TIDMOMI
Orosur Mining Inc. ("Orosur" or "the Company") (TSX/AIM: OMI),
the South American-focused gold producer, developer and explorer is
pleased to announce an update of its exploration activities at its
wholly-owned, high grade Anzá gold project ("Anza") located in the
Mid Cauca Belt in Colombia.
Completion of preliminary geological model
Orosur has completed a preliminary geological model for the
Aragon-Pastorera Trend Area ("APTA") of the Anzá project, based
predominantly on 17,408m of existing diamond core drilling data
from 53 holes previously drilled. 3,000m of this core has been
re-logged, with special attention given to the lithology,
alteration suites, structural trends and grade distribution.
Based on this information, a geological estimate of an
exploratory gold potential of a portion of the APTA has been
prepared with the assistance of Mine Development Associates ("MDA")
of Reno, Nevada. The resulting potential ranges between 1.6 M - 2.3
M tonnes averaging between 3.2 - 3.7g/t Au. This estimate is based
on current drilling and is expected to grow as future exploration
drilling is conducted.
The Company believes that the mineralized zones in the APTA
continue, both at depth and at the surface, to the north and south
of the limited area which has been analysed to date and included in
the preliminary model. As such, there is the potential for a much
larger resource base to be identified.
The APTA extends 2 km along strike of the vein-like deposit; but
only accounts for a small portion of the total Anzá project, which
covers approximately 105 km² in total.
Previous drilling of Anzá has shown consistent high grade gold
intercepts over significant widths as well as coincident zinc
mineralization. Anzá is situated in a well-known geological setting
in Colombia already hosting a number of substantial gold projects.
The Anzá project has existing mine and environmental permitting,
and its existing infrastructure, including camps, roads, power and
water, are in good standing.
Next steps in Colombia
During 2017, the Company plans to undertake a 15,000m - 30,000m
drilling campaign to:
-- Delineate maiden resources;
-- Further define and expand the potential mineralization for APTA;
-- Test mineralization in undrilled areas of the deposit where strong
indications of economic gold occurrences exist; and
-- Commence initial drilling of nearby untested and highly prospective
targets.
Upon completion of this drilling campaign, the Company intends
to prepare and publish a maiden N.I. 43-101 compliant resource
report for the Anzá project.
The Company will update the market once the upcoming exploration
programme has been designed and validated and a drilling contractor
has been engaged.
Ignacio Salazar, CEO of Orosur, said:
"Orosur acquired Anzá in July 2014, through its nil premium all
share acquisition of Waymar Resources, at a time when little to no
value was being given to exploration projects. Our ambition at that
time is now being rewarded with the encouraging initial exploration
potential estimate for the drilled area.We look forward to
finalizing plans for progressing the Anzá project with significant
drilling activities during 2017.
"The Company believes that Anzá has significant upside and we
expect the project to take a more prominent standing in our suite
of South American gold assets in the months to come."
About Anzá
Anzá is located in the Western Cordillera, 50 km west of the
city of Medellín, 50 km south, along the Cauca lineament, of
Continental Gold's high grade Buriticá gold project (4.7 Moz
measured and indicated ("M&I") resource, grading 11.4 g/t Au)
and 70 km from Red Eagle's San Ramón project (479Koz M&I
resource, grading 3.5 g/t Au) which is a vein like gold deposit in
a shear zone with a similar mineralization style as the APTA in a
different geological environment.
As previously announced in October 2016, initial preliminary
metallurgy and density test work were completed utilising a
combination of gravity concentration, flotation and cyanidation
processing, with average gold recoveries ranging from 95.9 - 96.1%.
This is in line with the metallurgical recoveries of development
projects and producing mines in the region.
The site has environmental permits enabling both underground and
open-pit mining operations. The Anzá project includes two small
underground gypsum mines, each of which also have environmental and
mining permits granted by the Colombian authorities. Historically,
the gypsum mines have been operated by a third-party contractor;
Orosur is currently in the process of taking over operatorship. The
gypsum permits can be readily expanded, enabling Orosur the ability
to fast-track permitting for future gold mining operations.
Access to the project is via a paved road to the town of Anzá
and a 17 km gravel road operable all year round. The gypsum mine
has been in operation at the site since 1991. It has excellent
infrastructure, with power grid, abundant water and mine facilities
on site. The elevation ranges from 700 m to 2,000 m above sea
level.
The APTA deposit is up to 200 m wide and at least 2.5 km long,
with soil geochem showing gold content along the entire 7km Aragón
fault. The deposit is open on strike, at surface and down-dip.
Significant drill hole intercepts include:
Hole Number From (m) To (m) Interval (m) Au g/t Ag g/t Zn (%)
MAP-11 213.0 219.0 6.0 18.26 1.95 0.35
including 217.5 219.0 1.5 72.30 6.90 0.93
MAP-20 145.0 186.0 41.0 3.85 1.39 1.25
including 171.3 177.0 5.7 19.84 3.94 1.66
MAP-21 224.0 242.0 18.0 14.14 2.05 2.83
including 225.0 229.4 4.4 45.62 5.47 10.59
252.0 253.0 1.0 10.85 1.80 0.67
MAP-29 183.0 194.9 11.9 10.57 2.40 1.61
including 185.0 187.0 2.1 40.25 4.85 4.64
MAP-33 157.1 179.5 22.4 10.42 1.87 1.56
including 165.0 170.8 5.8 29.49 3.37 2.81
MAP-36 198.6 227.5 28.9 3.88 1.68 0.43
including 205.5 217.5 12.0 8.83 2.65 0.59
MAP-38 123.4 124.5 1.1 15.40 3.60 1.94
172.0 212.5 40.5 14.09 3.82 1.95
including 179.5 186.0 6.5 70.99 6.34 0.12
including 184.6 186.0 1.4 176.00 15.20 0.39
including 202.0 205.4 3.4 20.89 9.71 4.75
MAP-43 65.5 68.6 3.1 7.66 73.04 0.68
167.5 231.5 64.0 1.88 1.88 0.70
including 209.0 214.0 5.0 9.07 3.40 0.70
MAP-47 105.0 118.3 13.3 2.24 316.25 1.00
including 106.0 110.5 4.5 4.69 768.89 2.34
MAP-48 181.0 195.7 14.7 40.37 9.30 3.41
including 185.5 195.7 10.2 58.03 13.16 4.85
including 187.6 189.5 1.9 219.00 29.50 6.55
The Anzá land package, which is wholly owned by Orosur, includes
multiple additional highly prospective potential gold targets. In
addition to the APTA, there is an extensive area of more than 100
km² open to exploration. Charrascala and Guaimarala are two of the
most highly promising additional gold targets. At Charrascala,
there are existing outcrops with gold and copper mineralization.
Favourable topography, existing infrastructure and the existence of
a wide low-grade gold envelope in the Anzá land package provide
further exploration, development and mining upside, all with strong
indications of the potential for significant by-product
mineralization.
To see a full PDF of the release with images, click here.
Stock Option Exercise
The Company also announces that it has issued 341,667 common
shares of no par value ("Common Shares") following the exercise of
options on January 24th, 2017 by an option holder as follows:
Exercise Price Options
C$0.105 41,667
C$0.185 300,000
Total 341,667
The net proceeds of the exercise amount to CAD$59,875.
Application has been made for the Shares to be admitted to trading
on AIM ("Admission"). It is expected that Admission will become
effective and that dealings will commence on January 25th, 2017 in
respect of the Shares. Following Admission, the total number of
common shares currently issued and outstanding will be 100,293,071
and the total number of options outstanding is 7,892,425 following
the options grant.
Qualified Person's Statement
The technical information related to the current assets of
Orosur Mining in this announcement has been reviewed by Miguel
Fuentealba, a Mining Engineer who is considered to be a Qualified
Person under NI 43-101 reporting guidelines. Mr. Fuentealba is a
graduate in Mining Engineering from the University of Santiago de
Chile and is an AusIMM Member and Qualified Person of Chilean
Mining Commission. Mr. Fuentealba has 20 years of professional
experience in the field of mining engineering, mine development and
management.
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.
For more information, please visit www.orosur.ca
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'). Upon the
publication of this announcement via Regulatory Information Service
('RIS'), this inside information is now considered to be in the
public domain.
About Orosur Mining Inc.
Orosur Mining Inc. is a fully integrated gold producer,
developer and explorer focused on identifying and advancing gold
projects in South 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, Chile and
Colombia. The Company is listed in Canada (TSX: OMI) and London
(AIM: OMI).
Orosur Mining Inc.Ignacio Salazar, +1-778-373-0100Chief
Executive Officerinfo@orosur.caorCantor Fitzgerald EuropeDavid
Porter / Craig Francis / Philip Davies, +44 (0) 20 7894 7000orFTI
ConsultingBen Brewerton / Oliver Winters / Sara Powell / Emerson
Clarke, +44 (0) 20 3727 1000
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170118006349/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
January 19, 2017 02:00 ET (07:00 GMT)
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