Oroco’s Santo Tomas project is a large, outcropping porphyry copper deposit, with a Historical multi-milion tonne contained copper resource, and following the recent completion of circa 50k meters of drilling in +76 holes, is presently nearing a maiden NI 43-101 compliant MRE and PEA. Recent drilling has was aimed at confirming and expanding the multi-million tonne contained copper resource.
Santo Tomas is located in coastal northwest Mexico, within the La Entrada al Pacifico, a multi-modal trade and transportation corridor, and will benefit from CAPEX and OPEX advantages as a result. The project enjoys strong community support and well as Mexico’s robust legislative and constitutional support for mining, and the safeguards of the country’s membership in a powerful North American trade block.
Management Ownership – 18%
Richard Lock – CEO
Richard Lock, CEO, is a mining engineer and has led the construction and development of several large mining projects around the world. He most recently was senior vice-president of PolyMet Mining Corp. and Project Director for its NorthMet Project in Minnesota. Amongst his prior project experience, Mr. Lock has held executive and project director roles at Arizona Mining Inc.’s Hermosa project, a lead-zinc-silver mine in southern Arizona; Yara International’s Dallol project, a Sulphate of Potash mining project in Ethiopia; Western Potash Corporation’s Milestone project, a potash solution mining project in Canada; and, more significantly, Rio Tinto’s Resolution and Keystone copper projects in Arizona and Utah, respectively.
With an upcoming MRE and PEA Oroco’s Santo Tomas project will emerge as one of the very few newly defined large copper deposits worldwide. Oroco seeks to raise the profile of the company concurrently with the completion of these studies.
Since the commencement of drilling at Santo Tomas in mid-2021, Oroco has issued numerous releases detailing drill results which have both confirmed and expanded upon historical drilling and the Historical multi-hundred million Tonne contained copper M&I resource. Oroco has successfully drill tested several thousand meters of strike kength to a depth of several hundred meters and across significant widths.
Two examples are as follows:
NI 43-101 compliant mineral resource estimate incorporating drill results from the recently completed 47k meter/+75 DD hole program.
Completion of a Preliminary Economic Assessment.
Follow-up drilling to explore the multiple zones where mineralization remains open and Santo Tomas, including the newly discovered higher grade zones at the southern extremity of the 5km tested strike length – Drill hole S018 which returned 187.9 m of 0.58% CuEq and 234.3 m of 0.40% CuEq, as well as open zones all along and northward from the tested strike.
Additionally, Oroco will advance past the upcoming Preliminary Economic Assessment towards the completion of a Pre-Feasibility Study.
Resource definition, additional funding, permitting.
Oroco is confident that recent drilling has successfully confirmed and expanded upon the historical results.
Havng raised in excess of CAD $57 milllion during the past 3 years, we are confident in our ability to raise an additional amounts that may be needed to advance to PFS.
The company has demonstrated its abilities to local authorities and is confident of the community support as well as State and Federal support for Santo Tomas.
Santo Tomas is an emerging copper giant at a time of increased awareness of a compelling and favourable supply/demand dynamic for copper projects and rising copper prices, and is among a very small number of similarly large copper deposits, well situated and with the potentail for a clear line of site to development, making it a highly prospective for “third party involvement” such as acquisition.
Oroco is approaching a number of milestones in 2023 – a compliant resource estimate and economic assessment, which will provide rerating opportunities.
Right time – ahead of importat milestones in the exploration process, an MRE and PEA, rising copper prices, declining discoveries and increased demand: right place – copper, infrastucture, community and legistaltive support: and on the verge of potential rerating as a conseuqnece of near term cataysts.