TIDMOMI
RNS Number : 3516Y
Orosur Mining Inc
06 September 2022
Orosur Mining Inc - Colombia update
-- Assays from first drill three diamond drill holes at Pepas
prospect, in the north of the Anzá Project - PEP001, PEP002 and
PEP003
-- Assay results from PEP001 have returned a substantial,
high-grade gold intersection of 150.90m @ 3.00g/t Au (from
surface).
-- Additional holes are currently underway across Pepas and Pupino prospects.
-- The Company's JV partner, Minera Monte Águila has informed
the Company that it has met its expenditure commitment of
US$4million for the current JV year.
London, September 6(th) , 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 ("Newmont") (NYSE:NEM, TSX:NEM) and Agnico
Eagle Mines Limited ("Agnico") (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 for the first three diamond drill holes (PEP001,
002, 003) at the new Pepas prospect have been received. The Pepas
prospect is the most northern prospect of the Project,
approximately 12 kilometres north northeast of the central APTA
prospect, where most drilling has been historically focussed to
date.
Key intersections are noted below.
Hole Number From (m) To (m) Interval Au (g/t) Ag (g/t) Zn (%)
(m)
PEP001 0.00 150.90 150.90 3.00 3.16 0.15
--------- ------- --------- --------- --------- -------
including 34.45 136.85 102.40 3.73 2.27 0.15
--------- ------- --------- --------- --------- -------
PEP002 0.00 37.25 37.25 0.54 0.55 0.06
--------- ------- --------- --------- --------- -------
PEP003 23.40 55.95 32.55 0.61 1.2 0.01
--------- ------- --------- --------- --------- -------
PEP003 82.85 89.40 6.55 0.65 3.92 0.01
--------- ------- --------- --------- --------- -------
PEP003 91.80 96.00 4.20 1.30 1.23 -
--------- ------- --------- --------- --------- -------
PEP003 120.50 123.40 2.90 0.89 4.66 0.08
--------- ------- --------- --------- --------- -------
PEP003 252.05 261.25 9.20 0.74 0.64 0.05
--------- ------- --------- --------- --------- -------
Table 1. Drill Intercepts.
Geology and Drilling
Drilling activities commenced at Pepas in April 2022, and at the
nearby Pupino prospect soon afterward. Three diamond drill rigs are
currently operating at Pepas with one at Pupino.
Nine holes have been completed, attempted or are underway at
Pepas, across approximately 1 kilometre of strike of the main
structural corridor defined by the Aragon and Tonusco faults,
targeting a range of lithologies and geological features. However,
three of these holes encountered difficult drilling conditions from
broken ground related to major structures and were terminated at
shallow depths. These holes are being, or will be redrilled,
although with some modifications to orientation on the basis of
recent results.
One hole has been completed at Pupino, with a second
underway.
Drilling assay results have been delayed due to difficult ground
conditions and the need to undertake re-assay of numerous samples
to resolve overlimit issues and meet QAQC requirements.
The first hole at Pepas, PEP001, was drilled to a depth of 384m
to test highly anomalous rock chip samples that had been identified
from previous mapping programs, and publicly announced on March
8(th) , 2022. The hole intersected a quartz vein stockwork and
breccia zone from surface, demonstrating pervasive stockwork
veining related to extensive gold mineralisation. The hole was
drilled oblique to the zone of vein-development, and with only one
hole, the geometry and dimensions of the zone have yet to be fully
resolved. However, surface exposures of vein development suggest an
east-west strike, with a moderate to steep southerly dip.
Figure 1. Drill section, PEP001
Hole PEP002 was drilled from the same pad as PEP001, but in a
westerly direction to better understand the geometry of
mineralisation and the controlling structures. This hole
intersected only a short interval of the breccia zone, before
entering the local host rocks and then being terminated at 74m due
to difficult drilling conditions.
Hole PEP003 was collared some 150m northwest of PEP001 and
drilled to a depth of 311m in different lithologies, to test the
presumed northeast extension of the primary structures identified
in PEP001. Some mineralised structures were intersected; however,
it is likely that the primary structures trend more northwest and
this will be assessed with later holes.
Other early holes at Pepas were drilled some considerable
distance from PEP001, to test a wide variety of other geochemical
and geophysical anomalies or more conceptual targets. This was an
intentional strategy to assess a number of targets in the first
drilling pass, and then prioritise future drilling to the most
attractive targets once results are received and assessed.
Current drilling is now being focussed on the mineralisation
intersected in PEP001, however some modifications were required to
drill pad locations to provide better drilling angles.
Joint Venture
MMA has informed the Company that it has exceeded its spending
obligation of US$4 million for the year ending Sept 6(th) , 2022,
as per the Exploration Agreement, and as such has completed its
Minimum Phase 1 Earn-In Work Requirement.
MMA is thus now entitled to exercise its Phase 1 Earn-In Right
by formally providing the Company with a Phase 1 Earn-In
Notice.
Upon receipt of the Phase 1 Earn-In Notice, the Company and MMA
will begin the process of forming a new mining venture (the "Mining
Company") that will hold title to the Project's concessions and
applications. Once formed, the Company will have a 49% ownership
interest in the Mining Company and MMA the remaining 51%, with MMA
being the manager.
MMA may elect to enter into Phase 2 of the Exploration
Agreement, which would require MMA to invest US$20m in qualifying
exploration expenditure in the Project over a maximum of four
years. If completed, such expenditure would see MMA earning an
additional 14% equity in the Mining Company for a total of 65%.
Orosur would accordingly dilute to 35%. Electing to enter Phase 2
would also trigger a payment of US$2m to the Company.
Finalisation of the Mining Company and of its constituent
documents - as per key terms provided in the Exploration Agreement
- may take several months; however, during this period, exploration
work on the Project may continue uninterrupted at the Company's
discretion.
Orosur CEO Brad George commented:
"Results from PEP001 largely speak for themselves. To return
such a result for the first hole in the first drill campaign in an
untouched area is a spectacular demonstration of the potential of
the Anzá Project. With Covid restrictions largely lifted, the
increased pace of exploration bodes well for an exciting future
ahead."
F or further information, visit www.orosur.ca , follow on
twitter @orosurm or 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 3 470 0470
Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker/James Pope
Tel: +44 (0)20 3657 0050
Flagstaff Communications and Investor Communications
Tim Thompson
Mark Edwards
Fergus 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.
Drill Hole Details - 2020/2022 Programme*
Hole ID Easting Northing Elevation Dip Azimuth
(m) (m) asl (m) (deg) (deg)
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
-------- --------- ---------- ------- --------
* Coordinates WGS84, UTM Zone 18
About Orosur Mining Inc.
Orosur Mining Inc. (TSX: OMI; 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.
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.
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 Anza 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 Anza S.A
("Minera Anza ") and Minera Monte A guila SAS ("Monte A guila"), a
50/50 joint venture between Newmont Corporation ("Newmont")
(NYSE:NEM, TSX:NGT), and Agnico Eagle Mines Limited ("Agnico")
(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 Monte Águila of
those plans, Monte Águila's decision to continue with the
Exploration Agreeement, the formation of a new mining company or
mining venture to hold the project, the ability for Loryser to
implement the Creditor's 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
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. 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.
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END
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