Oceanus Files Technical Report on the El Tigre Project
October 26 2017 - 11:53AM
Oceanus Resources Corporation (TSX-V:OCN) and (OTCQB:OCNSF)
("Oceanus" or the “Company”) announces the filing of a Technical
Report pursuant to National Instrument 43-101 – Standards of
Disclosure for Mineral Projects (“NI 43-101”) in respect to the
Company's El Tigre Project located in Sonora, Mexico ("Technical
Report"). The Technical Report supports the scientific and
technical disclosure in the Company's news release dated September
13, 2017, announcing the results of a Mineral Resource Estimate on
the El Tigre Project. The Technical Report is available at
www.sedar.com under the Company’s profile.
Mineral Resource Estimate as Included in
Technical Report
The El Tigre Mineral Resource Estimate includes
extensions of the historical El Tigre and Seitz Kelly Veins1, as
well as the mineralized breccia halo around the El Tigre Vein. The
Fundadora Mineral Resource Estimate includes the Aquila, Fundadora,
Protectora and Caleigh Veins2. The El Tigre Tailings Mineral
Resource Estimate is comprised of tailings from the former El Tigre
Mine operation.
TABLE 1: El Tigre Project Mineral Resource
Estimate (1-11) |
|
Resource Area |
Class |
AuEq g/tCut-Off |
Tonnes(000’s) |
Agg/t |
Ag ozs(000’s) |
Aug/t |
Au ozs(000’s) |
Au Eq g/t |
AuEq ozs(000’s) |
El TigreConstrained Pit1 |
Indicated |
0.20 |
25,170 |
15 |
11,906 |
0.51 |
416 |
0.69 |
559 |
Inferred |
0.20 |
2,791 |
12 |
1,093 |
0.38 |
34 |
0.52 |
47 |
El TigreUnderground1 |
Indicated |
1.50 |
207 |
156 |
1,041 |
0.46 |
3 |
2.33 |
16 |
Inferred |
1.50 |
11 |
82 |
29 |
1.27 |
0 |
2.26 |
1 |
Fundadora Constrained Pit2 |
Indicated |
0.20 |
451 |
167 |
2,428 |
0.93 |
14 |
2.94 |
43 |
Inferred |
0.20 |
1,774 |
150 |
8,554 |
0.69 |
39 |
2.49 |
142 |
Fundadora Underground2 |
Indicated |
1.50 |
80 |
118 |
306 |
1.03 |
3 |
2.45 |
6 |
Inferred |
1.50 |
2,003 |
140 |
9,044 |
0.60 |
38 |
2.28 |
147 |
Sub Total Indicated |
0.20, 1.50 |
25,908 |
19 |
15,681 |
0.52 |
436 |
0.75 |
624 |
Sub Total Inferred |
0.20, 1.50 |
6,579 |
89 |
18,720 |
0.52 |
111 |
1.59 |
337 |
El TigreTailings3 |
Indicated |
0.37 |
939 |
78 |
2,345 |
0.27 |
8 |
1.21 |
37 |
Inferred |
0.37 |
101 |
79 |
254 |
0.27 |
1 |
1.22 |
4 |
Total Indicated |
0.20,0.37,1.50 |
26,847 |
21 |
18,026 |
0.51 |
444 |
0.77 |
661 |
Total Inferred |
0.20,0.37,1.50 |
6,680 |
88 |
18,974 |
0.52 |
112 |
1.59 |
341 |
Notes to Table 1:(1) El Tigre Deposit Mineral
Resources are comprised of the El Tigre and Seitz Kelly Veins.(2)
Fundadora Deposit Mineral Resources are comprised of the Aquila,
Fundadora, Protectora and Caleigh Veins.(3) El Tigre Tailings
Deposit Mineral Resources are comprised of the tailings from the
former El Tigre operation.(4) Mineral Resources are reported within
a constraining pit shell.(5) The Mineral Resource Estimate is
reported in accordance with the Canadian Securities
Administrators National Instrument 43-101 and has been
estimated using the CIM “Estimation of Mineral Resources and
Mineral Reserves Best Practice Guidelines and CIM “Definition
Standards for Mineral Resources and Mineral Reserves.(6) Au:Ag
ratio = ($1250/$17)/(70% Ag Rec/80% Au Rec)= 84:1 Therefore,
AuEq=(Ag/84) + Au (7) Mineral Resources in this estimate are
based on approx. two year trailing average metal prices of US$1,250
oz Au and US$17 /oz Ag, estimated process recoveries 80% Au and 70%
Ag, US$5.70/t process cost and US$0.80/t G&A cost. Mining costs
of US$1.55/t for open pit and $45/t for underground and tailings
mining costs of US$5.50/t were used to derive the respective
Mineral Resource Estimate AuEq cut-offs of 0.20 g/t and 1.5 g/t and
0.37g/t. Pit optimization slopes were 50 degrees(8) The Mineral
Resource Estimate uses drill hole data available as of September 1,
2017. (9) Totals may not add correctly due to rounding.(10) An
Inferred Mineral Resource has a lower level of confidence than that
applying to an Indicated Mineral Resource and must not be converted
to a Mineral Reserve. It is reasonably expected that the majority
of Inferred Mineral Resources could be upgraded to Indicated
Mineral Resources with continued
exploration. (11) Mineral Resources which are not Mineral
Reserves do not have demonstrated economic viability. The estimate
of Mineral Resources may be materially affected by environmental,
permitting, legal, title, taxation, sociopolitical, marketing or
other relevant issues.
2017 New Orleans Investment
Conference
As part of Oceanus’ new strategic Investor
Relations program, the Company is participating in the 2017 New
Orleans Investment Conference from October 26 to October 29, 2017.
Oceanus will be exhibiting at Booth #304 at the Hilton New Orleans
Riverside hotel. In attendance will be Glenn Jessome, President and
CEO and Tania Shaw, VP of Investor Relations of Oceanus
Resources.
Competent and Qualified Persons
Statement
David R. Duncan, P. Geo., V.P. Exploration of
the Company, is the Qualified Person for Oceanus and Eugene
Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc. is the
independent Qualified Person both as defined under National
Instrument 43-101. Mr. Duncan and Mr. Puritch have reviewed
and approved the scientific and technical information in this press
release.
About Oceanus Resources
Corporation
Oceanus Resources Corporation is a gold
exploration company operating in Mexico. Oceanus is managed by a
team of mine finders with extensive experience in exploring and
developing large hydrothermal gold projects in Mexico.
Oceanus is currently drilling and exploring the El Tigre Property
in the Sierra Madre Occidental in Sonora, Mexico.
For further information, please
contact:
Glenn Jessome |
|
Tania Shaw |
President and CEO |
|
VP Investor
Relations |
902 492 0298 |
|
416 419 2750 |
jessome@oceanusresources.ca |
|
tshaw@oceanusresources.ca |
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.
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