Tuesday, September 20, 2022 7:35:54 PM
The Company has appointed Ausenco Engineering USA South Inc. (“Ausenco”) to lead the Study, with SRK Consulting (Canada) Inc. (“SRK”) to complete an updated Mineral Resource Estimate (“MRE”) and Mining Plus Canada Consulting Ltd. (“MP”) to complete an open pit mine design. ALS Metallurgy has been selected to undertake metallurgical testing. The PEA is expected to be completed by the beginning of Q2 2023.
Ausenco, as our Study lead, brings a wealth of recent experience from projects and studies in Mexico, such as the SilverCrest Las Chispas EPC (Engineering, Procurement & Construction), Tarachi Gold’s Magistral EPCM (Engineering, Procurement & Construction Management), and Discovery Silver’s Cordero PEA projects, as well as a number of South American projects.
Richard Lock, CEO, commented: “The PEA and updated MRE will represent an important foundation for the intended future sale of the Project. Assets of the quality and favourable location of the Project are increasingly rare and we believe that the MRE and PEA will be a significant step in creating shareholder value as we continue to advance the Project.”
Preliminary Economic Assessment
The scope of work to be undertaken by Ausenco, together with SRK and others, comprises two Phases:
Phase 1: Mine to Mill Optimization, incorporating project engineering and including geotechnical assessment, metallurgical test work, off-site infrastructure, mine scheduling, and process plant engineering. The objectives of this Phase are to optimize mining and processing parameters by evaluating various business cases for the Project before proceeding to the PEA.
Phase 2: Preliminary Economic Assessment, incorporating cost estimation (capital and operating) and financial analysis, which will cover all aspects of such studies, including mining and recovery methods, project infrastructure, capital and operating costs and financial analysis.
The results of the Study will be compiled into an NI 43-101 Technical Report.
MOBILIZATION OF ADDITIONAL DRILL RIGS
In support of the MRE and the PEA, the Company has engaged Major Drilling de Mexico, SA. de C.V. to mobilize two additional drill rigs to the Project, bringing to six the total number of drills conducting infill and step-out drilling in the North Zone and South Zone.
ABOUT OROCO:
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 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
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