I was surprised to see someone on Twitter put up a screenshot of Oroco’s assay results that were released today. Surprised because it had been delayed for atleast a month and I didn’t expect it for another month.
So what are my thoughts about the first set of Brasiles hole results. I’M GLAD ITS OVER. I only hope the company moves on from Brasiles and focuses on North Zone for now. Yes there is potential at Brasiles but there is lot of unknown and it will take a few months of drilling to really know what is there. On the other end you know what is there in the North Zone and there is lot of upside there, so why not focus on NZ and drill it out much faster?
The drill results were pathetic from Brasiles. The expectations for Brasiles were sky high. There were rumors of some historical holes drilled that had amazing grade. These were rumors with no real data to back it up. Also as the company did some drilling there was talk that the results from Brasiles “meet expectations.” We don’t know what the expectations were for Brasiles but I hardly believe having 2 dud holes were expected. The holes 3 and 5 are good results but nothing like the North Zone. When you look at the North Zone results, you see good grade (0.35%+) and good length (150-200m+). The Brasiles holes 3 and 5 show zones where the grade is 0.40%+ but the length is not there. The main parts of these holes are grades of 0.36% and 0.28%, respectively.
I still think Brasiles could work out well for the company or whoever acquires Santo Tomas. I just don’t think there is enough there to really spend the capital and a drill rig in Brasiles when you could move faster in the North Zone.
Now we can focus on restarting the drilling and next set of results from the North Zone. The value in Santo Tomas is really the North Zone and South Zone. I would hope management focuses on North Zone and drills the heck out it.
The other copper company I’m invested in is Emerita Resources. They have said they are focused on the Romanera deposit. The company has gone aggressive on that deposit, putting 6 drill rigs and stating they will drill out 70 holes by November ’22. The drilling started in June ’22, so in 6 months they will drill out 70 holes. That is almost 3 holes per week.
I would love to see Oroco management team do something similar with the North Zone. Forget Brasiles, put South Zone plans on hold, and just go all out on North Zone.