VANCOUVER, Feb. 13, 2020 /CNW/ - Oroco Resource Corp.
(TSX-V: OCO) ("Oroco" or "the Company")
announces that, with the TSX Venture Exchange acceptance for
filing of its option agreement (the "Option Agreement")
with Altamura Copper Corp. and the Altamura shareholders, the
Company is moving to the next phase of its development plan for the
Santo Tomas Project. The exercise of the option granted
pursuant to the Option Agreement (the "Option") will give
the Company a controlling interest in the Santo Tomas
Project. This is the final major step in the acquisition
phase of the Company's plans for the Santo Tomas Project. The
Company is now positioned to move into the historical resource
confirmation and expansion phase as it works to progress the
Santo Tomas deposit to an NI
43-101 compliant resource. The Company intends to hold a
board meeting next week with regard to the exercise of the
Option.
The Company also wishes to announce that its current President,
Craig Dalziel, has determined, and
the Oroco Board of Directors has agreed, that his management
transition plan should now be initiated. As stated by Mr.
Dalziel, "With the completion of our project acquisition phase,
Oroco is now entering a development phase at Santo Tomas that requires senior management
expertise more specific to the task at hand, that being the
exploration and development of a project that has the potential to
reach world class status. Accordingly, we have reached the
point at which it is appropriate that Mr. Ian Graham assume the role of President and
become formally responsible for the Company's technical and
administrative direction. I could not be more pleased that
Ian has agreed to accept his new appointment, to take effect as of
March 1, 2020."
Mr. Graham is an accomplished mining professional with over 20
years of experience in the development and exploration of mineral
deposits, mostly gained with major mining companies Rio Tinto and
Anglo American, including as Chief
Geologist with the Project Generation Group at Rio Tinto. Mr.
Graham has been involved with evaluation and pre-development work
on several projects in Canada and
abroad, including Resolution Copper (Arizona, USA), Diavik Diamond Mine
(Northwest Territories, Canada),
Eagle Nickel (Michigan, USA),
Lakeview Nickel (Minnesota, USA) and Bunder Diamonds
(India).
For further information about the Option Agreement and the Santo
Tomas Project, please refer to the Company's management information
circular dated November 19, 2019 and
the Company's news releases dated October 9,
2018, September 9, 2019,
December 20, 2019, and January 9, 2020, which are available under its
profile on SEDAR.
ABOUT OROCO:
The Company holds an irrevocable option to acquire a net 56.7%
interest in the collective 1,172.9 ha core concessions of the Santo
Tomás Project in NW Mexico, and
may increase that majority interest up to an 81.0% interest with a
project investment of up to CAD$30
million. The Company 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, 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.
The Santo Tomas Project is located within 160km of the Pacific
deep-water port at Topolobampo,
and 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 originally built to service the El Sauzal Mine
of Goldcorp in Chihuahua State. The reader is directed to the
Company's recently-filed, August 2019
Technical Report filed 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 Report.
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SOURCE Oroco Resource Corp.