RNS Number : 1270J
Orosur Mining Inc
25 April 2022
Orosur Mining Inc - Colombia update and Exercise of Options
-- Drilling commenced at Pepas
-- Two additional rigs being imported for deep drilling
London, April 25th, 2022 . Orosur Mining Inc. ("Orosur" or the
"Company") (TSXV/AIM:OMI) , is pleased to announce an update on the
progress of the drilling campaign underway at the Company's Anzá
project in Colombia.
The Anzá project is currently 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 ("Newmont") (NYSE:NEM, TSX:NEM) and
Agnico Eagle Mines Limited ("Agnico") (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 Anzá Project.
MMA is the operator of the Anzá Project after exercising its
right to assume operational control in the second half of 2021.
Drilling recommenced at Anzá in October 2020, and since that
time, 35 holes (MAP-072 to MAP-105) have been drilled at the
central APTA project for a total of 15,195 metres.
Following completion of hole MAP-105, that rig has now been
mobilised to the NE of the project area and has commenced work at
the Pepas prospect (figure 1).
Preparations for drilling at Pepas had been underway for some
time, with all necessary permitting processes having commenced some
months ago. The area is rugged and has required a substantial
degree of preparation for access including a minor degree of
helicopter support to move the rig into the vicinity of the Pepas
target, after which it can then be moved by hand.
In addition to this move to Pepas, two more rigs are currently
in the process of being imported into Colombia to drill at APTA and
the northern prospects of Pepas and Pupino. It is hoped they will
be on site in several weeks.
These rigs are man portable as is the current rig, but with more
power and a different configuration that allows them to drill to
depths in excess of 1,200 metres. The current and previous rigs
used at APTA were constrained to depths of roughly 800 metres. As
announced on March 8(th) , 2022, recent drilling at APTA had
demonstrated substantial depth extents to mineralisation, well
beyond what had been previously understood. MMA has thus decided to
bring in new rigs capable of exploring these depth extents more
Figure 1. Prospect locations .
Pepas has been selected as the first new target for drilling not
only because of extremely positive geochemical assay results as
outlined in the March 8(th) announcement, but the prospect has also
recently seen the completion of ground Induced Polarisation (IP)
IP surveys were trialled effectively at APTA in late 2021 but
were halted due to difficulties in sourcing local labour during the
coffee harvest. IP work recommenced in early 2022, starting in the
northern extents and gradually being extended southward toward
Details of this new drill program at Pepas will be released as
the work progresses.
Samples from five holes (MAP-101 to MAP-105) are in the
laboratory for assay. Results from these holes will be communicated
to the market when they are available.
Exercise of Options
Two of the Company's employees have exercised a total of 100,000
options over the Company's common shares at an exercise price of
0.05 Cdn$ each. Application will be made for these 100,000 shares,
which will rank pari passu with the existing common shares, to be
admitted to trading ("Admission"). It is expected that Admission
will become effective at 8:00am on or around 28 April 2022.
Following the issue of the 100,000 shares noted above, the total
number of common shares of no par value in the Company will be
188,520,300. There are currently no shares held in treasury. The
total number of voting rights in the Company is therefore
188,520,300. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the Company.
Orosur CEO Brad George commented:
"It is exciting to be finally seeing drill rigs move into the
wider region. Almost all drilling to date has been concentrated at
APTA, and while this has at times returned spectacular results, it
only represents about 5% of the strike length of the Aragon
F or further information, please 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 Communications 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 Regulation ("MAR " ). Upon the publication of this
announcement via Regulatory Information Service, this inside
information is now considered to be in the public domain .
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
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.
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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April 25, 2022 02:00 ET (06:00 GMT)
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