HALIFAX, March 26, 2018 /CNW/ - Oceanus Resources
Corporation (TSXV:OCN and OTCQB:OCNSF) ("Oceanus" or the "Company")
is pleased to announce that it has added 4,465 hectares to its
El Tigre claim package. This
represents an increase of 20% for a total land package of 26,307
hectares.
The regional mapping project that was recently carried out to
the south of Gold Hill demonstrated that the El Tigre Formation
continues along strike in a southeastern direction for an
additional 5 kilometres to the Lluvia de Oro prospect. Tunnels exposing quartz veins
with the same alterations and mineralization as observed in the
existing El Tigre area and assays
demonstrate significant potential for additional near-surface
mineralization in this newly defined area. As a result, the Company
has elected to acquire the additional land holdings.
El Tigre Property
The El Tigre Property is approximately 35 kilometres long and
now comprises 26,307 hectares. The El
Tigre gold and silver deposit is related to a series of
high-grade epithermal veins controlled by a north-south trending
structure cutting across the andesitic and rhyolitic tuffs of the
Sierra Madre Volcanic Complex within a broad gold and silver
mineralized prophylitic alternation zone. The veins dip steeply to
the west and are typically 1 metre wide but locally can be up to 5
metres in width. The veins, structures and mineralized zones
outcrop on surface and have been traced for a distance of 5.3
kilometres along strike. Historical mining and exploration
activities focused on a 1.5 kilometre portion of the southern end
of the deposits, principally on the El
Tigre, Seitz Kelly and Sooy
veins. Four veins in the north (Aguila, Escondida, Fundadora and
Protectora) were explored with only limited amounts of
production.
The El Tigre formation is the
rock package that hosts the historic El
Tigre mine, which operated from 1903 to 1938, and was
reported to have produced a total of 353,000 ounces of gold and
67.4 million ounces of silver from 1.87 million tonnes averaging
7.54 g/t gold and 1,308 g/t silver (Steven
D. Craig, B.A., M.Sc., P. Geo. 2012). Oceanus' drilling has
intersected similar-style gold-silver mineralization in the
El Tigre formation at the
Protectora, Caleigh and Fundadora areas to the north of the old
mine as well as to the south, past Gold Hill.
Qualified Person
David R. Duncan, P. Geo, Vice
President, Exploration of the Company, is the qualified person for
Oceanus as defined under NI 43-101. Mr. Duncan has reviewed and
approved the scientific and technical information in this news
release.
About Oceanus Resources Corporation
Oceanus Resources Corporation is a gold exploration and
development company operating in Mexico, with 100% ownership of the
35-kilometre-long, royalty free El
Tigre property located in Sonora. A maiden resource estimate for the
El Tigre project was reported on
September 13, 2017 and filed on SEDAR
on October 26, 2017 containing
indicated resources of 661,000 gold equivalent ounces at 0.77 g/t
(21 g/t silver and 0.51 g/t gold) and inferred resources of 341,000
gold equivalent ounces at 1.59 g/t (88 g/t silver and 0.52 g/t
gold). The full National Instrument 43-101 technical report is
posted to the Company's website, and can also be accessed by
clicking here. Oceanus is managed by a team of mine finders with
extensive experience exploring and developing large hydrothermal
gold projects in Mexico. Oceanus is currently exploring the
El Tigre Property in the Sierra Madre Occidental.
CAUTIONARY STATEMENT:
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This News Release includes certain
"forward-looking statements". All statements other than
statements of historical fact included in this release, including,
without limitation, statements regarding potential mineralization,
resources and reserves, the ability to convert inferred resources
to indicated resources, the ability to complete future drilling
programs and infill sampling, the ability to extend resource
blocks, the similarity of mineralization at El Tigre to the Ocampo mine, exploration results, and future
plans and objectives of Oceanus, are forward-looking statements
that involve various risks and uncertainties. Forward-looking
statements are frequently characterized by words such as "may", "is
expected to", "anticipates", "estimates", "intends", "plans",
"projection", "could", "vision", "goals", "objective" and "outlook"
and other similar words. Although Oceanus believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, there can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results
to differ materially from Oceanus's expectations include risks and
uncertainties related to exploration, development, operations,
commodity prices and global financial volatility, risk and
uncertainties of operating in a foreign jurisdiction as well as
additional risks described from time to time in the filings made by
Oceanus with securities regulators.
SOURCE Oceanus Resources Corporation
