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23 Dec 2024 07:00
Orosur Mining Inc - Pepas drilling continues to shine
· Assays from fourth hole (PEP015) received.
· Composite intersection of 40.2m @ 3.75g/t Au from 23.5m
including 6.8m @ 9.02g/t Au.
London, December 23rd, 2024. 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.
ANZÁ Project
The Anzá Project is now 100% owned by the Company following recent completion of a Share Purchase Agreement (SPA), announced 28th November 2024, whereby the Company purchased all of the shares of its previous JV partner, Minera Monte Aguila (MMA).
The Project is located 50km west of Medellin and is easily accessible by all-weather roads and boasts excellent infrastructure including water, power, communications as well as a large exploration camp.
Pepas
The Pepas Prospect is in the northern extent of the Anzá Project (pre-acquisition) over 10km north of the central base at APTA (Figure 1).
Figure 1. Anzá Project - prospects
The Company began drilling at the Pepas prospect in mid-November 2024, just prior to completion of the MMA purchase transaction.
Drilling commenced with hole PEP012, which was positioned to confirm previous high-grade results in hole PEP001, PEP005 and PEP007, drilled by MMA in 2022.
Holes PEP013, PEP014 and PEP015 were then rotated some 51 degrees Eastward from PEP012 to begin to test what was considered by Company geological teams to the controlling trend of SE to NW. As well as defining thick zones of high-grade mineralisation, a target for these holes was a clearly defined basement fault that seemed to act as a distinct marker bed to define the trend.
Figure 2. Plan of holes
Holes PEP013 and PEP014 both intersected the basement fault at roughly the depth predicted, and both recorded substantial intersections of high-grade gold mineralisation above the basement fault.
Hole PEP015 was collared roughly 45m to the NW of PEP014, with the same azimuth and same objective.
From surface, hole PEP015 entered a thick zone of soils, saprolite, intense weathering and faulting, that appears substantially thicker and more complex than previous holes. The hole then entered the expected mineralised zone at a downhole depth of 23.5m, until the basement fault at 63.7m.
Figure 3. Section, PEP015
In this zone, a composite intersection of 40.2m @ 3.75g/t Au was recorded.
Hole Number | From (m) | To (m) | Interval (m) | Au (g/t) |
PEP015 | 23.5 | 63.7 | 40.2 | 3.75 |
including | 27.3 | 34.1 | 6.8 | 9.02 |
including | 49.35 | 54.65 | 5.3 | 6.95 |
Table 1. Drill Intercepts
Discussion and ongoing drilling
At this early stage, it would seem that the NW end of current mineralised zone is more structurally complex and slightly lower grade than the SE end, with the gold grades encountered in PEP015 being similar to that intersected by the initial drilling in 2022 in holes PEP001, PEP005 and PEP007.
The unmineralized surface zone of PEP015 is a mix of transported soil and highly weathered and altered tuffs indicative of a hanging wall fault system. This will need to be better defined by further drilling to examine its potential impact.
Hole PEP016 was collared to the SW to pierce the basement fault further down dip and to further examine these hanging wall features. This hole has been completed and samples are currently in laboratory awaiting assay.
Hole PEP017 was relocated back to the SE of the mineralised area, to test downdip of hole PEP013.
The recent capital raising has now provided sufficient funds such that the planned 800m drill program will be substantially extended. Given this extension, the drilling crews will now take a short break over Christmas before ramping up in the new Year.
Orosur CEO Brad George commented:
"Results from the drilling at Pepas continue to be outstanding - but as expected, there are complexities, as there always are. One of the objectives of this early, close spaced drilling is to identify and attempt to resolve these complexities early. This strategy appears to be working and thus far Pepas has exceeded all expectations."
For further information, visit www.orosur.ca, follow on X @orosurm or please contact:
Orosur Mining Inc
Louis Castro, Chairman,
Brad George, CEO
info@orosur.ca
Tel: +1 (778) 373-0100
SP Angel Corporate Finance LLP - Nomad & Joint Broker
Jeff Keating / Caroline Rowe
Tel: +44 (0) 20 3470 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
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Drill Hole Details - Pepas prospect 2022/2024 Programme*
Hole ID | Easting (m) | Northing (m) | Elevation asl (m) | Dip (°) | Azimuth (°) |
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 |
PEP-008 | 403232 | 704803 | 971 | -50 | 60 |
PEP-009 | 403032 | 705057 | 1055 | -50 | 80 |
PEP-010 | 403375 | 705106 | 982 | -50.31 | 190.4 |
PEP-011 | 403573 | 704939 | 1001 | -50.3 | 255 |
PEP-012** | 403415 | 704890 | 997 | -56 | 352 |
PEP-013** | 403413 | 704887 | 997 | -50 | 43 |
PEP-014** | 403400 | 704910 | 1007 | -50 | 43 |
PEP-015** | 403375 | 704938 | 1017 | -50 | 43 |
PEP-016** | 403326 | 704912 | 999 | -50 | 43 |
* Coordinates WGS84, UTM Zone 18
** Preliminary coordinates with handheld GPS. To be later verified by survey
About Orosur Mining Inc.
Orosur Mining Inc. (TSXV: OMI; AIM: OMI) is a minerals explorer and developer currently operating in Colombia, Argentina and Nigeria.
About the Anzá Project
Anzá is a gold exploration project, comprising three exploration licences, four exploration licence applications, and several small exploitation permits, totalling 176km2 in the prolific Mid-Cauca belt of Colombia. Post the acquisition of Minera Monte Aguila S.A.S, the area of the Project has increased substantially to approximately 400km2 due to the acquisition of a number of additional applications that were owned by Minera Monte Aguila S.A.S.
The Anzá Project is currently wholly owned by Orosur via its subsidiaries, Minera Anzá S.A. and Minera Monte Aquila S.A.S.
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.
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 Inc. 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 10% of total submitted samples being blanks, repeats or Certified Reference Materials (CRMs).
Samples for holes PEP-001 to PEP-011 were sent to the Medellin preparation facility of ALS Colombia Ltd, and then to the ISO 9001 certified ALS Chemex laboratory in Lima, Peru.
Samples from PEP-012 onwards are sent to Medellin laboratory of Actlabs for preparation and assay.
30 gram nominal weight samples are then subject to fire assay and AAS analysis for gold with gravimetric re-finish for overlimit assays of >5 g/t. ICP-MS Ultra-Trace level multi-element four-acid digest analyses may 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 continuing focus on the Pepas prospect, the exploration plans in Colombia and the funding of those plans, and other events or conditions that may occur in the future. 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 to those described in the Section "Risks Factors" of the Company's MD&A for the year ended May 31, 2024. 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 closure of the Creditor´s 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. 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.
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