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Oroco Resource Temporarily Suspends Drilling Activities
Vancouver, Canada, June 09, 2022 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) announces that it has temporarily
About this update from Oroco Resources Corp.
[{"type":"text","content":" Vancouver, Canada, June 09, 2022 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) announces that it has temporarily suspended its drilling operations at Santo Tomas for safety and security reasons relating to an increase in federal military operations in the region resulting from a dispute between criminal elements. “Our primary concern at this time is to ensure the safety of our field personnel,” stated Craig Dalziel, Oroco’s Executive Chairman. “While disputes of this nature do not in any way directly affect our overall operations at Santo Tomas, we feel it is very important that the company and its personnel avoid all possible contact with any hostilities which may arise in the general area.” The Company intends to take advantage of this temporary shutdown by providing a seasonal break for its drilling crews while maintaining its core-processing activities at Ranchito, the Company’s central processing and storage facility. ABOUT OROCO: The Company holds a net 73.2% interest in the collective 1,172.9 ha Core Concessions of the Santo Tomas Project in NW Mexico and may increase that majority interest up to an 85.5% 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 (for a total project area of 22,192 acres). The Project is situated within the Santo Tomas District, which extends from Santo Tomas up to the Jinchuan Group’s Bahuerachi project, approximately 14 km to the northeast. Santo Tomas 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 and reverse circulation drill holes, totalling approximately 30,000 meters. Based on data generated by these drill programs, a historical Prefeasibility Study was completed by Bateman Engineering Inc. in 1994. The Santo Tomas Project is located within 160 km of the Pacific deep-water port at Topolobampo and is 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 Goldcorp’s El Sauzal Min...