TIDMOMI

RNS Number : 9387D

Orosur Mining Inc

08 March 2022

Orosur Mining Inc - Colombia update

   --    Assays from four additional holes - MAP- 097, 098, 099, 100. 

-- High grade gold intersections - 6.06m @ 2.72g/t Au, 14.2m @ 1.84 g/t Au, 8.35m @ 14.27 g/t Au, and 59.15m @ 0.91 g/t Au.

   --    Including a potential new area at depth in Anza. 
   --    High-grade rock samples in new southern targets. 
   --    Plans and permitting advancing for drilling new targets 

London, March 8th, 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.

As previously announced, Monte Águila (the JV between Newmont Corporation and Agnico Eagle Mines Limited) assumed control of the Project in Q4 2021 after a major 10,000m drilling program which saw up to five drill rigs operating at Anza. During the hand over process, all drill rigs demobilised as part of a planned changeover to a different drill contractor and rig design (man portable). One new rig was mobilised to focus on drilling regional and deep stratigraphic holes in order to test a variety of geological concepts to assist future targeting.

With drilling wound back, geological effort shifted to regional mapping and sampling at the northern and southern extremes of the Project that could not be previously reached due to Covid-19 related restrictions on personnel movement.

Results from these activities are extremely positive and several high priority prospects have been defined. It is expected that drilling activities will soon resume once the required permitting has been completed.

For the full PDF version of the announcement with Figures 1-4 included, please refer to:

http://www.rns-pdf.londonstockexchange.com/rns/9387D_1-2022-3-7.pdf

Drilling

Assay results for four diamond drillholes have been received from the ALS laboratory in Lima, Peru - MAP-097, 098, 099 and 100. Key intersections are noted below.

   MAP-097       4.35m @ 1.63g/t Au, 2.00g/t/Ag, 0.71% Zn 
   MAP-098       6.05m @ 2.72g/t Au, 3.01g/t Ag, 0.74%Zn 

14.2m @ 1.84g/t Au, 3.57 g/t Ag. 0.59% Zn

8.36m @ 14.27g/t Au, 49.92g/t Ag, 3.93% Zn

   MAP-100       59.15m @ 0.91g/t Au, 3.88g/t Ag, 0.39% Zn 

Full results are noted below.

 
 Hole Number    From (m)   To (m)   Interval   Au (g/t)   Ag (g/t)   Zn (%) 
                                       (m) 
 MAP097          242.90    253.75    10.85       0.46       2.24      0.20 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    243.75    244.70     0.95       1.21      15.90      0.40 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP097          258.05    260.50     2.45       0.62       1.97      0.06 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP097          262.40    276.50    14.10       0.75       1.21      0.31 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    263.70    268.05     4.35       1.64       2.00      0.71 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP097          307.20    351.10    43.90       0.24       2.65      0.09 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP097          370.20    373.45     3.25       0.24       1.94       - 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP097          393.70    396.95     3.25       0.24       1.87       - 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          64.35     67.85      3.50       0.38       3.36       - 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          216.10    217.60     1.50       0.82       1.01      0.01 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          268.05    274.10     6.05       2.72       3.02      0.74 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    270.05    270.45     0.40      16.75       8.12      0.55 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    272.75    273.10     0.35       13.2       7.58      0.20 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          288.20    292.80     4.60       1.68       5.39      2.56 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    290.10    292.25     2.15       3.16       5.99      2.31 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    290.10    290.55     0.45       5.81       5.04      2.73 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    291.55    291.90     0.35       5.61       3.28      2.82 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          315.20    329.40    14.20       1.84       3.57      0.59 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    315.20    316.70     1.50       7.33      24.92      4.42 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    319.90    322.45     2.55       4.08       1.40      0.13 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          349.15    353.60     4.45       0.45       0.67      0.06 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          366.35    374.70     8.35       1.03       2.96      0.14 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    369.95    374.10     4.15       1.53       3.23      0.26 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          508.00    508.60     0.60       7.22       4.81      3.00 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          509.30    509.85     0.55       1.65       1.02      0.78 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          515.30    515.75     0.45       8.32       4.01      1.04 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          516.55    520.00     3.45       0.27       1.17       - 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          524.25    532.60     8.35      14.27      49.92      3.94 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    525.25    528.70     3.45      29.78      115.01     6.31 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    526.95    528.70     1.75      46.19      220.4      9.67 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    530.45    532.60     2.15       7.10       7.12      4.91 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    531.90    532.60     0.70      14.10       5.62      5.41 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          537.85    538.55     0.70       0.90       0.65       - 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          539.35    543.50     4.15       0.25       1.26       - 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          555.25    557.90     2.65       0.85       1.30      0.92 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          559.10    560.05     0.95       0.53       1.09      0.92 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          561.95    563.10     1.15       2.86       1.38      0.66 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    562.25    562.60     0.35       7.33       2.46      1.61 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          593.40    594.35     0.95       0.98       2.58      1.12 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP098          660.90    672.60    11.70       0.51       1.89      0.01 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    667.95    669.20     1.25       1.98       2.26      0.01 
               ---------  -------  ---------  ---------  ---------  ------- 
 
 MAP099                           No significant results 
               ------------------------------------------------------------ 
 MAP100          190.90    192.10     1.20       2.51      29.20      0.26 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP100          195.9     202.45     6.55       0.91       12.3      0.11 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    196.65    199.25     2.6        1.5       19.85      0.06 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    196.65    197.45     0.8        2.33       22.4      0.07 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP100          226.75    228.45     1.7        2.31       1.37      0.39 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    227.5     228.45     0.95       3.56       1.80      0.65 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    227.5     227.9      0.4        4.98       2.08      0.63 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP100          243.6     302.75    59.15       0.91       3.89       0 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    255.85    258.95     3.1        1.39       2.74      0.50 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    262.6     265.5      2.9        8.72       8.72      3.80 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    264.4     264.8      0.4       20.10       8.28      2.45 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    264.8     265.5      0.7        9.01       6.27      8.47 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    297.25    300.45     3.2        1.83       4.35      0.41 
               ---------  -------  ---------  ---------  ---------  ------- 
    including    299.4     299.85     0.45       4.95       8.55      1.32 
               ---------  -------  ---------  ---------  ---------  ------- 
 MAP100          312.6     319.35     6.75       0.26       3.01      0.04 
               ---------  -------  ---------  ---------  ---------  ------- 
 

Table 1. Drill Intercepts.

Fig 1. Plan of drill collar locations

MAP-097 and MAP-098

Holes MAP-097 and 098 (Fig. 2) were a pair of deep scissor holes drilled from opposing directions to depths of 647m and 696m, respectively at APTA.

The dual objective of these two holes were largely stratigraphic, to assess geology at depth and to continue to examine the geological concept of the main mineralised horizons folding over as an anticline.

These holes would seem to have confirmed the folding hypothesis, but of most interest was the intersection in MAP-098 of a previously unknown, thick, high-grade structure (8.35m @ 14.27g/t Au, 49.92g/t Ag, 3.93%Zn), over 100m below any previous anomalous intersections, with an additional lower grade intersection over 100m further down again. The considerable distance from previous drilling is highly encouraging as it opens up large areas at depth as being potentially of interest, however, more drilling will now be required to confirm this.

Fig 2. Holes MAP-097 and 098

MAP-099

MAP-099 (depth 418m) was drilled to the west of APTA, largely as a stratigraphic hole to define the local geology in order to assist in future work. No significant assays were returned, but the hole provided substantial geological information.

MAP-100

MAP-100 (depth 360m) (Fig. 3) was drilled to provide greater geological context to high-grade results previously intersected in MAP-089.

The hole was successful in confirming previous results, but also demonstrated a very thick zone of lower grade mineralisation returning 59.15m @ 0.91g/t Au, 3.88g/t Ag, 0.39% Zn, which included higher grade zones of gold and base metals.

Fig 3. Hole MAP-100

Surface work - mapping and sampling

Following completion of the initial 10,000m drill program in Q3 2021, and the operational handover of the Project, the focus of geological work shifted to regional mapping and sampling. The objective of this work was to define high quality targets that could be drilled once Covid-19 had abated and free movement of staff could resume.

As shown in Fig 4, recent work has delineated highly anomalous results in the NE granted tenements at Pupino and Pepas, with multiple rock chip assays over extensive areas, returning results in excess of 1.5g/t Au.

In addition, the most recent phase of sampling in the south at Guaimarala has identified a similarly extensive area of highly anomalous gold mineralisation at surface, with some samples returning assays of multiple g/t Au.

The high priority targets of La Cejita and Jesuitas, not being in granted titles, have only been covered in a cursory fashion, however anomalous rock chip samples have been noted.

Fig 4. Soil and Rock Sampling 2020-2021

Planning for Drilling

These targets are now nearing the stage of requiring drill testing. The process of permitting (land access and water use) and the development of the required access is now well advanced. Exact timing of the commencement of drilling is dependent upon the outcome of the permitting process and will be communicated when more details become available.

Orosur CEO Brad George commented:

"Handing over operating control of Anzá was a complex and protracted process, slowing work and news flow. However, this effort was a necessary component of the evolution of the Project and is now reaping rewards as our major partners ramp up activities.

Covid-19 has now abated in the region to the extent that field activities can be undertaken more freely, and we look forward to major drill campaigns restarting on the exciting prospects that have been defined."

F or further information, 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 3 470 0470

Turner Pope Investments (TPI) Ltd - Joint Broker

Andy Thacker

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 Regulation ("MAR " ). Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain .

Drill Hole Details - 2020/2021 Programme*

 
 Hole ID    Easting   Northing   Elevation   Dip (deg)   Azimuth 
             (m)       (m)        asl (m)                 (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 
           --------  ---------  ----------  ----------  -------- 
 

* Coordinates WGS84, UTM Zone 18

About Orosur Mining Inc.

Orosur Mining Inc. (TSX: OMI; AIM: OMI) is a precious metals developer and explorer 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, (the "Agreement") 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 Ltd 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 and Option agreement, the ability for Loryser to continue and finalize with the remediation in Uruguay, the ability to implement the Creditors' Agreement successfully as well as continuation of the business of the Company as a going concern 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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