Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the
Company”) announces assay results from drill holes S001 through
S003 (2,052 m of drilling) of its drilling program in the South
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).
The South Zone 2022 drill program is designed to confirm
and expand the historical South Zone resource and define shallow
seated mineralization along strike with the North Zone. A
total of 12 drill holes have now been completed in the South Zone,
with results pending for S004 through S012.
HIGHLIGHTS
- Drill holes S001, S002, and S003 targeted the
south-central area of the South Zone. All three holes
identified significant intervals of mineralization of a similar
tenor to that of the North Zone, with mineralization starting at
less than 30 m in each hole.
- Drill hole S003, the most southerly of the three holes,
lies approximately 1,400 m south of North Zone, extending the
strike of mineralization in the North Zone and South Zone (south of
the Fuerte River) to a total of approximately 3,200 m.
- Drill hole S003, which was drilled at the south-central
area of the historical South Zone, confirms that the zone is open
for extension to the southern area of the historical zone,
providing an additional 500 m of drill targets.
- In aggregate, historical and current drilling combined with a
broad 3D IP anomaly (comprised of High Chargeability and Low
Resistivity), confirm that the South Zone mineralization extends
for 2,100 m along the surface and to a depth of up to 400m below
surface.
Richard Lock, CEO, commented: “We continue to be very pleased
with our drill results as they recently confirm shallow
mineralization in the South Zone 2,000 meters further along strike,
demonstrating the potential to add significantly to the combined
North Zone and South Zone mineral resource estimate.”
DRILLING RESULTS
All drill holes tested the South Zone deposit perpendicular to
its structural attitude. Core intervals are within
approximately 10% of true thickness.
Drill hole S001 (Plate 34) returned 271 m of 0.37% CuEq
starting at 27m from surface.
Drill hole S002 (Plate 49) returned three main
mineralized intervals, starting at 23 m from surface, the most
significant of which is 140 m of 0.28% CuEq.
Drill hole S003 (Plate 43) returned 5 main intervals of
mineralization, starting at 13 m from surface, with the most
significant being 277.4 m of 0.39% CuEq.
Table 1: Significant Assay Intervals in the Santo Tomas
2021-2022 Program, Holes S001 to S003:
Drill HoleNo. |
Dip |
From(m) |
To(m) |
Length(m) |
Cu % |
Mo % |
Au g/t |
Ag g/t* |
CuEQ % |
S001 |
-55 |
27.0 |
298.0 |
271.0 |
0.33 |
0.005 |
0.029 |
2.59 |
0.37 |
S002 |
-55 |
23.0 |
57.0 |
34.0 |
0.26 |
0.001 |
0.006 |
0.95 |
0.27 |
" |
-55 |
145.0 |
285.0 |
140.0 |
0.23 |
0.012 |
0.008 |
1.84 |
0.28 |
S003 |
-55 |
103.0 |
380.4 |
277.4 |
0.36 |
0.004 |
0.026 |
2.57 |
0.39 |
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.
The Company’s 2022 South Zone drill program includes 12 holes
that have been completed to date. The Company anticipates
completing the remainder of the South Zone program by the end of
November.
NORTH ZONE PROGRAM
The Company has now completed 41 drill holes (27,004m of
drilling) in its 2021-2022 North Zone drilling program designed to
confirm and expand the 2009 Gradeshell model of Cu >0.30%
derived from the historical drilling described in the Company’s
2019 Technical Report, delineate higher grade, near-surface
mineralization amenable to open-pit mining methods, while reducing
the amount of historic waste rock stripping required.
To date, the program has confirmed good grade mineralization
along 1,200 m of strike at surface in a westward dipping panel with
consistent grades down-dip to about 400-500 m depth below the
ridge, bottoming at about sea level. Results of drill holes
N001 through N031 have been released.
Historical drilling has sparsely tested an additional 600m of
North Zone strike length south of N020, which is the most southerly
North Zone drill hole for which the Company has assay results.
Four drill holes have been completed in this extension and
assays are pending.
The program is nearing completion with the remainder of the
program focussed on expanding the shallow seated mineralized zone
on the hanging wall along the south-west side of the Gradeshell
with the goal of increasing the resource in this newly identified
zone.
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:
It is important to note that due to the Company having
exceeded a project investment threshold of CAD$30 million, it now
holds a net 85.5% interest in the collective 1,172.9 ha Core
Concessions of the Santo Tomas Project in NW Mexico. The
Company also holds a 80% 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.
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) 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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