Oroco Resource Corp. (
TSX-V: OCO, OTC: ORRCF) (
“Oroco” or
“the Company”) announces the results of the first round of
exploration drilling on the Brasiles Zone of its Santo Tomas
property (the “
Property”) in northwestern Mexico. Six
diamond drill holes are completed, of which results have been
received for five. A program of surface geological mapping is
also underway by
SRK Consultants (Canada) Inc. and the
Company’s geologists.
Brasiles Zone is the locus for the most extensive area of
altered, Laramide-age intrusion on the Property. Surface mapping
and a co-incident zone of low resistivity in the Dias
Geophysical 3D Induced Polarization survey (2021) delineate an
extension of the prospective Laramide monzonite dike swarm and
stocks for a total of 3.5 km north of the North Zone.
The initial round of diamond drilling was conducted in two
regions of the Brasiles Zone. The Brasiles Main Zone
is a prominent gossan on the north bank of the Fuerte River.
Exall Resources Limited’s historical records cite three drill hole
collars in that area but included no record of the drilling
results. The field programs could find no evidence of the
drill collars at the reported locations. Furthermore, two
drill holes (B001 and B002) were collared to test that historical
area. Drilling encountered limestone, strongly altered and
pyritic andesite volcanics and monzonite intrusion. No significant
base or precious metal mineralization was intersected.
“While we were unable to identify any significant mineralization
in the area of the Brasiles Zone most proximate to the historical
exploration activity, we were very encouraged by our initial
results from the Brasiles West Zone,” stated Craig Dalziel, Oroco’s
Executive Chairman.
The Brasiles West Zone is located on the western fringe
of the Brasiles Main zone. It is a NNE trending zone at surface,
partly concealed under a veneer of post-mineralization Sierra Madre
Occidental formation conglomerate. The Company tested
Brasiles West with diamond drill holes B003 to B006. Assay
results are available for all holes except B006.
See Figure 1, attached, or the Company’s website
www.orocoresourcecorp.com for the location of the Brasiles Zone
drilling. Significant assay results from B003 to B005 are
reported in Table 1. Core intervals cited are near to
true widths. The drilling direction for B001 to B007 is
towards 135° azimuth.
Table 1. Significant Assay Results – Brasiles Zone:
Drill HoleNo. |
Dip |
From(m) |
To(m) |
Length(m) |
Cu % |
Mo % |
Au g/t |
Ag g/t* |
CuEQ % |
B003 |
-55° |
410.0 |
576.0 |
166.0 |
0.36 |
0.009 |
0.036 |
3.46 |
0.42 |
|
includes |
449.0 |
508.0 |
59.0 |
0.46 |
0.009 |
0.067 |
4.55 |
0.55 |
|
includes |
553.0 |
570.4 |
17.4 |
0.44 |
0.009 |
0.023 |
4.68 |
0.49 |
" |
-55° |
580.6 |
614.0 |
33.5 |
0.14 |
0.002 |
0.007 |
2.23 |
0.16 |
B004 |
-80° |
396.0 |
420.0 |
24.0 |
0.33 |
0.011 |
0.024 |
2.35 |
0.39 |
|
includes |
404.0 |
414.0 |
10.0 |
0.40 |
0.017 |
0.032 |
2.74 |
0.49 |
" |
-80° |
426.0 |
440.0 |
14.0 |
0.17 |
0.002 |
0.020 |
2.36 |
0.19 |
" |
-80° |
446.0 |
462.0 |
16.0 |
0.14 |
0.002 |
0.019 |
1.60 |
0.16 |
B005 |
-55° |
427.5 |
641.0 |
213.5 |
0.28 |
0.008 |
0.021 |
2.94 |
0.33 |
|
includes |
429.0 |
466.5 |
37.5 |
0.50 |
0.004 |
0.056 |
3.97 |
0.56 |
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.
Most significantly, Brasiles West Zone has strong geological
similarities to the North Zone, if somewhat attenuated. Like
the North Zone, monzonite dikes cutting the Cretaceous limestone
(marble) are accompanied by skarn development and minor base metal
mineralization. Below the limestone, drilling encountered
intensely fractured and altered andesite and monzonite porphyry
dikes with chalcopyrite and pyrite in the same habit as the North
Zone.
The major Santo Tomas structural zone is now documented in
surface geological mapping in Brasiles West Zone for an additional
3.5 km northward of the North Zone. Drill holes B003, B004
and B005 show that the first 1.0 km of that extension demonstrates
similar mineralization to that of the North Zone.
The recently completed drill hole B006 lies in the untested gap
between B005 and the North Zone. Assay results are pending.
The Brasiles rig is now positioned on drill hole B007, which
is located 400 m north of B003/B004 and is planned to test the
northern extension of the Brasiles West Zone where it merges with
Brasiles Main Zone.
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 2021/2022 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 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 8,154.3 ha of mineral concessions
surrounding and adjacent to the Core Concessions (for a total
project area of 23,048 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 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.
Craig Dalziel, Executive Chairman
Oroco Resource Corp
6046886200
cdalziel@orocoresourcecorp.com
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