Oroco Resource Corp (TSX-V:OCO, OTCQB:ORRCF) shares surged 22% to $1.06 on Thursday after the resource projects developer announced assay results from drill holes N044 and N045 of the North Zone drilling program at its Santo Tomas property in Mexico, which included 352.5 metres (m) of 0.93% copper equivalent.
Oroco said it completed 1,553m of drilling in the two holes.
“Today’s drill results have hyper-charged the enthusiasm levels within the project team at Santo Tomas,” Oroco Resource CEO Richard Lock said in a statement.
“While Hole N044 is the last hole to be included in our upcoming resource calculations, it is also the best hole drilled on the project to date and augers very well for future development at Santo Tomas,” he added.
Oroco noted it has now completed its North Zone drill program in support of a planned Preliminary Economic Assessment (PEA), which comprised 47 diamond drill holes and 30,909m of drilling.
The company added that assay results for holes N046 and N047 are pending.
Oroco Resource holds a net 85.5% interest in the collective 1,172.9 hectares (ha) core concessions of the Santo Tomas Project as well as 80% interest in 8,154.3 ha of mineral concessions surrounding and adjacent to the core concessions.
Contact Sean at sean@proactiveinvestors.com