Oceanus Resources Increases Land Package at El Tigre Project by 20%
TSX VENTURE: OCN
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.
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.
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.