VANCOUVER, June 11, 2019 /CNW/ - At the request of IIROC, Oroco Resource Corp. (TSX-V: OCO) ("Oroco" or "the Company") is providing the following clarifications to its news release of June 7, 2019 wherein the Company announced the receipt of the initial draft of an Independent Technical Report regarding the Geology, Mineralization, and Exploration of the Santo Tomás Cu-(Mo-Au-Ag) Porphyry Deposit in Sinaloa, Mexico ("the Technical Report").
The Company wishes to clarify certain disclosure in compliance with NI 43-101, 2.4 – Disclosure of Historical Estimates. Specifically the historical Bateman Report cited in the news release, discloses an historical estimate of 950 million tonnes above a cut-off grade of 0.20% Cu, and contains approximately 7.4 billion pounds of copper. The conclusion and results of the historical Bateman Report are no longer considered current. The Mintec, Inc. resource estimate included in the historical Bateman Report (1994) is the last publicly released mineral resource estimate, but utilized a classification scheme other than those set out in NI 43-101. Additionally, the mineral resource estimate is no longer accepted under NI 43-101 standards for reason that it does not conform to the current structural geological model in the Technical Report. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve. However, the historical assaying and verification methods were performed within the accepted standards applicable at the time.
The Company also wishes to clarify certain disclosure in compliance with NI 43-101, 2.3(2) – Restricted Disclosure. Specifically, NI 43-101, 2.3(2) requires the disclosure of "exploration targets" as a range of quantities and grades and the inclusion of cautionary language indicating this quantity and grade are conceptual in nature. The Company has a target volume of approximately 280 to 315 million tonnes and a target grade of 0.45% to 0.55% copper in a tabular body dipping towards the west at 50º in the potential near surface, higher grade central portion of the North Zone. To clarify, the potential quantity and grade is conceptual in nature, there has not been sufficient exploration to define a mineral resource and it is uncertain if future exploration will result in the target being delineated as a mineral resource.
The technical information in this News Release has been reviewed and approved on behalf of the Company by Mr. Dane Bridge, M.Sc., P. Geol., of Dane A. Bridge Consulting Inc., an Independent Qualified Person under NI 43-101.
The Company currently holds an irrevocable option to acquire 100 percent of Altamura Copper Corp., a private B.C. company which holds a 50 percent interest in Compañía Minera Ruero, S.A. de C.V., the registered owner of the Santo Tomas concessions, and an option to acquire the other 50 percent interest. The Santo Tomas concessions are a contiguous group of seven mineral concessions located in Sinaloa State, Mexico. Altamura Copper Corp. also holds a 66.7 percent interest in Xochipala Gold, S.A de C.V., the owner of a net 85 percent unregistered contractual interest in the Santo Tomas concessions. The Company and Altamura Copper Corp. are pursuing the registration of the Santo Tomas concessions to Xochipala Gold, S.A. de C.V. for reason of its preferable ownership and investment structure relating to those concessions (see the Company's most recent MD&A available on SEDAR).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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. Readers are also cautioned that this news release includes reference to certain historical reports and studies that are cited in the Technical Report. All of these reports are older than three years before the date of the Technical Report, and were not prepared for Oroco: as such these reports are to be considered geological in nature, and are not to be relied upon or assumed to imply any mineral resource classification(s) with respect to the Santo Tomás Project areas of mineralization.
SOURCE Oroco Resource Corp.
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