OROCO COMPLETES PHASE ONE DRILL PROGRAM AT SANTO TOMAS

Vancouver, Canada, May 09, 2023 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) announces the assay results from drill holes N046 and N047 (see Table 1) of its North Zone drilling program at its Santo Tomas property (the “Property”) located in northwestern Mexico (see Figure 1, attached and on the Company's website).  These holes (1,460m of drilling) constitute the final drill holes of Oroco's 2021-2023 program. To view an interactive 3D model that includes today’s results, please use the following link: https://vrify.com or visit Oroco's website: www.orocoresourcecorp.com. These holes (1,460m of drilling) constitute the final drill holes of Oroco's 2021-2023 program.

DRILL RESULT HIGHLIGHTS – % COPPER EQUIVALENT (% CuEQ)

• Drill hole N046 (Plate NZ-47-A) returned 228.5 m of 0.465% CuEQ
• Drill hole N047 (Plate NZ-49) returned 387.4 m of 0.498% CuEQ

Richard Lock, Oroco’s CEO, stated: “These results from the final two holes of our Phase One drill program provide further evidence of the quality and magnitude of the deposit at Santo Tomas.  While these results were not included in our recent Mineral Resource Estimate, they will be included in our upcoming Preliminary Economic Assessment.”

NORTH ZONE PROGRAM

The Company has now completed its North Zone drill program supporting the pending Preliminary Economic Feasibility study.  The North Zone program comprises 47 diamond drill holes and 30,909 m of drilling.

The southern portion of the North Zone mineralization is blind to the surface and lies beneath a blanket of post-mineralization volcanic rock.  To test this area, the Company completed four diamond drill holes with a modified underground drill rig.  Horizontal and shallow-dipping holes allowed testing of the southern 400 m of the North Zone, at depths 300 to 500 m below the surface, above and to the south of hole N038 (Plate NZ-49) (see Figure 1, attached).

Table 1: Significant Assay Intervals of Drill Holes N046 & N047:

Drill Hole No.	Dip	From (m)	To (m)	Length (m)	Cu %	Mo %	Au g/t	Ag g/t	CuEQ1 %
N046	0	336.0	521.4	185.4	0.266	0.007	0.013	1.08	0.294
"	0	568.0	796.5	228.5	0.429	0.003	0.035	2.52	0.465
N047	0	203.6	591.0	387.4	0.452	0.004	0.043	3.00	0.498
"	0	593.0	632.0	39.0	0.259	0.007	0.012	1.68	0.290

1. CuEQ =  ((Cu grade * Cu recovery * Cu price) + (Mo grade * Mo recovery * Mo price) + (Au grade * Au recovery * Au price) + (Ag grade * Ag recovery * Ag price)) / (Cu price * Cu recovery).
2. It is assumed that the Santo Tomas Project would produce a conventional (flotation) copper concentrate based on metal recoveries of 84.3% Cu, 66% Mo, 57% Au, and 54% Ag derived from recent preliminary metallurgical test-work. 
3. The commodity prices used are in $US:  Cu $3.80 /lb, Mo $12 /lb, Au $1,650 /troy oz and Ag $22 /troy oz.   

For comparison to the N046 and N047 results, the previously announced drill holes from this southern portion of the North Zone returned similar grades and widths: