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Indicated Resources - 661,000 Gold Equivalent Ounces
Inferred Resources - 341,000 Gold Equivalent Ounces
HALIFAX, NOVA SCOTIA - September 13, 2017 - Oceanus Resources Corporation (TSXV:OCN and OTCQB:OCNSF) ("Oceanus" or the "Company") announces an independent Mineral Resource Estimate for the El Tigre Property completed by P&E Mining Consultants Inc. ("P&E") which is detailed in Table 1 below. The El Tigre Property, located in Sonora, Mexico, is owned and operated by Oceanus Resources, and includes the El Tigre1, Fundadora2 and El Tigre Tailings3 Deposits.
Mineral Resource Estimate
The El Tigre Mineral Resource Estimate includes extensions of the historical El Tigre and Seitz Kelly Veins1, as well as the mineralized breccia halo around the El Tigre Vein. The Fundadora Mineral Resource Estimate includes the Aquila, Fundadora, Protectora and Caleigh Veins2.
TABLE 1: El Tigre Project Mineral Resource Estimate (1-11)
Au Eq g/t
Fundadora Constrained Pit2
Sub Total Indicated
Sub Total Inferred
Notes to Table 1:
(1) El Tigre Deposit Mineral Resources are comprised of the El Tigre and Seitz Kelly Veins.
(2) Fundadora Deposit Mineral Resources are comprised of the Aquila, Fundadora, Protectora and Caleigh Veins.
(3) El Tigre Tailings Deposit Mineral Resources are comprised of the tailings from the former El Tigre operation.
(4) Mineral Resources are reported within a constraining pit shell.
(5) The Mineral Resource Estimate is reported in accordance with the Canadian Securities Administrators National Instrument 43-101 and has been estimated using the CIM "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and CIM "Definition Standards for Mineral Resources and Mineral Reserves.
(6) Au:Ag ratio = ($1250/$17)/(70% Ag Rec/80% Au Rec)= 84:1 Therefore, AuEq=(Ag/84) + Au
(7) Mineral Resources in this estimate are based on approx. two year trailing average metal prices of US$1,250 oz Au and US$17 /oz Ag, estimated process recoveries 80% Au and 70% Ag, US$5.70/t process cost and US$0.80/t G&A cost. Mining costs of US$1.55/t for open pit and $45/t for underground and tailings mining costs of US$5.50/t were used to derive the respective Mineral Resource Estimate AuEq cut-offs of 0.20 g/t and 1.5 g/t and 0.37g/t. Pit optimization slopes were 50 degrees
(8) The Mineral Resource Estimate uses drill hole data available as of September 1, 2017.
(9) Totals may not add correctly due to rounding.
(10) An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
(11) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
Glenn Jessome, President and CEO of Oceanus, commented: "This NI 43-101 Mineral Resource Estimate is an important milestone for Oceanus and further supports our belief that we have identified a new precious metals district in the Sierra Madre. Our technical team deserves to be commended for the excellent work they have completed in the past sixteen months since we commenced exploring El Tigre. We are going to aggressively continue exploration work this fall and into the 2018 season."
El Tigre Hardrock Mineral Resource Estimate
Information and data used for the El Tigre and Fundadora Mineral Resource Estimate takes into account a total of 140 drill holes and 752 underground chip samples available as of September 1, 2017. Assay data available for the Mineral Resource Estimate included silver and gold sample grades. Assay sample lengths within the El Tigre deposit average 1.24 m. Approximately 40% of the samples are 1.50 m or longer in length, and assay sample lengths were therefore composited to 1.50 m prior to estimation. Summary statistics, histograms and probability plots of the resulting composite data were examined for extreme values. In order to reduce the influence of high-grade outliers, all composite grades were capped to 10 g/t Au and 1,000 g/t Ag prior to grade estimation. An additional range restriction of 50 m was implemented for Au grades of 1.00 g/t or greater, and for Ag grades of 100 g/t or greater.