Oroco Resource Corp (OCO.V) has received the final data for its 3D IP survey which was recently completed. The survey took about six months, but it will likely be time well spent as the IP survey will be a very useful tool to pin-point the drill rigs to the right targets.
According to the company:
‘The final dataset indicates a substantial continuation of Santo Tomas chargeability along strike and to depth, inferring that the mineralized system is much more extensive than was defined historically. In addition to the strike continuity, chargeability features at South Zone and Brasiles protrude east of their anticipated distribution, and a distinct feature of intermediate chargeability is developed westward below a mapped limestone bluff at Brasiles.’
This doesn’t really come as a surprise as the widespread copper mineralization had already been well documented but the results if the IP survey are confirming all historical data as there is a very close correlation between the IP results and the historically drilled mineralization, so while simply finding chargeabilities and resistivities doesn’t guarantee the existence of copper, the combination of finding the anomalies with the known copper-bearing mineralization increases the odds of the are actually being mineralized as well.
The next step for Oroco will be drilling. A multi-rig drill program is in the works and the truth machine will be able to tell us sooner rather than later how excited we should be about Santo Tomas. Expect a news-packed 24 months after the summer period.
Disclosure: The author holds a long position in all stocks mentioned in this article. Please read our disclaimer.
Didn’t you advise lightening up on this stock as it rose? I enjoy your technical insights but not your buy/hold advice.
Absolutely. Nothing wrong with taking some money off the table after a stock five/six/sevenfolds. If one takes the ‘risk’ out by taking the original investment off the table, the zero-risk free shares can run for as long as one wants.
From the article: “Expect a news-packed 24 months AFTER the summer period.”
So, this means ACTUAL DRILLING-CORING-ASSAY, and associated press releases, will commence AFTER the summer … or, does this mean something otherwise?
Personally, I am not concerned whether OCO will get the drilling permits — for my current OCO investment strategy, I consider this, in due time, is a given — and, I understand that we are all blessed by the fact that the POTENTIAL Cu-mineralization model, as suggested by the final chargeability model, may very well be MUCH GREATER than anticipated by the original 0,30% Grade-Shell, and, hence, some delay in identifying and prioritizing precise drill locations, but, are there other specific reasons, so far unannounced, why the acquisition of such permits has not been realized?
IOW: have some unanticipated hurdles — technical, administrative or otherwise — been encountered?
Well, you should count on 6-8 weeks from the rig starting to drill to actually getting the assay results. So by the time the first assays will be released, the summer will be coming to an end. These things take time, although labs are for sure better than last year when it comes to turnaround times!