Oceanus Reports El Tigre Infill Drilling Results and Timing for Resource Estimate Update
NEWS RELEASE
Oceanus Reports El Tigre Infill Drilling Results and
Timing for Resource Estimate Update
HALIFAX, NOVA SCOTIA – March 6, 2017 – Oceanus Resources Corporation (TSXV:OCN and
OTCQB:OCNSF) ("Oceanus" or the “Company”) repor ts additional assay results from the ongoing infill
diamond drilling program on its 100% owned El Tigre Pr operty in Sonora, Mexico. Highlights from the
drilling include the following:
Hole ET-16-110 – 102 meters of 0.67 g/t gold equivalent from 22.2 meters to 123.9 meters and
consisting of 0.5 g/t gold and 13.4 g/t silver; including 13.5 meters of 1.03 g/t gold equivalent
consisting of 0.95 g/t gold and 6.3 g/t silver.
Hole ET-17-118 – 32.9 meters of 1.02 g/t gold equivalent 7.3 meters to 40.1 meters and consisting
of 0.27 g/t gold and 56.7 g/t silver; including 8.6 meters of 3.28 g/t gold equivalent consisting of
0.47 g/t gold and 211.4 g/t silver.
Hole ET-16-116 – 25.7 meters of 1.03 g/t gold equivalent from 83.4 meters to 109.0 meters and
consisting of 0.54 g/t gold and 36.9 g/t silver; including 4.3 meters of 3.49 g/t gold equivalent
consisting of 1.58 g/t gold and 143.0 g/t silver.
El Tigre Infill Drilling
Since commencing drilling in July through December 15, 2016, Oceanus comp leted 35 diamond drill holes
totalling 6,467 meters of HQ-size core in the first ph ase of the infill program carried out primarily in the
central area of the El Tigre deposit over the past-p roducing El Tigre Mine. Diamond drilling resumed on
January 10, 2017 after a three week break for th e holidays. This second phase of the drilling program
currently has one drill rig working to test the southern extension of the deposit and the other rig drilling the
500 meter gap to the north between the camp and Mu la Mountain. Oceanus has completed another 17
diamond drill holes totalling 2,959 meters of HQ-size co re during January and February and anticipates
another 15 holes will be drilled during March to complete drilling on the infill sections.
A drill hole location map is attached as Appendix A, a ta ble of significant drill intersections is attached as
Appendix B and the drill hole location data is attached as Appendix C.
El Tigre 2017 Resource Estimation
The results from the Oceanus drilling, prior drilling and a ll other data will be incorporated into a NI 43-101
compliant resource estimation for the El Tigre project to be completed by P&E Mining Consultants Inc.
during the second quarter of 2017.
Prospecting Work – Protectora Area
Field mapping and prospecting surveys are in progress along the Protectora Vein system located
approximately 1.5 kilometers to the north of the El Ti gre camp. Quartz vein and stockwork zones, located
near historical workings, are located within an a dvanced argillic alteration zone. Gold and silver
mineralization was discovered along th is vein and stockwork zone in diamond drill holes by Anaconda in
1982 (hole ET-82-009 intersected 25 meters of 0.36 g/t gold and 10.2 g/t silver from 127.0 meters to 152.0
meters, including 2.7 meters of 2.14 g/t gold and 30.5 g/t silver from 127. 3 meters to 130.0 meters) and El
Tigre Silver Corp. in 2013 (hole ET- 13-019 intersected 2 meters of 1.41 g/t gold and 421.7 g/t silver from
86.0 meters to 88.0 meters). Oceanus intends to drill test this zone after completing the infill drilling along
the El Tigre vein.
Metallurgical Testwork
A metallurgical testwork study is underway. Bottle ro ll tests on drill core reject and pulp material from
Oceanus diamond drill hole ET-16-083 w ill be completed by Actlabs. Also, new samples will be collected
from underground from the walls of the Johnny Cro ss Cut (section 4400N) where channel sampling by
Oceanus in 2016 produced an inter section of 92.6 meters of 1.18 g/t gol d equivalent cons isting of 0.76 g/t
gold and 31.5 g/t silver. Bottle rolls and column tests will be carried out at the Laboratorio Tecnologico de
Metalurgia in Hermosillo, Mexico.
Geophysical Survey
In December 2017, Oceanus retained Geofisica TMC to ca rry out an orientation IP survey at El Tigre. A
total of 7.4 line kilometers of pole:dipole survey w as completed on 5 lines crossing the vein, stockwork and
fracture system. The surveys were completed in January 2017. Lines 7315N and 6745N tested the
Fundadora and Protectora veins located several kilometers to the north of the El Tigre mine while the three
southern Lines 5150N, 4150N and 3 310N tested the Camp, Mula Mo untain and Gold Hill zones,
respectively. All five lines are showing chargeability hi ghs and resistivity lows associated with the vein and
stockwork/fracture zones.
2016 Highlight Intercepts
The following table presents highlight drill intercep ts from both the Oceanus infill gap sampling on the
legacy El Tigre drill core and the Oceanus 2016 (phase 1) drilling program. The legacy drill holes relating to
the infill gap sampling program are referenced ET-10, ET-12 and ET-13, and the drill holes from the 2016
drill program are referenced ET-16.
These drill results exhibit wide oxidized zones of precious-metals mineralization that outcrop at surface.
Hole ID Drill
Section
From To Length(1) Au Ag AuEq(2)
(meters) (meters) (meters) (g/t) (g/t) (g/t)
ET‐13‐051 4150 17.1 144.0 127.0 1.80 27.5 2.16
ET‐13‐077 4200 0 139.1 139.1 0.94 6.6 1.02
ET‐13‐066 4050 9.0 106.7 97.7 0.90 67.5 1.80
ET‐13‐075 4050 54.0 158.0 104.0 0.53 36.1 1.01
ET‐10‐031 3800 16.5 109.4 92.9 0.39 30.4 0.80
ET‐12‐033 3650 67.9 116.5 48.6 0.61 63.9 1.46
ET‐16‐083 4150 12.4 133.5 121.1 1.02 27.0 1.38
ET‐16‐085 4125 39.6 129.3 89.7 0.62 30.3 1.02
ET‐16‐092 3975 0 95.6 95.6 1.17 13.2 1.35
ET‐16‐096 4250 43 117.2 74.2 0.80 11.6 0.96
ET‐16‐108 4175 42.7 152.7 110.0 0.60 14.5 0.79
ET‐16‐109 4025 160.9 181.3 20.4 0.40 212.0 3.23
Notes:
(1) True width has not been calculated for each individual intercep t, but true width is generally estimated at 75-90% of drilled
width. Metallurgical recoveries and net smelter returns are assumed to be 100%
(2) Gold Equivalent ratio based on gold to silver price ratio of 75:1 Ag:Au.
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).
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 Drill Hole Location Map
APPENDIX B
El Tigre Infill Drilling Results
Hole ID Drill
Section Comment From To Length(1) Au Ag AuEq(2)
(meters) (meters) (meters) (g/t) (g/t) (g/t)
ET‐16‐110 4025 22.2 123.9 101.7 0.49 13.4 0.67
including 32.2 37.2 5.0 1.38 62.9 2.22
including 55.4 68.5 13.1 0.95 6.3 1.03
OPEN STOPE 108.5 111.2 2.7 El Tigre Vein
OPEN STOPE 123.9 126.1 2.3 Seitz Kelly Vein
and 127.5 137.0 9.5 0.22 12.0 0.38
ET‐16‐111 4975 29.5 34.7 5.2 0.08 37.1 0.57
and 39.8 43.6 3.9 0.07 31.0 0.49
and 147.5 150.1 2.6 0.07 55.6 0.81
and 163.4 165.8 2.5 0.23 20.4 0.50
ET‐16‐112 3750 61.3 63.0 1.7 1.23 46.8 1.85
and 74.0 79.2 5.2 0.53 2.1 0.56
and 87.3 103.0 15.7 0.31 4.8 0.38
and 107.9 110.9 3.0 0.24 2.1 0.27
and 132.4 139.7 7.3 0.21 9.2 0.33
and 150.6 157.7 7.1 0.29 5.2 0.35
OPEN STOPE 167.9 177.0 9.1 El Tigre Vein
ET‐16‐113 4800 126.5 134.7 8.2 0.14 6.5 0.23
and 156.0 188.3 32.3 0.34 8.3 0.45
including 163.6 170.9 7.3 0.54 31.7 0.96
OPEN STOPE 170.9 173.0 2.1 El Tigre Vein
ET‐16‐114 3850 209.5 211.0 1.5 0.17 194.1 2.76
and 243.2 256.8 13.7 0.30 2.5 0.33
and 265.8 278.2 12.4 0.17 8.5 0.28
OPEN STOPE 270.0 270.8 0.8 El Tigre Vein
and 306.3 316.1 9.8 0.13 20.5 0.41
OPEN STOPE 317.4 318.6 1.3 Seitz Kelly Vein
ET‐16‐115 4500 214.5 225.0 10.5 0.23 3.8 0.28
and 237.5 239.2 1.7 0.26 39.0 0.78
and 243.5 257.5 14.0 0.34 6.0 0.42
and 265.0 274.7 9.7 0.20 10.4 0.34
including 272.6 274.7 2.1 0.47 22.7 0.77
ET‐16‐116 4425 OPEN STOPE 4.6 7.7 3.3 El Tigre Vein
7.7 20.0 12.3 0.66 1.6 0.68
and 60.0 64.2 4.2 0.26 29.1 0.65
and 83.4 109.0 25.7 0.54 36.9 1.03
including 101.0 105.4 4.3 1.58 143.0 3.49
Notes:
(3) True width has not been calculated for each individual intercep t, but true width is generally estimated at 75-90% of drilled
width. Metallurgical recoveries and net smelter returns are assumed to be 100%
(4) Gold Equivalent ratio based on gold to silver price ratio of 75:1 Ag:Au.
Hole ID Drill
Section Comment From To Length(1) Au Ag AuEq(2)
(meters) (meters) (meters) (g/t) (g/t) (g/t)
ET‐17‐117 4725 32.9 37.4 4.5 0.78 2.5 0.81
and 57.5 63.2 5.7 0.51 0.3 0.51
and 141.9 147.7 5.8 0.14 8.7 0.25
and 173.0 197.0 24.0 0.39 13.5 0.57
including 184.0 188.8 4.8 0.81 35.6 1.28
OPEN STOPE 197.0 205.0 8.0 El Tigre Vein
ET‐17‐118 4475 7.3 40.1 32.9 0.27 56.7 1.02
including 31.6 40.1 8.6 0.47 211.4 3.28
including 34.0 34.7 0.8 3.08 1883.4 28.19
ET‐17‐119 4700 abandoned
ET‐17‐120 4450 1.5 39.0 37.5 0.46 20.3 0.73
including 25.9 30.8 4.9 1.16 133.3 2.94
and 136.0 145.5 9.5 0.23 8.6 0.35
including 136.0 136.5 0.5 0.61 135.8 2.42
ET‐17‐121 3725 pending
ET‐17‐122 4550 34.8 44.9 10.1 0.50 1.3 0.52
and 50.5 85.6 35.2 0.22 2.2 0.25
and 98.0 116.5 18.5 0.30 36.4 0.79
including 109.5 115.2 5.7 0.58 100.6 1.92
APPENDIX C
El Tigre 2017 Drill Hole Location Table
Hole ID Northing Easting Elevation Azimuth Dip Length
(meters)
ET‐17‐117 670888 3384704 1970 90 ‐ 45 205.1
ET‐17‐118 671120 3384500 2065 90 ‐ 45 211.6
ET‐17‐119 670888 3384704 1970 90 ‐ 60 50.0
ET‐17‐120 671118 3384445 2036 90 ‐ 45 200.7
ET‐17‐121 670987 3384900 1884 90 ‐ 45 221.0
ET‐17‐122 671037 3384550 2099 90 ‐ 45 147.6
ET‐17‐123 671096 3384550 2097 90 ‐ 45 184.3
ET‐17‐124 671021 3384600 2096 90 ‐ 45 150.6
ET‐17‐125 671155 3383725 1960 90 ‐ 45 215.0
ET‐17‐126 671217 3383600 2034 90 ‐ 45 149.0
ET‐17‐127 671112 3384600 2077 90 ‐ 45 182.6
ET‐17‐128 670994 3384800 1938 90 ‐ 45 156.6
ET‐17‐129 667178 3384527 1300 0 ‐ 90 275.5
ET‐17‐130 671269 3383550 2041 90 ‐ 45 101.9
ET‐17‐131 671212 3383350 2013 90 ‐ 68 259.1
ET‐17‐132 670987 3384900 1884 90 ‐ 45 80.0
ET‐17‐133 671236 3383500 2020 90 ‐ 45 169.1