Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the
Company”) announces further assay results from the North Zone
drilling program at its Santo Tomas project (the “
Property”)
located in northwestern Mexico. Holes N039 to N043 totalled
2,668 m of drilling which demonstrated continuity of good grade
mineralization, including 135 m of 0.60 CuEq (see Table 1 and
Figure 1 attached). The strike length of the North Zone now
spans approximately 1,600 m. To view an interactive 3D model
that includes the North Zone results announced today, use the
following link: https://vrify.com or visit Oroco's website:
www.orocoresourcecorp.com.
Richard Lock, Oroco’s CEO, commented: “We are very pleased with
the results of the first 43 drill holes of our 2021-2022 North Zone
drill program. They have confirmed and expanded the
higher-grade, near-surface mineralization amenable to early-year
open-pit mining. We are also looking forward to the results
of the horizontal drill program currently being conducted in the
previously untested southwest area of the North Zone as it has the
potential to significantly add to the mineral resource estimate in
support of our upcoming Preliminary Economic Assessment.”
HIGHLIGHTS
- Drill hole N039, drilled approximately 200 m downdip
from N001 (255 m of 0.39% CuEq) and 200 m up dip from N029 (106.1 m
of 0.31 CuEq) demonstrates the continuity of good grade
mineralization in the North Zone at plate 59, confirming and
expanding the Cu >0.30% Gradeshell model (the
“Gradeshell”) defined in the Company’s 2019 Technical
Report.
- Drill hole N040 returned one of the deepest
intersections of copper in the North Zone as it intersected a
downdip extension of the North Zone to 200 m below sea level,
demonstrating that mineralization extends 700 m downdip from
surface while still being open downdip and to the west.
- Drill holes N041, N042 and N043 continued testing the
southern end of the North Zone as the Company continued its efforts
to confirm shallow-seated higher-grade mineralization at the
southern end of the North Zone and to define its southern
extent.
- Drill hole N041, collared at plate 40, was drilled
downdip of N032 (88.7 m of 0.34% CuEq), confirms the Gradeshell
while defining the southern limit of the North Zone.
- Drill hole N042, collared at Plate 44, 200 m north of
drill hole N041, returned mineralization that is both broader and
of higher grade than predicted by the Gradeshell.
- Drill hole N043, collared at plate 38, intersected only
minor mineralization as it intersected a steeply dipping east-west
fault that defines the southern extent of the North Zone.
DRILLING RESULTS
All drill holes tested the deposit perpendicular to its
structural attitude. Core intervals are within approximately 10% of
true thickness. Assay results and cross-sections through the first
forty-three North Zone drill holes (21,379 m of drilling), the
first seven Brasiles Zone drill holes (5,116 m) and the first three
South Zone drill holes (2,054 m) are available at the Company’s
website.
North Zone Deposit to the West Side of the Ridge
Drill holes N039 and N040 continued the Company’s testing of the
hanging wall side of the deposit in the north-west side of the
central axis of the deposit.
Drill hole N039 (Plate 59) returned three mineralized
intervals, with a main interval of 265.0 m of 0.36% CuEq commencing
approximately 40 m above the Gradeshell and extending 50 m below
it.
Drill hole N040 (Plate 65) returned four mineralized
intervals, with a main interval of 152.1 m of 0.33 CuEq in a
downdip extension approximately 200 m to the west of the
Gradeshell.
Defining the Southern Extent of the Central Axis of
the North Zone
The southern portion of the North Zone is blind to surface and
beneath a blanket of post-mineralization volcanic rock. Modelling
of the historical results and structural analysis has successfully
delineated the North Zone 400 m south from drill hole N020 to the
limit of the zone at drill hole N043.
The North Zone program now has confirmed good-grade
mineralization in a gently north-plunging panel beneath the Santo
Tomas ridge, extending 1,600 meters along strike, to 400 m
and 800 m downdip below surface. .
Drill hole N042 (Plate 44) returned 135.0 m of 0.60% CuEq
extending across and below the Gradeshell.
Drill hole N041 (Plate 40), collared approximately 200 m
south of N042, continued the confirmation of the Gradeshell with
two mineralized intervals, with the first interval returning 20 m
of 0.35 CuEq, and the second main interval commencing 5 m deeper
returning 96 m of 0.52 CuEq.
Drill hole N043 (Plate 38), collared approximately 100 m
south of N041, returned three minor intervals of mineralization.
N043 intersects the faults that are the south termination of the
North Zone.
Table 1: Significant Assay Intervals in the 2021-2022
Program, Drill Holes N039 to N043:
Drill HoleNo. |
Dip |
From(m) |
To(m) |
Length(m) |
Cu % |
Mo % |
Au g/t |
Ag g/t* |
CuEQ % |
N039 |
-55 |
230.2 |
288.2 |
58.0 |
0.14 |
0.002 |
0.010 |
1.09 |
0.15 |
" |
-55 |
313.3 |
334.7 |
21.4 |
0.46 |
0.005 |
0.016 |
3.70 |
0.49 |
" |
-55 |
355.0 |
620.0 |
265.0 |
0.31 |
0.010 |
0.020 |
2.18 |
0.36 |
N040 |
-85 |
431.0 |
472.0 |
41.0 |
0.21 |
0.007 |
0.012 |
1.70 |
0.24 |
" |
-85 |
479.0 |
631.1 |
152.1 |
0.29 |
0.009 |
0.013 |
2.61 |
0.33 |
N041 |
-90 |
224.0 |
244.6 |
20.6 |
0.30 |
0.002 |
0.063 |
1.45 |
0.35 |
" |
-90 |
249.0 |
345.0 |
96.0 |
0.47 |
0.006 |
0.038 |
2.48 |
0.52 |
N042 |
-55 |
254.0 |
389.0 |
135.0 |
0.53 |
0.005 |
0.075 |
2.99 |
0.60 |
N043 |
-55 |
330.9 |
356.0 |
25.1 |
0.21 |
0.002 |
0.023 |
1.86 |
0.23 |
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.
BALANCE OF THE NORTH ZONE PROGRAM
The Company’s has largely completed its North Zone drill program
in support of the planned Preliminary Economic Feasibility Study.
The balance of the program focusses on horizontal drilling from the
base of the Santo Tomas ridge. Horizontal holes and shallow dipping
holes will allow testing of the southern 400 m of the North Zone,
at depths 300 to 500 m below surface, to the south of hole N038
(plate 49) (see Figure 1 attached). This area of the North Zone has
the potential to add significant tonnage to the resource estimate
being prepared in support of the planned Preliminary Economic
Assessment.
SOUTH ZONE PROGRAM
The Company’s South Zone program has now drilled 19 holes
(11,069 m) in its program to confirm and test the South Zone
deposit, with the assay results of holes S004 through S019
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.
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 85.5% interest in the collective 1,172.9
ha Core Concessions of the Santo Tomas Project in NW Mexico.
The Company also holds an 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 160 km 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.
- Oroco Resource Corp January 11, 2023 News Release Figures
Richard Lock, CEO
Oroco Resource Corp.
(604) 688-6200
rlock@orocoresourcecorp.com
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