VANCOUVER, Oct. 29, 2019 /CNW/ - Oroco Resource
Corp. (TSX-V: OCO) ("Oroco" or "the
Company") is pleased to announce that the warrant holders from
a unit offering completed on April 26,
2018 have fully exercised all 4,500,000 share purchase
warrants, providing proceeds to the Company of $720,000. This addition to the Company's working
capital will be used to advance Oroco's current exploration program
at the Santo Tomás Project in Northwest
Mexico.
ABOUT OROCO:
The Company holds an irrevocable option to earn up to an 81%
interest in the 1,172.9 ha core concessions of the Santo Tomás
Project in NW Mexico and a 77.5%
interest in 7,807.9 ha of mineral concessions surrounding and
adjacent to the core concessions (a total project size of 8,980.8
ha, or 22,192 acres). The Project is situated within the
Santo Tomás District, which extends from Santo Tomás 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 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.
The Santo Tomás 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 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. Readers are also cautioned that
this news release includes reference to certain historical reports
and studies that are cited in the Report. All of these reports are
older than three years before the date of the Report, and were not
prepared for Oroco: as such these reports are to be considered
geological in nature, and are not to be relied upon or assumed to
imply any mineral resource classification(s) with respect to the
Santo Tomás Project areas of mineralization.
SOURCE Oroco Resource Corp.