Oroco Resource Corps vice president of business development Adam Smith joined Steve Darling from Proactive to share news the company has announced the successful completion of a fully subscribed non-brokered private placement, yielding gross proceeds of $1.75 million. These funds are earmarked to drive progress on the Santa Tomas Project, a crucial venture for the company.
Oroco Resources Corp holds a noteworthy net interest of 85.5% in the Santo Tomas Project, strategically situated in Mexico. Moreover, the company retains an 80% interest in an additional 7,861.3 hectares of mineral concessions that encompass and adjoin the core concessions. Notably, the Santo Tomas Project has been host to significant copper porphyry mineralization, a fact substantiated by previous exploration activities spanning from 1968 to 1994.
In May 2023, Oroco Resources Corp reached another milestone by completing a comprehensive Mineral Resource Estimate for the core concessions. This assessment yielded a substantial Indicated and Inferred resource totaling 1.087 billion tonnes, characterized by a copper equivalent grade of 0.36%.
The successful private placement reflects the confidence of investors in Oroco Resources Corp's strategic vision and the potential of the Santa Tomas Project. The additional funding secured through this placement will bolster the company's ability to move forward with its ambitious plans for exploration, development, and resource optimization.
As the company continues to advance the Santa Tomas Project, it reinforces its role as a key player in the pursuit of valuable mineral resources and sustainable mining practices in Mexico's rich geological landscape.
View source version on newsdirect.com: https://newsdirect.com/news/oroco-resource-corp-closes-private-placement-as-company-looks-to-move-santo-tomas-property-forward-667807269
Oroco Resource Corp