Analyst Comment22 Oct 2024 10:50
Orosur Mining* (OMI LN) 2.9p, Mkt Cap £7m – Colombian exploration results show high-grade gold in artisanal tunnels
(Anzá 100% indirect ownership proposed)
• Orosur Mining provides an update from their Colombian assets following the recent reacquisition of the Anzá project.
• Previous drilling had reported high-grade mineralisation from surface at Pepas over a composite intersection of 151m at 3g/t Au.
• Additional holes from the same pad had returned 35.5m at 2.1g/t Au and 80.6m at 3g/t Au.
• However, step out holes, drilled further away from the original wide intercept holes failed to return mineralisation.
• The Company believes that the later drilling failed to understand the structural controls of the Pepas gold mineralisation.
• Recent exploration work has seen detailed sampling and geological mapping of Pepas to better understand the geological controls,
• The Company has also identified two abandoned artisanal mining tunnels.
• Rock-chip sampling over 120m showed grades ranging up to 80g/t Au.
• The Company took 1m composite channel samples over the entire length of each tunnel.
• Tunnel A showed channel samples from 0.35g/t Au to 10g/t Au, whilst the Tunnel B showed higher grade assays, hitting 195g/t Au and consistently over 10g/t Au in sections.
• Given that the 150m hole at 3g/t Au (PEP-001) lies 61m from Tunnel B, the Company believes there is potential for mineralisation at scale.
• As a result of this hypothesis, Orosur plans to drill a hole from tunnel B to intercept the PEP-001 intercept.
• Elsewhere in Colombia, the Company has been mapping and geochemical surveying the El Cedro and El Roble porphyry prospects, previously held by Anglo American.
• Sampling to date suggests that the El Roble and El Cedro could be part of the same, larger porphyry system, according to the company.
• They have identified ‘extensive areas of quartz veining with highly anomalous gold values up to 10g/t Au.’
• Orosur will look to progress the El Roble and El Cedro prospects with more detailed mapping to delineate drill targets.
Conclusion: Orosur has wasted no time in beginning ground-based exploration work at their Anzá project having secured it back from Newmont and Agnico Eagle. The Project has had limited attention following the formation of the JV and Orosur has begun executing detailed mapping and geochemical programmes on site. Today the Company reports an encouraging breakthrough, discovering high-grade gold in old artisanal tunnels. The Company is looking to use this development to boost their understanding of the Pepas gold mineralisation, where previous drilling had reported wide gold intercepts from surface. Management plans to collar new holes from the entrance of the high-grade tunnel to intersect the previous drilled intercepts, before working to assess the potential scale
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