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 and quality controlled the drill results from Holes N013
and N014 in the North Zone deposit. Assay results through the
first fourteen drill holes (10,293 m of drilling) are now received
(see
Table 1 below and
Figure 1, attached, or at the
Company’s website at www.orocoresourcecorp.com). A total of 20
holes have been completed in the North Zone to date.
The 2021-2022 drill program has now spanned 1100 m of strike
length along the core of the North Zone mineral deposit. The drill
program is proceeding well with the targeted mineralization
intersected at the anticipated depths and intervals in most drill
holes.
The Company is pleased that its drilling results continue
to confirm the following:
- Copper grades in holes N009 through N014 are comparable to the
historical drilling reported on each related cross-section (see
Plates 51-66, on the Company website). Results to date
continue to confirm the geological conclusions and the 2009
Gradeshell Model contained in the 2019 Technical Report.
- Holes N013 and N014 indicate that the Gradeshell remains
confirmed in its structural strike and dip. However, importantly,
the hanging wall mineralization is wider and nearer surface than
first modelled from historical drilling. Targeting areas westward
at shallow depths for the broader response in the 3D IP model under
the Santo Tomas ridge is therefore confirmed.
“These drilling results continue to support and guide our
exploration campaign and will help the focus on defining the Santo
Tomas North Zone” said Richard Lock, Oroco’s CEO.
NORTH ZONE DRILLING:
Drill Holes N001 to N014 test the North Zone deposit
perpendicular to its structural attitude. Core intervals for
those holes are within approximately 10% of true thicknesses,
except for N004. Assay results from the first fourteen drill holes
(10,293 m of drilling) are now received and quality controlled.
Over the span of our drilling to date, drill holes N011
southward for 700 m to N010 establish the tenor the higher-grade
portion of the North Zone (See Figure 1). Two diamond drill rigs
are presently working on the North Zone, testing extensions
northward, southward, and down-dip.
- Northward: Drill hole N013 tests to the northwest and
down-dip of drill hole N011.
- Southward: Drilling has stepped out 350 m south of the
previously reported drill hole N010 in an area concealed beneath a
blanket of limestone and post-mineralization volcanic beds. Two
drill holes to the south are completed, and a third is in
progress.
- Down-dip: Drill hole N014 tests down dip of N012 and
N007.
DRILL HOLE N013
Drill Hole N013 intersected a broad 450 m interval of altered,
mineralized andesite and monzonite intrusion at the northern
extremity of our current North Zone drill program. That interval
includes 128.0 m of 0.32% Copper Equivalent (CuEq), 30 m of 0.38%
Cu Eq and 95.0 m of 0.45% CuEq (see Table 1). Our drill target is
the 2009 Gradeshell model of Cu > 0.3% (the “Gradeshell”)
of the historical drilling that is described in the Company’s 2019
Technical Report (see
www.orocoresourcecorp.com/projects/technical-reports/ or SEDAR).
The higher-grade intervals of N013 confirm the Gradeshell.
Notably, outside of the Gradeshell, the hanging wall and
footwall in N013 each contain greater than 120 m of altered
lithologies with about 0.30 % CuEq, representing a local doubling
of the target thickness of the North Zone deposit. The deposit
is much closer to surface than our initial targeting
implied.
DRILL HOLE N014
Drill Hole N014 intersected a broad 330 m interval of altered,
mineralized andesite and monzonite intrusion at the down dip from
the good intervals drilled in N012 and N007. Within that interval,
126.0 m of 0.23 % CuEq was intersected at the bottom of the
Gradeshell. The hanging wall of the North Zone in this section has
several short 12 to 27 m intervals of promising grade, N014
indicates the North Zone is flattening and thinning down dip on
Section 57 which is common in structurally controlled mineral
deposits.
West of N014 is a lobe of increasingly strong Chargeability
response in the Dias Geo 3D Induced Polarization survey.
Notwithstanding the results of N014, this shallow, western
geophysical target lies only 100 to 200 m below the flank of the
Santo Tomas ridge and is a high priority drilling target.
Table 1: Significant Assay Intervals in the Santo Tomas
2021-2022 Program, Holes N001 to N0014:
Drill HoleNo. |
Dip |
From(m) |
To(m) |
Length(m) |
Cu % |
Mo % |
Au g/t |
Ag g/t* |
CuEQ % |
N001 |
-55 |
272.6 |
299.6 |
27.0 |
0.18 |
0.012 |
0.018 |
0.82 |
0.24 |
" |
-55 |
310.0 |
565.0 |
255.0 |
0.39 |
0.010 |
0.045 |
2.20 |
0.46 |
" |
-55 |
571.0 |
620.0 |
49.0 |
0.17 |
0.003 |
0.008 |
1.31 |
0.18 |
N002 |
-55 |
349.9 |
630.0 |
280.1 |
0.38 |
0.012 |
0.025 |
2.85 |
0.44 |
N003 |
-55 |
295.0 |
306.8 |
11.8 |
0.31 |
0.009 |
0.014 |
2.85 |
0.36 |
" |
-55 |
315.3 |
333.0 |
17.7 |
0.33 |
0.008 |
0.017 |
1.49 |
0.37 |
" |
-55 |
339.0 |
364.5 |
25.5 |
0.29 |
0.015 |
0.020 |
2.81 |
0.36 |
" |
-55 |
370.0 |
384.3 |
14.3 |
0.50 |
0.008 |
0.026 |
3.33 |
0.56 |
" |
-55 |
390.0 |
597.7 |
207.7 |
0.39 |
0.014 |
0.019 |
2.82 |
0.45 |
" |
-55 |
601.8 |
678.0 |
76.2 |
0.18 |
0.002 |
0.007 |
2.53 |
0.20 |
N004 |
-55 |
434.3 |
498.0 |
63.7 |
0.38 |
0.012 |
0.017 |
2.12 |
0.44 |
N006 |
-55 |
31.0 |
219.5 |
188.5 |
0.39 |
0.004 |
0.051 |
2.29 |
0.44 |
" |
-55 |
223.4 |
277.0 |
53.7 |
0.17 |
0.005 |
0.011 |
1.55 |
0.20 |
N007 |
-55 |
213.9 |
405.2 |
191.3 |
0.32 |
0.005 |
0.029 |
2.93 |
0.37 |
" |
-55 |
408.1 |
518.0 |
109.9 |
0.32 |
0.012 |
0.018 |
3.06 |
0.38 |
N008 |
-55 |
159.8 |
488.0 |
328.3 |
0.38 |
0.010 |
0.038 |
2.60 |
0.45 |
N009 |
-55 |
438.0 |
470.0 |
32.0 |
0.76 |
0.011 |
0.021 |
4.90 |
0.82 |
" |
-55 |
516.2 |
538.0 |
21.9 |
0.31 |
0.027 |
0.013 |
2.00 |
0.42 |
" |
-55 |
542.0 |
665.6 |
123.6 |
0.29 |
0.014 |
0.011 |
1.76 |
0.35 |
" |
-55 |
671.4 |
686.6 |
15.2 |
0.45 |
0.016 |
0.022 |
2.61 |
0.53 |
" |
-55 |
692.1 |
752.0 |
59.9 |
0.27 |
0.010 |
0.020 |
2.70 |
0.32 |
N010 |
-55 |
137.0 |
448.0 |
311.0 |
0.36 |
0.011 |
0.029 |
2.33 |
0.42 |
" |
-55 |
454.0 |
476.0 |
22.0 |
0.21 |
0.002 |
0.005 |
1.59 |
0.22 |
N011 |
-55 |
48.2 |
279.0 |
230.8 |
0.39 |
0.007 |
0.039 |
2.84 |
0.45 |
N012 |
-55 |
309.1 |
606.0 |
296.9 |
0.35 |
0.015 |
0.025 |
2.58 |
0.42 |
N013 |
-62 |
247.0 |
375.0 |
128.0 |
0.27 |
0.009 |
0.023 |
1.82 |
0.32 |
" |
-62 |
397.0 |
427.3 |
30.3 |
0.38 |
0.008 |
0.043 |
3.49 |
0.44 |
" |
-62 |
439.0 |
534.0 |
95.0 |
0.36 |
0.020 |
0.018 |
2.50 |
0.45 |
" |
-62 |
574.0 |
700.0 |
126.0 |
0.24 |
0.009 |
0.014 |
2.40 |
0.29 |
N014 |
-74 |
266.0 |
293.0 |
27.0 |
0.30 |
0.010 |
0.019 |
2.62 |
0.35 |
" |
-74 |
312.3 |
330.0 |
17.7 |
0.34 |
0.009 |
0.024 |
2.57 |
0.39 |
" |
-74 |
355.0 |
367.0 |
12.0 |
0.40 |
0.016 |
0.020 |
1.44 |
0.47 |
" |
-74 |
373.0 |
499.0 |
126.0 |
0.19 |
0.008 |
0.016 |
1.73 |
0.23 |
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.
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.
Richard Lock, CEO
Oroco Resource Corp.
(604) 688-6200
info@orocoresourcecorp.com
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