Field Activity Update - Week of May 23, 2022

Drilling continues at both the North Zone and Brasiles.

Rig #1 continued drilling N019. The rig is located on the western flank of the Santo Tomas ridge. From this location, N019 is positioned to test the down-dip extension of the North Zone, near the northern extremity of our current drill program. The hole is approaching 800m in length and will likely conclude in the coming days.

A core sample of N019 showing native copper at a depth of 746 meters
A core sample of N019 showing native copper at a depth of 746 meters. 

Rig #2 began drilling hole N020 on May 20, at the southern extremity of our new drilling. Drilling continues. N020 is collared at the crest of the Santo Tomas ridge in an area blanketed by young volcanic rocks that conceal the North Zone deposit. This drilling is a full 200m south of the fence drilled by N017 and N015. Our geological modelling shows that the historical drilling near this location only “clipped” the North Zone mineralization. Drilling here will test the full width of our targeted North Zone body.

Rig #3, located in the Brasiles West zone, completed drill hole B006 at a depth of about 700 meters. Currently a downhole IP survey is being conducted. Earlier this week the crews put in the road to the next drill location and cleared an area for the required drill pad. B007 represents a significant step-out to the north-east from recent holes. The pad is located about 400 meters NE from B003 that was the first hole in this Brasiles West zone. With B006 in the south, B007 drilling comprises a test of 900m of strike length on the Brasiles West zone.

At the property, a group of new junior geologists is being trained by SRK (a leading international mining consultancy firm) to conduct the measurements on oriented core for our geotechnical program.

Oroco geologists and geo-technicians working with employees of SRK.

RFC Ambrian “Copper Pathway to 2030.”

On Monday, Oroco’s CEO, Richard Lock, participated in an RFC Ambrian webinar,  about the “Copper Pathway to 2030.” RFC Ambrian’s report is available for download  here. During the webinar, Richard provided insights into the status of Oroco’s drill program and shared a project timeline reaching into 2023.

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These historical resource estimate models are based upon historical resource estimates prepared by John Thornton in 2011. While, in the opinion of Dane A. Bridge, author of the revised NI 43-101 standard technical report, Geology, Mineralization and Exploration of the Santo Tomas Cu-(Mo-Au-Ag) Porphyry Deposit, Sinaloa, Mexico dated April 21, 2020 (the “Report”), reliable estimation practices were used, in order to upgrade or verify the historical estimations, resampling and assay of historical drill samples, twinning of historical drill holes, and a new program of regularly spaced drilling is required. No qualified person has undertaken sufficient work to classify the current mineral resources or mineral reserves upon which these models are based and the Company is not treating the estimates as current estimates of the mineral resources. The Company gives no assurance that either these models or the historical resource estimates upon which they are based are accurate, and does not undertake any obligation to update the models or to release publicly any update or revisions of the resource estimates except as required by applicable securities law. The reader is cautioned not to rely upon these models or the historical resource estimates upon which they are based.

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