Santo Tomás Title Transfer Completed
Santo Tomás Title Transfer Completed
VANCOUVER
,
Jan. 9, 2020
/CNW/ - Oroco Resource Corp. (
TSX-V: OCO
) ("
Oroco
" or "
the
Company
") is very pleased to announce the registration, in the Mexican Public Registry of Mining, of
the transfer of all seven core concessions of the Santo Tomás copper porphyry project to Xochipala
Gold, S.A. de C.V. ("
XG
"). XG is now the registered holder of a 100% interest in each of the seven
concessions. XG is a subsidiary of Altamura Copper Corp. ("Altamura"), a B.C. company whose
shares are subject to an irrevocable share purchase option held by Oroco.
Mr.
Craig Dalziel
, President of Oroco, stated, "This registration completes an arduous and
complicated 10 year private and public acquisition process that will deliver tremendous value to the
shareholders of Oroco. The Company is now in position to undertake the second major phase of its
corporate development plans with the immediate acceleration of its exploration activities at Santo
Tomás and its ultimate objective of positioning the project as a world-class acquisition target."
ABOUT OROCO:
The Company holds an irrevocable option to acquire, via the ownership of Altamura Copper Corp., a
net 56.7% interest in the collective 1,172.9 ha seven core concessions of the Santo Tomás Project
in
NW Mexico
, and may increase that majority interest up to a net 81.0% interest with project
investment of up to
CAD$30 million
. The exercise of the Altamura share purchase option by Oroco
is subject to TSX-V approval. The Company also holds a 77.5% interest in 7,807.9 ha of mineral
concessions surrounding and adjacent to the core concessions (a total project size of 22,192
acres). The Project is situated within the Santo Tomás District, which extends from Santo Tomás 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,
Mexico
, and is serviced via highway and proximal rail (and parallel corridors of trunk grid power lines
and natural gas) from
Topolobampo
through the city of
Los Mochis
to the northern city of
Choix
. The
Santo Tomás property is reached from
Choix
by way of 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
recent 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.
SOURCE
Oroco Resource Corp.
View original content:
http://www.newswire.ca/en/releases/archive/February2020/04/c0389.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 16:27e 04-FEB-20