Orsa Ventures Stakes 153 Additional Claims Around Ashby Property and Announce Agreement for Corporate Advisory and Investor R...
October 12 2011 - 4:37PM
Marketwired
Orsa Ventures Corp. (TSX VENTURE:ORN) ("Orsa" or the "Company")
announced today that, based on positive geophysical results from
the previously announced Tensor IP survey, the Company has staked
an additional 153 claims around the Ashby Property (the Property)
in Nevada. Two areas of much higher IP effects have been detected
in the survey. The two IP area highs are consistent with the
concept of a potential porphyry system at depth.
Orsa has also initiated a district scale mapping and sampling
program. Although only a small portion of the claim block has been
covered to date, a number of structurally controlled zones of
silicification and brecciation containing visible copper oxides
have been found to the east and west of the original workings. A
large zone of intense carbonate alteration containing pyrite and
pyrrhotite has also been located in the northwest corner of the
claim block. This zone is cross cut by at least two northerly
striking, gossanous veins.
The Ashby Mine is credited with reported production of 9,000
ounces of gold between 1934 and 1937 from high grade veins over
several hundred metres of underground workings. Additional small
scale mining removed several hundred ounces per year in the 1980's
and 1990's.
While intrusive rocks have not been mapped at surface, a
previous drill hole intercepted gold-bearing, altered, iron-oxide
stained quartz monzonite 120 metres below the surface. Previous
drilling also established the downward continuity of alteration
associated with gold mineralization. The style and intensity of the
alteration zone associated with known gold occurrences and recent
geophysical results suggests that there is potential to discover a
larger mineralized system on the Property.
On July 19, 2011 Orsa announced it had entered into an option
agreement with Bridgeport Ventures Inc. ("Bridgeport") whereby Orsa
can earn up to a 51% interest in Bridgeport's Ashby gold property
in Nevada (the "Ashby Property") through phased exploration
expenditures, cash payments and share issuances subject to TSX
Venture Exchange ("Exchange") approval.
In other news, Orsa Ventures Inc. has engaged Freeform
Communications Inc. to perform corporate advisory and investor
relations services for the Company, subject to Exchange
approval.
Freeform has been retained to assist the Company with a
strategic mix of corporate communications and investor relations
services in order to increase investor awareness, and introduce the
Company to private investors, analysts, brokers, fund managers and
newsletter writers in the global mining industry and international
investment community.
Under the terms of the agreement, Orsa will pay Freeform $8,500
per month plus harmonized sales tax and grant an option, according
to the Company's stock option plan and the policies of the
Exchange, to purchase up to 250,000 shares for a period of two
years at a price of $0.195 per share and will vest over a period of
12 months.
About Freeform
Robert R. Ferguson, president of Freeform Communications
(established in 1992), operates this full-service investor
relations firm based out of Vancouver, B.C. With over 40 years of
combined experience specializing within the mining sector, Freeform
has represented a wide array of public and private clients, and has
assisted each in attaining their targeted goals including the
raising of capital and broadening their shareholder bases.
About Orsa
Orsa Ventures Corp. is a junior company focused on the
exploration for, and development of, gold-silver-copper properties
in the western United States. The Company is actively seeking new
acquisitions.
On behalf of the Board of Directors,
Linda Thorstad, President and Chief Executive Officer
Linda Thorstad, P.Geo., a Qualified Person as defined by
National Instrument 43-101 and President and Chief Executive
Officer of the Company, has read and approved the technical
information in this news release.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterized by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur, and include, without limitation, statements regarding
the Company's plans with respect to the closing of the Financing
and the use of proceeds thereof. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that could cause actual events or results to differ materially from
estimated or anticipated events or results implied or expressed in
such forward-looking statements. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
Neither 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 release.
Contacts: Orsa Ventures Corp. Linda Thorstad President and Chief
Executive Officer 604-608-6680 604-558-0087
(FAX)www.orsaventures.com
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