OROCO ANNOUNCES APPOINTMENT OF CEO
March 29 2022 - 4:00PM
Oroco Resource Corp. (
TSX-V: OCO, OTC: ORRCF)
(“
Oroco” or “
the Company”) is
pleased to announce that, effective April 1, 2022, Mr. Richard Lock
has been appointed as the Company’s Chief Executive Officer.
Mr. Craig Dalziel, the Company’s current CEO and a director,
will assume the role of Executive Chairman upon Mr. Lock’s
appointment becoming effective. Mr. Lock will also be joining
the Company’s Board of Directors at the time of his appointment as
CEO.
Mr. Lock, a mining engineer, has led the construction and
development of several large mining projects around the
world. He most recently was senior vice-president of PolyMet
Mining Corp. and Project Director for its NorthMet Project in
Minnesota. Amongst his prior project experience, Mr. Lock has
held executive and project director roles at Arizona Mining Inc.’s
Hermosa project, a lead-zinc-silver mine in southern Arizona; Yara
International’s Dallol project, a Sulphur of Potash mining project
in Ethiopia; Western Potash Corporation’s Milestone project, a
potash solution mining project in Canada; and, more significantly,
Rio Tinto’s Resolution and Keystone copper projects in Arizona and
Utah, respectively.
“To secure a person with Mr. Lock’s experience, leadership, and
technical capabilities – having led some of the largest mining
projects in the world – speaks to the tremendous potential of the
Santo Tomas Project,” said Mr. Dalziel. “His appointment
completes the assembly of a highly-skilled, cohesive team of
industry professionals that is fully capable of delivering this
world-class mining opportunity to the project acquisition
marketplace. We could not be more pleased with Richard’s
decision to join Oroco.”
The Company also announces the grant of incentive stock options
(the “Options”) to Mr. Lock to purchase 600,000
shares in the capital of the Company at an exercise price of $2.05
per share. The Options are in addition to the 300,000 share
purchase options granted Mr. Lock upon his joining the Company as a
consultant. The Options are exercisable for a three-year
term, expiring on March 29, 2025, with 20% vesting immediately and
a further 20% vesting every three months over the next
year.
ABOUT OROCO:
The Company holds a net 73.2% interest in the collective 1,172.9
ha Core Concessions of the Santo Tomas Project in NW Mexico and may
increase that majority interest up to an 85.5% interest with a
project investment of up to CAD$30 million. The Company also
holds a 77.5% interest in 7,807.9 ha of mineral concessions
surrounding and adjacent to the Core Concessions (for a total
project area of 22,192 acres). The Project is situated within
the Santo Tomas District, which extends from Santo Tomas up to the
Jinchuan Group’s Bahuerachi project, approximately 14 km to the
north-east. Santo Tomas hosts a significant copper porphyry
deposit defined by prior exploration spanning the period from 1968
to 1994. During that time, the property was tested by over 100
diamond and reverse circulation drill holes, totaling approximately
30,000 meters. Based on data generated by these drill programs, a
historical Prefeasibility Study was completed by Bateman
Engineering Inc. in 1994.
The Santo Tomas Project is located within 160km of the Pacific
deep-water port at Topolobampo and is serviced via highway and
proximal rail (and parallel corridors of trunk grid power lines and
natural gas) through the city of Los Mochis to the northern city of
Choix. The property is reached by a 32 km access road originally
built to service Goldcorp’s El Sauzal Mine in Chihuahua State.
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.
Cautionary Note Regarding Forward Looking
Information
This news release includes certain “forward-looking
information” and “forward-looking statements” (collectively
“forward-looking statements”) within the meaning of applicable
Canadian securities legislation. All statements, other than
statements of historical fact included herein, including without
limitation, statements relating to future events or achievements of
the Company, are forward-looking statements. There can be no
assurance that such forward-looking statements will prove to be
accurate, and actual results and future events could differ
materially from those anticipated or implied in such statements.
Many factors, both known and unknown, could cause actual
results, performance or achievements to be materially different
from the results, performance or achievements that are or may be
expressed or implied by such forward-looking statements.
Readers should not place undue reliance on the
forward-looking statements and information contained in this news
release concerning these matters. Oroco does not assume any
obligation to update the forward-looking statements should they
change, except as required by law.
Craig Dalziel, CEO
Oroco Resource Corp.
(604) 688-6200
info@orocoresourcecorp.com
Oroco Resource (TSXV:OCO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Oroco Resource (TSXV:OCO)
Historical Stock Chart
From Apr 2023 to Apr 2024