Oceanus Intersects 37.2 g/t Gold and 7,338.9 g/t Silver over 0.85 Meters in an 800 Meter Step-Out Drill Hole at its El Tigre Property in Sonora, Mexico
NEWS RELEASE
Oceanus Intersects 37.2 g/t Gold and 7,338.9 g/t Silver
over 0.85 Meters in an 800 Meter Step-Out Drill Hole
at its El Tigre Property in Sonora, Mexico
HALIFAX, NOVA SCOTIA – June 7, 2017 – Oceanus Resources Corporation (TSXV:OCN and
OTCQB:OCNSF) ("Oceanus" or the “Company”) reports that step-out hole ET-17-144 at its 100% owned El
Tigre Property in Sonora, Mexico intersected high-grade gold and silver mineralization in the Protectora
vein. Hole ET-17-144 returned 3.15 meters of 36.6 g/t gold equivalent from a depth of 88.25 meters to
91.40 meters consisting of 10.1 g/t gold and 1990.9 g/t silver. This intercept included 0.85 meters of 135.1
g/t gold equivalent consisting of 37.2 g/t gold and 7,338.9 g/t silver . Hole ET-144 also returned
1107.36 g/t silver and 0.024 g/t gold over 1.5 meters from a depth of 188.65 meters to 190.15 meters.
The true width has not been calculated for the intercepts , but true width is generally estimated at 75-90% of
drilled width. The gold equivalent ratio is based on a gold-to-silver price ratio of 75:1.
Drill hole ET-17-144 is located approxi mately 800 meters north of the e nd of the old El Tigre mine where
the Camp is located. The hole was drilled to test the Pr otectora vein at a shallow depth. The map attached
as Appendix A is 6 kilometers of the 35 kilometer long El Tigre Property and shows the location of drill hole
ET-17-144. In this drill hole the Protectora vein is hoste d by a brecciated, dark grey fragmental tuff of the El
Tigre Formation. The mineralized zone consists of several vuggy quartz veins and veinlets carrying galena,
sphalerite, chalcopyrite, stromeyerite and pyrite.
Glenn Jessome, President and CEO of Oceanus reports, “The high gold and silver grades intersected in drill
hole ET-17-144 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 met ers 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 1,500 meters. This 1,500 meter l ong extension presents a new exploration target to find
additional near surface mineralization. Our recent step -out drill results to the north and south are very
encouraging.”
Refer to the Oceanus news releas es dated September 14, 2016, Oc tober 18, 2016, December 14, 2016,
March 6, 2017 and May 25, 2017 for th e assay results for the previous drill holes. A drill hole location map
is attached as Appendix B.
El Tigre Drilling Program and Resource Estimate
Oceanus has completed the 2016-17 infill drilling program at El Tigre with a total of 62 diamond drill holes
totalling 11,923.1 meters. The purpose of this drill program was to support a NI 43-101 resource estimation
for the El Tigre Property. The results from the O ceanus drilling, prior drilling and other data will be
incorporated into the resource estimation to be comp leted by P&E Mining Consultants Inc. by the end of
June, 2017.
Prospecting Work to the North at La Chula
As press released on May 25, 2017 fi eld mapping and prospecting surveys have identified newly discovered
mineralization, which has been named La Chula ve in system. La Chula is located approximately 2
kilometers north of hole ET-17-144 dr illed at Protectora (see map at Appendix A). An extensive mapping
and prospecting program is now being carried out at La Chula.
El Tigre Property
The El Tigre Property lies at the northern end of the Si erra Madre gold belt which hos ts many 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 vein
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 hi gh-grade epithermal veins controlled by a north-south
trending structure cutting across the andesitic and rhyo litic 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 me ters in width. The veins, structures and mineralized
zones outcrop on surface and have been traced for a di stance of 5.3 kilometers along strike. Historical
mining and exploration activities focused on a 1.5 kilo meter 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.
Lab Preparation and Assay
The diamond drill core (HQ size) is geologically logged , photographed and marked for sampling. When the
sample lengths are determined, the fu ll core is sawn with a diamond blade core saw with one-third of the
core being bagged and tagged for assay. The remaining tw o-thirds portion is returned to the core trays for
storage and/or for metallurgical test work.
The sealed and tagged sample bags are transported to the ActLabs facility in Zacatecas, Mexico. ActLabs
crushes the samples and prepares 200-300 gram pulp samp les with ninety percent passing Tyler 150 mesh
(106μm). The pulps are assayed for gold using a 50 gram charge by fire assay (Code 1A2-50) and over limits
greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code 1A3-50). Silver and multi-
element analysis is completed using total digestion (Code 1F2 Total Digestion ICP). Over limits greater than
100 grams per tonne silver are re-assayed using a gravimetric finish (Code 8-Ag FA-GRAV Ag).
Quality Assurance / Quality Control and Data Verification
Quality assurance and quality control ("QA/QC") proce dures monitor the chain-of-custody of the samples
and includes the systematic insertion and monitoring of a ppropriate reference materials (certified standards,
blanks and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in
each batch are tracked to ensure the in tegrity of the assay data. All results stated in this announcement have
passed Oceanus’ QA/QC protocols.
Qualified Person
David R. Duncan, P. Geo., V.P. Exploration of the Co mpany, is the Qualified Person for Oceanus as defined
under National Instrument 43-101. Mr. Duncan has re viewed and approved the scientific and technical
information in this press release and has reviewed the Technical Report.
About Oceanus Resources Corporation
Oceanus Resources Corporation is a gold exploration co mpany operating in Mexico. Oceanus is managed by
a team of mine finders with ex tensive experience in exploring a nd developing large hydrothermal gold
projects in Mexico. Oceanus is currently drilling and exploring the El Tigre Property in the Sierra Madre
Occidental.
For further information, please contact:
Glenn Jessome
President and CEO
902 492 0298
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 limitati on, statements regarding potential mineraliz ation, resources and reserves, the ability to
convert inferred resources to indicated re sources, the ability to complete futu re drilling programs and infill sampling, the ab ility to
extend resource blocks, the simila rity 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. Fo rward-looking statements are
frequently characterized by words such as “may”, “is expected to”, “anticipat es”, “estimates”, “intends ”, “plans”, “projection” ,
“could”, “vision”, “goals”, “ objective” and “outlook” and other similar word s. Although Oceanus believes the expectations
expressed in such forward-looking statements are based on reas onable assumptions, there can be no assurance that such statements
will prove to be accurate and actual results and future events coul d differ materially from those anticipated in such statement s.
Important factors that could cause actual results to differ materially from Oceanu s’s expectations include risks and uncertaint ies
related to exploration, development, operations, commodity pr ices and global financial volatility, risk and uncertainties of op erating
in a foreign jurisdiction as well as additi onal risks described from time to time in the filings made by Oceanus with securitie s
regulators.
APPENDIX A
El Tigre Property Map
APPENDIX B
El Tigre Drill Hole Location Map