Oroco Resource Corp. (“
Oroco” or the “
Company”)
(TSXV:
OCO; OTCQB: ORRCF, BF: OR6) is pleased to announce a
mineral resource estimate (“
MRE”) for its Santo Tomas
Porphyry Copper Project in Sinaloa State, Mexico prepared by SRK
Consulting (U.S.), Inc. (“
SRK”) of Denver, Colorado.
Commenting on the MRE, CEO Richard Lock stated:
“This mineral resource estimate represents a key milestone for the
Company and the culmination of extensive legal property work and
geological investigation and analysis. We are very pleased
with the results, which confirm our belief that we have a
substantial resource at Santo Tomas that is exposed at or near
surface and has robust potential to support a large, low-cost
open-pit mining operation.”
HIGHLIGHTS of the MRE include:
- Total Indicated Sulphide4 Resources of 487.3 million
tonnes (“Mt”) of 0.36% equivalent copper 9,10
(“CuEq”) at a cut-off grade of 0.15% Cu, factoring in
recovery parameters for a flotation copper concentrate product
based on metal recoveries of 84.3% Cu, 66% Mo, 57% Au, and 54% Ag
(the “Recovery Parameters”). The Indicated Resource,
all contained within an economic pit shell8, results in contained
metal of 3,864 million pounds (“Mlbs”) of CuEq (see
Table 1).
- Total Inferred Sulphide4 Resources of 599.9 Mt of
0.36% CuEq at a cut-off of 0.15% Cu, factoring in the Recovery
Parameters. The Inferred Resource, all contained within an
economic pit shell8, results in contained metal of 4,697
Mlbs of CuEq (see Table 1).
- Total Contained Metals. The Indicated Resource CuEq is
calculated from total contained metals of 3,400 Mlbs Cu, 91.9
million pounds of molybdenum, 392.8 thousand troy ounces
(“Koz”) gold, and 32,719 Koz of silver. The Inferred
Resource CuEq is calculated from total contained metals of 4,171
Mlbs Cu, 95.6 Mlbs of molybdenum, 500.6 Koz gold and 38,458 Koz of
silver.
- Significant expansion from the historical
resource. The MRE has returned a current resource that
is significantly larger than the historical resource discussed in
the Company’s April 2020 Technical Report.
- Significant potential to expand the resource. The MRE
confirms the high potential of the project, which remains open to
the north and south, with clear potential for further expansion of
the resource and further conversion of MRE Inferred resources to an
Indicated resource classification.
- Mineralization has been identified outside the current
economic pit shell. Further exploration drilling and
associated work programs will be needed to define additional
Mineral Resources.
A total of 62,678 m of drilling in 156 holes has
been completed at the Santo Tomas Project. The drilling data
represents a combination of historical holes and holes drilled by
Oroco from 2021 to 2023.
The MRE is broken down by the two primary
mineralization zones identified at the Santo Tomas project: North
Zone and South Zone. These zones display similar
mineralization styles but are physically separated by localized
post-mineralization faults. The MRE is inclusive of
mineralization that partially projects under the Huites Reservoir.
It is not anticipated that the upcoming mine plans will access this
material. Approximately 10% of the indicated and inferred
resource is contained within a pit shell that would make incursion
upon the reservoir when compared with a pit shell prepared to avoid
incursion upon the reservoir zone.
Table 1: Mineral
Resource Estimate for the Santo Tomas Porphyry Copper Project,
Effective April 21, 2023 |
Category
|
Zone
|
TonnesMt
|
Average
Grade |
Contained
Metal3 |
CuEq
10% |
Cu% |
Mo% |
Aug/t |
Agg/t |
CuEq 10
Mlbs |
Cu 11
Mlbs |
Mo 11
Mlbs |
Au 11
Koz |
Ag 11
Koz |
Indicated |
North
Zone |
487.3 |
0.36 |
0.32 |
0.009 |
0.03 |
2.1 |
3,864 |
3,400 |
91.9 |
392.8 |
32,719 |
Total
Indicated |
487.3 |
0.36 |
0.32 |
0.009 |
0.03 |
2.1 |
3,864 |
3,400 |
91.9 |
392.8 |
32,719 |
Inferred |
North
Zone |
197.1 |
0.36 |
0.32 |
0.005 |
0.03 |
2.1 |
1,570 |
1,400 |
23.6 |
214.4 |
13,375 |
South
Zone |
402.8 |
0.35 |
0.31 |
0.008 |
0.02 |
1.9 |
3,127 |
2,772 |
72.0 |
286.2 |
25,083 |
Total
Inferred |
599.9 |
0.36 |
0.32 |
0.007 |
0.03 |
2.0 |
4,697 |
4,171 |
95.6 |
500.6 |
38,458 |
Notes:
- Mineral resources are not mineral reserves and do not have
demonstrated economic viability.
- The mineral resources are reported at an in-situ cut-off grade
of 0.15% Cu.
- All figures are rounded to reflect the relative accuracy of the
estimates. Totals in Table 1 may not sum or recalculate from
related values in the table due to rounding of values in the table,
reflecting fewer significant digits than were carried in the
original calculations.
- The MRE excludes identified oxide material due to a lack of
confidence in recovery assumptions of oxidized tonnages at this
stage of the project.
- Metal assays are capped where appropriate. At this stage
of the project, it is the Company’s opinion that all the elements
included in the metal equivalents calculation have a reasonable
potential to be recovered and sold.
- All dollar amounts are presented in U.S. dollars.
- Bulk density is estimated on a block basis using specific
gravity data collected on diamond drill core.
- Economic pit constrained resource with reasonable prospects of
eventual economic extraction (“RPEEE”) were based on a
copper price of $3.80/lb, molybdenum price of $12.00/lb, a gold
price of $1,650/oz, and a silver price of $22.00/oz. Metal
recovery factors of 84.3% for copper, 66% for molybdenum, 57% for
gold and 54% for silver have been applied. Average slope
angles of up to 50 degrees are applied (45 degrees for over 360 m
elevation and 50 degrees below 360 m elevation) and are based on
geotechnical data collected to date.
- The in-situ economic copper cut-off grade (CoG) was calculated
resulting in a 0.13% Cu CoG. To align with previously
published mineral resources, Oroco has selected an effective CoG at
0.15% Cu. CoG assumptions include: a copper price of
$3.80/lb, molybdenum price of $12.00/lb, gold price of
$1,650.00/oz, and silver price of $22.00/oz. Suitable
benchmarked technical and economic parameters for open pit mining,
including a 99% mining recovery and costs of mining at $2.25/t,
processing at $5.00/t, G&A at $1.00/t, and selling costs at
$1.00/t, with Private Royalties at 1.5%, have been applied in
consideration of the RPEEE. Recoveries are applied as listed in
Note 8.
- Equivalent Copper (CuEq) percent is calculated with the formula
CuEq = ((Cu grade * Cu recovery [84.3%] * Cu price) + (Mo grade *
Mo recovery [66%] * Mo price) + (Au grade * Au recovery [57%] * Au
price) + (Ag grade * Ag recovery [54%] * Ag price)) / (Cu price *
Cu recovery [84.3%]). It assumed that the Santo Tomas Project
will produce a conventional (flotation) copper concentrate product
based on metal recoveries at 84.3% Cu, 66% Mo, 57% Au, and 54% Ag
based on initial preliminary metallurgical test work.
- Reported contained individual metals in Table 1 represent in
situ metal, calculated on a 100% recovery basis, except for CuEq%
(see Note 10).
The MRE was prepared by SRK in accordance with
the Canadian Institute of Mining, Metallurgy, and Petroleum
(“CIM”) Definition Standards incorporated by reference in
National Instrument 43-101 (“NI 43-101”) with an effective
date of April 21, 2023. The NI 43-101 compliant technical
report will be prepared and released by the Company and available
on SEDAR (www.sedar.com) under the Company’s profile within 45 days
of this news release.
The mineral resource estimation process includes
updated structural, lithologic and mineralization models. The
Company provided SRK with an exploration database including drill
hole collar and downhole survey, logging, assay, specific gravity,
geotechnical classification and associated information. In addition
to the database, SRK has worked closely with the Company on
geological interpretation to incorporate the deposit knowledge
gained through detailed mapping, drilling and analyses on the
property. The resource estimation methodology involved the
following procedures:
- Database compilation and verification.
- Construction of wireframe models for the major structures and
controls on mineralization.
- Definition of resource domains using a combination of logging,
lithology, structure, and copper mineralization grade shells.
- Data conditioning (compositing and capping) for statistical and
geostatistical analyses.
- Determining spatial continuity through variography within the
estimation domains.
- Block modeling and grade interpolation for all key economic
variables (Cu, Mo, Ag, Au, and Sulphur [S])
- Resource classification and block model validation.
- Assessment of “reasonable prospects for eventual economic
extraction” (“RPEEE”) using a constraining economic pit
shell and selection of an appropriate reporting cut-off grade
(“CoG”); and
- Preparation of the Mineral Resource Estimate (MRE).
SRK has completed the geological modeling and
mineral resource estimate using Seequent Leapfrog Geo and Leapfrog
Edge, respectively. The procedure involved construction of
wireframe models for structural geology controls, key
geological/mineralization domains, data conditioning (compositing
and capping) for statistical analysis, variography analysis, block
modeling and grade interpolation followed by block model
validation. Grade was estimated using a combination of
ordinary kriging and inverse distance weighted cubed
(“IDW3”) estimates for copper, molybdenum, gold and silver.
Sulphur grades are estimated using inverse distance weighting
squared (“IDW2”), and bulk density is estimated using a
combination of simple kriging and IDW2. Grade estimation was based
on block dimensions of 50 m x 50 m x 10 m for the 2023 model. The
block size reflects current data spacing across the project while
considering a likely open pit mining method. Classification of
mineral resources considers the Exploration team’s geologic
understanding (structure complexity, lithology, alteration, and
mineralization), continuity of mineralization, data quality and
spatial distribution of drilling conducted at the project.
Future Work ProgramsAs a result of the
robust MRE, the Company plans to proceed with a Preliminary
Economic Assessment (“PEA”). Ausenco Engineering USA
South Inc. has undertaken preliminary metallurgical work on drill
core samples collected from representative lithologies and
mineralized intervals at North Zone which were used in the MRE,
CuEq calculation and pit optimization parameters. Preliminary
recovery parameters to date are 84.3% Cu, 66% Mo, 57% Au, and 54%
for Ag. The Company plans additional drilling programs to
further define mineral resources, geotechnical parameters, and
metallurgical recoveries. Additional work is required to
evaluate a possible oxide copper resource.
Cautionary Notes to Investors – Mineral
Resource and Reserve EstimatesIn accordance with applicable
Canadian securities laws, all Mineral Resource estimates of the
Company disclosed or referenced in this news release have been
prepared in accordance with the disclosure standards of NI 43-101
and have been classified in accordance with Canadian Institute of
Mining, Metallurgy, and Petroleum’s “Definition Standards for
Mineral Resources and Reserves” (the “CIM Standards”).
Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. The estimate of mineral
resources may be materially affected by environmental, permitting,
legal, title, socio-political, marketing, or other relevant issues.
In particular, the quantity and grade of reported inferred
mineral resources are uncertain in nature and there has been
insufficient exploration to define these inferred mineral resources
as an indicated or measured mineral resource. It is uncertain
in all cases whether further exploration will result in upgrading
the inferred mineral resources to an indicated or measured mineral
resource category.
Qualified PersonScott Burkett, SME-RM
(#4229765), Principal Consultant (Resource Geology) with SRK,
prepared the MRE for Santo Tomas according to CIM Standards and
will be supported by a NI 43-101 independent report which will be
published and filed on the Company’s website and SEDAR profile
within 45 days. The NI 43-101 report will include detailed
information on the key assumptions, parameters and methods used to
estimate the mineral resources.
Mr. Burkett, a “Qualified Person” (Registered
Member of the SME) as defined by NI 43-101 has reviewed and
approved the technical contents of this news release as those
contents relate to the MRE.
Mr. Andrew Ware, SME-RM (#4195069), a “Qualified
Person” (Registered Member of the SME) and a senior consulting
geologist to the Company, has reviewed and approved the technical
disclosures in this news release for Oroco.
ABOUT OROCO The Company holds a net 85.5%
interest in the collective 1,172.9 hectare (“ha”) Core
Concessions of the Santo Tomas Project in northwestern Mexico. The
Company also holds an 80% interest in 8,154.3 ha of mineral
concessions surrounding and adjacent to the Core Concessions (for a
total project area of 23,048 acres). The Project is situated within
the Santo Tomas District, which extends from Santo Tomas up to the
Jinchuan Group’s Bahuerachi project, approximately 14 km to the
northeast. Santo Tomas hosts significant copper porphyry
mineralization defined by prior exploration spanning the period
from 1968 to 1994. During that time, the property was tested by
over 100 diamond and reverse circulation drill holes, totalling
approximately 30,000 meters. The Company has completed its
2021-2023 drill program (Phase 1) at Santo Tomas with a total of
48,481 meters drilled in 76 diamond drill holes.
The Santo Tomas Project is located within 160 km
of the Pacific deep-water port at Topolobampo and is serviced via
highway and proximal rail (and parallel corridors of trunk grid
power lines and natural gas) through the city of Los Mochis to the
northern city of Choix. The property is reached by a 32 km access
road, part of which was originally built to service Goldcorp’s El
Sauzal Mine in Chihuahua State.
Additional information on Oroco can be found on
its website at www.orocoresourcecorp.com and by reviewing its
profile on SEDAR at www.sedar.com.
For further information, please contact:Richard
Lock, CEOOroco Resource Corp. Tel: 604-688-6200 Email:
info@orocoresourcecorp.com www.orocoresourcecorp.com
Cautionary Note Regarding Forward-Looking
Information
This news release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation based on expectations, estimates and projections as at
the date of this news release. Forward-looking information involves
risks, uncertainties and other factors that could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. All statements other than statements of fact included
in this document constitute forward-looking information, including,
but not limited to, objectives, goals or future plans, statements
regarding anticipated exploration results and exploration plans,
Oroco’s expectations regarding the future potential of the Santo
Tomas deposits, its plans for additional drilling and other
exploration work on the Santo Tomas deposits, its expectations
regarding the production of a Preliminary Economic Assessment
(“PEA”) for Santo Tomas and the potential to advance the PEA
study.
Forward-looking information is not, and cannot
be, a guarantee of future results or events. Forward-looking
information is based on, among other things, opinions, assumptions,
estimates and analyses that, while considered reasonable by the
Corporation at the date the forward-looking information is
provided, inherently are subject to significant risks,
uncertainties, contingencies and other factors that may cause
actual results and events to be materially different from those
expressed or implied by the forward-looking information.
Factors that could cause actual results to
differ materially from such forward-looking information include,
but are not limited to, capital and operating costs varying
significantly from estimates; the preliminary nature of
metallurgical test results; delays in obtaining or failures to
obtain and comply with required governmental, environmental or
other project approvals; uncertainties relating to the availability
and costs of financing needed in the future; changes in equity
markets; inflation; fluctuations in commodity prices; delays in the
development of the project; COVID-19 and other pandemic risks;
those other risks involved in the mineral exploration and
development industry; and those risks set out in the Corporation’s
public documents filed on SEDAR at www.sedar.com.
Should one or more risk, uncertainty,
contingency or other factor materialize or should any factor or
assumption prove incorrect, actual results could vary materially
from those expressed or implied in the forward-looking information.
Accordingly, you should not place undue reliance on forward-looking
information. Oroco does not assume any obligation to update or
revise any forward-looking information after the date of this news
release or to explain any material difference between subsequent
actual events and any forward-looking information, except as
required by applicable law.
Neither the 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 news release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
Christy Fabros
Oroco Resource Corp.
(604) 688-6200
cfabros@orocoresourcecorp.com
Oroco Resource (TSXV:OCO)
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