VANCOUVER, Oct. 17, 2019 /CNW/ - Oroco Resource Corp.
(TSX-V: OCO) ("Oroco" or "the Company") is
pleased to announce the commencement of technical fieldwork,
initially environmental baseline studies and permitting, at its
Santo Tomas Project in Northwestern
Mexico, followed by start-up of 3D Induced Polarization
geophysical surveys and the first phase of confirmation diamond
drilling.
The Company currently operates community-based social and
environmental programs in the area of the Project from its
logistics and administrative base in the nearby community of
Choix. The Company has supported
modest public works such as water distribution, community road and
infrastructure projects, and other social programs, as part of its
commitment to the communities proximal to its Project
operations.
The new fieldwork is supported by an extensive network of
existing access roads and historical drill roads, therefore
expediting preparations for the confirmation diamond drilling
program expected to follow in early 2020.
ABOUT OROCO:
The Company holds an irrevocable option to acquire a 56.7%
interest in the collective 1,172.9 ha core concessions of the Santo
Tomás 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 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 Tomás hosts a
significant copper porphyry deposit defined by prior exploration
spanning the period from1968 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.
The Santo Tomas Project is located within 160km of the Pacific
deep-water port at Topolobampo,
and 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 the El Sauzal Mine
of Goldcorp in Chihuahua State. The reader is directed to the
Company's recently-filed, August 2019
Technical Report filed on SEDAR.
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.