VANCOUVER, March 6, 2020 /CNW/ - Oroco Resource Corp. (TSX-V: OCO) ("Oroco" or "the Company") is very pleased to announce the closing of the Company's acquisition of the balance of the ownership of Altamura Copper Corp. ("Altamura"), giving the Company 100 percent ownership of Altamura and outright control of the Santo Tomás porphyry copper project in northwestern Mexico.
"The Altamura acquisition completes a highly accretive process for Oroco and its shareholders," commented Craig Dalziel, the Oroco CEO. "We are now able to fully focus on the development of a significant geological asset which brings with it a very positive local community relationship; exceptional supporting infrastructure; an eager and capable local workforce; and clearly supportive local, regional and federal government agencies. The future for Santo Tomás and the surrounding communities is very bright."
For further information about the Company's acquisition of Altamura and the Santo Tomás Project, please refer to the Company's management information circular dated November 19, 2019 and the Company's news releases dated December 20, 2019, January 9, 2020 and February 27, 2020, all of which are available under Oroco's profile on SEDAR.
The Company is also very pleased to announce that Mr. Ian W. Rice, of London, England, has agreed to join the Company as its Senior Business Advisor. Mr. Rice is a well-known international entrepreneur with a career focus on the mining and renewable energy sectors. His considerable knowledge of the capital markets has directly contributed to the success of numerous early-stage public and private companies.
The Company holds 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 Tomás District, which extends from Santo Tomás 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 Tomás 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, 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.
SOURCE Oroco Resource Corp.
For further information: Mr. Craig J. Dalziel, CEO, Oroco Resource Corp., Tel: 604-688-6200, www.orocoresourcecorp.com