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Oroco Resource Corp. Reports Select Surface Sample of 7.57% Copper and Completion of Drone Magnetic Survey at Vainilla
Oroco Resource Corp. reported preliminary results from reconnaissance rock-chip sampling and geological mapping at the Vainilla Project in northern Sinaloa, Mexico, including one selective sample from the El Platano breccia pipe that returned 7.57% copper. The Company has also completed a high-resolution drone magnetometry survey over the property. One selective rock-chip sample from a historical working at El Platano returned 7.57% copper; the sample is not representative of the overall grade or continuity of mineralization. El Platano is interpreted as a mineralized breccia body hosting copper-iron oxides, secondary copper minerals, precious metal anomalies, quartz-tourmaline brecciation within a broad propylitic alteration halo in andesitic volcanics. Mapping surrounding Mazomique has identified magnetite-pyrite-chalcopyrite mineralization and copper oxides associated within exo-skarns exposed in previous mining operations. At Cristina, a structurally controlled breccia is host to anomalous gold, silver, copper and lead. A property-wide, high-resolution drone magnetic survey has been completed to assist in defining structural, intrusive, porphyry and skarn-related exploration targets. The geological program identified structurally controlled veining, skarn hosted copper mineralization and brecciation, hydrothermal alteration and polymetallic mineralization across the property. At El Platano, copper mineralization is exposed in surface outcrops and historical artisanal mine workings within an alteration feature presently mapped over approximately 600 metres by up to 250 metres. These dimensions describe the mapped alteration and do not imply continuous mineralization. The 2,973.7-hectare Vainilla concession lies approximately eight kilometres east of Choix and approximately 17 kilometres south of the South Zone of Oroco’s Santo Tomás Project, within the Santo Tomás cluster of the belt of Laramide orogenic-association porphyry intrusions. The Company holds an option to acquire a 100% interest in the Vainilla concession, subject to final approval by the TSX Venture Exchange. Note that the Company does not hold rights or title to the La Alicia, El Rosario and Cuauhtemoc concessions (total area of 78.75 ha) internal to the Vainilla concession. Sampling at the La Alicia concession were taken with the consent of the concession holder. Copper and local gold and silver values occur at El Platano. Additional mapping, sampling and geophysical interpretation are required to assess the extent, distribution and geological controls of mineralization before drill targets can be finalized. At Mazomique, chalcopyrite occurs with pyrite and magnetite in veins of replacement-style mineralization. The significance and extent of this mineralization remain to be determined through further fieldwork and integration with the drone magnetic data. Copper and molybdenum values were returned from selective samples of intrusive breccia east-southeast of Mazomique and warrant follow-up mapping and sampling. The drone survey covered approximately 3,114 hectares and comprised approximately 707-line kilometres, including 390 survey lines spaced 100 metres apart, and 35 tie lines. The data were processed to generate total magnetic intensity, reduced-to-pole and derivative products, together with preliminary three-dimensional magnetic susceptibility and magnetic-vector inversion models. Preliminary interpretation identifies a complex northwest-trending structural and intrusive framework and three principal areas of interest with magnetic characteristics that may be consistent porphyry and skarn systems. Oroco is integrating the magnetic results with its geological and geochemical database to prioritize follow-up mapping and sampling. The Company will also assess prospective structural intersections, intrusive contacts and magnetic anomaly margins as potential targets for further geophysical work and future drilling. Applications for drilling permits have been initiated, anticipating further positive results from more detailed mapping sampling and geophysical surveys. Blank and low-grade copper standards (as utilized in the Santo Tomás resource drilling programs) with known low-grade gold and silver values were inserted into the sample consignment sent to ALS in Hermosillo. Higher grade copper and silver values returned are reliant upon laboratory standards for QA/QC and are to be treated as indicative exploration results and not as standards-controlled assays. Andrew Ware, RM-SME, a Qualified Person as defined in NI 43-101 — Standards of Disclosure for Mineral Projects, and a senior consulting geoscientist to the Company, has reviewed and approved the technical disclosures in this news release. The Company adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting exploration activities. Oroco controls the Santo Tomás project, an advanced-stage porphyry copper project in Choix, Sinaloa, Mexico. Oroco holds a net 87.0% interest in the 1,173-hectare Core Concessions and an 80% interest in surrounding concessions at Santo Tomás. The Project was tested by historical drilling from 1968 to 1994 and by Oroco's Phase 1 program, which totaled 48,481 metres in 76 diamond drill holes and supported the revised Mineral Resource Estimate (“MRE”) and updated Preliminary Economic Assessment (“PEA”) filed in August 2024. The August 2024 MRE, prepared by SRK Consulting (U.S.) Inc., outlined an Indicated Resource of 540.6 Mt at 0.33% Cu, 0.008% Mo, 0.028ppm Au and 2.1 ppm Ag and an Inferred Resource of 530.3 Mt at 0.31% Cu, 0.007% Mo, 0.023ppm Au and 1.9ppm Ag. The updated PEA, prepared by Ausenco Engineering USA South Inc., contemplates a staged open-pit operation ramping from 60,000 t/d in Year 1 to 120,000 t/d by Year 8 over a 22.6-year life of mine, generating an after-tax NPV8% of USD 1.48 billion and an after-tax IRR of 22.2%. Both studies are available at www.orocoresourcecorp.com and on SEDAR+ at www.sedarplus.ca. The PEA is preliminary in nature, includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the results of the Preliminary Economic Assessment will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Market conditions, metal prices, costs, exchange rates, financing conditions, permitting requirements and other assumptions may have changed since the August 15, 2024 effective date.
