OROCO RESUMES DRILLING AT SANTO TOMAS

Rhea-AI Summary

Oroco Resource Corp. (OTC: ORRCF) has resumed drilling operations at the Santo Tomas project following the end of federal military activity in the area. Drilling commenced on Hole B007 at Brasiles and Hole N020 in the North Zone. Core logging and assaying continued during the stoppage, enhancing processing efficiency. The company is collaborating with Ausenco to prepare a Preliminary Economic Assessment, with metallurgical testing underway and expected completion in Q1 2023. Oroco holds a 73.2% interest in the Santo Tomas Project, which contains a significant copper porphyry deposit.

Positive

• Resumption of drilling operations at Santo Tomas after military intervention ends.
• Work with Ausenco on a Preliminary Economic Assessment expected to complete in Q1 2023.
• Improved core logging and assaying methods during drilling stoppage.

Negative

• None.

Vancouver, Canada, July 05, 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 its drilling operations at Santo Tomas as the Federal military operations in the area have ended.  Drilling commenced overnight at Brasiles with the resumption of Hole B007, and in the North 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 drill capacity that is being planned” stated Richard Lock, Oroco’s CEO.

Core logging and assaying have continued during the period of drill stoppage, with an improvement in methods of handling and analysis, thereby better preparing the geological team for an increase in the rate of core processing.

In addition, Oroco has started work with Ausenco to prepare a 43-101 Preliminary Economic Assessment (PEA).  Initial work on metallurgical testing is underway with samples being selected for shipment to the lab.  It is planned for the PEA to be completed in Q1 2023.

ABOUT OROCO:

The Company holds a net 73.2% 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 85.5% 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 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 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.

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 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.

 

 

FAQ

What recent developments has Oroco Resource Corp. announced for the Santo Tomas project?

Oroco Resource Corp. has resumed drilling operations at Santo Tomas and is working on a Preliminary Economic Assessment with Ausenco.

What is the significance of the 43-101 Preliminary Economic Assessment for Oroco Resource Corp.?

The 43-101 Preliminary Economic Assessment is crucial for evaluating the economic viability of the Santo Tomas project, expected to complete in Q1 2023.

What drilling activities are taking place at Oroco Resource Corp.'s Santo Tomas project?

Drilling at Santo Tomas includes resuming Hole B007 at Brasiles and continuing Hole N020 in the North Zone.

What percentage interest does Oroco Resource Corp. hold in the Santo Tomas project?

Oroco Resource Corp. currently holds a 73.2% interest in the Santo Tomas project and may increase this to 85.5% with further investment.