VANCOUVER, BC, Dec. 8, 2021 /CNW/ - Orea Mining Corp.
("Orea") (TSX: OREA) (OTCQX: OREAF) (FSE: 3CG) is
pleased to announce that it has commenced preparation for a diamond
drilling program at the Maripa Gold Project ("Maripa"), located in
eastern French Guiana,
France. Orea has an option to acquire up to a 70% interest in
Maripa.
- 10,000 meters of diamond drilling have been approved by the
State services;
- Preparation has commenced for a diamond drilling program in
2022;
- 1,000 meters of drilling is planned for next January as an
initial probe of the promising Changement gold zone ("Changement"),
located at the north end of Maripa;
- Access road and drill pad construction is underway;
and
- The drilling area is readily accessed from a paved national
highway traversing Maripa.
Changement
The Changement area was subject to placer gold mining from 1859
to 1950. All creeks peripheral to the deposit have been worked over
time. Underground hard rock mining was recorded as early as 1880
and the deposit was exploited at surface by three shallow open pits
from 1985 to 1996. Total declared historical placer and hard rock
gold production is estimated to be approximately 100,000 ounces,
with 40,000 ounces from hard rock. The Changement gold
mineralization is localized within two subparallel north-northwest
striking, moderately west dipping, shear zones of 10 to 25 metres
in width cutting Paramaca Formation mafic volcano-sedimentary
sequences. Gold mineralization is associated with quartz veining
and sulfides, mainly as pyrite. The deposit has been traced by
drilling to shallow depths over a lateral distance of 1,250 metres.
A total of 63 core holes (4,500 metres) were drilled by the French
geological survey (BRGM, 1978-1998) and IAMGOLD (2002-2004). Most
of drilling was confined to the surface saprolite oxide zone.
Prospecting by Orea in 2019 identified numerous abandoned mine
shafts and adits excavated by illegal artisanal miners, located
some 800 metres to the south of the Changement mine main pit.
Stockpiles of rock extracted from the mine workings consist of
mineralized quartz-pyrite veins and mafic volcanic wall rock.
Select samples of the mineralized material returned numerous
high-grade assays including 115.70, 83.48, 68.43, 42.60, 29.57,
15.51, 14.70, 9.42, 6.05, 5.98, 52.33, 17.20, 16.99, 14.64, 14.50,
9.75, 9.00, 7.36 and 6.83 g/t gold (see news releases dated
November 26, 2019). The discoveries
extended the Changement gold mineralized trend another 250 meters
to the south.
Changement Drilling Program
Ten thousand (10,000) meters of diamond drilling have been
approved by the State services on Maripa, including 5,000 meters on
Changement. Fourteen (14) drill holes, for 2,140 meters, were
planned as an initial investigation of Changement by Orea. Five (5)
drill hole fences at 200- to 250-meter spacing will cover a
1,050-meter strike extent of the gold mineralized trend. One
thousand (1,000) meters are planned to be drilled next January.
Service proposals were requested from drilling contractors and
access road and drill pad construction commenced in late
November.
Maripa and Changement maps are available at the following
links:
- Orea Project Locations:
www.oreamining.com/i/nr/2021-12-08-map-maripa-location.pdf
- Maripa Project Geology:
www.oreamining.com/i/nr/2021-12-08-map-maripa-geo.pdf
- Changement Planned Drill Hole Locations:
www.oreamining.com/i/nr/2021-12-08-map-maripa-changement.pdf
About Maripa
Orea entered into an agreement in July
2018 with IAMGOLD Corporation to acquire up to a 70%
interest in Maripa. Maripa is located in eastern French Guiana along a paved national road,
approximately 60 kilometers south of the capital city of Cayenne.
The project is comprised of up to five contiguous exploration
permits that cover an area of 120 square kilometers, namely the
Changement, Maripa, Orapu, Crique Véoux and Maripa Sud-Est
permits.
Past exploration at Maripa includes 134 core holes, for a total
of 9,000 meters, which partially defined five broad gold zones;
namely Changement, Filon Dron, Maripa Sud-Est, Rhyodacite and
Filon Scieur. Drilling was limited
to shallow depths within the oxidized saprolite layer with all five
prospects returning drill hole intersections of economic interest
with demonstrated potential for expansion and mineral resource
delineation. Gold mineralization is associated with shear-tension
quartz vein systems and vein stockworks localized along major fault
zones marking a regional deformation corridor known as the Northern
Guiana Trough (NGT).
Initial prospecting by Orea in 2019 and 2020 in the north half
of Maripa led to the discovery of five new quartz-gold vein systems
with high-grade gold potential in the vicinity of the Changement
and Filon Dron gold zones.
In October-November 2020, Orea
completed 8 diamond drill holes, for 1,168 meters, that tested 4
separate targets identified in the central part of the Maripa (see
news release date January 27, 2021).
Six (6) of the 8 drill holes served to test the depth and lateral
extent of 3 gold mineralized shear-hosted vein systems traced at
surface in and around the Filon Dron gold zone. Four (4) drill
holes intersected wide shear zones marked by quartz veining, strong
hydrothermal alteration, and sulfide mineralization over 18 to 27
meters, which returned gold values.
Qualified Person
Rock Lefrançois, President & Chief Executive Officer of Orea
and Qualified Person under National Instrument 43-101, has reviewed
this news release and is responsible for the technical information
reported herein, including verification of the data disclosed.
About Orea Mining Corp.
Orea is a leading gold exploration and development company
operating in a prospective and underexplored segment of the Guiana
Shield, South America. Its mission
is to develop gold deposits with a reduced environmental footprint
using innovative technologies, upholding the highest international
standards for responsible mining. In French Guiana, Orea holds a major interest in
the world-class Montagne d'Or mine development project and is also
advancing the Maripa and Suriname gold exploration projects.
For more about Orea visit the company's website at
www.oreamining.com
ON BEHALF OF THE BOARD:
Rock Lefrançois
President & CEO
Forward-looking statements
Certain statements made herein, including statements relating
to matters that are not historical facts and statements of the
Company's beliefs, intentions and expectations about developments,
results and events which will or may occur in the future,
constitute "forward looking information" within the meaning of
applicable Canadian securities legislation ("forward-looking
statements"). Forward-looking statements relate to future events or
future performance, reflect current expectations or beliefs
regarding future events and are typically identified by words such
as "anticipate", "could", "should", "expect", "seek", "may",
"intend", "likely", "budget", "plan", "estimate", continue",
"forecast", "believe", "predict", "potential", "target", "would",
"might", "will", and similar words, expressions or phrases
(including negative variations) suggesting future outcomes or
statements regarding an outlook. These include, but are not limited
to, statements and information regarding: the Company's plans to
construct and develop the Montagne d'Or project, including
anticipated timing thereof; the satisfaction of regulatory
requirements in respect of the permitting and construction of the
Montagne d'Or project, including but not limited to, the submission
and processing of mine permit applications, the timing thereof and
the timing of completion of environmental and engineering studies;
the Company's ability to renew the concessions for the Montagne
d'Or project and to comply with the conditions thereof; economic
analysis for the Montagne d'Or project and related exploration
objectives and plans; the conversion of mineral resources into
mineral reserves and the conversion of inferred mineral resources
into higher resource classification categories; the Company's
objective of become an emerging gold producer; the acquisition of
exploration projects including terms of acquisition, exploration or
development plans, intentions to acquire additional exploration or
development interests and the implications thereof; the production
capacity and potential of future plant and equipment; future
exploration and mine plans, objectives and expectations and
corporate planning of the Company, future studies and environmental
impact statements and the timetable for completion and content
thereof and statements as to management's expectations with respect
to, among other things, the matters and activities contemplated in
this news release.
Forward-looking statements are made based upon certain
assumptions and other important factors that, if untrue, could
cause the actual results, performance or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such statements. Such
assumptions and analyses are made by the Company's management in
light of their experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors management believes are reasonable and appropriate in
the circumstances. All assumptions and analyses are those of
the Company's. There can be no assurance that such statements will
prove to be accurate. Forward-looking statements are based on
numerous assumptions regarding present and future business
strategies, local and global economic conditions, and the
environment in which the Company will operate in the future,
including compliance by the Company with regulatory and permitting
requirements applicable in French
Guiana, the sufficiency of Company's working capital; the
Company's ability to secure additional funding for the continued
exploration and development of its properties; the price of gold
and other metals; and the Company's ability to retain key
personnel. You are hence cautioned not to place undue reliance on
forward-looking statements.
Certain important factors that could cause actual results,
performance or achievements to differ materially from those in the
forward-looking statements include, among others, political and
economic risks in France,
political and economic risks in French
Guiana, risks related to the renewal applications for the
Montagne d'Or concessions and the possible outcomes thereof;
possible negative outcomes of any appeals from the decision of the
Administrative Court of Cayenne in French
Guiana; regulatory risk including but not limited to
unforeseen changes in regulatory requirements, the Company's
ability to enforce its contractual and other legal rights to
explore and exploit its properties, risks related to exploration
and development, permitting and licensing risk, the estimation of
mineral resources and mineral reserves and related interpretations
and assumptions, future profitability of the Company, the ability
to obtain additional financing on a timely basis, the price of gold
and marketability thereof, government regulations including with
respect to taxes, royalties, land tenure and land use, title to the
Company's properties, currency exchange rates and fluctuations,
environmental risks, dilution resulting from the issuance of
additional securities of the Company, joint venture risks, reliance
on Nord Gold plc as operator of the
Montagne d'Or project, the availability of equipment, conflicts of
interest, competition in the mining industry, uninsured risks,
market fluctuations, global financial conditions, credit risk and
risks arising from pandemics and epidemics such as the COVID-19
pandemic. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. These
statements, however, are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements.
Readers are cautioned not to place undue reliance on
forward-looking statements. By their nature, forward-looking
statements involve numerous assumptions, inherent risks and
uncertainties, both general and specific, which contribute to the
possibility that the predicted outcomes will not occur. Events or
circumstances could cause the Company's actual results to differ
materially from those estimated or projected and expressed in, or
implied by, these forward-looking statements. Important factors
that could cause actual results to differ from these
forward-looking statements are included in the "Risk Factors"
section in Company's annual information form dated December 11, 2020 for the year ended September 30, 2020 ("AIF").
Readers are further cautioned that the list of factors
enumerated in the "Risk Factors" section of the AIF that may affect
future results is not exhaustive. When relying on the Company's
forward-looking statements and information to make decisions with
respect to the Company, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. Furthermore, the forward-looking statements and
information contained herein are made as of the date of this
document and the Company does not undertake any obligation to
update or to revise any of the included forward-looking statements
or information, whether as a result of new information, future
events or otherwise, except as required by applicable law. The
forward-looking statements and information contained herein are
expressly qualified by this cautionary statement.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/orea-commences-preparation-for-a-drill-program-on-the-maripa-gold-project-in-french-guiana-301439743.html
SOURCE Orea Mining Corp.