Analyst Comment2 Dec 2022 10:13
Orosur has released assay results from four additional diamond drill holes at the Pepas and Pupino prospects located in the north of its Colombian Anzá Project (Anzá or ‘the Project’). Following rapidly behind releases of 6 September 2022 and 21 October 2022, which included quite exceptional thick, high grade gold intersections in holes PEP001 (150.90m @ 3.00g/t Au), PEP005 (36.85m @ 2.85m Au) and PEP007 (80.55m @ 3.05m Au), today’s results contrast quite markedly with identification of lower levels of gold mineralisation from PEP008 and PEP009 while PUP002 and PEP006 both failed to encounter significant anomalism. Such an outcome should not be considered particularly exceptional, however, given that epithermal gold systems are, by their very nature, complex and often require several phases to properly define their geometry before more substantial drilling can be expected to deliver a high level of success. While choosing to temporarily suspend drilling activities, Minera Monte Águila (‘MMA’) is nevertheless demonstrating its commitment to the Project by refocusing near-term efforts on ground works, including additional surface analysis at Pepas, in order to better define local structural controls and identify further drilling targets. In tandem with this, negotiation and execution of the joint venture agreement (‘the JVA’) between MMA and Orosur remains ongoing, with TPI presently anticipating completion by late Q1 2023. This of course will not only trigger a milestone payment of US$2m to the Company, but also significantly raise confidence with respect to the Project’s future development and prospective commercialisation.
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