VANCOUVER, July 12, 2019 /CNW/ - Oroco Resource Corp.
(TSX-V: OCO) ("Oroco" or "the Company") is
pleased to announce that it has entered into a Letter Agreement for
the acquisition, through its wholly-owned Mexican subsidiary,
Minera Xochipala, S.A. de C.V., of an 80% interest in the 766.7 ha
Rossy mineral concession situated within the NE limits of Oroco's
existing land assembly at Santo Tomas. The westernmost
boundary of the Rossy concession lies 750 meters from the eastern
boundary of the Bob concession, which covers a significant portion
of the Santo Tomas North Zone.
Oroco has acquired its interest in the Rossy concession in
consideration for the payment of US$125,000 over two years, the issuance by Oroco
of 300,000 shares, and the grant to third parties of an aggregate
1.5% net smelter royalty. The transaction is subject to the
approval of the TSX Venture Exchange.
The Rossy concession straddles the NE trend of Laramide
intrusions, hydrothermal alterations and sulphide mineralization
extending northeast from the Santo Tomas North Zone into the
Brasiles Zone. Historical drilling at Santo Tomas extends to within 100 meters of
the western boundary of the Rossy concession.
Commenting on the Rossy acquisition, Craig Dalziel, Oroco's CEO, stated: "Acquiring
the Rossy concession is a big step forward in Oroco's land assembly
initiatives at Santo Tomas. The Rossy concession has long
been an acquisition target for Oroco for reason of its favourable
geology and proximity to the Brasiles Zone."
Mineral concessions that make up the Santo Tomas Project and
controlled by Oroco now total approximately 8,980.8 ha (22,192
ac).
ABOUT OROCO:
The Company holds an irrevocable option to acquire a majority
interest in the collective 1,172 ha core concessions of the Santo
Tomás project in NW Mexico, as
well as holding a 77.5% interest in 7,041.2 ha of mineral
concessions surrounding, and adjacent to, the core concessions, not
including the Rossy concession. 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.
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.
SOURCE Oroco Resource Corp.