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Oceanus Resources Corp.
Summary
| Project: | El Tigre | |
|---|---|---|
| Deposit: | El Tigre | |
| Location: | Mexico | |
| Commodities: | Gold-Silver | |
| Date: | 12/15/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 15-12-2016: Oceanus Resources Corp. announces an Exploration/Drilling Update report for its El Tigre deposit at the El Tigre project. Drilling results incl. 110m @ 0.6g/t Au, 14.5g/t Ag from 42.7m. HALIFAX, NOVA SCOTIA – December 14, 2016 – Oceanus Resour | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: David R. Duncan (Internal) | |
| ABSTRACT: | HALIFAX, NOVA SCOTIA – December 14, 2016 – Oceanus Resources Corporation (TSXV:OCN) ("Oceanus" or the “Company”) reports additional assay results from the ongoing diamond drilling program on its 100% owned El Tigre Property in Sonora, Mexico. The true width has not been calculated for the intercepts, but true width is generally estimated at 75-90% of drilled width. Drill assays were composited by length-weighted averaging into intersections using a 0.2 g/t gold equivalent cut-off grade. The gold equivalent ratio is based on a gold-to-silver price ratio of 75:1. Oceanus has now completed 35 holes totaling 6,467 meters of HQ size core. Results from the first 16 drill holes were announced in the Oceanus News Releases dated September 14, 2016 and October 18, 2016. Today’s news release provides the results for an additional 11 drill holes. The purpose of the drilling program is to determine the full extent of the mineralization in the hanging wall and footwall of the deposit, to confirm the geological continuity of the mineralization and to test the oxidized zone to a vertical depth of 200 meters. Oceanus has geological crews mapping and prospecting to the north and south of the historical mine workings to define the extensions of the vein / alteration systems in both directions. Oceanus has hired Geofisica TMC, S.A. de C.V. to carry out an orientation geophysical survey on the El Tigre deposit during December, 2016. The survey will consist of 3 traverse lines totalling 6 line kilometers of induced polarization survey to define the resistivity and chargeability properties over the historical workings. Glenn Jessome, President and CEO of Oceanus, commented: “These drill results continue to exhibit wide oxidized zones of precious metals mineralization that outcrop at surface, further supporting our hypothesis that El Tigre could be another significant bulk tonnage project in the Sierra Madre Occidental in Mexico. The two drill rigs operating at El Tigre will continue to move north and south along the 1.6 km strike length over the old El Tigre mine during the first quarter of 2017 as the Company works to complete an updated NI 43-101 compliant resource estimate in 2017.” | |
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