RNS Number : 9803J
Orosur Mining Inc
03 May 2022
Orosur Mining Inc. - El Pantano, Argentina Update
-- Positive results from first soil sampling program at El Pantano
-- Teams mobilised for short follow-up program.
London, May 3(rd) , 2022. Orosur Mining Inc. ("Orosur" or the
"Company") (TSX-V/AIM:OMI) , is pleased to announce that results
from the first reconnaissance geochemical soil sampling program at
the La Esfinge prospect at El Pantano have returned highly
anomalous results in Gold and several other pathfinder elements,
over a 3.3km strike length of the target, with moderate level
anomalism over an additional 3.4km of the target.
Gold anomalism in soil samples have returned results in excess
of 100ppb Au across the western half of the La Esfinge target, with
highly significant anomalies from other elements such as Arsenic
(As), Silver (Ag), Bismuth (Bi), Indium (In) and Copper (Cu) across
the entire length of the target of almost 7km (figures 4 through
Anomalism remains open to the west.
While widely spaced and preliminary in nature, these results are
highly encouraging from a first pass program and are in accordance
with the geochemical responses we would expect to see from an
epithermal gold system in this environment.
As a result of these positive results, the Company's geological
teams have returned to El Pantano to carry out a short in-fill
program to better define the scale and nature of the key anomalies
before the approaching winter. Due to time constraints associated
with short days, this infill will concentrate on the western half
of the target with the most anomalous gold values.
For the full PDF version of the announcement with Figures 1-9
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 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.
Figure 1. Regional Location
Figure 2. Licences
As announced on March 21st, a reconnaissance geochemical program
was planned at El Pantano as the first work phase of the JV.
Survey planning was focussed on the La Esfinge prospect, a
roughly 7-8km long silicified ridge that showed geological
characteristics potentially suggestive of a major epithermal
system, but to the best of the Company's knowledge had never been
Nine geochemical survey lines were located along the target
length, at approximately 1km spacing, with samples taken every 20m
along these lines. The lines varied in length so as to extend well
into the surrounding host rocks and thus provide background
geochemical signatures that are required for the subsequent
statistical analysis of results.
Samples were taken at depths varying from 30cm to 60cm beneath
the surface, at what was deemed the local equivalent of a B
Horizon, although this nomenclature is somewhat complicated in
Patagonia as there is almost no vegetation and as a result, very
little soil development. This zone was however seen to possess the
required levels of clays and manganese and iron nodules and so act
as a suitable collecting medium.
A total of 362 samples were taken, with these samples prepared
at the local ALS preparation facility in Santa Cruz province,
before final assay at the ALS laboratory in Lima Peru. Samples were
assayed for gold and a large suite of other metals, some of which
are known to act as pathfinder elements within the geological
environment of the Deseado Massif gold province.
The line spacing was intentionally broad as the survey was
designed as a first pass reconnaissance program to assess the
appropriateness of the sampling method and medium, and to collect
the necessary background data that would be required for analysis
Unlike drilling or rock chip sampling, results from soil
sampling cannot be assessed against an absolute, objective scale,
but must instead be statistically analysed above the local
background. What is deemed "anomalous" is entirely dependent upon
the local conditions of the prospect.
Figure 3. Project satellite imagery
Results and Followup.
Geochemical results were statistically analysed on an
element-by-element basis, with various levels of anomalism
determined by the number of standard deviations above the mean.
Analysis has demonstrated widespread moderate gold anomalism
across most of the western half of La Esfinge, with several key
occurrences of high-level anomalism (>24ppb Au), with the
highest value of 118ppb Au.
Gold anomalism was concentrated along the southern margin of the
La Esfinge silicified ridge, most likely indicating a major
structure along this margin that has allowed the less mobile
element to migrate upwards. The highest gold values also coincide
with the western half of the La Esfinge ridge, where the
orientation of the ridge deviates closer to the SE-NW direction
that is commonly the major structural control on gold
mineralisation in this portion of the Deseado Massif.
Other pathfinder elements however show more widespread anomalism
in both directions, which is to be expected as these elements, such
as As, are more mobile and thus able to migrate more readily.
While extremely preliminary in nature, these results are a
positive indicator of an epithermal system along a substantial
strike length of almost 8km. Seeing the most widespread gold
anomalism at the western end of the ridge may be suggestive of the
system shallowing in this direction.
As a result, Company geological teams are remobilising to site
to carry out a brief infill soil sampling program in the brief time
permitted before the winter recess.
A number of additional soil sampling lines will be located
across the western half of the La Esfinge ridge to infill the wide
preliminary spacing and so better define the anomalies, and to
extend coverage westward and southward where anomalism remains
open. This work program is expected to require approximately two
weeks, although actual duration will be dependent on weather
Figure 4. Gold in soils
Figure 5. Arsenic in soils
Figure 6. Silver in soils
Figure 7. Bismuth in soils
Figure 8. Indium in soils
Figure 9. Copper in soils
Orosur CEO Brad George commented:
"While preliminary and reconnaissance in nature, these positive
results are highly encouraging from a first pass program on a
virgin prospect. We targeted La Esfinge not only because of its
positive geological indicators, but also its very large size. To
now see geochemical anomalism along almost the entire 8km strike
gives us much to work with moving forward."
For 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 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,
Argentina, Brazil and Uruguay.
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.
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
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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
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