VANCOUVER, June 11, 2019 /CNW/ - At the request of
IIROC, Oroco Resource Corp. (TSX-V: OCO) ("Oroco" or
"the Company") is providing the following clarifications to
its news release of June 7, 2019
wherein the Company announced the receipt of the initial draft of
an Independent Technical Report regarding the Geology,
Mineralization, and Exploration of the Santo Tomás Cu-(Mo-Au-Ag)
Porphyry Deposit in Sinaloa,
Mexico ("the Technical Report").
The Company wishes to clarify certain disclosure in compliance
with NI 43-101, 2.4 – Disclosure of Historical Estimates.
Specifically the historical Bateman Report cited in the news
release, discloses an historical estimate of 950 million tonnes
above a cut-off grade of 0.20% Cu, and contains approximately 7.4
billion pounds of copper. The conclusion and results of the
historical Bateman Report are no longer considered current.
The Mintec, Inc. resource estimate included in the
historical Bateman Report (1994) is the last publicly released
mineral resource estimate, but utilized a classification scheme
other than those set out in NI 43-101. Additionally, the mineral
resource estimate is no longer accepted under NI 43-101 standards
for reason that it does not conform to the current structural
geological model in the Technical Report. A qualified person has
not done sufficient work to classify the historical estimate as a
current mineral resource or mineral reserve. However, the
historical assaying and verification methods were performed within
the accepted standards applicable at the time.
The Company also wishes to clarify certain disclosure in
compliance with NI 43-101, 2.3(2) – Restricted Disclosure.
Specifically, NI 43-101, 2.3(2) requires the disclosure of
"exploration targets" as a range of quantities and grades and the
inclusion of cautionary language indicating this quantity and grade
are conceptual in nature. The Company has a target volume of
approximately 280 to 315 million tonnes and a target grade of 0.45%
to 0.55% copper in a tabular body dipping towards the west at 50º
in the potential near surface, higher grade central portion of the
North Zone. To clarify, the potential quantity and grade is
conceptual in nature, there has not been sufficient exploration to
define a mineral resource and it is uncertain if future exploration
will result in the target being delineated as a mineral
resource.
The technical information in this News Release has been reviewed
and approved on behalf of the Company by Mr. Dane Bridge, M.Sc., P. Geol., of Dane A.
Bridge Consulting Inc., an Independent Qualified Person under NI
43-101.
ABOUT OROCO:
The Company currently holds an irrevocable option to acquire 100
percent of Altamura Copper Corp., a private B.C. company which
holds a 50 percent interest in Compañía Minera Ruero, S.A. de C.V.,
the registered owner of the Santo
Tomas concessions, and an option to acquire the other 50
percent interest. The Santo
Tomas concessions are a contiguous group of seven mineral
concessions located in Sinaloa State, Mexico. Altamura Copper
Corp. also holds a 66.7 percent interest in Xochipala Gold, S.A de
C.V., the owner of a net 85 percent unregistered contractual
interest in the Santo Tomas
concessions. The Company and Altamura Copper Corp. are
pursuing the registration of the Santo
Tomas concessions to Xochipala Gold, S.A. de C.V. for reason
of its preferable ownership and investment structure relating to
those concessions (see the Company's most recent MD&A available
on SEDAR).
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.
Cautionary Note
Regarding Forward Looking Information
This news release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of applicable
Canadian securities legislation. All statements, other than
statements of historical fact included herein, including without
limitation, statements relating to future events or achievements of
the Company, are forward-looking statements. There can be no
assurance that such forward-looking statements will prove to be
accurate, and actual results and future events could differ
materially from those anticipated or implied in such statements.
Many factors, both known and unknown, could cause actual
results, performance or achievements to be materially different
from the results, performance or achievements that are or may be
expressed or implied by such forward-looking statements.
Readers should not place undue reliance on the
forward-looking statements and information contained in this news
release concerning these matters. Oroco does not assume any
obligation to update the forward-looking statements should they
change, except as required by law. Readers are also cautioned that
this news release includes reference to certain historical reports
and studies that are cited in the Technical Report. All of these
reports are older than three years before the date of the Technical
Report, and were not prepared for Oroco: as such these reports are
to be considered geological in nature, and are not to be relied
upon or assumed to imply any mineral resource classification(s)
with respect to the Santo Tomás Project areas of
mineralization.
SOURCE Oroco Resource Corp.