- September 2017 Resource Estimate
- Bonanza Silver and Gold Grades to the North
Hole ET-17-145, the first hole in the fall 2017 program, as previously released returned 0.75 meters of 48.7 grams per tonne gold equivalent from a depth of 28.50 to 29.25 meters consisting of 10.91 g/t gold and 2,830.4 g/t silver. This hole also encountered the low-grade hanging wall alteration zone adjacent to the Caleigh vein. The overall intersection returned 25.75 m of 1.88 g/t gold equivalent from a depth of 3.50 to 29.25 meters consisting of 0.65 g/t gold and 91.9 g/t silver. The true width has not been calculated for the intercepts, however true width is generally estimated at 75 per cent to 90 per cent of drilled width. The gold equivalent ratio is based on a gold-to-silver price ratio of 1:75.The high gold and silver grades intersected in drill holes ET-17-144 and ET-17-145 are reminiscent of the bonanza silver and gold grades mined underground in the 1920's and 1930's at the old El Tigre mine which is 800 meters to the south. Surface mapping shows that the Protectora vein and alteration zone, that has not been mined, extends along strike to the north from the old El Tigre mine for 2,000 meters. This 2,000 meter long extension presents a new exploration target to find additional near surface mineralization
- Significant Drill Results to the South
Media UpdateIn November 2017, during the Cambridge House Silver and Gold Summit in San Francisco, Oceanus' President and CEO, Glenn Jessome, was interviewed by Mickey Fulp. The full interview can be viewed here: https://youtu.be/z02ldLXqi54. Stock Options Granted The Board of Directors of Oceanus has approved the issuance of 250,000 incentive stock options to its recently hired Vice President of Investor Relations of the Company. The options are exercisable on or before December 20, 2027 at a strike price of $0.27. El Tigre Property The El Tigre Property lies at the northern end of the Sierra Madre gold belt which hosts many of the larger multi-million ounce epithermal gold and silver deposits including Ocampo, Pinos Altos, Dolores and Palmarejo. In 1896, gold was first discovered on the property in the Gold Hill area and mining 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. Underground mining on the El Tigre vein extended 1,450 meters along strike and mined on 14 levels to a depth of 450 meters. By the time the mine closed in 1938, it is reported to have produced a total of 353,000 ounces of gold and 67.4 million ounces of silver from 1.87 million tons (Craig, 2012). 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 PersonDavid 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 company operating in Mexico. 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 drilling and exploring the El Tigre Property in the Sierra Madre Occidental. For further information, please contact: Tania ShawVice President, Investor Relations416 419 2750 email@example.com 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.
APPENDIX "A": El Tigre Project Mineral Resource Estimate (1-11)
|Resource Area||Class||AuEq g/tCut-Off||Tonnes(000's)||Agg/t||Ag ozs(000's)||Aug/t||Au ozs(000's)||Au Eq g/t||AuEq ozs(000's)|
|El TigreConstrained Pit 1||Indicated||0.20||25,170||15||11,906||0.51||416||0.69||559|
|El TigreUnderground 1||Indicated||1.50||207||156||1,041||0.46||3||2.33||16|
|Fundadora Constrained Pit 2||Indicated||0.20||451||167||2,428||0.93||14||2.94||43|
|Fundadora Underground 2||Indicated||1.50||80||118||306||1.03||3||2.45||6|
|Sub Total Indicated||0.20, 1.50||25,908||19||15,681||0.52||436||0.75||624|
|Sub Total Inferred||0.20, 1.50||6,579||89||18,720||0.52||111||1.59||337|
|El TigreTailings 3||Indicated||0.37||939||78||2,345||0.27||8||1.21||37|