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Site Activities Update, to February 20th, 2023

The project field work in Phase One drilling is largely complete. One drill rig continues to operate and the emphasis is now on incorporating the data generated by the c75 holes in c47,000m of completed drilling into the upcoming mineral resource estimate and preliminary economic assessment.

Since the start of 2023 we completed drill holes S020 and S021 at South Zone, and N044 and N045 at the southern reach of the North Zone. Last week we collared N046 which will drill a horizontal hole from a position immediately adjacent to the collars of N044 and N045.  We hope to explain the targeting and disposition of the single drill rig horizontal/shallow program below.

We haven’t dispatched any samples to the lab in Hermosillo – we expect that N045 will be shipped in its entirety when site processing completes.

We have received numerous queries regarding the rationale for, and the disposition of, the horizontal / shallow angle drill hole program we are conducting at the south end of the North Zone. The program grew out of recognition that mineralization extends westward of the historical grade shell in the southern reach of North Zone, and appears to be shallow with respect to the west slope of the North Zone / Sto. Thomas ridge. However, the target zone isn’t readily accessible using our conventional approach (cliffs and steeply dissected topography), so we arranged with Major Drilling for the deployment of a modified underground rig that would allow us to transect the targets using flat & shallow angle drill holes.

Map illustrating the locations of the horizontal/shallow angle drill program (holes N044 to N046). Click on the image to see an interactive 3D video of the target mineralization.

The video file will play on clicking on the Map Image above, or can be controlled using the slider. Elements of the video include the pink solid or sectional trace representing the historical grade shell, the drab olive solid representing a area or chargeability greater than 17.9mV/V and the late visible green outline representing a zone of low resistivity (< 2.2 Ohm.m). Drill traces appear as thick grey lines, some showing Composite Grade Intervals where Composites of ≥ 10m of ≥ 0.1% Cu, including up to 4m of ≥ 0.05% Cu, are displayed against the colour ramp below:

% Cu

We trust this helps you visualize this part of the program at Santo Tomás.

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NEWS RELEASE February 2, 2023 - Oroco Drills 187.9 m of 0.58% CUE equivalent at Santo Tomas

VANCOUVER, British Columbia – (February 2, 2023) Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) announces assay results from drill holes S004 through S018 (8,547 m of drilling) of its South Zone drilling program at its Santo Tomas property (the “Property”) located in northwestern Mexico (see Table 1, Figure 3 and the South Zone cross-sections, attached). To view an interactive 3D model that includes the South Zone results announced today, please use the following link: https://vrify.com or visit Oroco's website: www.orocoresourcecorp.com.

DRILL RESULT HIGHLIGHTS:

Richard Lock, Oroco’s CEO, commented: “We are extremely encouraged by our current drilling results. They are beginning to confirm the mineralization which was indicated by the historical drilling in the South Zone, therefore adding to the impressive results from our North Zone drilling program. We anticipate that these results will come together very positively in support of our Preliminary Economic Assessment, which is expected in the second quarter of 2023.”

SOUTH ZONE PROGRAM

The Company has now completed a 21-hole South Zone drill program (12,154 m) designed to confirm and test the South Zone mineralized structures, with the assay results up to drill hole N018 now being reported, and those of holes S019 through S021 currently pending.

All drill holes tested the deposit approximately perpendicular to its structural attitude. Core intervals are within approximately 10% of true thickness. Assay results and cross-sections of all South Zone, North Zone and Brasiles Zone drill holes released to date are available at the Company’s website.

Historical drilling, surface geological mapping, and the Dias Geo 3D Induced Polarization survey have defined near-surface mineralization projected to 400 m below the surface along 2,000 m of strike length in the South Zone.

The South Zone is only partly tested by the current drill program. However, the historical drilling and the 2022-2023 drill program conclusively define a NNW to NNE trending zone of faulting, Laramide-age intrusion, hydrothermal breccias and mineralization along the entire two kilometer corridor south of drill hole N034 of the North Zone.

DRILLING RESULTS – MIDDLE SEGMENT OF THE SOUTH ZONE

DRILLING RESULTS – SOUTHERN SEGMENT OF THE SOUTH ZONE

The southern segment of the South Zone has a contrasting geology to the North Zone. The North Zone is a body of sheeted, west-dipping Laramide-age intrusive dikes and mineralization. Drilling of the southern segment has intersected similar west-dipping intrusions and mineralization but also cut a slightly younger overprinting of mineralized hydrothermal breccia bodies and a wide body of stockwork vein and fracture mineralization. Grades are comparable to North Zone and locally extend over wider intervals than seen in the North Zone to date.

Table 1: Significant Assay Intervals in the 2021-2023 Program, Drill Holes S004 to S018:

Drill
Hole
No.		 Dip From
(m)		 To
(m)		 Length
(m)		 Cu
%		 Mo
%		 Au
g/t		 Ag
g/t*		 CuEq
%
S004 -55 64.0 84.3 20.3 0.26 0.003 0.041 2.01 0.30
" -55 107.0 130.0 23.0 0.30 0.002 0.036 3.39 0.33
" -55 167.0 294.0 127.0 0.37 0.002 0.049 2.09 0.41
S005 -55 201.6 255.8 54.2 0.25 0.006 0.015 1.48 0.28
S006 -55 35.5 182.1 146.6 0.37 0.002 0.073 2.89 0.43
S007 -55 135.0 200.0 65.0 0.14 0.003 0.010 1.88 0.16
S008 -55 186.0 230.0 44.0 0.22 0.013 0.018 2.16 0.28
S009 -55 47.7 119.0 71.3 0.14 0.001 0.026 1.15 0.17
" -55 148.9 172.1 23.2 0.32 0.002 0.079 1.72 0.39
" -55 180.0 204.3 24.3 0.28 0.001 0.041 1.82 0.32
S012 -55 157.0 239.0 82.0 0.37 0.004 0.032 3.25 0.41
" -55 241.0 264.1 23.1 0.22 0.004 0.008 1.75 0.24
" -55 272.1 314.0 41.9 0.19 0.002 0.006 1.75 0.20
S013 -55 37.0 103.0 66.0 0.23 0.002 0.041 2.97 0.27
S014 -55 116.0 160.0 44.0 0.29 0.006 0.014 2.71 0.32
" -55 166.0 312.0 146.0 0.24 0.008 0.014 1.89 0.28
" -55 318.0 384.0 66.0 0.26 0.018 0.009 1.63 0.34
S015 -55 10.0 57.0 47.0 0.35 0.008 0.018 1.84 0.40
" -55 78.4 257.6 179.2 0.36 0.020 0.022 1.92 0.45
" -55 259.4 275.0 15.6 0.23 0.11 0.008 1.69 0.28
S016 -80 88.0 437.1 349.1 0.36 0.006 0.027 2.34 0.40
S017 -55 187.0 329.0 142.0 0.21 0.12 0.15 1.38 0.27
S018 -35 6.7 42.0 35.3 0.27 0.009 0.010 1.89 0.31
  -35 64.1 252.0 187.9 0.51 0.012 0.038 2.49 0.58
  -35 260.0 494.3 234.3 0.34 0.012 0.017 1.66 0.40

Cu Equivalent (CuEq) % = Cu % + (Mo %*3.75) + (Au ppm*0.752). The commodity prices (3 yr Average) used are in $US: Cu $3.20 /lb, Mo $12.00 /lb, and Au $1,650.00 /troy oz. Ag values are not used in the CuEq calculations.

NORTH ZONE PROGRAM

The Company is continuing its horizontal drilling from the base of the Santo Tomas ridge testing the southern 400 m of the North Zone, south of hole N038, to depths of 300 to 500 m below surface. This previously untested area of the North Zone also has the potential to add significant tonnage to the resource estimate being prepared in support of the planned Preliminary Economic Assessment.

TECHNICAL INFORMATION AND QUALITY CONTROL / QUALITY ASSURANCE

The historical drilling data employed in this current exploration program was the subject of Data Verification procedures cited in the current Technical Report. Additional drill collar verifications were performed in the current program, and collar locations fit closely to the 2021/2022 survey control. Appropriate QA/QC protocols governed geological logging, core sampling, sample preparation, analyses, and security during the current program, including quality controls with duplicates, standards, and blanks. Samples were submitted to the Mexican division of ALS Limited in Hermosillo, Mexico, for sample preparation to pulps. Sample pulps are then sent to ALS Canada Ltd. in Vancouver, Canada, for analysis. Total copper and molybdenum contents are determined by four-acid digestion with AAS finish. Gold was determined by fire assay of a 50-gram charge, or alternately, of a 30-gram charge (1 Assay ton).

QUALIFIED PERSON

Mr. Paul McGuigan, P. Geo., of Cambria Geosciences Inc., a “Qualified Person” (as defined in NI 43-101 -Standards for Disclosure for Mineral Projects) and a senior consulting geoscientist to the Company, has reviewed and approved the technical disclosures in this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting the exploration activities on its projects.

ABOUT OROCO:

The Company holds a net 85.5% interest in the collective 1,172.9 ha Core Concessions of the Santo Tomas Project in NW Mexico. The Company also holds an 80% interest in 8,154.3 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total project area of 23,048 acres). The Project is situated within the Santo Tomas District, which extends from Santo Tomas up to the Jinchuan Group’s Bahuerachi project, approximately 14 km to the northeast. Santo Tomas hosts a significant copper porphyry deposit defined by prior exploration spanning the period from 1968 to 1994. During that time, the property was tested by over 100 diamond and reverse circulation drill holes, totalling approximately 30,000 meters.  Based on data generated by these drill programs, a historical Prefeasibility Study was completed by Bateman Engineering Inc. in 1994.

The Santo Tomas Project is located within 160 km of the Pacific deep-water port at Topolobampo and is serviced via highway and proximal rail (and parallel corridors of trunk grid power lines and natural gas) through the city of Los Mochis to the northern city of Choix. The property is reached by a 32 km access road originally built to service Goldcorp’s El Sauzal Mine in Chihuahua State.

For further information, please contact:

Richard Lock, CEO
Oroco Resource Corp.
Tel: 604-688-6200
Email: info@orocoresourcecorp.com
www.orocoresourcecorp.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

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. Oroco does not assume any obligation to update the forward-looking statements should they change, except as required by law.

@Orococorp

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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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