Analyst Comment21 Nov 2024 10:53
Orosur Mining* (OMI LN) 2.7p, Mkt Cap £6m – Colombia update as drilling starts at Pepas
(Anzá 100% indirect ownership proposed)
• Orosur provides an update on their ongoing progress in Colombia.
• Today, the Company announces it expects to complete the acquisition of MMA, which includes the Anza Project in Colombia, in ‘in the next few weeks.’
• Whilst the process completes, Orosur has reassumed control of the site.
• Drilling at Pepas has now begun, with a small programme planned over six-seven holes and 800m in total.
• The programme is expected to take six weeks.
• The priority in this drilling programme is to better understand the orientation and litho-structural controls of the previously identified mineralisation.
• Previous drilling yielded highlights of:
o 150m at 3g/t Au from surface
o 36m at 2.1g/t Au
o 81m at 3g/t Au
• However, step-out drilling did not intersect substantial mineralisation, with the Company now focused on understanding the nature of mineralisation in the first three holes.
• Orosur will collar the first hole near a high-grade artisanal tunnel, drilling to scissor the previous, successful hole.
• This will then guide the azimuth and location of future holes.
Conclusion: At a time of record-high gold prices, Orosur has reassumed control of the prospective Anza project and has begun drilling at the Pepas target, which previously yielded results including 150m at 3g/t Au from surface. The first hole, now underway, will scissor this hole and be used to guide the programme, with the Company believing Pepas retains potential for a significant discovery in an underexplored region of Colombia.
