TIDMOMI
RNS Number : 9817E
Orosur Mining Inc
05 July 2023
Orosur Mining Inc - Operational Update, Brazil
-- Sampling and mapping program commenced at Ariquemes.
-- Alluvial program to test effectiveness of regional work.
-- Mapping north of Bom Futuro identifies mineralised granites - samples submitted for assay.
London, July 5(th) 2023 . Orosur Mining Inc. ("Orosur" or the
"Company") (TSXV/AIM:OMI) , is pleased to provide an update on the
progress of exploration activities at its Ariquemes Tin Project
("Ariquemes Project" or the "Project") in Brazil.
The Ariquemes Project is a large-scale tin (and associated
metals) exploration project in Rondonia State, Brazil, entirely
within the world class Ariquemes Tin Field. The Project comprises a
large number of granted licences and applications that in total
cover more than 3,000km(2) , representing the largest land holding
in this key mining district.
Ariquemes Project is a joint venture with Canadian listed
Meridian Mining UK (TSXV: MNO) ("JV"), whereby Orosur has the right
to earn a 75% stake in the Project by investing US$4m in
exploration over a four-year period in two stages.
As announced on May 4(th) , 2023, a regional stream sediment
program was recently completed across the entire licence area. The
rationale for this program was to cover the area as quickly and as
efficiently as possible and identify key higher priority zones for
follow-up. This objective was successful with large areas of tin
and niobium anomalism being mapped. As a result, the Company has
now decided to move to the next phase.
As part of the next phase, two prospects were targeted for small
work programs designed to address several key geological questions.
The work programs include:
1. carrying out more detailed work in one key licence area to
assess the effectiveness of the regional sampling program;
2. if successful, identifying as quickly as possible, a body of
mineralisation that demonstrates the economic potential of the
region and underpins further work; and
3. exploring the northeast of the large Bom Futuro mine for possible extensions or repetitions.
Oriente Novo
The Oriente Novo licence is to the far east of the main lease
package.
This licence was chosen as the most attractive site for the next
phase of work for several reasons:
-- the area returned several stream sediment samples, highly anomalous in both tin and niobium;
-- being recently granted (unlike many other licences which
remain unpublished or awaiting renewal), ground disturbing
activities such as drilling are permitted;
-- there was substantial historical mining both north and south
of the lease (stopping at the boundary), both from primary hard
rock and secondary alluvial sources;
-- these two historical mining areas are connected by a long
drainage system, over 6km of which is within the licence area, that
contained the anomalous stream sediment samples; and
-- the licence contains over 15km of additional drainages that
have shown anomalous results and may be the target of additional
work in the future.
A small, handheld, mechanised auger drill will be used to take
samples down to 5m (with a sample collected at every metre) to test
the presence of surface mineralisation along the length of this
drainage system (Figure 2). In addition, at regular intervals, the
auger will be pushed down to its capacity of 20m to test the depth
potential of the drainage system.
This program is expected to take approximately six weeks, but as
samples will be assayed using a local XRF unit rather than being
sent to a laboratory, results should be forthcoming as the survey
progresses, allowing the program to be modified as it
progresses.
Figure 2. Orient Novo - survey plan
Should the results of this work be positive in defining a
substantial area of tin and niobium mineralisation near surface,
the Company may then consider expanding the program both in terms
of area, depth and infill exploration and drilling, potentially
with a view to considering early-stage, pilot-scale production as
allowed by the Brazilian mining code.
Paraiso - north of Bom Futuro
The Bom Futuro tin mine is the largest mine in the region and,
at its peak, was one of the largest in the world.
It was discovered accidently by local woodcutters in 1987 and
then subsequently developed and mined continuously by a local
cooperative which exploited both the primary hard rock
mineralisation and surrounding associated alluvial sources.
The operating cooperative has generally focussed on exploitation
of visible mineralisation and has done little work to develop a
full understanding of the genesis of the deposit or to explore
beyond the immediate mining area.
Freely available government aeromagnetic data (Figure 3) shows
that the Bom Futuro mine is situated at the southern end of a
roughly 25km long cigar-shaped structural feature, interpreted to
be a fault bounded block of basement and granite. These SW to NE
trending bounding structures were possibly the primary conduits for
altering fluids that created the pegmatite and greisen tin
mineralisation.
The northern half of this structural feature sits within the JV
area but has never been explored.
Figure 4 - preliminary samples from Pariaso
Company geological teams recently visited the area for the first
time - a delay driven largely by the fact the licence has yet to be
published as a granted lease, limiting what work can be done.
Most of the area is now totally cleared for cattle farming with
no outcrop, other than several small granite hills with residual
forest. Geological teams entered these areas and located extensive
areas of altered granites and pegmatites, rich in tourmaline,
somewhat similar in character to what is seen at Bom Futuro.
Tourmaline (a boron silicate mineral) is a positive indicator as
boron can be enriched in fractionated felsic melts and shows close
association with tin and lithium mineralisation.
Panning of a stream adjacent to one of these granites also
returned high grade cassiterite, suggesting proximity to a primary
source.
Samples have been submitted to a local geochemical laboratory
for assay, with results expected in several weeks.
Orosur CEO Brad George commented:
"Work at Ariquemes Project has progressed as per the planned
timetable, to allow us to gradually develop our understanding of
the region and the local controls on mineralisation. This work is
now bearing fruit, and this current phase, if successful could mark
a major milestone in identifying areas of economic mineralisation.
At a time of encouraging tin and niobium prices, this may provide
the Company with valuable optionality."
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 / Kasia Brzozowska
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.
About Orosur Mining Inc.
Orosur Mining Inc. (TSX: 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. The Company has discontinued operations in Uruguay.
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.
Anzá
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.
El Pantano
Initial soil sample lines at El Pantano varied from 500m to 1km
spacing with infill lines located at 120m spacing in areas of
anomalism. Samples were taken at 20m intervals along these
lines.
Samples were taken at depths of 30 cm to 60 cm below the
surface, corresponding to the local equivalent of the B Horizon.
This layer of silt-clay is thought to contain the highest
accumulation of metals commonly used in mineral prospecting.
Shallow material such as ashes and rock fragments were removed
from the area before collecting samples. Manual tools were used to
reach the silt-clay level, with sample weights varying from 1.5 to
2.0 kg. Samples were then sent to an ALS Chemex preparation
facility in Santa Cruz province for preparation and thence to the
ISO 9001 certified ALS Chemex laboratory in Lima Peru for assay by
In ductively Coupled Plasma - Atomic Emission Spectroscopy
(ICP-AES) and Inductively Coupled Plasma - Mass Spectrometry
(ICP-MS)
Ariquemes
Stream sediment samples were taken at specific locations where
drainages intersected local roads, on roughly a 10km x 5km spacing.
Samples of approximately 20 litres were gathered at a depth of
around 70cm to 1 m. To avoid anthropogenic contamination, the
sampling points were located at a distance from the roads. The
collection process was carried out using a post-hole digger, and
samples were then packaged in plastic bags, sealed, and labelled
accordingly. Collected samples underwent a concentration process by
panning to produce a concentrate of heavy minerals.
Samples were then sent to the SGS laboratory in Belo Horizonte,
Minas Gerias State for assay by Inductively Coupled Plasma -
Optical Emission Spectroscopy (ICP OES) and Inductively Coupled
Plasma - Mass Spectrometry (ICP-MS).
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 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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