Vancouver, Canada, June 23, 2021 (GLOBE NEWSWIRE) — Oroco Resource Corp. (TSX-V: OCO, US: ORRCF) (“Oroco” or “the Company”) is pleased to announce that it has received approval from the Chihuahua State and Sinaloa State offices of the Mexican Secretariat of Environment and Natural Resources (“SEMARNAT”) to conduct drill programs from a collective 55 approved drill locations in the Brasiles Zone and the North Zone of its Santo Tomas Project. While initial plans are for one hole per location, if warranted by results, the Company will be able to target different areas of the zone with multiple holes per location.
The Chihuahua State office of SEMARNAT approved the Company’s 46 drill locations, supporting 28-person camp, and access road network the Brasiles Zone. The program will test the Brasiles Gossan zone (identified in surface exposure and further defined by the 3D IP program) and the Western blind target identified by the 3D IP program.
The Sinaloa State SEMARNAT office has approved a non-environmental impact 9 drill location program in the North Zone which is intended to confirm and expand the historical North Zone resource. While this approval does not allow for the construction of new roads, the deployment of light, highly portable drill rigs with helicopter support will offset this restriction. During this initial program, the Company will pursue the unified environmental impact assessment and change of land use permit, as recommended by SEMARNAT, which will allow for the construction of access roads, more drill locations and supporting infrastructure throughout the North Zone.
The Company will now proceed to install water storage and distribution facilities to support the drilling at the Brasiles and North Zones and will shortly mobilize drill equipment to commence the drill programs.
“We are very pleased with the cooperation and support we have received from the Sinaloa and Chihuahua offices of SEMARNAT” stated Ian Graham, the Company’s President. “We see this positive relationship as integral to the success of the Santo Tomas Project.”
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. 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 north-east. 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, totaling 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 160km 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) 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.
Craig Dalziel, CEO Oroco Resource Corp. (604) 688-6200 [email protected]