Oroco Resource Corp. Advances with New Payment Approval
Oroco Resource Corp. Strengthens Strategic Position
Oroco Resource Corp. (TSX-V: OCO; OTC: ORRCF) is making headlines with significant advancements in its operations. Recently, the company announced positive developments regarding its engagement with Whittle Consulting Ltd. This collaboration aims to enhance the strategic options for its Santo Tomas porphyry copper project through a comprehensive study designed to optimize the mine plan and assist in pre-feasibility efforts.
Details of the Whittle Consulting Agreement
The TSX Venture Exchange has given its stamp of approval to the terms of the engagement, which include integral compensation components. Specifically, Oroco will issue 1,560,000 common shares to Whittle at a deemed value of $0.30 per share. This issuance constitutes a partial payment of $342,000 towards the total fees of $570,000 for the study. Additionally, the company will provide 780,000 incentive share purchase options, allowing Whittle to acquire common shares at $0.45 each over the next 36 months. To ensure market stability, the Fee Shares will be subject to a four-month trading restriction post-issuance.
Initiation of the Strategic Option Study
Commencing promptly, the Strategic Option Study has already begun, with the final report expected to be completed shortly. This strategic undertaking is pivotal for refining the mine plan of the Santo Tomas project, which has shown promising geological highlights in previous explorations.
About the Santo Tomas Project
The Santo Tomas Project is a significant focus for Oroco, covering an extensive area of 6,121 hectares of mineral concessions, which includes its Core Concessions. These concessions house an 85.5% net interest in key central areas characterized by substantial copper porphyry mineralization, a result of extensive exploration from 1968 to 1994.
Historical Exploration and Recent Developments
During its earlier exploration phases, over 100 diamond and reverse circulation drill holes were conducted, contributing around 30,000 meters of drilling. The company revitalized exploration efforts in 2021 with a Phase 1 drill program that successfully completed 76 diamond drill holes, totaling 48,481 meters. This ongoing commitment to exploration and development indicates Oroco's resolve to advance the project and unlock its potential.
Future Prospects and Market Context
In August of the preceding year, Oroco published revised mineral resource estimates and updated a preliminary economic assessment (PEA) that are pivotal for potential investors and stakeholders. This information is accessible on the company's website, ensuring transparency and comprehensive reporting.
Infrastructure and Accessibility
Strategically located, the Santo Tomás Project is approximately 170 kilometers from the Pacific deep-water port at Topolobampo. It benefits from well-established logistics, including access via highway and rail, and is serviced by essential utility corridors. The project access is facilitated by a 32 km road initially constructed to support operations at Goldcorp’s El Sauzal Mine, underscoring the ore-rich region's potential.
Contact Information for Stakeholders
For more inquiries and detailed information about Oroco, interested parties can reach out to Craig Dalziel, Chairman of Oroco Resource Corp. He can be contacted by phone at 604-688-6200, or via email at info@orocoresourcecorp.com. Additional insights are available through the company's official website.
Frequently Asked Questions
What is the purpose of the Strategic Option Study?
The Strategic Option Study aims to optimize the mine plan for the Santo Tomas porphyry copper project and guide pre-feasibility work.
What significant approval did Oroco receive?
Oroco received TSX Venture Exchange approval for the payment terms regarding its engagement with Whittle Consulting Ltd.
How is Oroco financing the study conducted by Whittle?
The financing includes issuing shares and providing share purchase options as part of the total fee agreement for the study.
What is the size of the Santo Tomas Project?
The Santo Tomas Project encompasses a total area of 6,121 hectares located within northwestern Mexico.
Where can I find more information about Oroco?
More information can be found on Oroco's official website and SEDAR+ profiles, which provide access to reports and updates on operations.
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