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."
ABOUT OROCO:
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.
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SOURCE Oroco Resource Corp.