jul 2024