TIDMOMI
RNS Number : 6369D
Orosur Mining Inc
21 October 2022
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 21(st) , 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 Au (g/t) Ag (g/t) Zn (%)
(m)
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 6(th) , 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."
F or 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 Pope
Tel: +44 (0)20 3657 0050
Flagstaff Communications and Investor Communications
Tim Thompson
Mark Edwards
Fergus 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 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
-------- --------- ---------- ------- --------
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 207.5km(2) 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 Anza Project is subject to an Exploration Agreement with
Venture Option dated September 7(th) , 2018, as announced on
September 10(th) , 2018, between Orosur's 100% subsidiary Minera
Anzá and Minera Monte A guila 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.
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