RNS Number : 3619F
Orosur Mining Inc
21 March 2022
Orosur Mining Inc. - Argentina Update
-- Field work commencing at El Pantano
-- Teams have mobilised for mapping and sampling program
London, March 21st, 2022. Orosur Mining Inc. ("Orosur" or the
"Company") (TSX-V & AIM:OMI) , is pleased to announce that its
geological teams have mobilised to Santa Cruz Province, Argentina,
to commence the Company's first field exploration program at the El
Pantano Gold/Silver Project ("Project").
This field program is expected to last approximately two weeks
and will involve extensive mapping and surface sampling (soils and
rock chip) programs over the two most attractive prospects that had
been identified following examination of historical data and
previous due diligence visits.
For the full PDF version of the announcement with Figures 1-6
included, please refer to:
The El Pantano Project is subject to an Exploration & Joint
Venture ("JV") agreement ("Agreement") with private Argentinean
company DESEADO DORADO S.A.S and its shareholders ("Deseado"), the
details of which were announced on February 15(th) , 2022.
The general terms of the Agreement allow for the Company to earn
100% equity in the Project by investing US$3m over five years in
-- Phase 1, earn 51% by investing US$1m over an initial 3-year period.
-- Phase 2, move to 100% ownership by investing an additional
US$2m over a subsequent 2-year period and granting Deseado a
residual 2% net smelter return royalty on the Project.
Location and Geology
The Agreement covers nine contiguous licences owned by Deseado,
that combined, total 607km2 in the prolific Deseado Massif region
of Santa Cruz Province in southern Argentina, roughly 45km from
Anglo Gold's Cerro Vanguardia mining camp.
Access to the Project is by good, paved road several hours drive
south from the regional city of Comodoro Rivadavia, and then
roughly 50km travel on good quality dirt roads west from the Tres
The region is barren and sparsely populated, largely as a result
of the near complete devastation of the region's agricultural
industry by ashfall from the 1991 eruption of Mt Hudson. Several
large and widely spaced estancias (ranches) exist across the
Project area, that will provide accommodation for field teams,
eliminating the need for development of dedicated camps.
Figure 1. Regional Location
Figure 2. Licences
The Company has carried out extensive technical due diligence of
the prospectivity of the Project, including literature searches,
field visits and detailed examination of previous company work.
Government provided airborne geophysical data (Figure 3)
demonstrates that the Project area is bisected by a major SE-NE
trending crustal scale structure, which is the primary orientation
known to control emplacement of gold and silver mineralisation
across the Deseado Massif.
Preliminary field inspections concentrated on this structural
corridor have demonstrated positive indications that a major
epithermal system exists here and as such two initial prospects
have been identified and will be the subject of this initial phase
Figure 3. Regional aeromag data showing clear SE-NW structural
The San Antonio prospect (Figure 4) lies within the SE of the
Project area and was explored in a cursory fashion by Minsud
Resources Corp. (TSX-V:MSR) ("Minsud") for several years until
2016. Minsud carried out some low-level mapping and sampling of
epithermal veins along the main structure that were the NW
continuation of high grade veins that had been previously
identified by other local companies outside the Project area. A
series of small resistivity and IP surveys were also
Work by Minsud demonstrated a highly prospective and potentially
large epithermal system associated with the eruption of dacitic
domes, and evidence of pervasive silicification and argillic
However, during Minsud's tenure, San Antonio would appear to
have been its third-tier project, with most of its efforts
concentrated on resource drilling elsewhere in Argentina and Chile,
with little attention directed toward San Antonio.
Figure 4. Project satellite imagery
La Esfinge (The Sphinx)
So named because of a curious rock formation nearby (Figure 5.),
La Esfinge was not included in Minsud's historical licence
Figure 5. The Sphinx
La Esfinge prospect lies approximately 5km along strike from San
Antonio to the NW, located directly on the primary regional
structure. This prospect is characterised by a large (8km strike
length) silicified hill within a large erosional window whereby the
overlying basalts have been removed.
The prospect shows evidence of massive silica flooding and the
development of alteration and other features that suggest La
Esfinge is part of the same epithermal system as San Antonio, but
slightly higher in that system.
No evidence of historical modern exploration has been uncovered,
and it is possible then the prospect is untouched.
Exploration plans and logistics
El Pantano is well located with good access, in a flat and open
environment, and therefore in general is reasonably easy to
However, the winter months in Patagonia (mid-May to mid-July),
in addition to being very cold, are characterised by very short
days, making field work logistically inefficient.
In light of the imminent winter, the Company has decided to
undertake a small sampling program now, such that if results are
positive, sufficient time may remain for a second follow-up program
before the winter break.
Figure 6. Sampling plan outline
Lasting approximately 2 weeks, the Company's geological teams
will complete a large soil sampling programme over the entire La
Esfinge prospect, as well more detailed mapping and rock chip
sampling at San Antonio.
During this phase, it is expected that approximately 400 soil
samples, and 30-50 rock chip samples will be taken.
Orosur CEO Brad George commented:
"With the hand over of Anzá, and the freeing up of financial and
technical capacity, our attention now turns to our new projects. El
Pantano represents an exciting project in that it demonstrates all
of the early stage geological signs of a major epithermal system -
but is largely untouched by modern exploration."
For further information visit www.orosur.ca , follow on Twitter
@OrosurM or contact:
Orosur Mining Inc
Louis Castro, Chairman,
Brad George, CEO
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
Tel: +44 (0)20 3657 0050
Flagstaff Strategic and Investor Communications
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.
About Orosur Mining Inc.
Orosur Mining Inc. (TSX-V: OMI; AIM: OMI) is a minerals explorer
and developer focused on identifying and advancing projects in
South America. The Company currently operates in Colombia, Brazil
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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