Oroco Warrants Fully Exercised
Oroco Warrants Fully Exercised
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.
View original content:
http://www.newswire.ca/en/releases/archive/October2019/29/c6067.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 09:00e 29-OCT-19