Orla Mining Ltd. (TSX VENTURE:OLA) ("Orla" or the "Company") is
pleased to provide an update on results from the ongoing diamond
drill program at its wholly owned Cerro Quema project in Panama.
Highlights include two Cu-Au intercepts in the Caballito Copper
zone 100 metres apart averaging 0.43 g/t Au and 0.64% Cu over 53.0m
and 0.13 g/t Au and 0.80% Cu over 50.7m. Additionally, an oxide
gold intercept in the Quemita zone returned 1.02 g/t Au over 69.4m
that is largely below the current oxide reserves.
Results for 19 holes, CQDH17-117 through
CQDH17-135, are reported herein (see table below for full
results):
At Caballito, four holes were drilled to follow
up on previously reported CQDH-17-116 which intersected 49.0m @
0.50 g/t Au and 1.39% Cu and 55.8m @ 0.28 g/t Au and 1.99% Cu in
two intercepts separated by 28.7m of low grade material. (See News
Release dated Sept. 15, 2017). Holes CQDH17-127 and CQDH132,
drilled 150m east and 200m northeast of CQDH17-116, intersected
similar styles of mineralization. The intersection in CQDH17-127
averaged 50.7m @ 0.13 g/t Au and 0.80% Cu from 111.2 to 161.9m.
Hole 127 also intersected two oxide intervals higher up in the
hole: 24.1 m @ 1.14 g/t Au starting at 4.5m and 17.4m @ 0.42
g/t Au starting at 58.9m. CQDH17-132 intersected 53.0m @ 0.43g/t Au
and 0.64% Cu from 111.0 to 164.0m, including 13.0 m @ 1.09 g/t Au
and 0.85% Cu from 111.0 to 124.0m. It also had an oxide gold
intercept with 34.5m @ 0.24 g/t Au starting at the top of the hole.
The sulphide material in these holes is similar to that in
CQDH17-116 and is relatively low in arsenic.
Hole CQDH17-130, drilled south from the same pad
as CQDH17-127, had an oxide intercept of 30.0m @ 1.49 g/t Au
starting near surface, but no significant sulphide intercept. Hole
CQDH17-121, drilled approximately 100m west of the bottom of the
intersection in CQDH17-116, did not intersect the Cu-Au
mineralization.
The orientation and true thickness of the
Caballito Copper-Gold Zone is still unknown. Ongoing drilling
is planned to help define the geometry and extent of
mineralization. The relationship between the lower arsenic material
in the Caballito zone and the more typical high-sulphidation style
mineralization with higher arsenic found to the north of these
holes in Idaida still needs to be determined. (See attached
map).
Seven holes were drilled in the Quemita area
testing for potential extensions to depth and along strike to the
reserves established in the project Pre-feasibility Study.
CQDH17-126, which intersected 69.4m grading 1.02 g/t Au of
oxide material mostly below the main Pre-feasibility Pit, is
particularly interesting. Grade continued below the oxide/sulphide
boundary with an additional 42.8 m grading 0.90 g/t Au and 1.11%
Cu. Interestingly, not all the high copper values have associated
high arsenic, suggesting copper minerals besides enargite. Other
results presented in the table below show potential for increased
resources in other areas below the pre-feasibility study pit and
small increases in the eastern part of the deposit.
Three holes were drilled in Idaida. CQDH17-120
had 36.0 m of oxide from surface grading 0.60 g/t Au. The two other
holes did not intersect much oxide, but CQDH17-125 intersected
109.2 m grading 0.22 g/t Au and 0.54% Cu. However, in this hole
there is a strong correlation between arsenic and copper.
Four holes were drilled in the Chontal zone,
located between the Quemita and La Pava zones. Holes were targeted
on a resistive anomaly outlined in the recent IP survey. Results
indicate low potential for a mineralized zone in this area.
Marc Prefontaine, Orla CEO noted, “Orla’s
primary goals for our first year of exploration at Cerro Quema were
to increase the oxide resource and to test the sulphide potential
within the large mineral system covered by the property. We have
made good progress on both goals. In addition to continuing to
follow up on the successful intercepts described, we plan to drill
six holes this year to obtain material for additional metallurgical
test work on oxide material as there are some potential
improvements over the Pre-feasibility Study estimates that would be
positive for project economics.”
Results for CQDH17-117 through 135 are given on
the table below. A map showing the hole location is posted on the
Company’s website at www.orlamining.com
Hole |
Area |
East |
North |
Elev |
Az |
Dip |
Depth |
Intercepts |
|
|
|
|
|
|
|
|
From (m) |
To (m) |
Width (m) |
Au g/t |
Cu % |
CQDH-17-117 |
Quema |
553548 |
836123 |
854 |
140 |
-50 |
108 |
4.0 |
16.0 |
12.0 |
0.31 |
|
CQDH-17-118 |
Idaida |
554353 |
835055 |
721 |
320 |
-50 |
130.5 |
No significant intercept |
CQDH-17-119 |
Quema |
553429 |
835807 |
881 |
180 |
-55 |
96 |
31.5 |
72.0 |
40.5 |
0.19 |
|
CQDH-17-120 |
Idaida |
554190 |
834936 |
614 |
45 |
-60 |
141 |
0.0 |
36.0 |
36.0 |
0.6 |
|
CQDH-17-121 |
Caballito |
554239 |
834481 |
466 |
0 |
-50 |
262.5 |
10.0 |
14.0 |
4.0 |
0.49 |
|
CQDH-17-122 |
Quema |
553429 |
835858 |
872 |
180 |
-60 |
115.5 |
48.5 |
83.5 |
35.0 |
0.29 |
|
CQDH-17-123 |
Idaida |
554389 |
834902 |
613 |
300 |
-50 |
113 |
0.0 |
6.0 |
6.0 |
0.47 |
|
CQDH-17-124 |
Quema |
553383 |
835887 |
848 |
180 |
-50 |
136.5 |
85.8 |
99.0 |
13.2 |
0.32 |
|
CQDH-17-125 |
Idaida |
554419 |
835017 |
702 |
320 |
-50 |
132 |
22.8 |
132.0 |
109.2 |
0.22 |
0.54 |
|
|
including |
31.7 |
58.0 |
26.3 |
0.43 |
0.91 |
CQDH-17-126 |
Quemita |
553180 |
835863 |
814 |
180 |
-55 |
165 |
38.8 |
108.2 |
69.4 |
1.02 |
|
|
|
|
|
|
|
|
|
108.2 |
151 |
42.8 |
0.9 |
1.11 |
CQDH-17-127 |
Caballito |
554640 |
834608 |
639 |
270 |
-50 |
210 |
4.5 |
28.8 |
24.1 |
1.14 |
|
|
|
|
|
|
|
|
|
58.9 |
76.3 |
17.4 |
0.42 |
|
|
|
|
|
|
|
|
|
111.2 |
161.9 |
50.7 |
0.13 |
0.8 |
CQDH-17-128 |
Quemita |
553127 |
835867 |
804 |
180 |
-50 |
124.5 |
28.0 |
60.2 |
32.2 |
0.2 |
|
CQDH-17-129 |
Chontal |
551545 |
835286 |
495 |
325 |
-65 |
150 |
0.0 |
10.5 |
10.5 |
0.2 |
|
CQDH-17-130 |
Caballito |
554636 |
834605 |
644 |
180 |
-70 |
142.5 |
5.5 |
35.5 |
30.0 |
1.49 |
|
CQDH-17-131 |
Chontal |
551455 |
835245 |
488 |
325 |
-60 |
177 |
No significant intercept |
CQDH-17-132 |
Caballito |
554646 |
834733 |
657 |
245 |
-65 |
294 |
0.0 |
34.5 |
34.5 |
0.24 |
|
|
|
|
|
|
|
|
|
111.0 |
164.0 |
53.0 |
0.43 |
0.64 |
|
|
including |
111.0 |
124.0 |
13.0 |
1.09 |
0.85 |
CQDH-17-133 |
Chontal |
551416 |
835210 |
489 |
325 |
-60 |
169.5 |
0.0 |
9.0 |
9.0 |
0.29 |
|
CQDH-17-134 |
Quemita |
553078 |
835866 |
787 |
180 |
-60 |
112.5 |
59.5 |
72.0 |
12.5 |
0.38 |
|
CQDH-17-135 |
Chontal |
551585 |
835361 |
529 |
325 |
-60 |
154.5 |
No significant intercept |
Drilling continues on the property with three
man-portable rigs.
Quality Control
Protocols
All gold results were obtained by ALS Minerals
(Au-AA23) using fire assay fusion and an atomic absorption
spectroscopy finish. All samples are also analyzed for
multi-elements, including silver and copper, using an Aqua Regia
(ME-ICP41) method at ALS Laboratories in Peru. Samples with copper
values in excess of 1% by ICP analysis are re-run with Cu AA46 aqua
regia and atomic absorption analysis. Drill program design, Quality
Assurance/Quality Control and interpretation of results are
performed by qualified persons employing a Quality
Assurance/Quality Control program consistent with National
Instrument 43-101 (“NI 43-101”) and industry best practices.
Standards, blanks and duplicates are included approximately one in
every 25 samples for Quality Assurance/Quality Control purposes by
the Company as well as the lab. Approximately 5% of sample pulps
are sent to a secondary laboratory for check assays. The HQ
diameter core is halved with a diamond saw. ALS Laboratories is
independent of the Company.
Qualified
Person
The technical information in this news release
has been reviewed and approved by Mr. Hans Smit, P.Geo., Chief
Operating Officer of Orla Mining Ltd., who is the Qualified Person
for the technical information in this news release under NI 43-101
standards.
On behalf of the Board of Directors,
Marc Prefontaine, M.Sc., P.Geo., President &
Chief Executive Officer
About Orla Mining
Ltd.
Orla Mining is a mineral exploration company led
by a group of seasoned mining executives with strong financial
backing. The Company’s focus is to acquire mineral exploration
opportunities where the Company’s exploration and development
expertise and corporate share structure can enhance shareholder
value.
The 100% owned Cerro Quema project in Panama
includes a near-term gold production scenario and significant
exploration upside. Cerro Quema's 14,800 Ha concession boasts paved
road access, a supportive local population and private land
ownership. The Cerro Quema project is currently in the last stage
of the permitting process for a proposed open pit mine and gold
heap leach operation. Please refer to the Cerro Quema Project -
Pre-feasibility Study on the La Pava and Quemita Oxide Gold
Deposits dated August 22, 2014, which is available on SEDAR. Camino
Rojo is an advanced gold and silver project located in Zacatecas
State, Central Mexico. The project is 100% owned and has historical
oxide reserves along with historical sulphide resources. It covers
over 200,000 hectares and the Company believes it has exploration
potential for additional oxide and sulphide mineral resources.
Access and infrastructure are excellent with a paved highway and
powerline nearby. A NI 43-101 Technical Report on Camino Rojo is
available on SEDAR under the profile of Canplats Resources
Corporation (acquired by Goldcorp in 2010).
Forward-looking
Statements
This news release contains certain
“forward-looking statements” within the meaning of Canadian and
United States securities legislation, including, without
limitation, statements with respect to the results of exploration
and planned exploration programs, the potential for discovery of
additional mineral resources and the Company's objectives and
strategies. Forward-looking statements are statements that are not
historical facts which address events, results, outcomes or
developments that the Company expects to occur. Forward-looking
statements are based on the beliefs, estimates and opinions of the
Company’s management on the date the statements are made and they
involve a number of risks and uncertainties. Certain material
assumptions regarding such forward-looking statements are discussed
in this news release, including without limitation, assumptions
that the Company's activities will be in accordance with the
Company's public statements and stated goals; that there will be no
material adverse change affecting the Company or its properties;
that all required approvals will be obtained and that there will be
no significant disruptions affecting the Company or its properties.
Consequently, there can be no assurances that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Forward-looking statements involve significant known and unknown
risks and uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include, but are not
limited to: risks related to uncertainties inherent in the
preparation of preliminary economic assessments, drill results and
the estimation of mineral resources; and risks associated with
executing the Company’s objectives and strategies, including costs
and expenses. Except as required by the securities disclosure laws
and regulations applicable to the Company, the Company undertakes
no obligation to update these forward-looking statements if
management’s beliefs, estimates or opinions, or other factors,
should change.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
For further information, please
contact:
Marc Prefontaine President & Chief Executive
Officer
www.orlamining.com
info@orlamining.com
Maps showing the hole locations can be viewed by clicking on the
following links:
http://www.globenewswire.com/NewsRoom/AttachmentNg/f0afa49a-9f9e-45df-a130-c6abaed09546
http://www.globenewswire.com/NewsRoom/AttachmentNg/a8904553-bb24-462c-9c61-ddd9d44d880d
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