TIDMOMI
RNS Number : 3527I
Orosur Mining Inc
02 December 2022
Orosur Mining Inc - Colombia update
-- Assays received from four additional diamond holes at Pepas and Pupino.
-- Results provide guidance for future targeting.
-- Near-term focus will shift from drilling to groundwork to
better define local structural controls.
-- Finalisation of Phase 2 of JV continuing.
London, December 2(nd) 2022, Orosur Mining Inc. ("Orosur" or the
"Company") (TSXV:OMI,AIM:OMI) , is pleased to announce an update on
the progress of exploration activities at the Company's flagship
Anzá Project ("Project") in Colombia.
The Project is the subject of an Exploration Agreement with
Venture Option ("Exploration Agreement") with Colombian company
Minera Monte Águila ("MMA"). MMA is itself a 50/50 joint venture
("JV") between Newmont Corporation ("Newmont") (NYSE:NEM, TSX:NEM)
and Agnico Eagle Mines Limited ("Agnico") (NYSE:AEM,TSX:AEM), and
is the Colombian vehicle by which these two companies jointly
exercise their rights and obligations with respect to the
Exploration Agreement over the Project.
MMA is the operator of the Project after exercising its right to
assume operational control in the second half of 2021.
Assay Results
Assay results for four additional diamond drill holes from the
Pepas and Pupino prospects have been received.
Both the Pupino and Pepas prospects are located in the northern
region of the Anzá Project, roughly 8km and 12km, respectively
north-northeast from the central APTA prospect that had seen most
drilling at Anzá up until early 2022.
Key intersections are noted below.
Hole Number From (m) To (m) Interval Au (g/t) Ag (g/t) Zn (%)
(m)
PEP006 No significant results
------------------------------------------------------------
PEP008 145.90 147.50 1.60 1.05 2.05 0.04
--------- ------- --------- --------- --------- -------
PEP009 456.95 494.00 37.05 0.30 1.10 0.21
--------- ------- --------- --------- --------- -------
including 492.35 494.00 1.65 3.49 5.21 0.19
--------- ------- --------- --------- --------- -------
PEP009 504.00 518.05 14.05 0.38 1.75 0.07
--------- ------- --------- --------- --------- -------
including 516.30 517.40 1.10 2.16 8.36 0.20
--------- ------- --------- --------- --------- -------
PUP002 No significant results
------------------------------------------------------------
Table 1. Drill Intercepts.
Geology and Drilling
Drilling activities commenced at Pepas in April 2022, and at the
nearby Pupino prospect soon afterward. Assay results from the first
six holes from Pepas were released on September 6(th) ,2022 and
October 21(st) ,2022, which included thick, high grade gold
intersections in holes PEP001 (150.90m @ 3.00g/t Au), PEP005
(36.85m @ 2.85m Au) and PEP007 (80.55m @ 3.05m Au).
All three of these holes were drilled in different orientations
from the same drill pad, with gold mineralisation starting from
surface. While the intersections were encouraging, the fact that
the drill pad was positioned within the mineralised body, with
holes drilling outward, was problematic in terms of being able to
effectively define the shape and orientation of the body and so
provide guidance for later drilling.
Two new drill pads were constructed some 200m southwest and 300m
northwest respectively from the original drill pad to drill holes
PEP008 and PEP009 (Figure 1). Moving the rigs to the west was based
on the assumption that the mineralised body dipped toward the west,
and therefore these two holes were targeted at the presumed
down-dip extension, vertically below the previous drilling.
Figure 1. Drill Plan, Pepas Prospect
PEP006
PEP006 was the last of a group of earlier holes drilled some
distance to the north of the mineralised body intersected at PEP001
and was drilled to a depth of 882m. No significant gold
intersections were encountered; however, this was expected as
previous drilling in the area (PEP004) had also been negative.
PEP008 and PEP009
PEP008 was drilled from the southwest toward the northeast to
test directly below the mineralised intersections identified in
holes PEP001. The hole was drilled to a depth of 647m. The step
back for this new pad was substantial such that PEP008 passed some
220m vertically below PEP001.
PEP009 was drilled to a depth of 602m well north of the
previously identified mineralised body and was intended to test an
interpreted faulted offset extension of the Pepas body based upon
surface mapping and low-level gold mineralisation that had been
previously intersected in hole PEP003 (announced September 6(th) ,
2022). Again, the step back was substantial with PEP009 projected
to intersect the targeted structures over 300m below previous
drilling.
Both holes intersected mineralised structures, largely as
expected, but with lower levels of gold mineralisation than
intersected in previous drilling.
Subsequent analysis and interpretation of drill core from these
and previous holes has now suggested three distinct phases of
structurally controlled veining, with the youngest phase being the
polymetallic sheeted veining that produced the thick intersections
of high-grade gold intersected at Pepas in earlier holes. It is
also likely that these various vein systems have different
orientations, with the most important potentially dipping away from
hole PEP008. As a result, hole PEP008, being drilled from the west,
may have drilled under this important later structure.
PUP002
PUP002 was drilled to the south at the Pupino prospect to a
depth of 301m to test several mapped structures that showed
evidence of epithermal alteration. The hole intersected several
veins with sulphide mineralisation, but with no substantial gold
anomalism.
As noted previously, drilling at Pupino had ceased some time ago
due to logistical difficulties and the need to develop new camp
facilities.
Temporary Suspension of Drilling
The Company has been informed that MMA has decided to
temporarily suspend drilling activities at the Project to focus on
field mapping, sampling and trenching activities will continue
across the Project to define further drilling targets, including
additional surface works specifically in the Pepas prospect
area.
Phase 2 of Exploration Agreement.
As previously announced on September 9(th) , 2022, MMA has
provided the Company with a "Phase 1 Earn-In Notice", thereby
effectively notifying the Company of MMA's intention of moving to
Phase 2 of the Exploration Agreement. Phase 2 would cover a period
of a maximum of four years, over which time MMA would be required
to invest US$20M in the Project
As previously noted, this process entails the formation of a new
Mining Company, the governance of which will be based on terms in
the existing Exploration Agreement. The process is progressing on
schedule and is expected to be completed in the next few
months.
Orosur CEO Brad George commented:
"While these drill results are not as exciting as hoped, this is
not surprising. Epithermal gold systems by their nature are complex
and several phases of drilling are often required to properly
define the geometry before more substantial drilling can then be
undertaken. In the meantime, we continue the work necessary to
create the corporate structure for the MMA-Orosur joint venture and
hope to have this in place in the next few months."
F or further information, visit www.orosur.ca , follow on
twitter @orosurm or contact :
Orosur Mining Inc.
Louis Castro, Chairman,
Brad George, CEO
info@orosur.ca
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
Andy Thacker/James Pope
Tel: +44 (0)20 3657 0050
Flagstaff Communications and Investor Communications
Tim Thompson
Mark Edwards
Fergus Mellon
orosur@flagstaffcomms.com
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Drill Hole Details - 2020/2022 Programme*
Hole ID Easting Northing Elevation Dip Azimuth
(m) (m) asl (m) (deg) (deg)
MAP-072 400088 694745 1075 -55 293
-------- --------- ---------- ------- --------
MAP-073 400018 694503 1097 -58 295
-------- --------- ---------- ------- --------
MAP-074 399981 694684 1110 -58 295
-------- --------- ---------- ------- --------
MAP-075 400168 694723 1024 -55 295
-------- --------- ---------- ------- --------
MAP-076 400019 694527 1107 -50 295
-------- --------- ---------- ------- --------
MAP-077 400168 694723 1024 -69 295
-------- --------- ---------- ------- --------
MAP-078 399917 694719 1112 -50 295
-------- --------- ---------- ------- --------
MAP-079 399995 693976 960 -55 295
-------- --------- ---------- ------- --------
MAP-080 400231 694580 966 -55 295
-------- --------- ---------- ------- --------
MAP-081 400045 693950 920 -55 295
-------- --------- ---------- ------- --------
MAP-082 400176 694797 1020 -50 296
-------- --------- ---------- ------- --------
MAP-083 400176 694797 1020 -60 310
-------- --------- ---------- ------- --------
MAP-084 400045 693950 920 -57 321
-------- --------- ---------- ------- --------
MAP-085 400167 694552 1000 -46 247
-------- --------- ---------- ------- --------
MAP-086 400067 694360 1068 -54 295
-------- --------- ---------- ------- --------
MAP-087 400027 694168 988 -54 290
-------- --------- ---------- ------- --------
MAP-088 400168 694723 1024 -55 341
-------- --------- ---------- ------- --------
MAP-089 400067 694360 1068 -59 317
-------- --------- ---------- ------- --------
MAP-090 400041 694630 1059 -56 296
-------- --------- ---------- ------- --------
MAP-091 400060 694715 1089 -50 295
-------- --------- ---------- ------- --------
MAP-092 399420 695235 1162 -50 138
-------- --------- ---------- ------- --------
MAP-093 400055 694203 1006 -59 290
-------- --------- ---------- ------- --------
MAP-094 399954 694347 1031 -64 303
-------- --------- ---------- ------- --------
MAP-095 399722 695252 1113 -50 135
-------- --------- ---------- ------- --------
MAP-096 399759 694632 1082 -57 127
-------- --------- ---------- ------- --------
MAP-097 400054 694472 1087 -71 311
-------- --------- ---------- ------- --------
MAP-098 399794 694730 1149 -65 130
-------- --------- ---------- ------- --------
MAP-099 399098 695129 1157 -50 250
-------- --------- ---------- ------- --------
MAP-100 400096 694431 1051 -59 283
-------- --------- ---------- ------- --------
MAP-101 400286 694890 967 -50 331
-------- --------- ---------- ------- --------
MAP-102 400095 694426 990 -61.5 303.5
-------- --------- ---------- ------- --------
MAP-103 399793 694730 1162 -65.5 123.3
-------- --------- ---------- ------- --------
MAP-104 399982 694294 1015 -60 297
-------- --------- ---------- ------- --------
MAP-105 399793 694730 1162 -63.8 113.3
-------- --------- ---------- ------- --------
PEP-001 403384 705000 1001 -50 150
-------- --------- ---------- ------- --------
PEP-002 403384 705000 1001 -60 290
-------- --------- ---------- ------- --------
PEP-003 403240 705142 1001 -49.60 95.2
-------- --------- ---------- ------- --------
PEP-004 403508 705671 838 -59.8 99.8
-------- --------- ---------- ------- --------
PEP-005 403373 704990 1008 -49.8 94.6
-------- --------- ---------- ------- --------
PEP-007 403374 704990 1008 -69.9 170
-------- --------- ---------- ------- --------
PEP-008 403232 704803 971 -50 60
-------- --------- ---------- ------- --------
PEP-009 403032 705057 1055 -50 80
-------- --------- ---------- ------- --------
PUP-001 403572 700326 927 -49.8 250.5
-------- --------- ---------- ------- --------
PUP-002 403411 699536 781 -50 116
-------- --------- ---------- ------- --------
* Coordinates WGS84, UTM Zone 18
About Orosur Mining Inc.
Orosur Mining Inc. (TSXV: OMI, AIM: OMI) is a minerals explorer
and developer focused on identifying and advancing projects in
South America. The Company operates in Colombia, Argentina and
Brazil. It has discontinued operations in Uruguay.
About the Anzá Project
Anzá is a gold exploration project, comprising three exploration
licences, four exploration licence applications, and several small
exploitation permits, totalling 207.5km2 in the prolific Mid-Cauca
belt of Colombia.
The Anzá Project is currently wholly owned by Orosur via its
subsidiary, Minera Anzá S.A.
The project is located 50km west of Medellin and is easily
accessible by all-weather roads and boasts excellent infrastructure
including water, power, communications and large exploration
camp.
The Anza Project is subject to an Exploration Agreement with
Venture Option dated September 7th, 2018, as announced on September
10th, 2018, between Orosur's 100% subsidiary Minera Anza S.A
("Minera Anza ") and Minera Monte A guila SAS ("MMA"), a 50/50
joint venture between Newmont Corporation (NYSE:NEM, TSX:NGT), and
Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM).
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 Inc. 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.
Drill core is split in half over widths that vary between 0.3m
and 2m, depending upon the geological domain. One half is kept on
site in the Minera Anzá core storage facility, with the other sent
for assay.
Industry standard QAQC protocols are put in place with
approximately 20% of total submitted samples being blanks, repeats
or Certified Reference Materials (CRMs).
Samples are sent to the Medellin preparation facility of ALS
Colombia Ltd, and then to the ISO 9001 certified ALS Chemex
laboratory in Lima, Peru.
30-gram nominal weight samples are then subject to fire assay
and AAS analysis for gold with gravimetric re-finish for overlimit
assays of >10g/t. ICP-MS Ultra-Trace level multi-element
four-acid digest analyses is also undertaken for such elements as
silver, copper, lead and zinc, etc.
Gold intersections are reported using a lower cut-off of 0.3g/t
Au over 3m.
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 MMA of those
plans, MMA's decision to continue with the Exploration Agreement,
the formation of a new mining company or mining venture to hold the
Project, the ability for Loryser to implement the Creditor's
Agreement successfully in Uruguay 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 by applicable law.
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