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UPDATE FOR THE WEEK ENDING OCTOBER 8, 2022

Update for the week ending OCTOBER 8, 2022

The week was characterized by a number of rigs moving onto new holes from holes completed late the prior week (ending Oct 1). By week’s end we were drilling on several new holes, including collaring hole N040 at North Zone and hole S006 at South Zone. We were active on N032 (finally collared late in the week), N034 (moved from), N036 (moved from), N038, N039, N040, S004, S005 & S006 and the week saw some 1,202m of core produced. Seven drill rigs were active at Santo Tomas during the week.

Recent drone 3D image, Ranchito, showing core storage facility in the foreground. The small building directly left of the core store is a new feldspar ‘staining’ laboratory.

Core Storage facility, Ranchito (left photo); incorporates a secure sample pulps storage facility (right)

564 samples (including duplicates and standards) were shipped from Ranchito to the assay lab during the week: these samples included material from holes N034, N036, S002, and S003.

Sample coarse reject material is now being returned to the site by ALS, and we will shortly accelerate preparation of a weatherproof rejects storage facility on the site.

Our metallurgical sample cleared customs in Canada and have been received at the laboratory in Kamloops. The sample transport was all undertaken under Chain of Custody of ALS Metallurgical who collected the samples at Ranchito two weeks ago, and then arranged documentation for airfreight to Canada. A metallurgical test-work program that forms part of the PEA will commence imminently.

ALS Metallurgy, Kamloops (credit, Google)

Following are additional photos from Oroco’s presence at Discoveries 2022 Conference in Hermosillo.

With MaxGeo (project IT supplier, left), and Miguel Quintana presenting (right)

While in Hermosillo the team visited ALS, our assay services provider, as part of our periodic laboratory ‘audit’ visit schedule (photos below).

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These historical resource estimate models are based upon historical resource estimates prepared by John Thornton in 2011. While, in the opinion of Dane A. Bridge, author of the revised NI 43-101 standard technical report, Geology, Mineralization and Exploration of the Santo Tomas Cu-(Mo-Au-Ag) Porphyry Deposit, Sinaloa, Mexico dated April 21, 2020 (the “Report”), reliable estimation practices were used, in order to upgrade or verify the historical estimations, resampling and assay of historical drill samples, twinning of historical drill holes, and a new program of regularly spaced drilling is required. No qualified person has undertaken sufficient work to classify the current mineral resources or mineral reserves upon which these models are based and the Company is not treating the estimates as current estimates of the mineral resources. The Company gives no assurance that either these models or the historical resource estimates upon which they are based are accurate, and does not undertake any obligation to update the models or to release publicly any update or revisions of the resource estimates except as required by applicable securities law. The reader is cautioned not to rely upon these models or the historical resource estimates upon which they are based.

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