Vancouver, Canada, 05 Jul. Aug. 2022 (GLOBE NEWSWIRE) — VANCOUVER, Canada – Oroco Resource Corp. (TSX-V: OCO; OTC: ORRCF) (“Oroco” or “the Company”) is pleased to announce that it has resumed drilling operations in Santo Tomas as federal military operations in the area have ended. Drilling started at night in Brasiles with the resumption of hole B007, and in the northern zone with the continuation of hole N020.
“A safe and orderly return to drilling has been undertaken and we look forward to increasing our productivity with the additional drilling capacity that is planned,” said Richard Lock, CEO of Oroco.
Core logging and analysis continued during the shutdown period, with improved handling and analysis methods, better preparing the geological team for an increased rate of core processing.
In addition, Oroco has begun working with Ausenco to prepare a 43-101 Preliminary Economic Assessment (PEA). Early work on metallurgical testing is underway and samples are being selected for shipment to the lab. The PEA is expected to be completed in the first quarter of 2023.
The Company holds a 73.2% net interest in the 1,172.9 ha collective central concessions of the Santo Tomas project in northwestern Mexico and can increase this majority interest to an 85.5% interest with an investment in the project of up to 30 million Canadian dollars. The Company also holds a 77.5% interest in 7,807.9 ha of mining claims surrounding and adjacent to the main claims (for a total project area of 22,192 acres). The project is located in the Santo Tomas district, which stretches from Santo Tomas to the Jinchuan Group’s Bahuerachi project, about 14 km to the northeast. Santo Tomas hosts a significant copper porphyry deposit defined by previous exploration spanning the period from 1968 to 1994. During this period the property was tested by over 100 diamond and reverse circulation drill holes, totaling approximately 30,000 meters. Based on the data generated by these drilling programs, a historical pre-feasibility study was completed by Bateman Engineering Inc. in 1994.
The Santo Tomas Project is located less than 160 km from the Pacific deepwater port at Topolobampo and is serviced by highway and proximal rail (and parallel corridors of mainline power lines and natural gas) through the town of Los Mochis to the northern town of Choice. The property is accessible via a 32 km access road originally built to service Goldcorp’s El Sauzal mine in the state of Chihuahua.
Neither the 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.
Caution Regarding Forward-Looking Information
This press release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of historical facts 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 by such statements. Many factors, known and unknown, could cause actual results, performance or achievements to differ materially 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 press release regarding these matters. Oroco assumes no obligation to update forward-looking statements if they change, except as required by law.
Richard Lock, CEO Oroco Resource Corp. (604) 688-6200 [email protected]
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