Oceanus 2018 Year End Review
Oceanus 2018 Year End Review
HALIFAX
,
Jan. 7, 2019
/CNW/ - Oceanus Resources Corporation (TSXV: OCN) and (OTCQB:
OCNSF) ("Oceanus" or the "Company") is providing the following review of 2018 activities.
2018 Year End Review
Following the issuance in
September 2017
of the Company's maiden resource estimation for the
100% owned El Tigre Property located in
Sonora, Mexico
(see press release dated
September 13,
2017
), the Company carried out a regional prospecting and mapping program during 2018 with the
objective of identifying extensions of the El Tigre Formation. The El Tigre Formation is the is the
rock package that hosts the historic
El Tigre
mine, which operated from 1903 to 1938, and was
reported to have produced a total of 353,000 ounces of gold and 67.4 million ounces of silver from
1.87 million tonnes averaging 7.54 g/t gold and 1,308 g/t silver (
Steven D. Craig
, B.A., M.Sc., P.
Geo. 2012).
The Phase 1 prospecting and mapping program was carried out to the south of Gold Hill and
demonstrated that the El Tigre Formation continues along strike in a southeasterly direction for an
additional 5 kilometres to the Lluvia de
Oro
prospect. Tunnels exposing quartz veins with the same
alterations and mineralization as observed in the existing
El Tigre
area, and assays, demonstrated
significant potential for additional near-surface mineralization in this newly defined area. The El Tigre
Formation was also identified a further 3 kilometres to the south at
La Mancha
where old workings
were located.
The Phase 2 prospecting and mapping program was carried out on the eastern side of the
mountain. The team located several historic underground workings in this area (
Santa Maria
) that
followed mineralized quartz veins similar to the old El Tigre Mine, as well as, outcropping of vein
mineralization. Given the positive results from this program, the Company submitted application in
March 2018
to acquire an additional 4,465 hectares. This represents an increase of 20% for a total
land package of 26,307 hectares.
The Phase 3 prospecting and mapping program was carried out to north-east of the resource area
on the new claims and identified outcropping of the El Tigre Formation in several areas.
2019 Exploration Program
Oceanus has now identified in excess of 10 kilometres of favorable host stratigraphy with several
areas of mineralization identified to the south, east and north-east of the old El Tigre Mine. The
Company plans to send the exploration team back to the property in 2019 to continue prospecting
and mapping as well as sampling. The objective of this program will be to establish drill targets.
Glenn Jessome
, President and CEO of Oceanus, commented: "
Since acquiring the El Tigre
Property at the end of 2015, we have completed in excess of 12,000 metres of diamond drilling,
generated a 43-101 mineral resource estimate
containing indicated resources of 661,000 gold
equivalent ounces and inferred resources of 341,000 gold equivalent ounces, and our experienced
exploration team has identified several additional high-priority exploration targets located to the
south, north and north-east of the resource area
. With the favorable El Tigre Formation having
been followed for more that 10 kilometres, we believe that we have the makings of a district-scale
system. We are still in the early days of unlocking the potential of the large land package we have
at
El Tigre
and look forward to further exploration success in 2019."
El Tigre Property
The El Tigre Property is approximately 35 kilometres long and comprises 26,307 hectares. The
El
Tigre
gold and silver deposit is related to a series of high-grade epithermal veins controlled by a
north-south trending structure cutting across the andesitic and rhyolitic tuffs of the Sierra Madre
Volcanic Complex within a broad gold and silver mineralized prophylitic alternation zone. The veins
dip steeply to the west and are typically 1 metre wide but locally can be up to 5 metres in width. The
veins, structures and mineralized zones outcrop on surface and have been traced for a distance of
10 kilometres along strike. Historical mining and exploration activities focused on a 1.5 kilometre
portion of the southern end of the deposits, principally on the
El Tigre
,
Seitz Kelly
and Sooy veins (El
Tigre Mine). Four veins in the north (Aguila, Escondida, Fundadora and Protectora) were explored
with only limited amounts of production.
The
El Tigre
formation is the rock package that hosts the historic El Tigre Mine, which operated from
1903 to 1938, and was reported to have produced a total of 353,000 ounces of gold and 67.4 million
ounces of silver from 1.87 million tonnes averaging 7.54 g/t gold and 1,308 g/t silver (
Steven D.
Craig
, B.A., M.Sc., P. Geo. 2012). Oceanus' drilling during 2017 intersected similar-style gold-silver
mineralization in the
El Tigre
formation at the Protectora, Caleigh and Fundadora areas to the north
of the old mine as well as to the south, past Gold Hill.
A maiden resource estimate for the El Tigre Property was reported by Oceanus on
September 13,
2017
containing indicated resources of 661,000 gold equivalent ounces at 0.77 g/t (21 g/t silver and
0.51 g/t gold) and inferred resources of 341,000 gold equivalent ounces at 1.59 g/t (88 g/t silver and
0.52 g/t gold). The complete National Instrument 43-101 technical report is available on the
Company's website and on SEDAR under the Company's profile.
The
El Tigre
gold and silver deposit is related to a series of high-grade epithermal veins controlled
by a north-south trending structure cutting across the andesitic and rhyolitic tuffs of the Sierra Madre
Volcanic Complex within a broad gold and silver mineralized prophylitic alternation zone. The veins
dip steeply to the west and are typically one metre wide, however, locally can be up to five metres in
width.
Qualified Person
David R. Duncan
, P. Geo, Vice President, Exploration of the Company, is the qualified person for
Oceanus as defined under NI 43-101. Mr. Duncan has reviewed and approved the scientific and
technical information in this news release.
Expiry of Warrants
On
December 22, 2018
a total of 14,166,668 common share purchase warrants having an exercise
price of
$0.24
per share expired unexercised.
Issuance of Stock Options and Deferred Share Units
The Board of Directors of Oceanus, in accordance with the provisions of the Company's Stock
Option Plan, has approved the issuance of 2,600,000 stock options to employees, officers, directors
and consultants of the Company. The options are exercisable at a price of
$0.10
per common
share. The last grant of stock options to officers and the Board of Directors was on
October 31,
2016
.
The Board of Directors also approved the issuance of 900,000 Deferred Share Units (DSU's) to
officers of the Company pursuant to the Company's Deferred Share Unit Plan (DSU Plan). The
DSU's are priced at
$0.10
per common share and vest over a period of three years. This is the first
award of DSU's by the Company under the DSU Plan which was approved by the shareholders on
September 29, 2016
.
About Oceanus Resources Corporation
Oceanus Resources Corporation is a gold exploration and development company operating in
Mexico
, with 100% ownership of the 35-kilometre-long, royalty free
El Tigre
property located in
Sonora
. A maiden resource estimate for the
El Tigre
project was reported on
September 13, 2017
and filed on SEDAR on
October 26, 2017
containing indicated resources of 661,000 gold equivalent
ounces at 0.77 g/t (21 g/t silver and 0.51 g/t gold) and inferred resources of 341,000 gold equivalent
ounces at 1.59 g/t (88 g/t silver and 0.52 g/t gold). The full National Instrument 43-101 technical
report is posted to the Company's website, and can also be accessed by clicking
here
. Oceanus is
managed by a team of mine finders with extensive experience exploring and developing large
hydrothermal gold projects in Mexico. Oceanus is currently exploring the El Tigre Property in the
Sierra Madre Occidental.
CAUTIONARY STATEMENT:
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.
This News Release includes certain "forward-looking statements". All statements other than
statements of historical fact included in this release, including, without limitation, statements
regarding potential mineralization, resources and reserves, the ability to convert inferred resources
to indicated resources, the ability to complete future drilling programs and infill sampling, the
ability to extend resource blocks, the similarity of mineralization at
El Tigre
to the
Ocampo
mine,
exploration results, and future plans and objectives of Oceanus, are forward-looking statements
that involve various risks and uncertainties. Forward-looking statements are frequently
characterized by words such as "may", "is expected to", "anticipates", "estimates", "intends",
"plans", "projection", "could", "vision", "goals", "objective" and "outlook" and other similar words.
Although Oceanus believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, there can be no assurance that such statements will prove to
be accurate and actual results and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results to differ materially from
Oceanus's expectations include risks and uncertainties related to exploration, development,
operations, commodity prices and global financial volatility, risk and uncertainties of operating in a
foreign jurisdiction as well as additional risks described from time to time in the filings made by
Oceanus with securities regulators.
SOURCE
Oceanus Resources Corporation
View original content:
http://www.newswire.ca/en/releases/archive/January2019/10/c6945.html
%SEDAR: 00030449E
For further information:
Glenn Jessome, President and CEO, 902 492 0298
CO: Oceanus Resources Corporation
CNW 17:24e 10-JAN-19