What happened at TOC this week..?TOC recovered nicely since the dreadful day a week ago when the price touched $1.01, and recover it did, trading about 825,000 shares in Canada this week, closing at $1.45. This is half way to 10 consecutive days of trading over $1.25 when the warrants can be accelerated. But in my opinion, the big news of the week was the
signing of a letter of commitment with Millrock Resources Inc. to acquire the option agreement for the El Picacho gold project within the Caborca orogenic gold belt in Sonora, Mexico.
The project is located 140 kilometres north of Hermosillo in Sonora, Mexico, and is fully accessible by road. Extensive surface exploration has been conducted historically defining five gold targets on the project. Tocvan believes these targets will be ready for drill testing with surface confirmation via trenching. A permit is currently active to allow for trenching and drilling on the project. A site visit has been completed by Tocvan to confirm target areas and project accessibility. The agreement is subject to an additional 60-day due diligence period effective June 7, 2021.
Given the due diligence management of TOC used to select Pilar, I suspect El Picacho has good potential (they have likely been looking at several properties and selected this one). From their release, the following prior work has been done, fully permited for trenching and drilling. Historic work summary
- Five orogenic gold targets defined: San Ramon, Tortuga, El Puerto, La Cornea and El Jabali;
- 2,650 rock samples collected (32 samples of over 10 g/t Au, 189 samples of over one g/t Au);
- Regional-scale mapping completed;
- 3,548 soil samples collected, covering project area (up to 4.75 g/t Au in soil);
- 70 per cent of area covered by ground magnetic survey;
- 17.8 line km of IP (induced polarization) surveys;
- Limited drilling completed, widely spaced;
- Fully permitted for drilling and trenching.