- Oroco Resource Corp (TSXV:OCO) have had estimates on their Santo Tomas porphyry copper project in Mexico pulled
- The British Columbia Securities Exchange reviewed the disclosures and made the decision to revoke them
- The company’s estimate was pulled due to the treatment of historical resource information in the technical report
- Consequently, the technical report released on September 2019 and all information released since has been amended
- Oroco Resource Corp (OCO) is holding steady at C$0.235 per share and has a market cap of $36 million
Oroco Resource Corp (TSXV:OCO) announced its resources estimate for the Santo Tomas project has been pulled by regulators.
The British Columbia Securities Exchange reviewed disclosures made in the technical reports the company filled in September last year, regarding the treatment of historical resource information.
There are very strict reporting standards around what historic mineral resource estimates can be presented to market, as outdated methodologies implemented at the time can be misleading.
The Exchange Commission reviewed both the October 2019 and March 2020 corporate presentations, along with its current technical report dated August 22, 2019.
Both the presentations and the report have been removed from SEDAR and the company’s website pending revision.
The presentations on the company’s website do not include all information required by the regulator with regard to the historic resource every time it is disclosed.
The presentations also include mineral equivalent grades country to accepted industry standards, and it uses the word “ore” which with the disclosure of Historic Resource Estimate, implies technical and economic viability not supported by the rest of the report.v
The company advises that, as a consequence, the report is not compliant with regulatory requirements and should not be relied upon until the company can file an amended technical report.
The company have maintained that they didn’t not classify the historic resource estimate referred to in the report as a current mineral resource.
Oroco maintains it was only using the historic report as a guide, to inform future geophysics and drilling works at their Santo Tomas site.
Oroco Resource Corp (OCO) is holding steady at $0.235 per share at 12:33 pm EST.