El Tigre Formation Continues Along Strike for
Five Additional Kilometres
HALIFAX, March 5, 2018 /CNW/ - Oceanus Resources
Corporation (TSXV:OCN and OTCQB:OCNSF) ("Oceanus" or the "Company")
announces that the regional mapping project carried out to the
south of Gold Hill has demonstrated that the prospective El Tigre
Formation continues along strike in a southeastern direction for an
additional 5 kilometres. The Company also announces it has received
an updated 3D model of the historical El Tigre Mine underground
workings that incorporates assay data from 2,500 underground
channel samples collected in the drifts, stopes and raises of the
El Tigre, Sooy and Seitz Kelly veins.
"The discovery of the extension of the El Tigre formation to the southeast represents
an exciting new chapter in Oceanus systematic efforts to identify
new gold and silver mineralization at El
Tigre" stated Glenn Jessome,
Oceanus President and CEO. "Furthermore, the acquisition of the
historical underground sampling results confirms the high tenure of
the mineralization in the old workings and instills further
confidence in the potential of the unmined Protectora, Caleigh and
Fundadora areas where our drilling intersected similar bonanza
grade mineralization. We are only starting to unlock the value that
exists in this 35-kilometre land package which we believe is a
district style project in a mining friendly jurisdiction."
continued Mr. Jessome.
Regional Mapping Extends Strike Length of El Tigre
Formation
The regional mapping project that was 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. Figure 1 illustrates up-to-date geology on the east side
of the mountain, the locations of the veins, and the geochemical
anomalies representing samples with a gold equivalent grade
>0.75 g/t.
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.
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 (Craig, 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.
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 by clicking here.
3D Model of the Historical El Tigre Mine Underground
Workings
While the Company was conducting a review of the historical maps
and files of the Anaconda Geological Documents Collection archived
at the American Heritage Center at the University of Wyoming in Laramie, Wyoming, historical data was
discovered which enabled Oceanus to update its 3D model of the El
Tigre Mine's underground workings. The Anaconda Geological
Documents Collection is the scientific product of the Anaconda
Minerals Company's ("Anaconda") exploration and development work
throughout the United States and
110 foreign countries from the late 1890's to 1986 when Anaconda
ceased mineral exploration and mining activities.
Anaconda held the El Tigre Property under option from 1981 and
1984, and during that time completed an extensive district scale
exploration program including surface geological mapping,
underground geological mapping, diamond drilling of the vein
structures with 22 holes totaling 7,812 metres, 352 metres of
exploration drifting at the Fundadora Vein, aerial photography and
petrographic studies.
The plans discovered date from 1912 and present the silver and
gold assays of channel samples collected across the working face
(typically 3.5 feet) every 5 feet along the drift. The data
was digitized, converted to metric units and geo-referenced for the
3D Minesight Model by SPM Mineria in Hermosillo, Mexico. These assay results are
not compliant with NI 43-101 but are of historical nature
indicative of the gold and silver grades as reported by the Manager
of the El Tigre Mine, R. T. Mishler, in 1926.
Mining operations at El Tigre
started with the Brown shaft in 1903. The focus soon changed to
mining high-grade silver veins in the area with the majority of the
production coming from the El
Tigre vein. Historical underground mining on the
El Tigre vein extended 1,450
metres along strike and mined on 14 levels to a depth of 450
metres.
El Tigre Property
The El Tigre Property is approximately 35 kilometers long and
comprises 21,842.78 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 meter wide but locally can be up to 5
meters in width. The veins, structures and mineralized zones
outcrop on surface and have been traced for a distance of 5.3
kilometers along strike. Historical mining and exploration
activities focused on a 1.5 kilometer 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.
Qualified Person
David R. Duncan, P. Geo,
vice-president, exploration, of the corporation, 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 press 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 in 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
