Last checked at 5 Oct 2010 07:00
Orosur Mining Inc. ('OMI' or 'the Company') (TSX-V: OMI) (AIM: OMI), a South American-focused gold producer and explorer, announces drill results for the Vaca Muerta project in northern Uruguay.
Highlights
Best gold intercepts from Vaca Muerta include 26 metres at 2.30g/t from 53 metres in hole VMRC019 and 16 metres at 2.58g/t from 43 meters in hole VMRC016. Results demonstrate potentially wide intercepts of gold mineralisation which are open down dip and along strike. A follow-up drill programme is planned to commence this week.David Fowler, CEO of the Company commented: "Vaca Muerta is located in the eastern end of the Isla Cristalina Belt, approximately 85 kilometres by road from the producing San Gregorio mine site. These excellent drill results, which show good grade and apparent width, are significant in their potential to add to the San Gregorio mine plan. We are very pleased with the results in exploration over the past six months, identifying additional near mine resources at San Gregorio, defining a first NI 43-101 resource at Pantanillo and now delivering these results in Vaca Muerta."
Vaca Muerta Drill Results
The Company has completed a seven hole reverse circulation drilling programme at Vaca Muerta totalling 600 metres and all seven holes encountered anomalous gold values. The best intercepts, results shown in the table below, demonstrate strong, shallow gold mineralisation that is open along strike in both directions as well as down dip.
| Hole | From | To | Interval (m) | Gold Au g/t | |||||
| VMRC016 | 43 | 59 | 16 | 2.58 | |||||
| VMRC018 | 63 | 66 | 3 | 1.71 | |||||
| VMRC019 | 53 | 79 | 26 | 2.30 |
Grades were calculated using a cutoff of 0.5g/t Au. Samples were processed using OMI's In house Laboratory using fire assay with atomic absorption finish. For quality control purposes 5% of samples are reanalysed at external laboratories.
About Vaca Muerta
Vaca Muerta is located 85 kilometres east of the Company's San Gregorio gold mine in northern Uruguay in the Isla Cristalina Belt. Vaca Muerta is one of three prospects in the eastern portion of the Isla Cristalina Belt, including Vichadero and Curtume, located adjacent to the 100 kilometre long Rivera Shear and identified by historic steam sediment sampling and follow-up mapping, rock/soil sampling and geophysics. Earlier drilling at Vaca Muerta by Crystallex in 1999 (18 holes for 1,378 meters) encountered only weak mineralization, with the best intercept being 37 metres at 0.5 g/t au. The current drilling by OMI is the first since that time and it has concentrated on a more thorough test of the 350 metre long zone of anomalous surface gold values historically outlined.
Vaca Muerta mineralization is similar in style to the San Gregorio deposits. Host rock granites are strongly foliated and sheared and contain zones of Quartz/FeOx/Sericite/Pyrite veining.
Next steps
The company plans to complete a follow-up drill programme of approximately 500 metres to better define structural controls, establish true widths and determine whether new intercepts represent one single or two separate structures. Once the controls are confirmed a step-out drill campaign along strike to the east and west will be initiated.
Qualified Person's Statement
The information presented in this press release has been reviewed by William F. Lindqvist, a director of OMI. Dr. Lindqvist holds a Ph.D. in Applied Geology from Imperial College, London, has been a member of the AusIMM for 46 years, and has had 40 years of experience in international minerals exploration and property evaluation.
Forward-Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any information as to the future financial or operating performance of the Company, constitute "forward-looking statements" within the meaning of certain securities laws, including the "safe harbour" provisions of the Securities Act (Ontario) and 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. There can be no assurance that such statements will prove to be accurate; such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements include, without limitation success of exploration activities; permitting time lines; the failure of plant; equipment or processes to operate as anticipated; accidents; labour disputes; requirements for additional capital title disputes or claims and limitations on insurance coverage. 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.
ENDS
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Orosur Mining Inc.
Orosur Mining Inc. is a fully integrated gold producer and exploration company focused on identifying and developing gold projects in Latin America. The Company operates the only producing gold mine in Uruguay (San Gregorio), and has assembled an exploration portfolio of high quality assets in Uruguay and Chile. The Company is quoted in Canada (TSX-Venture Exchange: OMI) and London (AIM: OMI).
| Orosur Mining Inc |
| David Fowler, CEO |
| Ignacio Salazar, CFO + 598 2601 6354 |
| info@orosur.ca |
| or |
| Matrix Corporate Capital LLP (Nominated Adviser & Broker) |
| Louis Castro, +44 (0) 203 206 7209 |
| Tim Graham, +44 (0) 203 206 7206 |
| or |
| Blythe Weigh Communications (Public Relations and Investor Relations) |
| Tim Blythe: +44 (0) 207 138 3205 |
| Ana Ribeiro: +44 (0) 207 138 3206 |
| Matthew Neal: +44 (0) 207 138 3224 |
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