Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the
Company”) announces assay results from an additional 2,668 m of
drilling from Holes N027 through N031 of its drilling program in
the North Zone and 1,456 m of drilling from holes B006 and B007 in
the Brasiles Zone (see Table 1 and Figures 1 and 2 attached, or at
the Company’s website) of its Santo Tomas property (the
“
Property”) located in northwestern Mexico. To view an
interactive 3D model that includes the North Zone results announced
today, use the following link or visit Oroco's website:
https://vrify.com/companies/oroco-resource-corp
The 2021-2022 North Zone 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 38 holes (24,850
meters of drilling) have now been completed in the North Zone,
spanning approximately 1,400 meters of strike length, with
intersections of good-grade mineralization returned in all holes
for which the Company has received assays.
HIGHLIGHTS
- Drill holes N027, N028, N030 and N031 continued the
confirmation of the shallow-seated higher-grade mineralization of
the North Zone along the length of the deposit and extended the
confirmation of this zone a further 620 m north and south of the
previous most northerly and southerly drill holes in the zone (see
the Company’s news release of October 4, 2022), for a total of
approximately 1,000 m strike length of shallow seated, higher-grade
mineralization. All four holes identified significant higher-grade
mineralization intervals extending through and below the
Gradeshell.
- Drill hole N028 extended the confirmed strike length of
the North Zone approximately 100 m further north of N013, the
previous most northerly drill hole in the North Zone.
- Drill hole N029 continued the Company’s efforts to
expand the mineralized zone to the west of the Gradeshell. The
drill hole returned significant intervals of higher-grade
mineralization.
- Drill holes B007 extended the strike length of the
Brasiles West zone a further 400 m north, from prior drill holes,
for a total Brasiles Zone strike length of 800 m.
Richard Lock, CEO, commented: “The continued confirmation and
expansion of the Gradeshell with higher grade, shallow seated
mineralization is a positive step in achieving our goal of
delineating an economic resource of near-surface mineralization
amenable to open-pit mining. We are also pleased to have mobilized
a third drill to the South Zone with the goal of expediting the
completion of the 2021-2022 drill program, which is intended to
generate a combined North and South Zone mineral resource estimate
in support of our upcoming Preliminary Economic Assessment.”
DRILLING RESULTS
All North Zone drill holes tested the deposit perpendicular to
its structural attitude. Core intervals are within approximately
10% of true thickness. Core intervals cited for Brasiles Zone drill
holes B006 and B007 are near true width. Assay results and
cross-sections through the first thirty-one North Zone drill holes
(21,379 m of drilling) and the first seven Brasiles Zone drill
holes (5,116.36 m) are available at the Company’s
website.
Defining Shallow, Higher-grade
Mineralization Along the Central Axis of the North Zone
Drill holes N027, N028, N030 and N031 continued the Company’s
plan of targeting shallow-seated mineralization of the North Zone
along its length, with the goal of confirming and expanding the
generally higher-grade historical results in this section of the
zone. The program has confirmed good-grade mineralization in a
gently north-plunging panel along the Santo Tomas ridge, extending
1,200 meters along the strike at the surface.
Drill hole N027 (Plate 57) returned 195.2 m of 0.45% CuEq
starting at 17m from the surface, and 117 m of 0.25% CuEq starting
in the Gradeshell and extending below it. Mineralization is shown
to exist across the entire thickness of the Gradeshell and extends
on both flanks.
Drill hole N028 (Plate 68) returned 132 m of 0.46% CuEq,
extending across the entire thickness of the Gradeshell.
Drill hole N030 (Plate 55) returned two main intervals:
211.6 m of 0.47% CuEq starting at 52.5 m and extending through the
Gradeshell, and 133 m of 0.19% CuEq starting below the Gradeshell
and extending to depth.
Drill hole N031 (Plate 50) returned two intervals, with
the main interval being 159.6 m of 0.37% CuEq starting from 125 m
and extending across and slightly below the Gradeshell to 284.6 m,
and 34.4 m of 0.28% CuEq starting at 292.0 m.
Extension of the North Zone Deposit to the
West
The Company has continued its strategy of testing the hanging
wall side of the deposit to the west of the Gradeshell.
Drill hole N029 (Plate 59) returned three mineralized
intervals outside the Gradeshell, with a main interval of 106.1m of
0.36% Cu.
The Company now has assays for eight drill holes along the
hanging wall side of the deposit confirming good grade
mineralization at higher elevations along 750 m of strike length to
the west of the Gradeshell.
Brasiles West Zone
Drill holes B006 and B007 (see Figure 2) continued the Company’s
testing of the western fringe of the Brasiles West Zone, which has
strong geological similarities to the North Zone. The Brasiles West
Zone lies beneath a blanket of limestone in a westerly dipping,
NE-trending zone of faulting and monzonite intrusion. Drill
Hole B006 did not test the trend and returned 17.9 m of 0.35% CuEq.
Cross-sections have not been provided as the Company’s
knowledge of the geology of the Brasiles Zone is not yet
sufficiently advanced for them to be meaningful.
Drill Hole B007 returned 228.0 m of 0.37% CuEq, in a
geological setting similar to the North Zone. Extensions of
Brasiles West Zone are open to the NE.
From B005 in the south, B003 in the center and B007 at the
current northern extension of the Brasiles drill program, the
Company has identified significant intervals of good grade
mineralization in a NNE trending Brasiles West zone along a strike
length of 800 m.
Table 1: Significant Assay Intervals in the Santo Tomas
2021-2022 Program, Holes N027 to N031 and B006 to B007:
Drill Hole No. |
Dip |
From(m) |
To(m) |
Length(m) |
Cu % |
Mo % |
Au g/t |
Ag g/t* |
CuEQ % |
N027 |
-55 |
17.0 |
212.2 |
195.2 |
0.41 |
0.003 |
0.049 |
3.56 |
0.45 |
" |
-55 |
214.2 |
332.0 |
117.8 |
0.22 |
0.005 |
0.014 |
1.70 |
0.25 |
N028 |
-55 |
55.0 |
187.0 |
132.0 |
0.40 |
0.007 |
0.032 |
3.09 |
0.46 |
" |
-55 |
231.0 |
267.0 |
36.0 |
0.20 |
0.004 |
0.010 |
2.22 |
0.22 |
N029 |
-65 |
249.0 |
355.1 |
106.1 |
0.31 |
0.010 |
0.018 |
2.31 |
0.36 |
" |
-65 |
365.3 |
378.8 |
13.5 |
0.25 |
0.006 |
0.011 |
1.74 |
0.28 |
" |
-65 |
408.1 |
420.0 |
11.9 |
0.12 |
0.016 |
0.016 |
1.09 |
0.19 |
N030 |
-55 |
52.5 |
264.0 |
211.6 |
0.41 |
0.003 |
0.065 |
2.42 |
0.47 |
" |
-55 |
269.2 |
287.0 |
17.8 |
0.22 |
0.010 |
0.072 |
1.62 |
0.31 |
" |
-55 |
317.0 |
450.0 |
133.0 |
0.17 |
0.003 |
0.010 |
1.43 |
0.19 |
N031 |
-55 |
125.0 |
284.6 |
159.6 |
0.32 |
0.008 |
0.032 |
1.80 |
0.37 |
" |
-55 |
292.0 |
326.4 |
34.4 |
0.26 |
0.004 |
0.009 |
1.43 |
0.28 |
B006 |
-55 |
409.0 |
426.9 |
17.9 |
0.31 |
0.001 |
0.040 |
3.69 |
0.35 |
" |
-55 |
478.0 |
490.0 |
12.0 |
0.15 |
0.001 |
0.024 |
2.37 |
0.17 |
B007 |
-55 |
488.0 |
716.0 |
228.0 |
0.31 |
0.007 |
0.051 |
2.36 |
0.37 |
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 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 along the central axis (on the
eastern flank of the ridge) 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 North Zone extension to the south of holes N015 and N017 (see
Figure 1 attached). This area of the North Zone was sparsely
drilled in historical drill programs and is prospective of greater
width and depth than outlined in the historical modelling. The
Company intends to drill with regular spacings to establish a
mineral resource estimate in this area.
SOUTH ZONE PROGRAM
The Company has now mobilized three drills to confirm and expand
the South Zone deposit, with four drill holes completed to date
with assay results pending. 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.
BRASILES ZONE PROGRAM
Drill holes B003 to B007 have confirmed the excellent potential
of the Brasiles Zone, with the expectation that further exploration
will delineate a significant mineralized deposit similar in nature
to the North Zone. The Company has temporarily suspended the
program on the Brasiles Zone to focus on completing the drilling in
the North Zone and South Zone to provide a mineral resource
estimate for the upcoming Preliminary Economic Assessment.
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.
- OCO Binder for New Release - October 25, 2006
Richard Lock, CEO
Oroco Resource Corp.
(604) 688-6200
info@orocoresourcecorp.com
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