VANCOUVER, July 26, 2019 /CNW/ - Oroco Resource Corp.
(TSXV: OCO) ("Oroco" or "the Company") is pleased to
announce a non-brokered private placement (the "Private Placement")
of 3,000,000 units at a price of $0.45 per unit. Each unit will consist of
one common share of the Company and one-half of one common share
purchase warrant. Each whole share purchase warrant will be
exercisable into one additional common share for a period of 24
months at a price of $0.70 per share.
The Private Placement has been fully subscribed. The Private
Placement is subject to acceptance by the TSX Venture
Exchange.
The proceeds of the Private Placement will be used, in part, to
improve and develop road access to the North and South Zones at
Santo Tomas, construct an
exploration camp on the West Bench of the property, and undertake a
work campaign on the property involving ground geophysical and
geological surveys, including Three Dimensional Induced
Polarization programs. In addition, proceeds will be utilized
for aspects of project permitting, and the scoping of water and
power needs, sources and costs.
"Oroco is now in position to take advantage of the recent
resolution of its title concerns at Santo
Tomas," stated Oroco CEO, Craig
Dalziel. "We are now able to initiate the First Phase
of an extensive exploration and development plan for Santo Tomas intended to comprehensively
present its considerable porphyry copper potential. We are
very pleased to announce that we have reached this important
milestone in the advancement of the Santo
Tomas project."
ABOUT OROCO:
The Company holds an irrevocable option to acquire a majority
interest in the collective 1,172.9 ha core concessions of the Santo
Tomás project in NW Mexico. It
also holds a 77.5% interest in 7,807.9 ha of mineral concessions
surrounding and adjacent to the core concessions (a total project
size of 22,192 acres). The project is situated within the
Santo Tomas District, which
extends from Santo Tomas up to the
Jinchuan Group's Bahuerachi project, which lies approximately 14 km
to the north-east. Santo Tomás hosts a significant copper
porphyry deposit defined by prior exploration spanning the period
from 1968 to 1994. During that time, the property was tested
by over 100 diamond drill and reverse circulation drill holes,
totaling approximately 30,000 meters. Based on data generated
by these drill programs, a resource estimate for the project was
calculated by Mintec, Inc., and metallurgical test work was
conducted by Mountain States Research and Development, Inc.
In 1994, a Prefeasibility Study was completed by Bateman
Engineering Inc.
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.
SOURCE Oroco Resource Corp.