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Oroco Resource Corp. (OCO.V)

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  • OROCO COMPLETES AIRBORNE MANETICS SURVEY AND UPDATES 3D IP SURVEY PROGRESS AT SANTO TOMAS
    GlobeNewswire

    OROCO COMPLETES AIRBORNE MANETICS SURVEY AND UPDATES 3D IP SURVEY PROGRESS AT SANTO TOMAS

    Figure 1: Map showing the extents of aeromagnetic and ground DCIP geophysical surveys. Vancouver, March 03, 2021 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce the successful completion of the airborne component of a helicopter magnetics survey over the Santo Tomas Project (“the Project”), and to provide an update on the 3D induced polarization survey in progress on the Project. Magnetics Survey. The Company has completed a helicopter magnetics survey performed by Terraquest Ltd. (“TQ”) using a high sensitivity cesium vapour magnetometer, a gamma ray spectrometer and TQ’s proprietary Matrix very low frequency electromagnetic (“VLFEM”) system. The survey was completed with the collection of 2,231 line kilometers of data with an east-west tie-line separation of 50 metres and a north-south tie-line separation of 500 metres. Independent quality monitoring of the survey is being provided by Condor Consulting, Inc. of Lakewood, CO. The Company expects to receive the processed magnetics, VLFEM and radiometric data from TQ within the next two months. The Company will then analyze the data to assist in the mapping of the sub-surface geology of the Project. 3D IP Survey. Further to its news release of January 27, 2021, the Company has completed the deep, three-dimensional Induced Polarization geophysical survey (“3D IP”) over the south eastern extension to the project survey grid on the South Zone of the Project, closing off the eastern extension of the South Zone chargeability feature. The Company has now relocated the survey team to the Brasiles Zone in the northern part of the grid and commenced the survey of the continuation of NNE striking, west-dipping, chargeability-high response which the 3D IP survey has already demonstrated extends from the North Zone to the prominent gossan of the Brasiles Zone. The Company is taking advantage of the current low water levels in the Huites Reservoir to collect data from previously inaccessible areas, and will continue the 3d IP survey for another 800 metres to the north. The Company may extend the survey further in the event that the Brasiles chargeability feature has not been closed off. Subject to such extensions, the DCIP survey is approximately 80% complete. The relative outlines of the airborne magnetics and field-based DCIP geophysical surveys are shown in the map in Figure 1. ABOUT OROCO: 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 (for a total project area of 22,192 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 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 and reverse circulation drill holes, totaling 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 160km 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. For further information, please contact: Mr. Craig Dalziel, President and CEO Oroco Resource Corp. Tel: 604-688-6200 www.orocoresourcecorp.com 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. Attachment Screen Shot 2021-03-03 at 1.14.48 AM CONTACT: Oroco Resource Corp. (604) 688-6200 info@orocoresourcecorp.com

  • OROCO ANNOUNCES SIGNIFICANT 3D IP SURVEY RESULTS
    GlobeNewswire

    OROCO ANNOUNCES SIGNIFICANT 3D IP SURVEY RESULTS

    Figure 1: Level Plan view at 100 m elevation above RL (“Reference Level,” mean sea level) through the North Zone and southern Brasiles Zone, Santo Tomas project, illustrating the continuity of the preliminary inversion model of chargeability from North Zone to Brasiles Zone. Figure 2: Longitudinal cross-section A – A’ (refer to Figure 1) through North Zone and southern Brasiles Zone, illustrating the continuity of +15.8 mV/V chargeability response from North Zone to Brasiles. The qualitative concordance between the geological model of the North Zone deposit (the “2009 Gradeshell”), lithologies, historical drill results, and the preliminary inversion model of chargeability is demonstrated. Vancouver, Canada, Jan. 27, 2021 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, US OTC: ORRCF, BF: OR6) ("Oroco" or "the Company") is pleased to announce significant results from the deep, three-dimensional, Induced Polarization (“3D IP”) geophysical survey of its Santo Tomas porphyry copper project in Mexico. The survey is now approximately 80% complete, and Oroco has received preliminary inversion data for all stations surveyed to date. The preliminary inversion model has successfully mapped the resistivity and chargeability characteristics along a swath 2.1 km wide by 4.3 km along strike over the South Zone, North Zone and part of the Brasiles Zone. The survey has reached the southern fringe of the prominent Brasiles zone gossans. Geophysical crews have now re-mobilized to complete the planned program and to prepare additional survey lines to enlarge the north and south-east extents of the current survey area. The Company has high confidence in the survey results. "The preliminary 3D IP inversion modelling has revealed an extensive area of strong chargeability response that encloses the known North Zone deposit and extends beyond the historical drilling to the north, the west and to depth,” said Craig Dalziel, Oroco’s CEO. “The response broadens below the North Zone and extends northward under the Brasiles limestone cap. It is particularly informative and instructive. The first 800 m of modelling of the Brasiles Zone indicates that the North and Brasiles Zones are a contiguous exploration target spanning an average of one kilometer in width and a minimum of two kilometers along strike at the 100 m level elevation. The model remains open to the north. In addition, the survey very importantly demonstrates a strong correlation between the chargeability features and the historical drill results in the South and North Zones as well as significant exploration potential lateral to both. In short, we are extremely pleased with the survey results." The preliminary survey data support the following observations: Chargeability: The preliminary inversion model clearly identifies the known sulphide mineralization in the central axis areas of the South and North Zone deposits and appears to map this parameter to a depth of approximately 600 meters.South Zone: Results show a chargeability-high and resistivity-low response spanning 1,000 m wide by 1,200 m long in horizontal plan view that correlates well with the 10 widely spaced historical drill holes. The response is located below capping volcanic and limestone units and above the contact with an inferred Laramide batholith exposed to the south and west of the South Zone. The responses define a wedge 200 to 400 m thick at the western limit, increasing to 600 m on the surveyed area's eastern fringe. The responses are open at depth and to the east. The South Zone survey will be extended eastward to better constrain the response.North Zone: A 1,000 m wide, strong chargeability-high response is broader than indicated from historical drilling. Notably, the chargeability-high response extends westward of the Company's 3D geological model of the mineral deposit (the 2009 Gradeshell of Cu > 0.30%), under the concealing limestone cap of the Santo Tomas ridge. Responses extend to the 600 m depth-limit of the 3D IP survey, which is often significantly deeper than the historical drilling. Results also indicate drill targets that lie at a shallower depth below the Santo Tomas ridge than previously estimated.North Zone to Brasiles Zone: 3D IP preliminary inversion modelling delineates an NNE striking, west-dipping, chargeability-high response extending from the North Zone to the prominent gossan of the Brasiles Zone. These results demonstrate a shallow-seated, chargeability-high response beneath the Brasiles limestone horizon, similar to the North Zone. (See the attached Figure 2, Longitudinal Section P-20.) The survey is being undertaken by DIAS Geophysical of Saskatoon, SK ("DIAS") and utilizes their DIAS32 direct current resistivity and induced polarization ("DCIP") system using a rolling layout of transmitter locations and a large receiver array that is advancing the survey in successive swaths from the south towards the north. The preliminary inversion information will be subject to additional quality control procedures and certain modelling constraints from Oroco's 3D geological model when the final data set is obtained. The DIAS Geophysical DCIP system's novel design has enabled surveying of rugged cliffs and areas that are not otherwise accessible for conventional induced polarization systems. The method also provides coverage to depth and is a robust method for drill targeting. Mr. Paul McGuigan, P. Geo., of Cambria Geosciences Inc., a Qualified Person under NI 43-101 and a senior consulting geoscientist to the Company, has reviewed and approved the technical disclosures in this news release. ABOUT OROCO: 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 from 1968 to 1994. The property was tested during that time by over 100 diamond 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 northeast and the city of Choix. The property is reached from Choix either by highway and then boat access on the Huites Reservoir, or by way of a 32 km access road which was initially 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 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. Attachments Fig 1 Level Plan IP Fig 2 Long Section IP CONTACT: Craig Dalziel, CEO Oroco Resource Corp. (604) 688-6200 cdalziel@orocoresourcecorp.com

  • OROCO ANNOUNCES PRIVATE PLACEMENT FUNDING
    GlobeNewswire

    OROCO ANNOUNCES PRIVATE PLACEMENT FUNDING

    Vancouver, Canada, Dec. 10, 2020 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce that it has closed a non-brokered private placement of 12,900,000 units at a price of $1.20 per unit (each, a “Unit”), for gross proceeds of $15,480,000 (the “Financing”). Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole share purchase warrant will be exercisable into one additional common share of Oroco for a period of 24 months from closing at a price of $1.60 per share.“We are very pleased that the global investment community has provided such widespread and substantial support for Oroco and its Santo Tomas Project,” stated Craig Dalziel, Oroco’s CEO. “This funding will give Oroco the opportunity to more fully exploit the targets identified by its developing 3D IP model, which further de-risks the project and allows Oroco to generate a more thorough and detailed project profile for potential acquisitors.”The proceeds of the Financing will be used to generally advance the Santo Tomas Project, including the environmental permits, expansion of the Company’s Definition drill program, which will include both additional infill and step-out drilling, preliminary engineering studies, and general corporate purposes. In addition, certain contingent legal costs relating to the acquisition of the core Santo Tomas concessions are to be paid.Pursuant to the policies of the TSX Venture Exchange, all shares issued by way of this Financing, and any shares issued pursuant to the exercise of the share purchase warrants, are subject to a hold period expiring April 9, 2021. The Financing is subject to TSX Venture Exchange final approval.In consideration for assistance in arranging the private placement, the Company is paying finder’s fees of $50,000 and 40,000 finder’s fee warrants to RFC Ambrian Limited; 38,400 Units and 10,000 finder’s fee warrants to Longford Capital Corp.; and 70,000 finder’s fee warrants to Mariusz Skonieczny. Each finder’s fee warrant will entitle the holder to purchase one common share of the Company for a period of 24 months from closing at a price of $1.20 per share. All shares and finder’s fee warrants issued in relation to these finder’s fees are subject to a hold period expiring April 9, 2021ABOUT OROCO: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 Company’s August, 2019 Technical Report filed on SEDAR, as amended, and the Company’s website at orocoresourcecorp.com/santo-tomas-technical-report. 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.  CONTACT: Craig Dalziel, CEO Oroco Resource Corp. (604) 688-6200 cdalziel@orocoresourcecorp.com