TIDMOMI
Orosur Mining Inc announces initial drilling results in Talca
and
Commences drilling at Pantanillo in Chile
SANTIAGO, Chile, March 6, 2012 - Orosur Mining Inc. (the
"Company") (TSX VENTURE: OMI) (LSE: OMI) a South American-focused
gold producer and explorer, announces results of the drilling
campaigns at its projects in Chile: Talca, Pantanillo and
Anillo.
Highlights
-- Initial assay results from three holes drilled during 2012 at the
Talca project in Chile have defined 2 meters at 5.7 g/t Au in
hole
number Talca 12-23-RC on the Metallera fault and two intercepts
of 1
meter at 10 g/t Au in holes Talca 12-29-RC and Talca 12-30-RC in
the
southern sector. These results are encouraging and consistent
with
expectations for these targets.
-- A 3,000 meter drill campaign has commenced at the Pantanillo project
in Chile. Three targets will be tested during this programme
-
Pantanillo Sur, Oro 52 and Quebrada Pantanilio. Recent sampling
and
mapping supports the potential for discovery on these targets
and
follows up historical drilling and trenching on these targets
by
previous operators.
David Fowler, CEO of the Company commented: "Initial drilling in
the southern sector at Talca is encouraging with intercepts
confirming the potential for multiple narrow high grade gold
mineralization over a potential strike length of 500 meters. This
sector and the Metallera central zones which have been significant
historical production areas are the focus of current drilling.
Drilling has also commenced at the Pantanillo project on three
priority targets, Pantanillo Central, Oro 52 and Quebrada
Pantanillo. 3,000 meters of RC drilling will target the discovery
of new oxide resources. Results of this program are expected to be
received in May and June 2012.
Talca - Chile
A second drill campaign at Talca commenced in January 2012. To
date, 4,000 meters of RC and diamond holes have been drilled from a
planned 7,900 meters in the second campaign, giving a total since
drilling began in October 2011 of 8,500 meters combined diamond and
RC drilling. An additional diamond rig has been mobilized to the
project in order to speed-up drilling and to complete the total
planned meters before mid-April 2012.
The second phase of drilling has been focused around the
Metalera Central and Sector Sur sheared quartz-veins, both areas
with the most intense historical mining activity. Drilling has been
planned to delineate the down-dip potential of gold mineralization
beneath the historical workings, which extend to a maximum of
approximately 100m vertical depth from surface. Significant
intercepts from the second phase of drilling to date can be seen in
the table below.
Hole ID Sector From To Intercept
Talca-12-23RC Metalera Central 175 180 5m @ 2.70 g/t Au
including
178 180 2m @ 5.62 g/t Au
Talca-12-29RC Delirio 112 113 1m @ 10 g/t Au
242 244 2m @ 1.15 g/t Au
247 249 2m @ 1.32 g/t Au
Talca-12-30RC Juica W 85 86 1m @ 10 g/t Au
The results from drill hole Talca-12-23RC reflect the nature of
mineralization along the Metalera Fault with lower grade, 2-3 g/t
Au, across the 5-7m wide structure with an increase in grade
observed around the footwall contact. This result is encouraging as
the intercept is situated approximately 50 meters beneath the
extent of the historical workings at this point of the Metalera
Fault and mineralization is still open down-dip.
Drillholes Talca-12-29RC and Talca-12-30RC are also encouraging
as both holes were drilled as exploration holes testing the
potential of the western extension in the Sector Sur sheared vein
sets, in this case, the Delirio and Juica veins respectively. The
ground across this particular zone has not previously been subject
to any historical mining. These intercepts of >10 g/t gold are
over 500m west of the intersection between the vein sets and the
Metalera Fault system. Assays for other holes drilled in Sector Sur
are pending with results expected by the end of March.
The Company's objective is to define the first Inferred NI-43101
resource calculation during calendar 2012.
Pantanillo Chile
Orosur has a measured and indicated resource of 45.9 million
tonnes at .69 g/t for 1.023 million contained ounces of gold at the
Pantanillo project in the Maricunga belt of Chile. On the 12th of
January 2012 the results of a preliminary economic assessment of
the project were announced. The major focus of exploration in the
2012 field season which commenced in January 2012 is to identify
areas where additional resources can be established to increase
potential mine life at Pantanillo before proceeding with the
completion of a prefeasibility study on Pantanillo. Three key
targets will be the focus of field work at Pantanillo this year,
Pantanillo Central, Quebrada Pantanillo and Oro 52. Exploration on
these new target areas continued through January and February 2012,
with further mapping and rock sampling
The most significant results from the sampling campaign are
shown below. Drill targets have been delineated as a result of the
surface work with a planned 3,000m RC drilling commencing on 5th
March 2012. This exploration drilling campaign is to be executed in
tandem with water exploration drilling, which is due to commence on
12th March 2012.
Sample Sector East North Ag_ppb As_ppm Au_ppb Cu_ppm Hg_ppb Pb_ppm
Number
EX75334 Oro 498860 6967211 23 2 68 3 79 5
52
EX75361 Oro 498870 6968202 76 7 69 25 2,650 4
52
EX75362 Oro 498868 6968178 397 559 102 2 142 741
52
EX75366 Oro 498879 6967984 2,648 196 146 10 1,507 293
52
EX75385 Quebrada 497962 6963781 24,389 207 925 15 >50,000 239
Pantanillo
EX75386 Quebrada 497988 6963772 27,808 155 129 28 32,125 218
Pantanillo
EX75387 Quebrada 497956 6963764 20,442 729 504 47 20,423 766
Pantanillo
EX75388 Quebrada 497960 6963754 36,110 225 72 19 21,491 199
Pantanillo
EX75437 Pantanillo 493529 6962921 4,886 779 597 39 2,984 34
Central
EX75438 Pantanillo 493539 6962900 6,648 2,591 580 101 2,363 35
Central
EX75439 Pantanillo 493572 6962857 5,222 272 1,646 59 6,507 6
Central
EX75440 Pantanillo 493541 6962642 27,858 426 3,054 64 11,272 13
Central
The rock sample results reflect the differing styles of
mineralization that occur within the Pantanillo district. Oro 52
results shows anomalous gold values that are weaker, in comparison
to Pantanillo Central and Quebrada Pantanillo, however, the values
appear more consistent and are coupled with lower anomalous silver
values. The conceptual model for Oro 52 is that of a porphyry
system similar to Pantanillo Norte, with lower background anomalies
and buried beneath post-mineral superficial cover.
Mineralization at Quebrada Pantanillo visually appears to be a
classic hydrothermally altered high-sulphidation system normally
observed around the peripheries of porphyry systems. This has now
been backed-up by the significant results in the area with high
grade silver-mercury and moderate anomalies of gold. A soil
sampling campaign will take place along with the exploration
drilling at Quebrada Pantanillo, targeting further potential
mineralized areas that are highlighted by intense alunite-kaolinte
alteration in Aster® imagery. Hypogene alunite alteration is
typically observed throughout the whole of the Maricunga belt,
associated with advanced argillic alteration caps that overlay gold
bearing porphyry-type stockwork systems. Kinross drilled a combined
total of 1,235 meter diamond and RC holes in Quebrada Pantanillo
during their 2006 and 2007 field campaigns. One hole in particular
stands out, DDHQP-02, which intercepted 25.9m @ 0.6 g/t Au, between
98-123.9m depth. More significantly, this drill hole was terminated
in mineralization. This drill information together with encouraging
rock sample results provide significant encouragement for the
potential to make a discovery at Quebrada Pantanillo.
Pantanillo Central exhibits encouraging gold results and
moderate to high grade silver and mercury. This high-sulphidation
style of mineralization is similar to that observed at Quebrada
Pantanillo and together with the high-grade silver results seen in
historical trenching done by Anglo-American, justifies the need to
drill test this area. The table below shows significant results
from some of the trench samples* taken by Anglo-American in the
mid-1980s.
Trench ID East_PSAD56 North_PSAD56 Length(m) Au g/t Ag g/t
Road Cutting 493740 6963005,4 7 2,37 8,86
Trench T2 493754 6963189,19 3 1,00 2,00
Trench T19 493716 6963207,02 3 1,50 26,00
Trench T19 493747 6963236,87 6 0,83 5,00
Trench T19 493757 6963244,72 4 0,93 2,50
Trench T3 493688 6963267,47 4 0,56 4,50
Trench T37 493826 6963789,16 5 1,06 9,20
Trench T37 493833 6963788,88 3 1,23 2,60
Trench T33 493846 6964275,95 32 0,00 106,20
Trench T33 493841 6964293,22 10 0,00 34,60
Trench T5 493851 6964303,19 29 0,00 82,36
Trench T31 493755 6964311,21 12 0,00 69,50
Trench T6 (E) 493665 6964301,31 7 1,60 29,80
* Taken from Anglo-American data, in which they presented only
data above cut-off grades 0.5 g/t Au and/or 30 g/t Ag
Anillo - Chile
Anillo is strategically placed tenement package between Yamana's
El Peñon mine and its Pampa Augusta Victoria discovery. A total of
7,173 meters of reverse circulation drilling over two campaigns has
been been drilled with a number of anomalous intercepts. Further
exploration work has been planned from May 2012, targeting
potential NNE strike extension of the El Peñon mineralized
structure that appears, from ground magnetic geophysics and
selected float sampling, to pass through the western part of
Anillo. A programme of detailed mapping and approximately 1,000
meters of trenching will be carried out to further define drill
targets.
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).
For further information, please contact:
Orosur Mining Inc
David Fowler, CEO
Ignacio Salazar, CFO + 56 2 9246800; info@orosur.ca
Canaccord Genuity Limited (Nominated Adviser & Broker)
+44 (0) 20 7050 6500
Rob Collins
Bhavesh Patel
Blythe Weigh Communications (Investor Relations)
Tim Blythe: +44 (0) 7816 924626
Matthew Neal: +44 (0) 7917 800011
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