Today, Oroco announced the acquisition of the Rossy Concession. So I thought that it would be a good idea to point out the significance of it.
From the following map, notice the three holes that I circled north of the river.
The drill data for these holes has been lost but has been reported by those who had been in possession of it to be “high grade.” The nearest drill hole to the Rossy concession is ~100 meters from the boundary of the two properties, and the mineralized trend runs in the direction of Rossy. Therefore, it is very important to own Rossy for its potential for high-grade copper mineralization.
After Oroco raises some money for drilling, the company will definitely put some holes there to find out if the high grade is really there. Without owning the Rossy Concession, it would not make any sense for Oroco to drill there. You don’t drill on the land you don’t own or close to property you don’t own, if there’s a chance mineralization extends onto your neighbour’s property. So by acquiring the Rossy Concession, Oroco will be able to drill new holes in this area and benefit from any success of finding high grade ore.
This property fills in the last piece of the puzzle and gives Oroco control over all known, likely, and possible areas of mineralization at Santo Tomas. Oroco now owns properties containing a mineralized structure up to 8 kilometres in length which, drilling has confirmed mineralization to be present over at least 5 kilometres. A MI&I resource of approximately 2 billion tons has been identified on only 4 km of the 8. The upside potential is huge, both on the 4 km area of identified resource, where mineralization remains open to depth and 24 of 49 drill holes ended while still in mineralization, the extra 1 km from the North Zone resource to the holes near the Rossy property, and on an additional 3 km of length of untested length. It’s a DISTRICT scale project, now all owned by Oroco.
Disclosure: Long Oroco
Original News
Oroco Acquires Key Mineral Concession Interest within the Santo Tomas District
Canada NewsWire
VANCOUVER, July 12, 2019
VANCOUVER, July 12, 2019 /CNW/ - Oroco Resource Corp. (TSX-V: OCO) ("Oroco" or "the Company") is pleased to announce that it has entered into a Letter Agreement for the acquisition, through its wholly-owned Mexican subsidiary, Minera Xochipala, S.A. de C.V., of an 80% interest in the 766.7 ha Rossy mineral concession situated within the NE limits of Oroco's existing land assembly at Santo Tomas. The westernmost boundary of the Rossy concession lies 750 meters from the eastern boundary of the Bob concession, which covers a significant portion of the Santo Tomas North Zone.
Oroco has acquired its interest in the Rossy concession in consideration for the payment of US$125,000over two years, the issuance by Oroco of 300,000 shares, and the grant to third parties of an aggregate 1.5% net smelter royalty. The transaction is subject to the approval of the TSX Venture Exchange.
The Rossy concession straddles the NE trend of Laramide intrusions, hydrothermal alterations and sulphide mineralization extending northeast from the Santo Tomas North Zone into the Brasiles Zone. Historical drilling at Santo Tomas extends to within 100 meters of the western boundary of the Rossy concession.
Commenting on the Rossy acquisition, Craig Dalziel, Oroco's CEO, stated: "Acquiring the Rossy concession is a big step forward in Oroco's land assembly initiatives at Santo Tomas. The Rossy concession has long been an acquisition target for Oroco for reason of its favourable geology and proximity to the Brasiles Zone."
Mineral concessions that make up the Santo Tomas Project and controlled by Oroco now total approximately 8,980.8 ha (22,192 ac).
