Canada Markets close in 1 hr 16 mins

Oroco Warrants Fully Exercised

VANCOUVER, Oct. 29, 2019 /CNW/ - Oroco Resource Corp. (TSX-V: OCO) ("Oroco" or "the Company") is pleased to announce that the warrant holders from a unit offering completed on April 26, 2018 have fully exercised all 4,500,000 share purchase warrants, providing proceeds to the Company of $720,000. This addition to the Company's working capital will be used to advance Oroco's current exploration program at the Santo Tomás Project in Northwest Mexico.

ABOUT OROCO:

The Company holds an irrevocable option to earn up to an 81% interest in the 1,172.9 ha core concessions of the Santo Tomás Project in NW Mexico and 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, or 22,192 acres).  The Project is situated within the Santo Tomás District, which extends from Santo Tomás up to the Jinchuan Group's Bahuerachi project, approximately 14 km to the north-east.  Santo Tomás 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 resource estimate for the project was calculated by Mintec, Inc., and metallurgical test work was conducted by Mountain States Research and Development, Inc.  In 1994, a Prefeasibility Study was completed by Bateman Engineering Inc.

The Santo Tomás Project is located within 160km of the Pacific deep-water port at Topolobampo, and 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 the El Sauzal Mine of Goldcorp in Chihuahua State. The reader is directed to the Company's August 2019 Technical Report filed 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 Report. All of these reports are older than three years before the date of the 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.


View original content: http://www.newswire.ca/en/releases/archive/October2019/29/c6067.html