OROCO COMMENCES PEA AND MOBILIZES MORE DRILLS
September 20 2022 - 8:00AM
Oroco Resource Corp. (
TSX-V: OCO, OTC: ORRCF)
(“
Oroco” or “
the Company) is pleased to announce the
commencement of a Preliminary Economic Assessment (a “
PEA”
or the “
Study”) for the North and South Zones of the
Santo Tomas Project located in NE Sinaloa, Mexico (“
Santo
Tomas”, or the “
Project”).
The Company has appointed Ausenco Engineering USA South Inc.
(“Ausenco”) to lead the Study, with SRK Consulting (Canada)
Inc. (“SRK”) to complete an updated Mineral Resource
Estimate (“MRE”) and Mining Plus Canada Consulting Ltd.
(“MP”) to complete an open pit mine design. ALS
Metallurgy has been selected to undertake metallurgical testing.
The PEA is expected to be completed by the beginning of Q2
2023.
Ausenco, as our Study lead, brings a wealth of recent experience
from projects and studies in Mexico, such as the SilverCrest Las
Chispas EPC (Engineering, Procurement & Construction), Tarachi
Gold’s Magistral EPCM (Engineering, Procurement & Construction
Management), and Discovery Silver’s Cordero PEA projects, as well
as a number of South American projects.
Richard Lock, CEO, commented: “The PEA and updated MRE
will represent an important foundation for the intended future sale
of the Project. Assets of the quality and favourable location
of the Project are increasingly rare and we believe that the MRE
and PEA will be a significant step in creating shareholder value as
we continue to advance the Project.”
Preliminary Economic Assessment
The scope of work to be undertaken by Ausenco, together with SRK
and others, comprises two Phases:
- Phase 1: Mine to Mill Optimization, incorporating
project engineering and including geotechnical assessment,
metallurgical test work, off-site infrastructure, mine scheduling,
and process plant engineering. The objectives of this Phase are to
optimize mining and processing parameters by evaluating various
business cases for the Project before proceeding to the PEA.
- Phase 2: Preliminary Economic Assessment,
incorporating cost estimation (capital and operating) and financial
analysis, which will cover all aspects of such studies, including
mining and recovery methods, project infrastructure, capital and
operating costs and financial analysis.
The results of the Study will be compiled into an NI 43-101
Technical Report.
MOBILIZATION OF ADDITIONAL DRILL RIGS
In support of the MRE and the PEA, the Company has engaged Major
Drilling de Mexico, SA. de C.V. to mobilize two additional drill
rigs to the Project, bringing to six the total number of drills
conducting infill and step-out drilling in the North Zone and South
Zone.
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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