Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the
Company”) announces assay results from an additional 3,594 m of
drilling from Holes N019 through N026 of its drilling program in
the North Zone of its Santo Tomas property (the “
Property”)
located in northwestern Mexico (see Table 1 below and Figure 1
attached, or at the Company’s website. To view an interactive
3D model that includes the results announced today, use the
following link or visit Oroco's website:
https://vrify.com/companies/oroco-resource-corp
The current drill program is 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 35 holes (22,769 meters of
drilling) have now been completed in the North Zone, spanning
approximately 1,300 meters of strike length, with intersections of
good grade mineralization returned in all holes for which the
Company has received assays.
HIGHLIGHTS
- Drill holes N019, N021, and N024 continued the Company’s
efforts to expand the North Zone mineralized zone at higher
elevations to the west. All three holes identified significant
intervals supporting previously released assays from Holes N016,
N017, and N018.
- Drill holes N022, N023, N025, and N026 targeted the
central axis of the North Zone to define shallow-seated
mineralization. All four holes returned significant intervals of
higher-grade mineralization, including several collared in
sub-cropping mineralization.
- Drill hole N020 was drilled approximately 240 m to the
south of Holes N015 and N017 in an area with limited historical
drill testing and returned significant intervals within and outside
the Gradeshell.
Richard Lock, CEO, commented: “We are very pleased that the
drill results continue to expand the North Zone deposit relative to
the Gradeshell. In addition, our recent increase in the
number of drills from four to six allows us to dedicate two rigs to
target the confirmation and expansion of the historical South Zone
mineral resource. We are therefore focused on providing a
combined North Zone and South Zone mineral resource estimate to
support our upcoming Preliminary Economic Assessment.”
DRILLING RESULTS
All drill holes tested 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 twenty-six North Zone drill holes
(18,136 m of drilling) are available at the Company’s website.
Extension of the Deposit to the West
The Company’s new strategy of drilling angle holes from the
hangingwall of the deposit has reliably intersected a previously
untested western shoulder to the main body of North Zone
mineralization that is blind to the surface.
Drill hole N019 (Plate 63) returned 2 significant
intervals, both outside the Gradeshell: 127.8 m of 0.29% Copper
Equivalent (“CuEq”) above the Gradeshell, and 126.0 m of 0.25% CuEq
lying downdip.
Drill hole N021 (Plate 61) returned four mineralized
intervals, all outside the Gradeshell, with two main intersections
of 81.4 m of 0.40% CuEq and 32.9 m of 0.49% CuEq lying above the
Gradeshell.
Drill hole N024 (Plate 61) returned several intervals
above, within and below the Gradeshell, with two main intervals:
86.6 m of 0.37% CuEq within the Gradeshell, and 90.1 m of 0.26%
CuEq below the Gradeshell.
Defining Shallow, Higher-grade
Mineralization Along the Central Axis of the North Zone
Drill holes N022, N023, N025 and N026 targeted shallow-seated
mineralization in the eastern section of the North Zone with the
goal of confirming the historical results which were generally of a
higher-grade. The current drill holes not only confirmed the
mineralization in this area, but also returned intervals of
mineralized material that are generally higher grade than the
comparable historical results.
Drill hole N022 (Plate 63) returned 152.1 m of 0.45 CuEq
starting at 33m from surface, and 102 m of 0.24% CuEq starting in
the Gradeshell and extending below it. Mineralization is
shown to exist across the entire thickness of the Gradeshell and
extends above and below it.
Drill hole N023 (Plate 62) returned 139 m of 0.35% CuEq,
including 56.7 m of 0.61% CuEq starting at 4 m from surface.
Drill hole N025 (Plate 59) returned an interval, starting
from surface and extending below the Gradeshell, of 286.0 m of
0.45% CuEq. This intersection is one of the most significant in the
current drilling program.
Drill hole N026 (Plate 65) returned two main intervals:
92.2 m of 0.68% CuEq starting from surface, and 69.8 m of 0.29%
CuEq, both within the Gradeshell.
Extension Along Strike to the South
Historical drilling delineated approximately 1,600 m of strike
length to the North Zone. The southern 500 m of that length is
blind to the surface, sparsely drilled, and open to discovering
mineralization at depth and on the shoulders of the main
deposit.
Drill hole N020 is currently the southernmost of the
North Zone drill program, lying approximately 240 m south of Holes
N015 and N017, and extending the strike length of the North Zone
drilled by the Company to about 1,300 m. The hole returned 151.6 m
of 0.49% Copper Equivalent (CuEq), much of which lies outside the
Gradeshell. Drilling is currently planned for areas north,
south and down dip (to the west) from Hole N020.
Table 1: Significant Assay Intervals in the Santo Tomas
2021-2022 Program, Holes N019 to N026:
Drill HoleNo. |
Dip |
From(m) |
To(m) |
Length(m) |
Cu % |
Mo % |
Au g/t |
Ag g/t* |
CuEQ % |
N019 |
-55 |
331.0 |
458.8 |
127.8 |
0.26 |
0.006 |
0.018 |
2.04 |
0.29 |
“ |
-55 |
472.0 |
598.0 |
126.0 |
0.21 |
0.008 |
0.011 |
1.82 |
0.25 |
N020 |
-55 |
223.4 |
375.0 |
151.6 |
0.43 |
0.004 |
0.063 |
2.28 |
0.49 |
including |
-55 |
223.4 |
308.2 |
84.9 |
0.53 |
0.001 |
0.101 |
2.68 |
0.61 |
N021 |
-55 |
299.0 |
380.4 |
81.4 |
0.34 |
0.008 |
0.028 |
3.16 |
0.40 |
" |
-55 |
394.1 |
427.0 |
32.9 |
0.41 |
0.018 |
0.022 |
2.53 |
0.49 |
N022 |
-55 |
33.0 |
185.1 |
152.1 |
0.37 |
0.009 |
0.068 |
1.57 |
0.45 |
" |
-55 |
191.0 |
293.0 |
102.0 |
0.21 |
0.005 |
0.019 |
1.15 |
0.24 |
N023 |
-55 |
4.0 |
143.0 |
139.0 |
0.31 |
0.005 |
0.030 |
1.63 |
0.35 |
including |
-55 |
4.0 |
60.7 |
56.7 |
0.55 |
0.006 |
0.053 |
2.72 |
0.61 |
N024 |
-55 |
505.0 |
591.6 |
86.6 |
0.30 |
0.016 |
0.010 |
1.59 |
0.37 |
" |
-55 |
599.9 |
690.0 |
90.1 |
0.22 |
0.007 |
0.016 |
2.43 |
0.26 |
N025 |
-55 |
8.0 |
294.0 |
286.0 |
0.40 |
0.004 |
0.047 |
2.48 |
0.45 |
N026 |
-55 |
0.0 |
92.2 |
92.2 |
0.60 |
0.010 |
0.063 |
2.05 |
0.68 |
" |
-55 |
96.3 |
166.0 |
69.8 |
0.25 |
0.009 |
0.019 |
1.39 |
0.29 |
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.
NORTH ZONE PROGRAM
The North Zone drilling program is designed to confirm and
expand the 2009 Gradeshell model, delineate near-surface
mineralization amenable to open-pit mining methods, and reduce
waste rock stripping ratios (refer to the August 24, 2022 release
for a fuller description of the program).
To date, the program has confirmed good grade mineralization in
a gently north-plunging panel along the Santo Tomas ridge,
extending 1,300 meters along strike at surface. The panel
dips to the west and comprises consistent grades down-dip to about
400-500 m depth below the ridge, bottoming at about sea level.
The Company’s focus in the North Zone for the rest of 2022 is
threefold: (1) to continue expanding the mineralized zone on the
hanging wall to the west of the Gradeshell along the length of the
deposit to potentially increase the resource and reduce the amount
of waste rock stripping required; (2) to continue targeting the
shallow seated mineralization in the eastern section of the North
Zone to continue to confirm the higher grade shallow seated
mineralization along the length of the deposit; and (3) to drill
the relatively untested 600 m to the south of holes N015 and N017
(see Figure 1 attached) along which the North Zone is shown to
extend. This area of the North Zone is prospectively of
greater width and depth than the historical modeling and the
Company intends to drill it with regular spacings to potentially
establish a mineral resource in this area.
SOUTH ZONE PROGRAM
The Company has mobilized two drills to confirm and expand the
South Zone deposit. Historical drilling, surface geological
mapping, and the Dias Geo 3D Induced Polarization survey have
defined near-surface mineralization projected to 400 m below the
surface along 2,500 m of strike length. Drill holes S001
(735.5m), S002 (617.1 m) and S003 (701.5 m) are complete, and drill
hole S004 is presently in progress.
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.
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.
Richard Lock, CEO
Oroco Resource Corp.
(604) 688-6200
info@orocoresourcecorp.com
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