Malibu, CA, April 3, 2023 AEST (ABN Newswire) - In this segment of The Ellis Martin Report we speak with Adam Smith, co-founder and VP of Business Development of Oroco Resource Corp. (
CVE:OCO) (ORRCF:OTCMKTS).
Oroco Resource Corp. announces the assay results from drill holes S019 through S021 (1,553 m of drilling) of its South Zone drilling program at its Santo Tomas property located in northwestern Mexico and the South Zone cross-sections.
DRILL RESULT HIGHLIGHTS:
- Drill hole S020 (Plates SZ-46 & -47) returned 221.7m of 0.45% CuEq
- Drill hole S021 (Plates SZ-33 & -34) returned 145 m of 0.32% CuEq AND 89m of 0.34% CuEq
Richard Lock, Oroco's CEO, commented: "I am very pleased to say that the overall Santo Tomas 2022-2023 drilling program has validated my decision to join Oroco approximately one year ago. The project is clearly meeting my expectations as a highly attractive acquisition target and I look forward to this assessment being further substantiated with the upcoming release of an updated Mineral Resource Estimate and the Preliminary Economic Assessment which will follow."
SOUTH ZONE PROGRAM
The Company has now completed its current 21-hole South Zone drill program (12,154 m) designed to confirm and test the South Zone mineralized structures, with all results released.
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.
While the current drill program only partly tests the South Zone, the historical drilling and the 2022-2023 drill program conclusively define an NNW to NNE trending zone of faulting, Laramide- age intrusion, hydrothermal breccias and mineralization along the entire two-kilometer long corridor south of North Zone drill hole N043.
- The northern segment of the South Zone, between drill holes N043 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 holes S002 and S007 (Plates SZ-49 to SZ-63). Drilling demonstrates a zone of moderate-grade, shallow- seated mineralization to a depth of 200 to 400 m below the surface along a strike length of approximately 700 m. Additional drilling is needed to confirm the continuity in this area.
- The southern segment of the South Zone extends southward from drill holes S002 and S007 along a strike length of approximately 800 m to drill hole S021. Drill holes S001, S003 to S004, and S015 to S021 (Plates SZ-33 to SZ-47) demonstrate the continuity of good-grade mineralization within a southwest plunging zone at least 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 potentially add significant tonnage to the mineral resource estimate being prepared to support the planned Preliminary Economic Assessment.
DRILLING RESULTS - SOUTHERN SEGMENT OF THE SOUTH ZONE
- Drill hole S019 (Plate SZ-36) returned two mineralized intervals.
- Drill hole S020 (Plates SZ-46 & -47) returned two mineralized intervals, of which the most significant is 221.7m of 0.45% CuEq.
- Drill hole S021 (Plates SZ-33 & --34) returned two mineralized intervals of 145 m of 0.32% CuEq and 89 m of 0.34% CuEq, which includes 25 m of 0.81% CuEq.
All drill holes tested the deposit approximately perpendicular to its structural attitude. Core intervals are within about 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.
Oroco is focused on the development of a large copper deposit at the Santo Tomas project in coastal NW Mexico. Santo Tomas hosts a multi-billion pound copper resource, defined by historical drilling and currently being confirmed by ongoing exploration drilling by Oroco. Copper mineralization at Santo Tomas is located at surface and therefore potentially amenable to low cost mining methods, is very well located with respect to the infrastructure that's essential to a large mining operation, and Mexico is among the world's top mining jurisdictions, with laws and trade agreements that protect the rights of mining companies.
Since commencing exploration and resource definition at Santo Tomas three years ago, Oroco has made a series of rapid advances, and the year ahead is rich with catalysts such as a formal resource definition and economic evaluation, each of which carries the possibility of a company valuation rerating.
These milestones will be achieved against the backdrop of a positive forecasts for the price of copper, possibly to historical highs as a result of dramatic shifts in metal's importance to industrial and consumer markets.
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About Oroco Resource Corp
Oroco Resource Corporation (CVE:OCO) (OTCMKTS:ORRCF), founded in 2006, is a Canadian mineral exploration company with a history of and expertise in the development of resource opportunities in Mexico. Oroco is led by a management team with significant experience in exploration, discovery, development and operations in the mineral sector.
Oroco's focus is on the confirmation and expansion of the historical resource of the Santo Tomas porphyry copper project in Sinaloa State, Mexico, while continuing its assembly of neighbouring mineral concessions and the acquisition of certain other rights associated with the project. Oroco has a controlling interest in 8,908.79 hectares of contiguous mineral concession that cover and surround the known core of the Santo Tomas mineralized structure as well as the potential extensions of the historical resource to the north and south. This controlling interest increases as Oroco funds the additional exploration and development of the project.
The Santo Tomas project is a copper porphyry deposit which is historically defined by a total of 106 diamond drill and reverse circulation drill holes, totalling approximately 30,000 m. In July of 1994, Bateman Engineering Inc. conducted an economic assessment of the Santo Tomas project based on technical work by a team that included Mintec, Inc., Mountain States Research and Development, Inc., and Minetek S.A. de C.V. Bateman completed this study, termed "Santo Tomas Project, Sinaloa, Mexico, Pre-Feasibility Study." Current drilling activity is intended to confirm the historical project data and to further define the extent and quality of the resource.
While the economic assessment by Bateman contains favourable metallurgical test results and engineering designs that remain broadly acceptable today, the Company considers these historical economic studies and associated mineral resource estimates to be only conceptual in nature until confirmed by current technical programs.
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