Oroco Resource Corp. (
TSX-V: OCO, OTC: ORRCF)
(
“Oroco” or
“the Company”) is pleased to announce
assay results from an additional 3,050 m of drilling from holes
N015 through N018 of its drilling program in the North Zone of its
Santo Tomas property (the “
Property”) in northwestern Mexico
(see Table 1 below and Figure 1 attached, or at the Company’s
website.
The program is proceeding well with the results continuing to
confirm and expand the 2009 Gradeshell model of Cu > 0.30% (the
“Gradeshell”) derived from the historical drilling described
in the Company’s 2019 Technical Report.
A total of 26 holes (18,136 m of drilling) have now been
completed in the North Zone, spanning 1,100 m of strike length,
with intersections of good grade mineralization returned in all
holes for which the Company has received assays.
HIGHLIGHTS:
- Hole N015 bisected the Gradeshell (extending above and below
the Gradeshell), returning a 292 m interval of mineralization with
copper grades comparable to those from historical drilling.
- Holes N016 through N018 targeted areas to the west of, and
mostly outside the Gradeshell, intercepting broad intervals of
shallow seated mineralization with copper grades comparable to
those from historical drilling, indicating a broader, shallower
North Zone deposit than previously modelled.
Richard Lock, CEO, commented: “We continue to
systematically define and expand the deposit at Santo Tomas. Work
focuses on providing a mineral resource to support the upcoming
PEA, which is planned for completion in Q1, 2023. To ensure these
timelines are met, a fourth drill has been mobilized.”
DRILL HOLE N015
Drill Hole N015 targeted the 2009 Gradeshell at the current
southern extremity of the North Zone drill program. The hole
returned intervals of 292 m of 0.36% Copper Equivalent (CuEq) and
24 m of 0.25% CuEq (see Table 1 and Plate 51).
Drill Hole N015 lies approximately 110 m south of Drill Hole
N010, which returned 311 m of 0.42% CuEq, and approximately 210 m
south of Drill Hole N008, which returned 328.3 m of 0.45% CuEq.
DRILL HOLE N016
Drill Hole N016 targeted the deposit to the west of the
Gradeshell at the current northern end of the North Zone drill
program, down dip from Drill Holes 11 and 13. The hole
returned three main mineralized intervals: 95.4 m of 0.37% CuEq,
44.7 m of 0.46% CuEq and 88.7 m of 0.31% CuEq. Additional
shorter intervals were returned at depth below the Gradeshell (see
Plate 65 attached, or at the Company’s website).
DRILL HOLE N017
Drill Hole N017 targeted the deposit to the west of the
Gradeshell and downdip from Drill Hole N015 at the current southern
extremity of the North Zone drill program. Most notably, good
mineralization was identified less than 100 m from surface, with
the hole returning two main intervals consisting of 63.8 m of 0.37%
CuEq and 159.2 m of 0.28% CuEq (see Table 1 and Plates 50 and 51
attached, or at the Company’s website).
DRILL HOLE N018
Drill Hole N018 targeted the deposit at the western edge of the
Gradeshell in the center of the strike length of the North Zone
drill program. The hole returned several shorter intervals,
including 21 m of 0.42% CuEq, 10 m of 0.68% CuEq and 42.3 m of
0.38% CuEq, over approximately 250 m, of which approximately 175 m
was outside the Gradeshell (see Table 1 and Plate 55, attached, or
at the Company’s website).
Table 1: Significant Assay Intervals in the Santo Tomas
2021-2022 Program, Holes N015 to N018:
Drill Hole No. |
Dip |
From (m) |
To (m) |
Length (m) |
Cu% |
Mo (%) |
Au g/t |
Ag g/t |
CuEq %* |
N015 |
-55 |
126.0 |
418.0 |
292.0 |
0.31 |
0.009 |
0.025 |
2.20 |
0.36 |
N016 |
-62 |
351.0 |
446.4 |
95.4 |
0.32 |
0.006 |
0.032 |
2.06 |
0.37 |
“ |
-62 |
464.0 |
508.6 |
44.7 |
0.39 |
0.016 |
0.022 |
3.68 |
0.46 |
“ |
-62 |
518.4 |
607.1 |
88.7 |
0.26 |
0.010 |
0.014 |
1.82 |
0.31 |
N017 |
-55 |
80.0 |
143.8 |
63.8 |
0.31 |
0.011 |
0.020 |
1.73 |
0.37 |
“ |
-55 |
153.8 |
313.0 |
159.2 |
0.22 |
0.010 |
0.020 |
1.38 |
0.28 |
N018 |
-55 |
203.0 |
224.0 |
21.0 |
0.36 |
0.011 |
0.017 |
2.54 |
0.42 |
“ |
-55 |
238.0 |
248.0 |
10.0 |
0.65 |
0.002 |
0.019 |
3.26 |
0.68 |
“ |
-55 |
263.8 |
306.1 |
42.3 |
0.33 |
0.012 |
0.017 |
1.96 |
0.38 |
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 N015 to N018 test the North Zone deposit
perpendicular to its structural attitude. Core intervals are within
approximately 10% of true thickness. Assay results and
cross-sections through the first eighteen North Zone drill holes
(13,343 m of drilling) are available at the Company’s website.
In context, the results of N017 at the current southern
extremity of the North Zone drill program, N018 at the center, and
N016 at the northern end, demonstrate newly discovered
shallow-seated mineralization located westward and in the hanging
wall of the main North Zone deposit, indicating a broader North
Zone deposit extending further westward and much closer to surface
than previously modelled.
NORTH ZONE PROGRAM:
The North Zone drilling program is designed to confirm and
expand the 2009 Gradeshell model, with the goal of delineating
near-surface mineralization amenable to open-pit mining methods and
the reduction of waste rock stripping ratios.
Drilling to date along 1,100 m of strike length (of which 1,000
m is along the historically indicated 1,600 m strike length of the
North Zone deposit) has confirmed the NNE strike and moderately
westerly dipping geometry of the deposit. Drill results
confirm good grade mineralization contained in a gently
north-plunging panel that is expressed at surface along the Santo
Tomas ridge and extends consistently to about 400-500 m depth below
the ridge, bottoming at approximately sea level.
Drilling in the North Zone to the end of 2022 will focus on
supporting a mineral resource estimate by:
- Extending confirmation of North Zone mineralization southward
along the remaining 600 m of historical strike length, with targets
between the 100 m and 600 m elevation.
- Infill definition drilling.
- Definition drilling of newly discovered shallow-seated
mineralization located westward and in the hanging wall of the main
North Zone deposit.
Successful drilling of the new hanging wall zone will
define mineralized tonnage between the Santo Tomas ridge and the
Gradeshell, potentially significantly reducing the amount of waste
rock stripping required to access North Zone mineralization.
SOUTH ZONE PROGRAM
Historical drilling, surface geological mapping and the Dias Geo
3D Induced Polarization survey have defined near-surface
mineralization in the South Zone. Historical drilling
documents good mineralization that is open to depth at 400 m below
surface. The Company will commence a drill program targeted
at testing the South Zone in 2022.
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, of 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. The Company strictly
adheres to CIM Best Practices Guidelines in conducting,
documenting, and reporting the exploration activities on its
projects.
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.
For further information, please contact:
Richard Lock, CEO
Oroco Resource Corp.
Tel: 604-688-6200
Email: info@orocoresourcecorp.com
www.orocoresourcecorp.com
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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