Oroco Issues Correction of Drill Results for Drill Hole N044

Rhea-AI Summary

Oroco Resource Corp. (OTC: ORRCF) has issued a correction regarding drill hole N044 results from its Santo Tomas project, following a data transfer error. The corrected copper equivalent percentage (CuEq) from N044 is now 0.46%, down from the previously reported 0.93%. The drill program spanned 2021-2023, totaling 48,481 meters over 76 holes. Despite the correction, CEO Richard Lock emphasized that N044 remains the best drill hole in the program, aligning with prior results. The company holds substantial mineral rights in the Santo Tomas area, which is known for its copper porphyry deposits. This news does not affect previous announcements regarding the project.

Positive

• Drill hole N044 is still considered the best in the 2021-2023 Santo Tomas drill program.
• The company has completed a significant drill program, totaling 48,481 meters drilled.

Negative

• Assay correction reduced the copper equivalent from 0.93% to 0.46%, potentially impacting market perceptions.

Vancouver, Canada, April 25, 2023 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) announces a correction to the assay results from drill hole N044 of its North Zone drilling program at its Santo Tomas property (the “Property”) announced on April 20, 2023.   A data transfer error occurred in the transfer from one system to another in the calculations conducted by a third-party consulting firm (see Table 1, below).

CORRECTED HOLE N044 DRILL RESULT – % COPPER EQUIVALENT (% CuEq)

Table 1: Significant Assay Intervals in the 2021-2023 Program, Drill Hole N044: 

Drill Hole No.	Dip	From (m)	To (m)	Length (m)	Cu %	Mo %	Au g/t	Ag g/t*	CuEQ %
Previous N044	0	289.6	642.0	352.5	0.83	0.011	0.072	6.26	0.93
Corrected N044	0	289.6	642.0	352.5	0.42	0.006	0.36	3.13	0.46

• Cu Equivalent (CuEq) % = Cu % + (Mo %*3.75) + (Au ppm*0.752).  The commodity prices (3 yr Average) used are in $US: Cu $3.20 /lb, Mo $12.00 /lb, and Au $1,650.00 /troy oz.  Ag values are not used in the CuEq calculations.

Richard Lock, Oroco’s CEO, commented: “Drill hole N044 remains the best drill hole of the 2021-2023 Santo Tomas drill program and is consistent with prior North Zone drill results.  This data correction in no way dampens our enthusiasm for the overall results we have received in our recently completed drill program.  We look forward to presenting those results in our upcoming mineral resource estimate.”

This correction does not affect any other information in the April 20, 2023 news release or any previous news release.

QUALIFIED PERSON

Mr. Andrew Ware-SME-RM, a “Qualified Person” (Registered Member of the SME) and a senior consulting geologist to the Company, has reviewed and approved the technical disclosures in this news release.

ABOUT OROCO

The Company holds a net 85.5% interest in the collective 1,172.9 ha Core Concessions of the Santo Tomas Project in NW Mexico.  The Company also holds an 80% interest in 8,154.3 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total project area of 23,048 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 northeast.  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, totalling 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 Company has completed its 2021-2023 drill program at Santo Tomas with a total of 48,481 meters drilled in 76 diamond drill holes to date.

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.

For further information, please contact:
Richard Lock, CEO
Oroco Resource Corp.
Tel: 604-688-6200
Email: info@orocoresourcecorp.com 
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) accept responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This news release may include 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.

FAQ

What did Oroco Resource Corp. correct about drill hole N044?

Oroco corrected the copper equivalent percentage of drill hole N044 from 0.93% to 0.46% due to a data transfer error.

What is the significance of drill hole N044 for Oroco Resource Corp.?

Drill hole N044 is regarded as the best drill hole in the 2021-2023 Santo Tomas drill program.

What are the total meters drilled for the 2021-2023 drill program by Oroco?

The total meters drilled by Oroco in the Santo Tomas project from 2021 to 2023 is 48,481 meters.

How does the assay correction affect previous results from Oroco Resource Corp.?

The assay correction for N044 does not affect any other information from previous releases, according to the company.

What is the copper equivalent calculation used by Oroco Resource Corp.?

Copper equivalent (% CuEq) is calculated as Cu % + (Mo %*3.75) + (Au ppm*0.752), based on specific commodity prices.