Oroco Resource Corp (OCO.V) announced in October it has mobilized its exploration crews to initiate the fieldwork program at Santo Tomas. Initially, the company will also include the environmental baseline studies and permitting requirements but this should soon be followed up by a 3D IP survey and a diamond drill program (which should occur in the first half of next year).
As the Santo Tomas project has already been thoroughly explored in the second half of the previous century, Oroco’s drill program should be very efficient as the exact location of the copper-bearing mineralized zone is widely known and the Oroco drill programs should merely be confirmation drilling to double-check the historical assays.
Oroco’s treasury should remain healthy after having raised C$1.35M in a placement priced at C$0.45 during the summer. An additional C$720,000 was received just last week as the 4.5 million warrants with an exercise price of C$0.16 have been exercised. We are seeing some intense selling pressure (probably on the back of those warrant exercises) but the worst should be behind us.
Disclosure: The author has a long position in Oroco Resource Corp. Oroco is a sponsor of the website.
