Bocana Resources Corp. Signs Contract for the Diamond Drilling of the Escala Project in Bolivia
Bocana Resources Corp. Signs Contract for
the Diamond Drilling of the Escala Project in Bolivia
Calgary, March 28, 2023 – Bocana Resources Corp. (TSXV: BOCA) (Frankfurt: VC1) (" Bocana" or the
"Company") is pleased to announce that it has signed a drilling contract with Leduc Drilling S.R.L. (the
"Drilling Contract "), of La Paz, Bolivia for the diamond drill work on the Escala area concession , in
Southwest Bolivia. The projected start date is April 17, 2023 and is expected to take approximately of 4
to 5 weeks to complete the first phase ("Phase I") of this drilling campaign.
The Phase I program will be conducted using NQ size core drilling with a minimum of 2,000 metres to be
completed. Upon completion of Phase I, drilling will stop until all assay results have been received prior
to planning the second phase ("Phase II") of drilling, a proposed 3,000 metre follow up drilling program.
The largest portion diamond drilling program is expected to occur in the Cerro Galapago area of the Escala
concession and is projected to have a total of five of the nine proposed drill holes located around it. The
proposed depth of each well will be approximately 250 metres . These drill hole locations will be
completed in areas with high chargeability/moderate to high resistivities. The Cerro Blanco area intends
to have two, shallow dipping, 250 metre length, drill holes to test this area and the remaining holes will
be drilled along the main mine trend to the east where there are known historical precious/base metal
veins. The recently completed induced polarization geophysical survey located an area of high
chargeability and resistivity anomalies indicating an area of silicification/quartz veining with high sulphide
content that has not been drill tested. Bocana intends to complete two, shallow dipping, 250 metre
length, drill holes to test this area.
Concurrent with the signing of the Drilling Contract, the compensation committee of the Company has
recommended and the board of directors (the "Board") has approved, a grant of incentive stock options
to various officers and directors of the Company to purchase an aggregate of 1,600,000 common shares
of Bocana (the "Options"), exercisable at price of $0.10 per share, for a period of five years from the issue
date. The grant of the Options is subject to the acceptance of the TSX Venture Exchange and are made
in accordance with, and subject to, the terms of Bocana’s stock option plan. The Options and any common
shares of Bocana issued pursuant to the exercise of the Options, will be subject to statutory hold periods
in accordance with securities regulatory requirements.
Qualified Person
Mr. Lorne Warner, P.Geo., is a "Qualified Person" as defined by National Instrument 43-101. Mr. Warner
supervised and approved the scientific and technical information included in this news release and has
approved its dissemination.
About Bocana Resources Corp.
Bocana is a mine ral exploration company focused on the acquisition, exploration and development of
mineral properties in South America. Bocana, through its wholly owned subsidiary, Huiracocha
International Service SRL, holds a 100% working interest in the mineral properti es known as the Escala
area concessions located at the Department of Potosi, Sud Lipez Province, Bolivia as awarded by Comibol.
Contact Information
For more information on Bocana, visit: https://bocanaresources.com.
For more information or interview requests, please contact:
Timothy J. Turner – Chief Executive Officer
Forward-Looking Information
This news release contains "forward -looking information" within the meaning of applicable securities
laws. Forward-looking information can be identified by words such as: "intend", "believe ", "estimate",
"expect", "may", "will", “approximately”, “planning”, “projected”, “anticipate” and similar references to
future periods. Although Bocana believes that, in light of the experience of its officers and directors,
current conditions and expect ed future developments and other factors that have been considered
appropriate, the expectations reflected in this forward -looking information are reasonable, undue
reliance should not be placed on them because Bocana can give no assurance that they will p rove to be
correct. Forward-looking information is subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or achievements of Bocana, as
the case may be, to be materially differe nt from those expressed or implied by such forward -looking
information, including but not limited to: general business, economic, competitive, geopolitical and social
uncertainties; the actual results of current exploration activities; risks associated with operation in foreign
jurisdictions; ability to successfully integrate purchased properties or mining rights awarded; foreign
operations risks; and other risks inherent in the mining industry. Although Bocana has attempted to
identify important factors th at could cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not to be as anticipated,
estimated or intended. Readers are cautioned to not place undue reliance on forw ard-looking
information. Additional risks include those disclosed in the Information Circular, which are incorporate
herein by reference and are available through SEDAR at www.sedar.com. The forward-looking statements
contained in this news release are made as of the date hereof, and the Company undertakes no obligation
to update publicly or revise any forward-looking statements or information, except as required by law.
This news release is not an offer of the securities for sale in the United States. The securities described
in this news release have not been registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United States or to, or for the accoun t or benefit of, U.S. persons (as
defined in Regulation S under the U.S. Securities Act of 1933, as amended) absent registration or an
exemption from registration. This news release shall not constitute an offer to sell or a solicitation of
an offer to buy nor shall there be any sale of the securities in any state in which where such offer,
solicitation or sale would be unlawful.
Neither the 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 news
release.