Oceanus Reports High-Grade Silver and Gold Assays from the Caleigh, Canon Combination and Protectora Veins at the El Tigre Property in Sonora, Mexico
NEWS RELEASE
Oceanus Reports High-Grade Silver and Gold Assays from the Caleigh, Canon
Combination and Protectora Veins at the El Tigre Property in Sonora, Mexico
HALIFAX, NOVA SCOTIA – November 1 , 2019 – Oceanus Resources Corporation (TSXV:OCN and
OTCQB:OCNSF) ("Oceanus" or the “ Corporation”) reports it has received assay results of channel samples
collected in September, 2019 from legacy underground exploration tunnels and from surface samples on the
Caleigh, Canon Combination (unmined portion of the El Tigre vein) , Protectora and Aguila veins located
north of the old El Tigre Mine in Sonora, Mexico (see Figure 1 sample Location Map).
In the Caleigh vein, approximately 2 kilometers north of the old El Tigre Mine, underground channel sample
ETU-1007 returned 31.68 g/t gold equivalent consisting of 6.4 g/t gold and 1,896.3 g/t silver over a true
width of 0.50 meters . Underground Channel Sample ETU-1006 returned 30.91 g/t gold equivalent
consisting of 4.64 g/t gold and 1,970.7 g/t silver over a true width of 0.50 meters.
In the Canon Combination vein (unmined portion of the El Tigre vein) underground channel sample ET U-
1012 returned 24.17 g/t gold equivalent consisting of 0.25 g/t gold and 1793.7 g/t silver across a true width
of 0.50 meters.
In the P rotectora vein, approximately 2 kilometers north of the old El Tigre Mine , underground channel
sample ETU-1008 returned 7.05 g/t gold equivalent consisting of 2.01 g/t gold and 378.0 g/t silver across a
true width of 0.50 meters.
Glenn Jessome, President and CEO of Oceanus reports, “After delivering our maiden 43 -101 compliant
resource estimate our current ongoing program continues to explore our 28,414 hectare district scale El
Tigre Property. These high-grade silver and gold results in the Caleigh, Canon Combination and
Protectora Veins further our understanding of the mineralization north of the old El Tigre mine. The results
from the mapping and sampling of the underground workings and at surface present a series of high priority
drill targets over a 2 kilometer strike length north of the old El Tigre Mine, which we intend to drill.”
As previously press released by Oceanus, drill hole ET-17-144 in the Caleigh Vein returned 0.85 meters of
135.1 g/t gold equivalent consisting of 37.2 g/t gold , 7,338.9 g/t silver as well as 2.84% copper, 1.38%
lead and 4.06% zinc. The gold equivalent ratio is based on a gold to silver price ratio of 1:75 (Au:Ag) and
does not include the copper, lead and zinc values. ET-17-144 was one of the last drill hole s of the drill
program completed by Oceanus. Drill hole 144 was a step-out hole located approximately 800 meters to the
north of the old El Tigre Mine. The mineralized zone consists of several vuggy quartz veins and veinlets
carrying galena, sphalerite, chalcopyrite, s tromeyerite and pyrite within a strongly silicified and kaolinized
alteration zone.
The significant channel sample assay results are set out in the table below with ETU designating
underground samples and ETS designating surface samples. (see Figure 1 sample Location Map):
Vein Sample Sample UTM UTM Sample Au Ag Au75
Number Length Easting Northing Elevation g/mT g/mT g/mT
CALEIGH ETU-1005 0.5 670794 3386777 2023 10.13 966.6 23.02
CALEIGH ETU-1006 0.5 670795 3386780 2023 4.64 1,970.7 30.91
CALEIGH ETU-1007 0.5 670796 3386781 2023 6.40 1,896.3 31.68
CAÑON COMBINATION ETU-1012 0.5 670939 3385623 1833 0.25 1,793.7 24.17
CAÑON COMBINATION ETU-1013 0.5 670934 3385605 1833 0.26 364.9 5.13
PROTECTORA ETU-1008 0.5 670879 3386875 2092 2.01 378.0 7.05
PROTECTORA ETU-1004 0.5 670873 3386737 2016 1.12 340.4 5.66
AGUILA ETU-1009 0.6 670440 3386901 1943 0.94 73.3 1.92
AGUILA ETU-1010 0.5 670441 3387237 2082 0.90 212.6 3.73
LEVEL 4 ETU-1011 0.5 670862 3385002 1798 0.08 41.4 0.64
PROTECTORA ETS-2922 0.7 670886 3386775 2060 3.32 374.4 8.32
PROTECTORA ETS-2923 0.5 670832 3386715 2030 0.57 192.3 3.13
PROTECTORA ETS-2924 1.0 670867 3386713 2024 0.66 30.8 1.07
PROTECTORA ETS-2925 0.5 670816 3386473 2075 1.00 168.9 3.25
Note: Gold Equivalent (“EqAu75”) ratio based on gold to silver price ratio of 1:75 (Au:Ag).
Figure 1 Location Map
El Tigre Resource Estimate
A maiden resource estimate for the El T igre 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 a nd 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.
El Tigre Property
The El Tigre Property lies at the northern end of the Sierra Madre gold belt whi ch hosts m any 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 district scale El Tigre Property is approximately 35 kilometers long and comprises 28,414 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, 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.
Lab Preparation and Assay
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 s amples 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 4 acid 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). Over limits greater than 10,000 ppm for copper, lead and zinc are re -assayed using 4 acid
total digestion (Code 8-4A AAS) and reported in percent.
Quality Assurance / Quality Control and Data Verification
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 strings. 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 protocols.
Qualified Person
David R. Duncan, P. Geo., V.P. Exploration of the Corporation, is the Qualified Person for Oceanus as
defined under National Instrument 43 -101. Mr. Duncan has reviewed 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 silver and 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 exploring the El Tigre Property in the Sie rra
Madre Occidental.
For further information, please contact:
Glenn Jessome
President and CEO
902 492 0298
CAUTIONARY STATEMENT:
Neither TSX Venture Exchange nor its Regulat ion 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 abili ty to
convert inferred resources to indicated resources, the ability to complete future dril ling 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 plan s 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”, “projectio n”,
“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 uncertai nties
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.