VANCOUVER, Jan. 9, 2020 /CNW/ - Oroco Resource Corp. (TSX-V: OCO) ("Oroco" or "the Company") is very pleased to announce the registration, in the Mexican Public Registry of Mining, of the transfer of all seven core concessions of the Santo Tomás copper porphyry project to Xochipala Gold, S.A. de C.V. ("XG"). XG is now the registered holder of a 100% interest in each of the seven concessions. XG is a subsidiary of Altamura Copper Corp. ("Altamura"), a B.C. company whose shares are subject to an irrevocable share purchase option held by Oroco.
Mr. Craig Dalziel, President of Oroco, stated, "This registration completes an arduous and complicated 10 year private and public acquisition process that will deliver tremendous value to the shareholders of Oroco. The Company is now in position to undertake the second major phase of its corporate development plans with the immediate acceleration of its exploration activities at Santo Tomás and its ultimate objective of positioning the project as a world-class acquisition target."
The Company holds an irrevocable option to acquire, via the ownership of Altamura Copper Corp., a net 56.7% interest in the collective 1,172.9 ha seven core concessions of the Santo Tomás Project in NW Mexico, and may increase that majority interest up to a net 81.0% interest with project investment of up to CAD$30 million. The exercise of the Altamura share purchase option by Oroco is subject to TSX-V approval. 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 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, Mexico, and is serviced via highway and proximal rail (and parallel corridors of trunk grid power lines and natural gas) from Topolobampo through the city of Los Mochis to the northern city of Choix. The Santo Tomás property is reached from Choix by way of 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 recent 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 Dalziel, President and CEO, Oroco Resource Corp., Tel: 604-688-6200, www.orocoresourcecorp.com