Canadian mineral exploration company, Oroco Resource has completed the acquisition of balance ownership of Altamura Copper.

Through acquisition, Oroco secures the 100% ownership of Altamura as well as the outright control of the Santo Tomás porphyry copper project located in northwestern Mexico.

The transaction follows the receipt of approval from Oroco Resource’s board of directors to acquire 100% ownership of Altamura Copper.

Oroco CEO Craig Dalziel said: “The Altamura acquisition completes a highly accretive process for Oroco and its shareholders.

“We are now able to fully focus on the development of a significant geological asset which brings with it a very positive local community relationship; exceptional supporting infrastructure; an eager and capable local workforce; and clearly supportive local, regional and federal government agencies.

“The future for Santo Tomás and the surrounding communities is very bright.”

Some of the details of Oroco projects

Oroco holds a net 56.7% stake in the collective 1,172.9 ha core concessions of the Santo Tomás project in NW Mexico, and may increase that majority interest up to an 81.0% interest with a project investment of up to CAD$30m ($22.3m).

Located within 160km of the Pacific deep-water port at Topolobampo, the Santo Tomás project is serviced through highway and proximal rail through the city of Los Mochis to the northern city of Choix.

An exploration carried out from 1968 to 1994 had defined that Santo Tomás hosts a significant copper porphyry.

The firm also owns 77.5% stake in 7,807.9 ha of mineral concessions surrounding and adjacent to the core concessions (a total project size of 22,192 acres).

Located within the Santo Tomás District, the project extends from Santo Tomás up to the Jinchuan Group’s Bahuerachi project, about 14km to the north-east.