Oceanus Reports High-Grade Silver Assays from the Caleigh, Canon Combination and Protectora Veins at the El Tigre Property in Sonora, Mexico
NEWS RELEASE
Oceanus Reports High-Grade Silver Assays from the Caleigh, Canon
Combination and Protectora Veins at the El Tigre Property in Sonora, Mexico
HALIFAX, NOVA SCOTIA – November 6, 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 2,375.97 g/t silver equivalent consisting of 1,896.3 g/t silver and 6.40 g/t gold over a
true width of 0.50 meters . Underground Channel Sample ETU-1006 returned 2,318.35 g/t silver
equivalent consisting of 1,970.7 g/t silver and 4.64 g/t gold 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 1,812.72 g/t silver equivalent consisting of 1,793.7 g/t silver and 0.25 g/t gold across a true
width of 0.50 meters.
In the Protectora vein, approximately 2 kilometers north of the old El Tigre Mine , underground channel
sample ET U-1008 returned 528.57 g/t silver equivalent consisting of 378.0 g/t silver and 2.01 g/t gold
across a true width of 0.50 meters.
Glenn Jessom e, 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 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
10,128.9 g/t silver equivalent consisting of 7,338.9 g/t sil ver, 37.2 g/t gold as well as 2.84% copper,
1.38% lead and 4.06% zinc . The silver equivalent ratio is based on a silver to gold price ratio of 75:1
(Ag:Au) and does not include the copper, lead and zinc values. ET-17-144 was one of the last drill holes 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, chal copyrite, stromeyerite 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 Ag Eq
Number Length Easting Northing Elevation g/mT g/mT g/mT
CALEIGH ETU-1005 0.5 670794 3386777 2023 10.13 966.6 1,726.31
CALEIGH ETU-1006 0.5 670795 3386780 2023 4.64 1,970.7 2,318.35
CALEIGH ETU-1007 0.5 670796 3386781 2023 6.40 1,896.3 2,375.97
CAÑON COMBINATION ETU-1012 0.5 670939 3385623 1833 0.25 1,793.7 1,812.78
CAÑON COMBINATION ETU-1013 0.5 670934 3385605 1833 0.26 364.9 384.40
PROTECTORA ETU-1008 0.5 670879 3386875 2092 2.01 378.0 528.57
PROTECTORA ETU-1004 0.5 670873 3386737 2016 1.12 340.4 424.66
AGUILA ETU-1009 0.6 670440 3386901 1943 0.94 73.3 144.10
AGUILA ETU-1010 0.5 670441 3387237 2082 0.90 212.6 280.08
LEVEL 4 ETU-1011 0.5 670862 3385002 1798 0.08 41.4 47.63
PROTECTORA ETS-2922 0.7 670886 3386775 2060 3.32 374.4 623.67
PROTECTORA ETS-2923 0.5 670832 3386715 2030 0.57 192.3 234.72
PROTECTORA ETS-2924 1.0 670867 3386713 2024 0.66 30.8 80.60
PROTECTORA ETS-2925 0.5 670816 3386473 2075 1.00 168.9 243.67
Note: Silver Equivalent (“EqAg”) ratio based on silver to gold price ratio of 75:1 (Ag:Au).
Figure 1 Location Map
El Tigre Resource Estimate
A maiden resource estimate for the El Tigre 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 and 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 which 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 o f 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 b ags are transported to the ActLabs facility in Zacatecas, Mexico. ActLabs
crushes the samples and prepares 200 -300 gram pulp samples 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 explori ng and developing large
hydrothermal gold projects in Mexico . Oceanus is currently 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 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 Ocam po 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”, “antici pates”, “estimates”, “intends”, “plans”, “projection”,
“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 assumption s, 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 stateme nts.
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.