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Oroco Resource Corp V.OCO

Alternate Symbol(s):  ORRCF

Oroco Resource Corp. is a Canadian mineral exploration company. The Company is engaged in the acquisition and exploration of mineral properties in Mexico. It holds a net 85.5% interest in those central concessions that comprise 1,173 hectares (ha) (the Core Concessions) of The Santo Tomas Project, located in northwestern Mexico. It also holds an 80% interest in an additional 7,861 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total Project area of 9,034 hectares, or 22,324 acres). The Project hosts a large, outcropping porphyry copper deposit comprised of fracture-hosted and disseminated copper and molybdenum sulphides with significant gold and silver credits. Its Xochipala Property is comprised of the Celia Gene (100 ha) and the contiguous Celia Generosa (93 ha) concessions. Its Salvador Property is a 100-hectare mining concession, which lies around 25 kilometers (kms) to the west of the Xochipala Property and 30 kms west of Chilpancingo, Guerrero.


TSXV:OCO - Post by User

Comment by coppermonsteron Jun 02, 2022 1:27pm
262 Views
Post# 34727090

RE:5.5 more years at this rate...

RE:5.5 more years at this rate...If you complain at least make sure your numbers are at least somewhat accurate.

The company has drilled with 1 rig since July 29, with a second rig starting about 10 days later and the third rig starting November 17. So that's around 840 drill days between all three rigs. Taking into account the worst rainy season in 100 years during which drilling was severely slowed down and a month-long slowdown due to Covid outbreak in January 2022 where the company lost almost a month of drill time, the net drilling time is probably closer to 750 days. 

In that time the company drilled 25 holes (19 completed in NZ and 6 completed in BZ, with 3 more under way as per their weekly operations blog). This means on average it has taken 30 days to complete one hole per rig, ergo they are drilling 3 holes a month with three rigs = 36 holes per year with 3 rigs. 

So even at current pace with 3 rigs it wouldn't take 5.5 years, but around 2 more years from this point. (25 completed + 72 holes in 24 months)

The goal based on Richard's presentation last week is around 80-85 holes completed by Q1/Q2 2023. That is absolutely feasible if they scale up to a 4th and 5th rig.

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