Last checked at 21 Oct 2022 07:00
Orosur Mining Inc - Colombia Update
· Assays from four additional diamond drill holes at Pepas and Pupino.
· Holes PEP005 and PEP007 drilled from the same pad as PEP001 but in different directions.
· Holes PEP005 and PEP007 return substantial gold intersections, with the best at PEP007 being 80.55m @ 3.05g/t Au from surface (including 41.75m @ 5.24g/t).
· Two holes are currently underway from new pads to attempt to better define the geometry of this mineralised body.
London, October 21st, 2022. Orosur Mining Inc. ("Orosur" or the "Company") (TSXV/AIM:OMI), is pleased to announce an update on the progress of exploration activities at the Company's flagship Anzá Project ("Project") in Colombia.
The Project is the subject of an Exploration Agreement with Venture Option ("Exploration Agreement") with Colombian company Minera Monte Águila ("MMA"). MMA is itself a 50:50 JV between Newmont Corporation (NYSE:NEM, TSX:NGT) and Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM), and is the Colombian vehicle by which these two companies jointly exercise their rights and obligations with respect to the Exploration Agreement over the Project.
MMA is the operator of the Project after exercising its right to assume operational control in the second half of 2021.
Assay Results
Assay results from four additional diamond drill holes (PEP004, PEP005, PEP007 and PUP001) from the Pepas and Pupino prospects have been received.
Both the Pepas and Pupino prospects are located in the northern region of the Anzá Prospect, roughly 12km and 8km respectively north northeast from the central APTA prospect that had seen most drilling at Anzá up until early 2022.
Key intersections are noted below.
Hole Number | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Zn (%) |
PEP004 | No significant results | |||||
PEP005 | 0.00 | 36.85 | 36.85 | 2.13 | 3.74 | 0.07 |
including | 1.70 | 3.70 | 2.00 | 12.70 | 2.78 | 0.02 |
including | 31.45 | 35.70 | 4.25 | 6.30 | 5.11 | 0.04 |
PEP007 | 0.00 | 80.55 | 80.55 | 3.05 | 2.91 | 0.15 |
including | 36.45 | 78.20 | 41.75 | 5.24 | 2.82 | 0.21 |
PUP001 | No significant results | |||||
Table 1. Drill Intercepts.
Geology and Drilling
Drilling activities commenced at Pepas in April 2022, and at the nearby Pupino prospect soon afterward. Assay results from the first three holes at Pepas (PEP001, PEP002 and PEP003) were released on September 6th, 2022, which included an intersection of 150.90m @ 3.00g/t Au from surface in hole PEP001.
This first phase of drilling at Pepas and Pupino included holes across a wide area, focussing on a number of geochemical, geological and/or geophysical targets. While the assay results from PEP001 were encouraging, the hole provided limited information on the shape and orientation of the mineralised zone. This was to be expected being the first hole into a new target and due to the fact that the hole started in mineralisation. To obtain further information on the shape and orientation of the mineralised zone further drilling in different directions and from different locations is currently underway. However, the development of new drill sites is a complex and time-consuming task in this region, and as such several interim holes were drilled from the same pad as PEP001 while new pads were being constructed.
Figure 1. Drill Plan, Pepas Prospect
PEP004
PEP004 was one of the original reconnaissance holes at Pepas, drilled some 700m north of PEP001 to a depth of 627m, to test lithostratigraphic targets unrelated to the mineralisation encountered in PEP001.
No substantial mineralisation was intersected.
PEP005
PEP005 was drilled from the same drill pad as PEP001 but in a different direction, with an azimuth of 94.6 degrees (roughly eastward) to provide information to assist in defining the size and orientation of the mineralised body intersected in PEP001. The hole was drilled to a depth of 448m.
As expected, the hole entered mineralisation at surface before exiting the breccia body at a shallow depth, returning an intersection of 36.85m @ 2.13g/t Au. This hole has provided some information suggestive of the likely strike of the mineralisation that will require further confirmation.
PEP007
PEP007, like PEP005, was drilled from the same pad as PEP001 but in a more southerly direction (azimuth of 170 degrees) and at a steeper dip (-69.9 degrees) to test the mineralised body at greater depth and, as with PEP005, to provide information to assist in defining the orientation of the body.
This hole also entered mineralisation from surface, recording an intersection of 80.55m @ 3.05g/t Au extending to greater depth to that intersected in PEP001.
However, as with several other early holes at Pepas, broken ground and difficult drilling conditions were encountered, and the hole was terminated at a premature depth of 134m.
PUP001
PUP001 was drilled at the Pupino prospect to test a geophysical IP anomaly that did not coincide with any anomalous geochemistry. The hole was drilled to a depth of 490m.
This target was not considered the highest priority in the region, but as the terrain at Pupino is challenging, this hole was drilled while access to more prospective targets was being developed.
However, Pupino has proved more logistically challenging than anticipated, especially because of the time lost for crews to walk to and from the rig from a remote camp. Following the recent completion of PUP002, it has been decided to temporarily suspend drilling activities at Pupino until better camp facilities can be developed.
A number of other holes at Pepas have been completed and are awaiting assays, with several additional holes currently underway.
Following construction of new drill pads to the west of the mineralised zone and interpreted structural trend of Pepas, two new holes (PEP008 and PEP009) are currently underway. It is anticipated that stepping back and drilling from outside the mineralised zone should provide additional information related to the shape and orientation of Pepas.
Orosur CEO Brad George commented:
"PEP001 was clearly a spectacular result, but being only the first hole, caution was warranted. It is encouraging therefore that further holes have confirmed this first result and we eagerly await results from better positioned holes that are currently underway to get a better sense of the scale of what appears a most exciting prospect."
For further information, visit www.orosur.ca, follow on twitter @orosurm or contact:
Orosur Mining Inc.
Louis Castro, Chairman
Brad George, CEO
Email: info@orosur.ca
Tel: +1 (778) 373-0100
SP Angel Corporate Finance LLP - Nomad & Joint Broker
Jeff Keating / Caroline Rowe
Tel: +44 (0) 20 3 470 0470
Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker/James PopeTel: +44 (0)20 3657 0050
Flagstaff Communications and Investor Communications
Tim ThompsonMark EdwardsFergus Mellon
Email: orosur@flagstaffcomms.com
Tel: +44 (0)207 129 1474
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
Drill Hole Details - 2020/2022 Programme*
Hole ID | Easting (m) | Northing (m) | Elevation asl (m) | Dip (°) | Azimuth (°) |
MAP-072 | 400088 | 694745 | 1075 | -55 | 293 |
MAP-073 | 400018 | 694503 | 1097 | -58 | 295 |
MAP-074 | 399981 | 694684 | 1110 | -58 | 295 |
MAP-075 | 400168 | 694723 | 1024 | -55 | 295 |
MAP-076 | 400019 | 694527 | 1107 | -50 | 295 |
MAP-077 | 400168 | 694723 | 1024 | -69 | 295 |
MAP-078 | 399917 | 694719 | 1112 | -50 | 295 |
MAP-079 | 399995 | 693976 | 960 | -55 | 295 |
MAP-080 | 400231 | 694580 | 966 | -55 | 295 |
MAP-081 | 400045 | 693950 | 920 | -55 | 295 |
MAP-082 | 400176 | 694797 | 1020 | -50 | 296 |
MAP-083 | 400176 | 694797 | 1020 | -60 | 310 |
MAP-084 | 400045 | 693950 | 920 | -57 | 321 |
MAP-085 | 400167 | 694552 | 1000 | -46 | 247 |
MAP-086 | 400067 | 694360 | 1068 | -54 | 295 |
MAP-087 | 400027 | 694168 | 988 | -54 | 290 |
MAP-088 | 400168 | 694723 | 1024 | -55 | 341 |
MAP-089 | 400067 | 694360 | 1068 | -59 | 317 |
MAP-090 | 400041 | 694630 | 1059 | -56 | 296 |
MAP-091 | 400060 | 694715 | 1089 | -50 | 295 |
MAP-092 | 399420 | 695235 | 1162 | -50 | 138 |
MAP-093 | 400055 | 694203 | 1006 | -59 | 290 |
MAP-094 | 399954 | 694347 | 1031 | -64 | 303 |
MAP-095 | 399722 | 695252 | 1113 | -50 | 135 |
MAP-096 | 399759 | 694632 | 1082 | -57 | 127 |
MAP-097 | 400054 | 694472 | 1087 | -71 | 311 |
MAP-098 | 399794 | 694730 | 1149 | -65 | 130 |
MAP-099 | 399098 | 695129 | 1157 | -50 | 250 |
MAP-100 | 400096 | 694431 | 1051 | -59 | 283 |
MAP-101 | 400286 | 694890 | 967 | -50 | 331 |
MAP-102 | 400095 | 694426 | 990 | -61.5 | 303.5 |
MAP-103 | 399793 | 694730 | 1162 | -65.5 | 123.3 |
MAP-104 | 399982 | 694294 | 1015 | -60 | 297 |
MAP-105 | 399793 | 694730 | 1162 | -63.8 | 113.3 |
PEP-001 | 403384 | 705000 | 1001 | -50 | 150 |
PEP-002 | 403384 | 705000 | 1001 | -60 | 290 |
PEP-003 | 403240 | 705142 | 1001 | -49.60 | 95.2 |
PEP-004 | 403508 | 705671 | 838 | -59.8 | 99.8 |
PEP-005 | 403373 | 704990 | 1008 | -49.8 | 94.6 |
PEP-007 | 403374 | 704990 | 1008 | -69.9 | 170 |
PUP-001 | 403572 | 700326 | 927 | -49.8 | 250.5 |
* Coordinates WGS84, UTM Zone 18
About Orosur Mining Inc.
Orosur Mining Inc. (TSXV/AIM:OMI) is a minerals explorer and developer focused on identifying and advancing projects in South America. The Company operates in Colombia, Argentina and Brazil. It has discontinued operations in Uruguay.
About the Anzá Project
Anzá is a gold exploration project, comprising three exploration licences, four exploration licence applications, and several small exploitation permits, totalling 207.5km2 in the prolific Mid-Cauca belt of Colombia.
The Anzá Project is currently wholly owned by Orosur via its subsidiary, Minera Anzá S.A. ("Minera Anzá").
The project is located 50km west of Medellin and is easily accessible by all-weather roads and boasts excellent infrastructure including water, power, communications and large exploration camp.
The Anzá Project is subject to an Exploration Agreement with Venture Option dated September 7th, 2018, as announced on September 10th, 2018, between Orosur's 100% subsidiary Minera Anzá and Minera Monte Águila SAS ("MMA"), a 50/50 joint venture between Newmont Corporation (NYSE:NEM, TSX:NGT), and Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM).
Qualified Persons Statement
The information in this news release was compiled, reviewed and verified by Mr. Brad George, BSc Hons (Geology and Geophysics), MBA, Member of the Australian Institute of Geoscientists (MAIG), CEO of Orosur Mining Inc. and a qualified person as defined by National Instrument 43-101.
Orosur Mining staff follow standard operating and quality assurance procedures to ensure that sampling techniques and sample results meet international reporting standards.
Drill core is split in half over widths that vary between 0.3m and 2m, depending upon the geological domain. One half is kept on site in the Minera Anzá core storage facility, with the other sent for assay.
Industry standard QAQC protocols are put in place with approximately 20% of total submitted samples being blanks, repeats or Certified Reference Materials (CRMs).
Samples are sent to the Medellin preparation facility of ALS Colombia Ltd, and then to the ISO 9001 certified ALS Chemex laboratory in Lima, Peru.
30-gram nominal weight samples are then subject to fire assay and AAS analysis for gold with gravimetric re-finish for overlimit assays of >10g/t. ICP-MS Ultra-Trace level multi-element four-acid digest analyses is also undertaken for such elements as silver, copper, lead and zinc, etc.
Gold intersections are reported using a lower cut-off of 0.3g/t Au over 3m.
Forward Looking Statements
All statements, other than statements of historical fact, contained in this news release constitute "forward looking statements" within the meaning of applicable securities laws, including but not limited to the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release.
Forward-looking statements include, without limitation, the exploration plans in Colombia and the funding from MMA of those plans, MMA's decision to continue with the Exploration Agreement, the formation of a new mining company or mining venture to hold the Project, the ability for Loryser to implement the Creditors' Agreement successfully in Uruguay and other events or conditions that may occur in the future. The Company's continuance as a going concern is dependent upon its ability to obtain adequate financing, to reach profitable levels of operations and to reach a satisfactory implementation of the Creditors' Agreement in Uruguay. These material uncertainties may cast significant doubt upon the Company's ability to realize its assets and discharge its liabilities in the normal course of business and accordingly the appropriateness of the use of accounting principles applicable to a going concern. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such forward-looking statements. Such statements are subject to significant risks and uncertainties including, but not limited, those as described in Section "Risks Factors" of the MDA and the Annual Information Form. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law.