Oceanus Completes Fall 2017 Drilling Program
NEWS RELEASE
Oceanus Completes Fall 2017 Drilling Program
HALIFAX, NOVA SCOTIA – December 2 1, 2017 – Oceanus Resources Corporation (TSXV:OCN and
OTCQB:OCNSF) ("Oceanus" or the “Company”) has completed the 2017 fall drill program at its wholly
owned El Tigre Gold-Silver Property located in northern Sonora, Mexico. The fall 2017 program comprised
600 meters of diamond drilling to define the strike and dip of the high -grade Caleigh vein and the low -
grade alteration zone in the hanging wall. Due to a backlog at the lab, assay results for holes ET-17-146 to
ET-17-151 are pending and are expected to be released in January 2018 once the Company receives them.
Q1 2018 Outlook
During the first quarter of 2018, exploration will continue at the El Tigre property with the focus continuing
to be on locating and defining other high-grade vein systems on the property. The Company will also begin
testing the potential of the favourable El Tigre formation along strike to the south of the El Tigre mine with
geological and prospecting teams mapping and collecting rock and geochemical samples over a distance of
5 kilometers to the south between Gold Hill and the Lluvia de Oro prospect.
2017 Highlights
• September 2017 Resource Estimate
Oceanus completed the 2017 infill dri lling program at El Tigre in May 2017 having drilled a total of 62
diamond drill holes totaling 11,923.1 metres. These drill results demonstrated wide oxidized zones of
precious-metals mineralization at El Tigre that outcrop at surface. The results from this drill program
supported a National Instrument 43-101 Mineral Resource Estimate which was released on September 13,
2017. The Mineral Resource Estimate included a total indic ated resource of 661,000 gold equivalent
ounces and a total inferred resource of 341,000 gold equivalent ounces and is detailed in Appendix ”A”. A
copy of the Technical Report is available on the Company’s website and on SEDAR under the Company’s
profile.
• Bonanza Silver and Gold Grades to the North
Step-out hole ET-17-144 was the last hole drilled in May 2017 and it intersected high-grade gold and silver
mineralization in the Protectora vein , located approximately 800 meters north of the old El Tigre mine.
Hole ET -17-144 returned 3.15 met ers of 36.6 grams per tonne gold equivalent from a depth of 88.25
meters to 91.40 met ers consisting of 10.1 grams per tonne gold and 1,990.9 grams per tonne silver. This
intercept included 0.85 meter of 135.1 grams per tonne gold equivalent consisting of 37.2 grams per tonne
gold and 7,338.9 grams per tonne silver. Hole ET -144 also returned 1,107.36 grams per tonne silver and
0.024 gram per tonne gold over 1.5 meters from a depth of 188.65 metres to 190.15 meters.
Hole ET-17-145, the first hole in the fall 2017 program, as previously released returned 0.75 meters of 48.7
grams per tonne gold equivalent from a depth of 28.50 to 29.25 meters consisting of 10.91 g/t gold and
2,830.4 g/t silver. This hole also encountered the low -grade hanging wall alteration zone adjacent to the
Caleigh vein. The overall intersection returned 25.75 m of 1.88 g/t gold equivalent from a depth of 3.50 to
29.25 meters consisting of 0.65 g/t gold and 91.9 g/t silver. The true width has not been calculated for the
intercepts, however true width is generally estimated at 75 p er cent to 90 per cent of drilled width. The
gold equivalent ratio is based on a gold-to-silver price ratio of 1:75.
The high gold and silver grades intersected in drill hole s ET-17-144 and ET-17-145 are reminiscent of the
bonanza silver and gold grades mined underground in the 1920’s and 1930’s at the old El Tigre mine which
is 800 meters to the south . Surface mapping shows that the Protectora vein and alteration zone, that has
not been mined, extends along strike to the north from the old El Tigre mine for 2,000 meters. This 2,000
meter long extension presents a new exploration target to find additional near surface mineralization
• Significant Drill Results to the South
Drill hole ET-17-140, a step out hole located approximately 500 meters to the south of the Main Deposit
past Gold Hill, returned 9.0 meters of 1.86 g/t gold equivalent from 35.0 meters to 44.0 meters consisting
of 0.18 g/t gold and 125.5 g/t silver, including 1.5 meters of 9.54 g/t gold equivalent consisting of 0.43 g/t
gold and 683.2 g/t silver. The vein and alteration zone remains open along strike to the south, north and at
depth. This area represents another high priority exploration target for discovering additional
mineralization.
Media Update
In November 2017 , during the Cambridge House Silver a nd Gold Summit in San Francisco, Oceanus’
President and CEO, Glenn Jessome, was interviewed by Mickey Fulp. The full interview can be viewed here:
https://youtu.be/z02ldLXqi54.
Stock Options Granted
The Board of Directors of Oceanus has approved the issuance of 250,000 incentive stock options to its
recently hired V ice President of Investor Relations of the Company . The options are exercisable on or
before December 20, 2027 at a strike price of $0.27.
El Tigre Property
The El Tigre Property lies at the northern end of the Sierra Madre gold belt which hosts m any of the larger
multi-million ounce epithermal gold and silver deposits including Ocampo, Pinos Altos, Dolores and
Palmarejo. In 1896, gold was first discovered on the property in the Gold Hill area and mining started with
the Brown Shaft in 1903. The focus soon changed to mining high -grade silver veins in the area with the
majority of the production coming from the El Tigre vein. Underground mining on the El Tigre v ein
extended 1,450 meters along strike and mined on 14 levels to a depth of 450 meters. By the time the mine
closed in 1938, it is reported to have produced a total of 353,000 ounces of gold and 67.4 million ounces of
silver from 1.87 million tons (Craig, 2012).
The El Tigre Property is approximately 35 kilometers long and comprises 21,842.78 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 meter wide but locally can be up to 5 meters in width. The ve ins, structures and
mineralized zones outcrop on surface and have been traced for a distance of 5.3 kilometers along strike.
Historical mining and exploration activities focused on a 1.5 kilometer portion of the southern end of the
deposits, principally on the El Tigre, Seitz Kelly and Sooy veins. Four veins in the north (Aguila, Escondida,
Fundadora and Protectora) were explored with only limited amounts of production.
Qualified Person
David R. Duncan, P. Geo, vice-president, exploration, of the corporation, 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 press release.
About Oceanus Resources Corporation
Oceanus Resources Corporation is a gold exploration company operating in Mexico. Oceanus is managed by
a team of mine finders with extensive experience in exploring and developing large hydrothermal gold
projects in Mexico. Oceanus is currently drilling and exploring the El Tigre Property in the Sierra M adre
Occidental.
For further information, please contact:
Tania Shaw
Vice President, Investor Relations
416 419 2750
CAUTIONARY STATEMENT:
Neither TSX Venture Exchange nor its Re gulation 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 tha n 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 var ious 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 si milar 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.
APPENDIX “A”: El Tigre Project Mineral Resource Estimate (1-11)
Resource Area Class AuEq g/t
Cut-Off
Tonnes
(000’s)
Ag
g/t
Ag ozs
(000’s)
Au
g/t
Au ozs
(000’s)
Au Eq
g/t
AuEq
ozs
(000’s)
El Tigre
Constrained
Pit1
Indicated 0.20 25,170 15 11,906 0.51 416 0.69 559
Inferred
0.20 2,791 12 1,093 0.38 34 0.52 47
El Tigre
Underground1
Indicated 1.50 207 156 1,041 0.46 3 2.33 16
Inferred 1.50 11 82 29 1.27 0 2.26 1
Fundadora
Constrained
Pit2
Indicated 0.20 451 167 2,428 0.93 14 2.94 43
Inferred
0.20 1,774 150 8,554 0.69 39 2.49 142
Fundadora
Underground2
Indicated 1.50 80 118 306 1.03 3 2.45 6
Inferred 1.50 2,003 140 9,044 0.60 38 2.28 147
Sub Total Indicated 0.20, 1.50 25,908 19 15,681 0.52 436 0.75 624
Sub Total Inferred 0.20, 1.50 6,579 89 18,720 0.52 111 1.59 337
El Tigre
Tailings3
Indicated 0.37 939 78 2,345 0.27 8 1.21 37
Inferred 0.37 101 79 254 0.27 1 1.22 4
Total Indicated 0.20,0.37,1.50 26,847 21 18,026 0.51 444 0.77 661
Total Inferred 0.20,0.37,1.50 6,680 88 18,974 0.52 112 1.59 341
Notes to Table 1:
(1) El Tigre Deposit Mineral Resources are comprised of the El Tigre and Seitz Kelly Veins.
(2) Fundadora Deposit Mineral Resources are comprised of the Aquila, Fundadora, Protectora and Caleigh Veins.
(3) El Tigre Tailings Deposit Mineral Resources are comprised of the tailings from the former El Tigre operation.
(4) Mineral Resources are reported within a constraining pit shell.
(5) The Mineral Resource Estimate is reported in accordance with the Canadian Securities Administrators
National Instrument 43-101 and has been estimated using the CIM “Estimation of Mineral Resources
and Mineral Reserves Best Practice Guidelines and CIM “Definition Standards for Mineral Resources
and Mineral Reserves.
(6) Au:Ag ratio = ($1250/$17)/(70% Ag Rec/80% Au Rec)= 84:1 Therefore, AuEq=(Ag/84) + Au
(7) Mineral Resources in this estimate are based on approx. two year trailing average metal prices of
US$1,250 oz Au and US$17 /oz Ag, estimated process recoveries 80% Au and 70% Ag, US$5.70/t
process cost and US$0.80/t G&A cost. Mining costs of US$1.55/t for open pit and $45/t for underground
and tailings mining costs of US$5.50/t were used to derive the respective Mineral Resource Estimate
AuEq cut-offs of 0.20 g/t and 1.5 g/t and 0.37g/t. Pit optimization slopes were 50 degrees
(8) The Mineral Resource Estimate uses drill hole data available as of September 1, 2017.
(9) Totals may not add correctly due to rounding.
(10) An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral
Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of
Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued
exploration.
(11) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The
estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing or other relevant issues.