RNS Number : 3737Q
Orosur Mining Inc
28 June 2022
Orosur Mining Inc. - El Pantano, Argentina Update
-- Positive results from follow up soil sampling program at El Pantano confirms previous work.
-- High level gold in soils anomaly over 1km, plus pathfinder
elements over wider area, suggestive of a major epithermal
London, June 28th, 2022. Orosur Mining Inc. ("Orosur" or the
"Company") (TSX-V/AIM:OMI) , is pleased to announce positive assay
results from a follow up soil sampling program at the La Esfinge
prospect at El Pantano, Santa Cruz Province, Argentina.
For the full PDF version of the announcement with Figures 1-5
included, please refer to:
As announced on May 3(rd) , 2022, field teams had returned to El
Pantano to complete a short infill program designed to add more
detail to the positive soil sampling results from the first pass
reconnaissance program undertaken in March 2022.
13 additional soil sampling lines were completed across the
western section of La Esfinge (Figure 4) and have returned highly
anomalous results, with gold in soil results up to 152ppb Au.
Figure 1. Gold (Au) in soils
These results are highly encouraging in both scale and
composition. A geochemical anomaly has now been defined in detailed
over a strike length in excess of 1km (Figure 1), but open to both
east and west. This anomaly is also evident in a range of
additional pathfinder elements, such as would be expected from a
substantial epithermal system.
This work has now defined a high priority exploration target
which will be followed up after the winter recess which is expected
to last until early September.
The El Pantano project ("Project") is subject to an Exploration
& Joint Venture agreement ("Agreement") with private
Argentinean company DESEADO DORADO S.A.S and its shareholders
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 2. Regional Location
Figure 3. Licences
This second pass program entailed 13 additional geochemical
survey lines at a nominal spacing of 120m, across the western end
of the La Esfinge silicified ridge.
The program was only small due to approaching winter and was
designed to better define the highest coarse scale anomalies that
had been previously defined by the first pass survey in March. It
was felt that such definition was important so as to gain a better
understanding of the potential of the prospect and allow for follow
up work to be planned over the winter break.
The same sampling techniques were employed as per the earlier
work in March.
Figure 4. Line plans, phases 1 and 2
The results of the program were extremely positive, with the
broad anomalous responses at the western end of La Esfinge being
confirmed, and much better defined.
While anomalous gold results are important, of equal importance
is the response from a range of pathfinder elements which are
generally more mobile. Multielement geochemical analysis of the
soil samples has confirmed good correlation between gold, and
anomalous responses from a suite of other elements such as Ag, As,
Bi, Cu, In, and Bi (Figure 5), that are suggestive as being derived
from an epithermal system.
Work at El Pantano has now ceased for the winter recess, which
in general would be expected to last until early September.
After this, the Company plans follow up work, which could
include additional geochemical analysis over a wider area, ground
magnetics, mapping, which if positive, could lead to a drilling
campaign in the medium term.
Figure 5. Plans, path finder elements.
Orosur CEO Brad George commented:
"It is early days at El Pantano, but it is highly encouraging to
obtain such positive results from what is essentially an untouched
grass roots project. We look forward to returning after the winter,
but work so far has supported our strategy of carefully selecting
attractive earlier stage projects on the best possible terms."
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,
Argentina and Brazil.
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
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
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