VANCOUVER, Aug. 8, 2018 /CNW/ - Oroco Resource Corp. (TSX-V: OCO) (OTC: ORRCF) ("Oroco" or "the Company") is pleased to announce that the Papago 17 mineral concession, which hosts the southern extension of the Santo Tomasmineralization zone in Sinaloa, Mexico, has been formally granted to Ubaldo Trevizo Ledezma ("Trevizo") of Choix, Sinaloa. Further to the Company's news release of February 23, 2018, the Company, through its wholly-owned subsidiary, Minera Xochipala, S.A. de C.V., acquired from Trevizo a 77.5% interest in the application for the Papago 17 mineral concession, subject to a two percent net smelter royalty. Now that the concession has been granted, the Company will register its interest in the Mexican Public Registry of Mining.
The Papago 17 concession comprises approximately 213 hectares. Historic drilling indicates that a well-mineralized zone of quartz monzonite dikes and hornfelsed andesite of the established Santo Tomás mineralization zone passes southward onto the Papago 17 concession. The Santo Tomás mineralization zone is mapped on surface and drill tested along a strike length of 4 km on the Santo Tomás and Papago 17 concession areas. The Santo Tomas and Papago 17 reference map can be found at: http://orocoresourcecorp.com/portfolio/santo-tomas-porphyry-copper/
Commenting on the Papago 17 concession grant, Oroco President Craig Dalziel stated "We are very pleased that we have been able to realize the granting of the Papago 17 concession, which is so important to our land assembly initiatives in the Santo Tomas area. The Papago 17 concession hosts the most likely opportunity to increase the known area of the Santo Tomas mineralization zone, gives Oroco a certain foothold in the overall Santo Tomas project, and provides Oroco with an immediate exploration target while we work to resolve the title issues on the core concessions."
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact included herein, including without limitation, statements relating to future events or achievements of the Company, are forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated or implied in such statements. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these matters. Except as required by law, Oroco does not assume any obligation to update the forward-looking statements should they change, except as required by law.
SOURCE Oroco Resource Corp.