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Oroco Resource Commences PEA And Mobilizes More Drills to Santo Tomas Project
Vancouver, Canada, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company) is pleased to announce the commenc
About this update from Oroco Resources Corp.
[{"type":"text","content":" Vancouver, Canada, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company) is pleased to announce the commencement of a Preliminary Economic Assessment (a “PEA” or the “Study”) for the North and South Zones of the Santo Tomas Project located in NE Sinaloa, Mexico (“Santo Tomas”, or the “Project”). The Company has appointed Ausenco Engineering USA South Inc. (“Ausenco”) to lead the Study, with SRK Consulting (Canada) Inc. (“SRK”) to complete an updated Mineral Resource Estimate (“MRE”) and Mining Plus Canada Consulting Ltd. (“MP”) to complete an open pit mine design. ALS Metallurgy has been selected to undertake metallurgical testing. The PEA is expected to be completed by the beginning of Q2 2023. Ausenco, as our Study lead, brings a wealth of recent experience from projects and studies in Mexico, such as the SilverCrest Las Chispas EPC (Engineering, Procurement & Construction), Tarachi Gold’s Magistral EPCM (Engineering, Procurement & Construction Management), and Discovery Silver’s Cordero PEA projects, as well as a number of South American projects. Richard Lock, CEO, commented: “The PEA and updated MRE will represent an important foundation for the intended future sale of the Project. Assets of the quality and favourable location of the Project are increasingly rare and we believe that the MRE and PEA will be a significant step in creating shareholder value as we continue to advance the Project.” Preliminary Economic Assessment The scope of work to be undertaken by Ausenco, together with SRK and others, comprises two Phases: Phase 1: Mine to Mill Optimization, incorporating project engineering and including geotechnical assessment, metallurgical test work, off-site infrastructure, mine scheduling, and process plant engineering. The objectives of this Phase are to optimize mining and processing parameters by evaluating various business cases for the Project before proceeding to the PEA. Phase 2: Preliminary Economic Assessment, incorporating cost estimation (capital and operating) and financial analysis, which will cover all aspects of such studies, including mining and recovery methods, project infrastructure, capital and operating costs and financial analysis. The results of the Study will be compiled into an NI 43-101 Technical...