Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the
Company”) announces assay results from drill holes S004 through
S018 (8,547 m of drilling) of its South Zone drilling program at
its Santo Tomas property (the “
Property”) located in
northwestern Mexico (see Table 1, Figure 3 and the South Zone
cross-sections, attached). To view an interactive 3D model
that includes the South Zone results announced today, please use
the following link: https://vrify.com or visit Oroco's website:
www.orocoresourcecorp.com.
DRILL RESULT HIGHLIGHTS:
- Drill hole S004 (Plate SZ-47) returned 127.0 m of
0.41% CuEq
- Drill hole S015 (Plate SZ-44), returned 179.2 m of
0.45% CuEq
- Drill hole S016 (Plate SZ-43), returned 349.1 m of
0.40% CuEq
- Drill hole S018 (Plate SZ-44-A), returned 187.9 m of
0.58% CuEq and 234.3 m of 0.40% CuEq
- South Zone strike length spans two
kilometers.
Richard Lock, Oroco’s CEO, commented: “We are extremely
encouraged by our current drilling results. They are
beginning to confirm the mineralization which was indicated by the
historical drilling in the South Zone, therefore adding to the
impressive results from our North Zone drilling program. We
anticipate that these results will come together very positively in
support of our Preliminary Economic Assessment, which is expected
in the second quarter of 2023.”
SOUTH ZONE PROGRAM
The Company has now completed a 21-hole South Zone drill program
(12,154 m) designed to confirm and test the South Zone mineralized
structures, with the assay results up to drill hole N018 now being
reported, and those of holes S019 through S021 currently
pending.
All drill holes tested the deposit approximately perpendicular
to its structural attitude. Core intervals are within
approximately 10% of true thickness. Assay results and
cross-sections of all South Zone, North Zone and Brasiles Zone
drill holes released to date are available at the Company’s
website.
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 2,000 m
of strike length in the South Zone.
The South Zone is only partly tested by the current drill
program. However, the historical drilling and the 2022-2023
drill program conclusively define a NNW to NNE trending zone of
faulting, Laramide-age intrusion, hydrothermal breccias and
mineralization along the entire two kilometer corridor south of
drill hole N034 of the North Zone.
- The northern segment of the South Zone, between drill
holes N034 and S012, representing a 500 m long undrilled corridor,
will be tested in a future drilling program.
- The middle segment of the South Zone extends from drill
hole S012 southward to hole S007 (Plates SZ-49 to SZ-63). Current
drilling demonstrates a zone of moderate-grade, shallow-seated
mineralization to a depth of 200 to 400 m below surface along a
strike length of approximately 700 m. Continuity in this area
must be confirmed by additional drilling.
- The southern segment of the South Zone extends southward
from drill hole S007 along a strike length of approximately 800 m.
Drill holes S004 to S017 (Plates SZ-47 to SZ-38), including
the previously released S003 (277.4 m of 0.39% CuEq) and
S004 (127.0 m of 0.41% CuEq), demonstrate continuity of good
grade mineralization within a southwest plunging zone 300 m in
width, extending from surface to 200-400 m in depth. As these
drill holes test an area of the South Zone that begins within and
extends beyond the historical resource, they have the potential to
add significant tonnage to the mineral resource estimate being
prepared in support of the planned Preliminary Economic
Assessment.
DRILLING RESULTS – MIDDLE SEGMENT OF THE SOUTH ZONE
- Drill hole S005 (Plate SZ-51), collared on the west side
of the higher chargeability anomaly, returned 54.2 m of 0.28%
CuEq.
- Drill hole S006 (Plate SZ-56), returned one of the best
near surface drill holes in the South Zone to date with 146.6 m of
0.43 CuEq commencing within 20 m of surface.
- Drill hole S007 (Plate SZ-49), collared on the eastern
fringe of a chargeability anomaly returned only marginal
mineralization.
- Drill holes S008 and S010 (Plate SZ-52), returned
only marginal intervals of mineralization.
- Drill hole S009 (Plate SZ-58), returned only two short
intervals of good grade mineralization: 23.2 m of 0.39% CuEq and
24.3 m of 0.32% CuEq, but appears to correlate well with S006 to
the south and S012 to the north.
- Drill hole S011 and S013 (Plate SZ-54),
intersected only marginal intervals of mineralization.
- Drill hole S012 (Plate SZ-63), returned three
mineralized intervals, with the main interval being 82.0 m of
0.42% CuEq. This intersection remains open to the north into
the gap of drilling between the North and South Zones.
DRILLING RESULTS – SOUTHERN SEGMENT OF THE SOUTH ZONE
- Drill hole S004 (Plate SZ-47), returned three
mineralized intervals, with a main interval of 127.0 m of 0.41%
CuEq.
- Drill hole S014 (Plate SZ-41), collared approximately
120 m south of S003, cut and confirmed STE-54 while extending
mineralization a further 200 m to depth (with the best grades found
at depth). S014 returned three mineralized intervals: 44.0
m of 0.32% CuEq, 146 m of 0.28% CuEq, and 66.0 m of 0.34%
CuEq.
- Drill hole S015 (Plate SZ-44), returned three
mineralized intervals, with the main interval being 179.2 m of
0.45% CuEq.
- Drill hole S016 (Plate SZ-43), returned three
mineralized intervals, with a significant main interval of 349.1
m of 0.40% CuEq.
- Drill hole S017 (Plate SZ-38), returned one main
mineralized interval of 142.0 m of 0.27% CuEq.
- Drill hole S018 (Plate SZ-44-A), returned three
mineralized intervals, of which the most significant are 187.9 m
of 0.58% CuEq and 234.3 m of 0.40% CuEq.
The southern segment of the South Zone has a contrasting geology
to the North Zone. The North Zone is a body of sheeted,
west-dipping Laramide-age intrusive dikes and mineralization.
Drilling of the southern segment has intersected similar
west-dipping intrusions and mineralization but also cut a slightly
younger overprinting of mineralized hydrothermal breccia bodies and
a wide body of stockwork vein and fracture mineralization.
Grades are comparable to North Zone and locally extend over
wider intervals than seen in the North Zone to date.
Table 1: Significant Assay Intervals in the 2021-2023
Program, Drill Holes S004 to S018:
Drill HoleNo. |
Dip |
From(m) |
To(m) |
Length(m) |
Cu % |
Mo % |
Au g/t |
Ag g/t* |
CuEq % |
S004 |
-55 |
64.0 |
84.3 |
20.3 |
0.26 |
0.003 |
0.041 |
2.01 |
0.30 |
" |
-55 |
107.0 |
130.0 |
23.0 |
0.30 |
0.002 |
0.036 |
3.39 |
0.33 |
" |
-55 |
167.0 |
294.0 |
127.0 |
0.37 |
0.002 |
0.049 |
2.09 |
0.41 |
S005 |
-55 |
201.6 |
255.8 |
54.2 |
0.25 |
0.006 |
0.015 |
1.48 |
0.28 |
S006 |
-55 |
35.5 |
182.1 |
146.6 |
0.37 |
0.002 |
0.073 |
2.89 |
0.43 |
S007 |
-55 |
135.0 |
200.0 |
65.0 |
0.14 |
0.003 |
0.010 |
1.88 |
0.16 |
S008 |
-55 |
186.0 |
230.0 |
44.0 |
0.22 |
0.013 |
0.018 |
2.16 |
0.28 |
S009 |
-55 |
47.7 |
119.0 |
71.3 |
0.14 |
0.001 |
0.026 |
1.15 |
0.17 |
" |
-55 |
148.9 |
172.1 |
23.2 |
0.32 |
0.002 |
0.079 |
1.72 |
0.39 |
" |
-55 |
180.0 |
204.3 |
24.3 |
0.28 |
0.001 |
0.041 |
1.82 |
0.32 |
S012 |
-55 |
157.0 |
239.0 |
82.0 |
0.37 |
0.004 |
0.032 |
3.25 |
0.41 |
" |
-55 |
241.0 |
264.1 |
23.1 |
0.22 |
0.004 |
0.008 |
1.75 |
0.24 |
" |
-55 |
272.1 |
314.0 |
41.9 |
0.19 |
0.002 |
0.006 |
1.75 |
0.20 |
S013 |
-55 |
37.0 |
103.0 |
66.0 |
0.23 |
0.002 |
0.041 |
2.97 |
0.27 |
S014 |
-55 |
116.0 |
160.0 |
44.0 |
0.29 |
0.006 |
0.014 |
2.71 |
0.32 |
" |
-55 |
166.0 |
312.0 |
146.0 |
0.24 |
0.008 |
0.014 |
1.89 |
0.28 |
" |
-55 |
318.0 |
384.0 |
66.0 |
0.26 |
0.018 |
0.009 |
1.63 |
0.34 |
S015 |
-55 |
10.0 |
57.0 |
47.0 |
0.35 |
0.008 |
0.018 |
1.84 |
0.40 |
" |
-55 |
78.4 |
257.6 |
179.2 |
0.36 |
0.020 |
0.022 |
1.92 |
0.45 |
" |
-55 |
259.4 |
275.0 |
15.6 |
0.23 |
0.11 |
0.008 |
1.69 |
0.28 |
S016 |
-80 |
88.0 |
437.1 |
349.1 |
0.36 |
0.006 |
0.027 |
2.34 |
0.40 |
S017 |
-55 |
187.0 |
329.0 |
142.0 |
0.21 |
0.12 |
0.15 |
1.38 |
0.27 |
S018 |
-35 |
6.7 |
42.0 |
35.3 |
0.27 |
0.009 |
0.010 |
1.89 |
0.31 |
|
-35 |
64.1 |
252.0 |
187.9 |
0.51 |
0.012 |
0.038 |
2.49 |
0.58 |
|
-35 |
260.0 |
494.3 |
234.3 |
0.34 |
0.012 |
0.017 |
1.66 |
0.40 |
Cu Equivalent (CuEq) % = Cu % + (Mo %*3.75) +
(Au ppm*0.752). The commodity prices (3 yr 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 is continuing its horizontal drilling from the base
of the Santo Tomas ridge testing the southern 400 m of the North
Zone, south of hole N038, to depths of 300 to 500 m below surface.
This previously untested area of the North Zone also has the
potential to add significant tonnage to the resource estimate being
prepared in support of the planned 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 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.
For further information, please contact:
Richard Lock, CEO
Oroco Resource Corp.
Tel: 604-688-6200
Email: info@orocoresourcecorp.com
www.orocoresourcecorp.com
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.
Christy Fabros
Oroco Resource Corp.
(604) 358-9386
info@orocoresourcecorp.com
Oroco Resource (TSXV:OCO)
Historical Stock Chart
From May 2024 to Jun 2024
Oroco Resource (TSXV:OCO)
Historical Stock Chart
From Jun 2023 to Jun 2024