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Tocvan Ventures Corp
Symbol TOC
Shares Issued 28,230,496
Close 2021-06-07 C$ 1.36
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Tocvan signs agreement to acquire El Picacho option

2021-06-08 07:35 ET - News Release

Also News Release (C-MRO) Millrock Resources Inc (2)

Mr. Derek Wood of Tocvan reports


Tocvan Ventures Corp. has signed a letter of commitment with Millrock Resources Inc. to acquire the option agreement for the El Picacho gold project within the Caborca orogenic gold belt in Sonora, Mexico. The project is located 140 kilometres north of Hermosillo in Sonora, Mexico, and is fully accessible by road. Extensive surface exploration has been conducted historically defining five gold targets on the project. Tocvan believes these targets will be ready for drill testing with surface confirmation via trenching. A permit is currently active to allow for trenching and drilling on the project. A site visit has been completed by Tocvan to confirm target areas and project accessibility. The agreement is subject to an additional 60-day due diligence period effective June 7, 2021.

About El Picacho

Location and infrastructure

  • Total area: 2,413.7 hectares;
  • Road accessible, 140 km north-northwest of Hermosillo;
  • Excellent road access. Railway on eastern edge of project;
  • 18 km southwest of San Francisco mine (over three million ounces gold at 0.52 gram per tonne Au in two open pits).

Historic work summary

  • Five orogenic gold targets defined: San Ramon, Tortuga, El Puerto, La Cornea and El Jabali;
  • 2,650 rock samples collected (32 samples of over 10 g/t Au, 189 samples of over one g/t Au);
  • Regional-scale mapping completed;
  • 3,548 soil samples collected, covering project area (up to 4.75 g/t Au in soil);
  • 70 per cent of area covered by ground magnetic survey;
  • 17.8 line km of IP (induced polarization) surveys;
  • Limited drilling completed, widely spaced;
  • Fully permitted for drilling and trenching.

"We are extremely excited to announce the agreement to acquire the El Picacho gold project," commented chief executive officer Derek Wood. "Tocvan sees this as a tremendous opportunity to add to our portfolio of strong gold assets and El Picacho will be the perfect complement to Pilar. The amount of quality exploration work completed to date on the project provides Tocvan with several gold targets that can be advanced to drill-ready status quickly. We look forward to advancing El Picacho while we continue to unlock the potential of Pilar."

Terms of option agreement

Total cash payments of $1,989,600 (U.S.) will be made over a five-year term to acquire 100-per-cent interest in the project. Millrock is to retain a 2-per-cent net smelter royalty with an option for Tocvan to purchase back 1 per cent for $1-million (U.S.). Upon full execution of the option agreement an annual advance minimum royalty (AAMR) of $25,000 (U.S.) will be paid to Millrock, doubling each year until the start of production. An initial payment of $78,000 (U.S.) is due upon signing of the agreement.

Brodie A. Sutherland, PGeo, vice-president of exploration for Tocvan Ventures and a qualified person (QP) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan currently has approximately 28 million shares outstanding and is earning into two exciting opportunities: the Pilar gold-silver project in Sonora, Mexico, and the Rogers Creek copper project in Southern British Columbia. Management feels both projects represent tremendous opportunity to create shareholder value.

We seek Safe Harbor.

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