VANCOUVER, April 1, 2020 /CNW/ - Oroco Resource Corp.
(TSX-V: OCO) ("Oroco" or "the Company")
announces that as a result of a disclosure review by the British
Columbia Securities Commission ("the BCSC"), the Company
wishes to clarify and amend its disclosures with respect to its
Santo Tomas porphyry copper
project ("the Project") in northwest Mexico, specifically as those disclosures
relate to the treatment of an historical resource as reflected in a
Technical Report filed in September, 2019 and technical information
distributed since that time.
The BCSC reviewed the Company's October, 2019 and March, 2020
corporate presentations (the "Presentations") and its
current technical report dated August 22,
2019 and titled "Technical Report Geology, Mineralization,
and Exploration of the Santo Tomas Cu-(Mo-Au-Ag) Porphyry Deposit
Sinaloa, Mexico" authored by D. A. Bridge, P. Geol." (the
"Report"). Both the current Presentation and the Report
have been removed from the Company's website pending
revision. The disclosure issues in the Presentations and the
Report with respect to National Instrument 43-101 (the
"Instrument") and Form 43-101F1 are summarized in the
following discussion.
With regard to the Presentations, they do not include all
information required by the Instrument with regard to the
Historical Resource Estimate each time it is disclosed. The
Presentations also include mineral equivalent grades contrary to
the Instrument and do not identify and disclose the relationship to
the Company of the qualified person who prepared, supervised or
approved the technical information disclosed in the
Presentation.
With regard to the Report, it does not, in all places where the
Historical Resource Estimate is disclosed, include all information
and cautionary language required by the Instrument with regard to
the Historic Resource Estimates; includes historical economic
analysis contrary to the Instrument; and it uses the word "ore",
which with the disclosure of an Historical Resource Estimate,
implies technical and economic viability not supported in the
Report. The Company advises that, as a consequence, the
Report is not compliant with the Instrument and Form 43-101F1 and
should not be relied upon until a revised technical report is
filed.
The Company wishes to clearly reiterate that it does not
classify the Historic Resource Estimate referred to in the Report
as a current mineral resource and that it is not treating the
Historical Resource Estimate as a current mineral resource.
The historical work is being used by the Company solely to plan and
guide the location of future exploration geophysics and
drilling.
The Company is working with counsel and technical Qualified
Persons to correct the disclosures as required.
TECHNICAL REVIEW:
The technical information in this News Release has been prepared
in accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 ("NI 43-101") and has been reviewed and
approved on behalf of the Company by Mr. Paul McGuigan, P. Geo., of Cambria Geosciences
Inc., a Qualified Person under NI 43-101.
ABOUT OROCO:
The Company holds a net 61.4% interest in the collective 1,172.9
ha core concessions of the Santo Tomas 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 Tomas
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 Prefeasibility
Study was completed by Bateman Engineering Inc. in 1994.
The Santo Tomas Project is located within 160km 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 originally built to service the El
Sauzal Mine of Goldcorp in Chihuahua State.
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.
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SOURCE Oroco Resource Corp.