/CNW/ - At the request of IIROC, Oroco Resource Corp. (
Oroco Provides Clarification of June 7, 2019
News Release
VANCOUVER
,
June 11, 2019
/CNW/ - At the request of IIROC, Oroco Resource Corp. (
TSX-V:
OCO
) ("
Oroco
" or "
the Company
") is providing the following clarifications to its news release of
June 7, 2019
wherein the Company announced the receipt of the initial draft of an Independent
Technical Report regarding the Geology, Mineralization, and Exploration of the Santo Tomás Cu-
(Mo-Au-Ag) Porphyry Deposit in
Sinaloa, Mexico
("the
Technical Report
").
The Company wishes to clarify certain disclosure in compliance with NI 43-101, 2.4 – Disclosure of
Historical Estimates. Specifically the historical Bateman Report cited in the news release, discloses
an historical estimate of 950 million tonnes above a cut-off grade of 0.20% Cu, and contains
approximately 7.4 billion pounds of copper. The conclusion and results of the historical Bateman
Report are no longer considered current. The Mintec, Inc. resource estimate included in the
historical Bateman Report (1994) is the last publicly released mineral resource estimate, but utilized
a classification scheme other than those set out in NI 43-101. Additionally, the mineral resource
estimate is no longer accepted under NI 43-101 standards for reason that it does not conform to the
current structural geological model in the Technical Report. A qualified person has not done sufficient
work to classify the historical estimate as a current mineral resource or mineral reserve.
However,
the historical assaying and verification methods were performed within the accepted
standards applicable at the time
.
The Company also wishes to clarify certain disclosure in compliance with NI 43-101, 2.3(2) –
Restricted Disclosure. Specifically, NI 43-101, 2.3(2) requires the disclosure of "exploration
targets" as a range of quantities and grades and the inclusion of cautionary language indicating this
quantity and grade are conceptual in nature. The Company has a target volume of approximately
280 to 315 million tonnes and a target grade of 0.45% to 0.55% copper in a tabular body dipping
towards the west at 50º in the potential near surface, higher grade central portion of the North
Zone. To clarify, the potential quantity and grade is conceptual in nature, there has not been
sufficient exploration to define a mineral resource and it is uncertain if future exploration will result in
the target being delineated as a mineral resource.
The technical information in this News Release has been reviewed and approved on behalf of the
Company by Mr.
Dane Bridge
, M.Sc., P. Geol., of Dane A. Bridge Consulting Inc., an Independent
Qualified Person under NI 43-101.
ABOUT OROCO:
The Company currently holds an irrevocable option to acquire 100 percent of Altamura Copper
Corp., a private B.C. company which holds a 50 percent interest in Compañía Minera Ruero, S.A.
de C.V., the registered owner of the
Santo Tomas
concessions, and an option to acquire the other
50 percent interest. The
Santo Tomas
concessions are a contiguous group of seven mineral
concessions located in Sinaloa State, Mexico. Altamura Copper Corp. also holds a 66.7 percent
interest in Xochipala Gold, S.A de C.V., the owner of a net 85 percent unregistered contractual
interest in the
Santo Tomas
concessions. The Company and Altamura Copper Corp. are pursuing
the registration of the
Santo Tomas
concessions to Xochipala Gold, S.A. de C.V. for reason of its
preferable ownership and investment structure relating to those concessions (see the Company's
most recent MD&A available 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 Technical Report. All of these reports are older than three years before
the date of the Technical 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.
View original content:
http://www.newswire.ca/en/releases/archive/June2019/11/c8726.html
%SEDAR: 00026117E
For further information:
Mr. Craig Dalziel, President and CEO, Oroco Resource Corp., Tel: 604-
688-6200, www.orocoresourcecorp.com
CO: Oroco Resource Corp.
CNW 13:22e 11-JUN-19