Oroco today announced drill results for 4 more holes they drilled in the North Zone. The results are amazingly good. They again prove the historical copper resource and one of the holes shows that the resource extends outside of the historical gradeshell.
The best hole was N008, it showed a massive 328 m thickness of 0.45% cu eq. The other thing to notice about these drill results is how close to surface the resource is. N006 showed 188m of 0.44% cu eq. The resource starts at 31m of depth. N008 resource started at 160 m of depth. The closeness to the surface means this is going to make it really cheap to drill and make the majors really excited.
Notably, the best intersection in the 2021 drill program was returned by drill hole N008: a true thickness of 328.3 m of 0.45% Copper Equivalent (see Table 1). A nearby hole, N004, was drilled to test the strong Chargeability anomaly that extends westward from N008 and the known North Zone deposit. A zone of Laramide intrusion and altered and copper mineralized volcanic rocks in N004 confirms the prospectivity of the strong Chargeability anomaly, more than doubling the width of the North Zone deposit target at the 200 m elevation, (see Figure 2, attached or Figure 2). This newly confirmed target lies on the western flank of the North Zone deposit, concealed beneath a blanket of limestone beds.
The other information in the press release was the company has completed the drilling of “holes N009 to N011 in the North Zone and B001 in the Brasiles Zone are completed.” So we now wait for the next set of drill results and most importantly the first Brasiles results.
The market reacted really well to today’s news. Folks that were selling after the first drill results were announced can lick their wounds from the sidelines. Those wounds will likely end up with lot of salt when the Brasiles results are announced.