Oceanus Reports Fall 2017 Exploration Program Drill Results
Oceanus Reports Fall 2017 Exploration Program Drill Results
HALIFAX, Jan. 19, 2018 /CNW/ - Oceanus Resources Co rporation (TSXV:OCN and OTCQB:OCNSF)
("Oceanus" or the "Company") is pleased to report the 2017 fall exploration program drill results 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.
Drill Highlights
Highlights from the fall 2017 drilling program include:
• Hole ET-17-145 returned 0.75 meters of 48.7 grams per tonne ("g/t") gold equivalent from a depth of
28.50 meters to 29.25 meters consisting of 10.91 g/t gold and 2,830.4 g/t silver.
• Hole ET-17-148 returned 0.50 meters of 40.0 grams per tonne ("g/t") gold equivalent from a depth of
90.10 meters to 90.60 meters consisting of 10.0 g/t gold and 2,247.1 g/t silver.
Table 1 below provides a list of the significant drill intersections.
El Tigre Maiden Resource Estimate
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 by clicking here .
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 Exploration team will also begin testing, for the first time, 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. The beginning of exploration to the south was made possible
because in December 2017, the company completed the excavation and roadwork required to provide
road access for Oceanus' geological team to get to the 5 kilometres between Gold Hill and Lluvio de Or o.
2018 Vancouver Resource Investment Conference
Oceanus will be participating in the 2018 Vancouver Resource Investment Conference taking place at the
Vancouver Convention Centre West on January 21 and 22, 2018. The Company will be exhibiting at
booth #934. Anyone who wishes to attend can do so b y registering here:
https://cambridgehouse.com/e/vancouver-resource-investment-conference-2018-69/register
El Tigre Property
The El Tigre Property lies at the northern end of the Sierra Madre gold belt which hosts many of the l arger
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 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 veins, structu res
and mineralized zones outcrop on surface and have b een traced for a distance of 5.3 kilometers along
strike. Historical mining and exploration activities focused on a 1.5 kilometer portion of the southe rn end
of the deposits, principally on the El Tigre, Seitz Kelly and Sooy veins. Four veins in the north (Agu ila,
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 full core is sawn with a diamond blade core saw with one half o f
the core being bagged and tagged for assay. The rem aining half portion is returned to the core trays for
storage and/or for metallurgical test work.
The sealed and tagged sample bags are transported t o the ActLabs facility in Zacatecas, Mexico.
ActLabs crushes the samples and prepares 200-300 gr am pulp samples with ninety percent passing Tyler
150 mesh (106 µm). 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 Verifi cation
Quality assurance and quality control ("QA/QC") procedures monitor the chain-of-custody of the samples
and includes the systematic insertion and monitoring of appropriate reference materials (certified
standards, blanks and duplicates) into the sample s trings. The results of the assaying of the QA/QC
material included in each batch are tracked to ensure the integrity of the assay data. All results stated in
this announcement have passed Oceanus' QA/QC protoc ols.
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 ex perience in exploring and developing large
hydrothermal gold projects in Mexico. Oceanus is currently drilling and exploring the El Tigre Property in
the Sierra Madre Occidental.
CAUTIONARY STATEMENT:
Neither TSX Venture Exchange nor its Regulation Ser vices 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 expresse d
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 risk s and uncertainties related to exploration,
development, operations, commodity prices and globa l 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.
Table 1: List of Drill Intersections
Hole ID Comment From
(meters)
To
(meters)
Length (1)
(meters)
Au
(g/t)
Ag
(g/t)
AuEq75 (2)
(g/t)
ET-17-145 3.50 29.25 25.75 0.65 91.9 1.88
including 27.70 29.25 1.55 5.35 1380.1 23.75
including 28.50 29.25 0.75 10.91 2830.4 48.65
ET-17-146 68.85 71.80 2.95 0.94 138.7 2.79
and 81.20 90.80 9.60 0.34 23.8 0.66
including 81.20 82.60 1.40 0.40 113.9 1.92
ET-17-147 98.70 102.00 3.30 0.19 62.3 1.02
including 101.20 102.00 0.80 0.20 150.1 2.20
ET-17-148 90.10 95.35 5.25 1.08 218.0 3.98
including 90.10 94.00 3.90 1.40 292.4 5.30
including 90.10 90.60 0.50 10.00 2247.1 39.96
ET-17-149 15.50 17.05 1.55 0.14 27.6 0.51
and 32.10 35.60 3.50 0.16 25.7 0.51
including 32.70 33.20 0.50 0.42 85.6 1.56
and 55.50 56.50 1.00 0.29 32.7 0.72
ET-17-150 21.40 24.15 2.75 0.23 23.1 0.54
including 21.40 22.00 0.60 0.54 81.3 1.63
ET-17-151 60.70 61.90 1.20 0.15 24.7 0.48
Notes to Table 1:
(1) True width has not been calculated for each individual intercept, 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 ("AuEq75") ratio based on gold to silver price ratio of 75:1 Ag:Au.
SOURCE Oceanus Resources Corporation
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For further information: Tania Shaw, Vice President, Investor Relations, 416 419 2750,
CO: Oceanus Resources Corporation
CNW 07:30e 19-JAN-18