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Tocvan Ventures Announces Agreement with Millrock Resources for El Picacho Project Sonora, Mexico
Adds to Portfolio with Project in Caborca Orogenic Gold Belt Calgary, Alberta - TheNewswire – June 8, 2021. Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocv
About this update from Tocvan Ventures Corp.
[{"type":"text","content":"Adds to Portfolio with Project in Caborca Orogenic Gold Belt Calgary, Alberta - TheNewswire – June 8, 2021. Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to announce it has signed a Letter of Commitment with Millrock Resources Inc. to acquire the Option Agreement (“Agreement”) for the El Picacho Gold Project (the “Project”) within the Caborca Orogenic Gold Belt in Sonora, Mexico. The Project is located 140 kilometers north of Hermosillo in Sonora, Mexico and is fully accessible by road. Extensive surface exploration has been conducted historically defining five (5) gold targets on the project. Tocvan believes these targets will be ready for drill testing with surface confirmation via trenching. A permit is currently active to allow for trenching and drilling on the Project. A site-visit has been completed by Tocvan to confirm target areas and project accessibility. The Agreement is subject to an additional 60-day due-diligence period effective June 7, 2021. About El Picacho Location and Infrastructure Total Area: 2,413.7 ha Road accessible, 140 km north-northwest of Hermosillo Excellent Road access. Railroad on eastern edge of Project 18 km southwest of San Francisco Mine (>3 Moz Au at 0.52 g/t Au in two open pits) Historic Work Summary 5 Orogenic Gold Targets Defined: San Ramon, Tortuga, El Puerto, La Cornea, and El Jabali (Figure 2) 2,650 rock samples collected (32 samples >10g/t Au, 189 samples > 1 g/t Au) Regional Scale mapping completed 3,548 soil samples collected, covering Project Area (up to 4.75 g/t Au in soil) 70% of area covered by ground magnetic survey 17.8 line-km of IP surveys Limited drilling completed, widely spaced Fully Permitted for Drilling and Trenching “We are extremely excited to announce the agreement to acquire the El Picacho Gold Project” Commented CEO, Derek Wood. “Tocvan sees this as a tremendous opportunity to add to our portfolio of strong gold assets and El Picacho will be the perfect compliment to Pilar. The amount of quality exploration work completed to date on the project provides Tocvan with several gold targets that can be advanced to drill ready status quickly. We look forward to advancing El Picacho while we continue to unlock the potential of Pilar.” Terms of Option Agreement Total cash payments ...