VANCOUVER, British Columbia, Sept. 10, 2020 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce the completed mobilization of geophysics and operations personnel to the Santo Tomas property (“the Project”) and the commencement, on September 14th, 2020, of the full 3D resistivity and induced polarization survey. The survey is targeted to cover an area of approximately 10 km2 of the Property which will encompass the mineralized South Zone, North Zone and the Brasiles Zone at Santo Tomas.
The IP survey is being undertaken by DIAS Geophysical of Saskatoon, SK (“DIAS”) and utilizes that company’s DIAS32 direct current resistivity and induced polarization (“DCIP”) system using a rolling layout of transmitters and receivers that will advance the survey in successive 3D ‘patches’ from south toward the north. The survey comprises a dipole – pole – dipole arrangement using the common voltage reference method, and targets the layout of some 26 Rx (receiver) lines spaced at 200m. It is anticipated that the receiver layouts in the area of the Huites reservoir will be somewhat irregular.
“The DCIP survey represents an important step in the Company’s previously announced program of environmental studies, phased surface exploration, deep 3D geophysical surveys, and diamond drilling that aims to verify and build upon an updated geological model and a substantial body of historical drilling, mineral resource estimates, and Pre-Feasibility studies,” said Craig Dalziel, Oroco’s CEO. “In addition, we continue to be impressed with the quality and depth of the local support that we are experiencing at Santo Tomas, a local contribution which we recognize to be an essential factor in the Project’s progress.”
The survey is staffed by some 20 field assistants drawn from the local community, with survey control by full time employees of Oroco’s Choix-based contractor / partner Minera Tempisque S.A. de C.V., and field supervision provided by Oroco and Mexico-based contractor, ProDeMin. The DIAS contingent comprises of Mexico-based personnel and one expatriot. The camp and field crews are divided into small cohorts operating under a COVID protocol developed by the Company in compliance with the requirements of the Mexican authorities and with 2020 COVID protocol and survey experience gained by DIAS in Canada. The focus on local hiring delivers on our social commitment to the communities proximal to the Santo Tomas operations.
The Santo Tomás Cu-Mo-Au-Ag porphyry deposit comprises a 5 km strike length of Laramide-age intrusion and hydrothermal mineralization hosted in volcanic units embedded in a broad NNE-trending wrench fault and fracture system. The Brasiles Zone, a primary exploration target, is characterized by extensive surface gossan development and localized copper mineralized surface showings developed to the NNE of the North and South Zones which are defined historically by exploration drilling. The DCIP survey is intended to improve the definition to depth of the known mineralization within the North and South Zones, and to better understand the potential of the Brasiles Zone.
The Company is also pleased to announce that it has granted to directors, officers and consultants a total of 2,400,000 incentive stock options at a price of $0.75 per share, exercisable for three years. The option grants are subject to TSX Venture Exchange approval.
The Company holds a net 61.4% 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 81.0% interest with a project investment of up to CAD$30 million. The Company also holds a 77.5% interest in 7,807.9 ha of mineral concessions surrounding and adjacent to the core concessions (a total project size of 8,980.8 ha). 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 north-east. 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 drill and reverse circulation drill holes, totaling approximately 30,000 meters. Based on data generated by these drill programs, a 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. The reader is directed to the Oroco’s August, 2019 Technical Report filed on SEDAR, as amended, and on the Company’s website at <orocoresourcecorp.com/santo-tomas-technical-report.>
CONTACT: Mr. Craig Dalziel, CEO Oroco Resource Corp. 604-688-6200