VANCOUVER, British Columbia – (March 29, 2022) Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) is pleased to announce that, effective April 1, 2022, Mr. Richard Lock has been appointed as the Company’s Chief Executive Officer. Mr. Craig Dalziel, the Company’s current CEO and a director, will assume the role of Executive Chairman upon Mr. Lock’s appointment becoming effective. Mr. Lock will also be joining the Company’s Board of Directors at the time of his appointment as CEO.
Mr. Lock, a mining engineer, 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 Sulphur 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.
“To secure a person with Mr. Lock’s experience, leadership, and technical capabilities – having led some of the largest mining projects in the world – speaks to the tremendous potential of the Santo Tomas Project,” said Mr. Dalziel. “His appointment completes the assembly of a highly-skilled, cohesive team of industry professionals that is fully capable of delivering this world-class mining opportunity to the project acquisition marketplace. We could not be more pleased with Richard’s decision to join Oroco.”
The Company also announces the grant of incentive stock options (the “Options”) to Mr. Lock to purchase 600,000 shares in the capital of the Company at an exercise price of $2.05 per share. The Options are in addition to the 300,000 share purchase options granted Mr. Lock upon his joining the Company as a consultant. The Options are exercisable for a three-year term, expiring on March 29, 2025, with 20% vesting immediately and a further 20% vesting every three months over the next year.
The Company holds a net 73.2% interest in the collective 1,172.9 ha Core Concessions of the Santo Tomas Project in NW Mexico and may increase that majority interest up to an 85.5% interest with a project investment of up to CAD$30 million. The Company also holds a 77.5% interest in 7,807.9 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total project area of 22,192 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 north-east. 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, totaling 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 160km 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:
Mr. Craig Dalziel, CEO
Oroco Resource Corp.
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.
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.