Oroco Acquires Key Mineral Concession Interest within the Santo Tomas District
Oroco Acquires Key Mineral Concession
Interest within the Santo Tomas District
VANCOUVER
,
July 12, 2019
/CNW/ - Oroco Resource Corp. (
TSX-V: OCO
) ("
Oroco
" or "
the
Company
") is pleased to announce that it has entered into a Letter Agreement for the acquisition,
through its wholly-owned Mexican subsidiary, Minera Xochipala, S.A. de C.V., of an 80% interest in
the 766.7 ha Rossy mineral concession situated within the NE limits of Oroco's existing land
assembly at Santo Tomas. The westernmost boundary of the Rossy concession lies 750 meters
from the eastern boundary of the Bob concession, which covers a significant portion of the Santo
Tomas North Zone.
Oroco has acquired its interest in the Rossy concession in consideration for the payment of
US$125,000
over two years, the issuance by Oroco of 300,000 shares, and the grant to third
parties of an aggregate 1.5% net smelter royalty. The transaction is subject to the approval of the
TSX Venture Exchange.
The Rossy concession straddles the NE trend of Laramide intrusions, hydrothermal alterations and
sulphide mineralization extending northeast from the Santo Tomas North Zone into the Brasiles
Zone. Historical drilling at
Santo Tomas
extends to within 100 meters of the western boundary of
the Rossy concession.
Commenting on the Rossy acquisition,
Craig Dalziel
, Oroco's CEO, stated: "Acquiring the Rossy
concession is a big step forward in Oroco's land assembly initiatives at Santo Tomas. The Rossy
concession has long been an acquisition target for Oroco for reason of its favourable geology and
proximity to the Brasiles Zone."
Mineral concessions that make up the Santo Tomas Project and controlled by Oroco now total
approximately 8,980.8 ha (22,192 ac).
ABOUT OROCO:
The Company holds an irrevocable option to acquire a majority interest in the collective 1,172 ha
core concessions of the Santo Tomás project in
NW Mexico
, as well as holding a 77.5% interest in
7,041.2 ha of mineral concessions surrounding, and adjacent to, the core concessions, not including
the Rossy concession. 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.
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.
View original content:
http://www.newswire.ca/en/releases/archive/July2019/12/c7410.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 06:00e 12-JUL-19