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Orosur Mining Inc (OMI)

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Monday 25 January, 2021

Orosur Mining Inc

Colombia update

RNS Number : 6789M
Orosur Mining Inc
25 January 2021
 

 

 

 

Orosur Mining Inc - Colombia update

 

· Positive assay results from first hole - including 70.50m @ 3.53g/t Au.

· Four additional holes completed; all have intersected wide zones of mineralised breccia.

· Drilling to accelerate with third rig on site.

 

London, January 25th, 2021 . Orosur Mining Inc. ("Orosur" or the "Company") (TSX/AIM:OMI) , is pleased to announce an update on the progress of Minera Anzá's drilling campaign currently underway at the Company's Anzá project in Colombia.

 

Results of first hole

Diamond drill hole ("DDH") MAP-072 commenced in mid-November 2020 and was planned largely as a verification hole to confirm the excellent results of previous drilling campaigns.  While not a strict requirement, some level of verification is considered prudent when it is likely that older holes, drilled by previous companies may be incorporated into a mineral resource estimate.

 

Samples from MAP-072 were submitted for assay gradually over November and December, however as previously announced, assay results were delayed due to Covid-19 related staffing shortages at the ALS Laboratory in Lima, Peru.  These delays are expected to continue for the foreseeable future but should not materially impact on operations.

 

MAP-072 was targeted at a part of the APTA deposit that had previously returned positive results, the nearest and most relevant being MAP-060, which returned an intersection of 25m @ 4.85 g/t Au (previously announced).

 

MAP-072 intersected two distinct gold bearing horizons (please refer to figure 1 in the attached: http://www.rns-pdf.londonstockexchange.com/rns/6789M_1-2021-1-24.pdf

 

Figure 1.  Drill section, hole MAP-072 *

 

The first was a thin hanging wall mineralised fault, well above the main breccia zone, returning a weighted average intersection of:

 

4.1m @ 6.52g/t Au, 29.73g/t Ag and 0.28% Zn from 108m .

 

The second and more significant horizon was the main breccia zone target.  The breccia zone was intersected at a shallower depth than expected, and was as a result, thicker than anticipated at over 110m. The entire breccia zone is mineralised, demonstrating multiple stacked veins, substantial silicification and the presence of metallic sulphides, often massive.

 

Gold mineralisation across the width of the breccia zone varies from multiple narrow, high grade veins, interspersed with lower grade mineralised halos.  

 

The weighted average intersections across the breccia are reported as:

 

5.90m @ 4.55g/t Au, 2.74g/t Ag and 0.30% Zn from 171.1m, and

 

70.50m @ 3.53g/t Au, 9.33g/t Ag and 1.62% Zn from 184.80m

 

These wider intersections contained several narrower zones of higher grade, with full details detailed below in Table 1.

 

 

Hole

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Zn (%)

MAP-072

108

112.10

4.10

6.52

29.74

0.28

including

109.85

111.08

1.23

14.55

9.52

0.21

MAP-072

171.10

177

5.90

4.55

2.74

0.30

  including

175.5

177

1.50

11.97

5.45

0.73

MAP-072

184.80

255.30

70.50

3.53

9.33

1.62

including

188.50

190.42

1.92

9.18

2.69

1.86

including

205.90

206.90

1.00

19.87

10.39

1.16

including

210.80

212.90

2.10

7.00

5.57

2.00

including

220.10

228.60

8.50

6.73

4.63

3.69

including

240.65

255.30

14.65

5.33

3.28

2.11

Table 1.  Intersections, DDH MAP-072 *

 

(* Intersections are reported as down-hole widths, not true widths.  The Company does not yet have sufficient drilling information to accurately calculate true widths of drill hole intersections)

 

 

Additional holes completed

Four additional holes have been completed (DDH MAP-073,074,075,076) with all samples submitted for analysis.

 

Whilst assay results are likely to continue to be delayed for the foreseeable future, all four holes recorded wide intersections of the breccia zone target, with stacked veins, pervasive silicification and development of sulphide mineralisation.

 

One of the holes just completed, MAP-075, has been drilled some 90m downdip of the herein announced MAP-072 (figure 1) and has visually intersected over 100m of the target breccia zone.

 

Drilling to accelerate.

The original drilling plan at APTA was for a small program of roughly 2,300m over eight holes - a program designed to provide a preliminary assessment of the potential of APTA, before committing to a larger program should the results of the preliminary program be deemed positive.  To this date, over 1,600m have been completed.

 

However, the nature of the mineralisation at APTA is such that the main breccia zone and associated veins and sulphides are readily visible. Therefore, while the situation with delayed assay results continues, the visual indications seen in core are deemed to be sufficiently positive that the decision has been taken to expand and accelerate the current drill campaign. 

 

To this end, a third rig has been mobilised to site, with a view to commencing work in late January.

 

The Company will also begin the process of expanding its local infrastructure and operating capacity to allow for the introduction of additional rigs at short notice, should this be deemed beneficial to the project.

 

 

Orosur CEO Brad George commented:

"Clearly the assays from MAP-072 are very positive, and a resounding verification of previous excellent work.  Delays in assay results are unfortunately beyond the Company's control and may be a factor for some time yet, however in the meantime, visual indications are positive and provide the team sufficient confidence to ramp up our drilling efforts in order to move APTA forward as quickly as possible."

 

 

F or further information, please contact:

 

Orosur Mining Inc

Louis Castro, Chairman,

Brad George, CEO

[email protected]

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
Tel: +44 (0)20 3657 0050

 

Flagstaff Communications and Investor Communications

Tim Thompson
Mark Edwards
Fergus Mellon

[email protected]

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 Regulation ("MAR " ). Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain .

 

Drill Hole Details - 2020/2021 Programme*

Hole ID

Easting (m)

Northing (m)

Elevation asl (m)

Dip (°)

Azimuth (°)

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

Coordinates WGS84, UTM Zone 18

 

About Orosur Mining Inc.

 

Orosur Mining Inc. (TSX: OMI; AIM: OMI) is a precious metals developer and explorer focused on identifying and advancing gold projects in South America. The Company operates in Colombia and 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 Anzá Project is subject to an Exploration Agreement with Venture Option dated September 7th, 2018, as announced on September 10th, 2018, (the "Agreement") between Orosur's 100% subsidiary Minera Anzá S.A ("Minera Anzá") and Minera Monte Águila SAS ("Monte Águila"), a 50/50 joint venture between Newmont Corporation ("Newmont") (NYSE:NEM, TSX:NGT), and Agnico Eagle Mines Limited ("Agnico") (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 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.

 

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 Global 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 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 by applicable law.

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