Orosur Mining Analyst Note23 Dec 2024 10:46
Orosur has been undertaking early, close-spaced drilling in order to identify
and attempt to better understand its Pepas prospect (‘the Prospect’), which is
located in the northern extent of the Group’s flagship Anzá Project (preacquisition) (‘the Project’) in Colombia. Assays from the fourth hole of the
current program (‘PEP015’) have now been released, detailing a composite
intersection of 40.2m @ 3.75g/t Au from 23.5m, including 6.8m @ 9.02g/t Au.
The gold grades encountered are similar to those intersected in 2022 during
the initial drilling of holes PEP001, PEP005 and PEP007. Undoubtedly still
impressive, albeit falling below the quite exceptional numbers delivered from
recent holes PEP012, PEP013 and PEP014, today’s results suggest that the NW
end of the mineralised zone is more structurally complex and slightly lower
grade than the SE end. The picture will continue to build with further releases
from PEP016 and PEP017, which are expected shortly after the New Year
break. Management strategy appears to be working and to date Pepas has
exceeded all expectations. Having completed a £1.25m (gross) equity placing
on 19 December 2024, plus additional funds from the ongoing of exercise of
warrants from previous placings, the Group now has sufficient funds to
undertake a substantial extension to its original planned 800m drill program,
which will ramp up in Q1 2025. Further also to the TR-1, being the standard
form for notification of major holdings, released on 16 December 2024 that
noted 1832 Asset Management L.P. (‘1832AMLP’) had become a holder of 5.72%
of Orosur’s ordinary share capital, a further TR-1 has been published this
morning stating that this position (held through the Bank of Nova Scotia’s
(TSX: BNS) Dynamic Precious Metals Fund (itself a mutual managed by
wholly-owned 1832AMLP)) was further lifted to 7.41% as of 20 December 2024.
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