TIDMOMI
RNS Number : 7221R
Orosur Mining Inc
09 November 2021
Orosur Mining Inc. - Colombia Update
-- Assays from five additional holes
-- Most holes drilled for geological and stratigraphic reasons
-- Thick anomalous zones of mineralisation intersected
-- Operational handover of Anzá now largely complete
London, November 9th, 2021 . Orosur Mining Inc. ("Orosur" or the
"Company") (TSX-V/AIM:OMI) , is pleased to announce an update on
the Company's Anzá Project in Colombia.
For the full PDF version of the announcement with Table 1 and
Figures 1-6 included, please refer to:
http://www.rns-pdf.londonstockexchange.com/rns/7221R_1-2021-11-8.pdf
Drilling Summary, Anzá
A major phase of drilling was undertaken at Anzá from October
2020 through to the end of June 2021, designed to confirm the
potential of the core APTA deposit at Anzá and to provide
sufficient information to allow the Company's JV partner Minera
Monte Águila SAS ("Monte Águila")to move forward into the next
annual period of the Exploration Agreement with Venture Option
("Exploration Agreement"). Once this was achieved, the number of
drill rigs was reduced from five to one, with focus shifting to
better understanding the regional picture and to mapping and
sampling of the other licences and applications to identify targets
for the next phase of work.
Reducing to one drill rig allowed geologists to be redeployed to
mapping activities, with the remaining drill rig focussed near the
margins of the APTA deposit, to address several regional
stratigraphic questions and to provide greater guidance as to the
controls on the previously identified high grade mineralisation at
APTA.
Drilling Results, Anzá
Assay results for five additional diamond drillholes have been
received from the ALS laboratory in Lima, Peru, MAP-092 to
MAP-096.
Highlighted results from these holes include:
MAP-093 14.85m @ 1.60g/t Au, 1.08g/t Ag, 0.79% Zn
MAP-094 8.55m @ 0.96g/t Au, 5.88g/t Ag, 0.34%Zn
5.35m @ 1.17g/t Au, 2.18g/t Ay, 0.79% Zn
10.70m @ 1.08g/t Au, 0.24g/t Ag, 0.03% Zn
MAP-096 2.70m @ 2.84g/t Au, 1.12g/t Ag, 0.07%Zn
51.55m @ 1.32g/t Au, 1.34g/t Ag, 0.35%Zn
Full results are detailed in Table 1.
Table 1. Drill Intercepts*.
* 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.
Holes MAP-092 and MAP-095 were collared well away from the known
mineralisation at APTA (Figure 1) and were drilled in the opposite
direction to current drilling, from west to east. Both of these
holes were designed to assess the regional geology and to test the
idea that the target stratigraphy identified at APTA represented
the eastern limb of an anticline and would be repeated to the west.
These holes were purely stratigraphic and were not expected to
intersect mineralisation.
Figure 1. Drill Collar Locations - APTA
Hole MAP-093 was targeted to test the down dip continuity of the
stratigraphic section related to the historical La Pastorera gypsum
mine. The footwall breccia was identified and was mineralised to a
moderate degree (Figure 2).
Figure 2. Section, Hole MAP-093
Hole MAP-094 was targeted to test the southern extension of a
high-grade pod defined in previous drilling. A substantial
thickness of moderately mineralised breccia was identified (Figure
3).
Figure 3. Section, Hole MAP-094
Hole MAP-096 (like holes 092 and 095) was drilled from the west
to test a geological hypothesis related to possible anticlinal
folding of the mineralised stratigraphy.This hole confirmed the
existence of such folding, and thus opens the potential for folded
repetition of higher grades further down the western limb (Figure
4). This potential will be tested with later drilling.
Figure 4. Section, Hole MAP-096
Regional Mapping and Sampling
Most drilling to date has been concentrated at the central APTA
deposit in the central granted licence of the Company's 200km2
tenement package (Figure 5).
However, with reduction to one drill rig in June, exploration
teams were deployed to field mapping and sampling activities in
other licences, albeit subject to limitations related to Covid-19
which was still proliferating through the region at the time.
Most of this activity focused on the NE integrated tenement,
around the Pepas and Pupino working areas.
Extensive programs of soil and rock sampling, BLEG sampling,
geological mapping and geophysics commenced and will continue after
handover of operational control of the project to partner Monte
Águila. Terrain in this region is extremely rugged and thus
progress is slow, however substantial coverage has now been
achieved. Complete geochemical results are still pending however
preliminary results are encouraging and suggest the northern extent
of the Aragon fault is prospective.
Figure 5. Licence package and prospects
Figure 6. Sampling, Pepas and Pupino
Conversion of Applications
Of the Company's land package, two major areas remain at the
application stage and are therefore not accessible for exploration
involving any form of ground disturbance - these areas contain the
La Cejita and Jesuitas prospects.
With acceleration of work under the Exploration Agreement, it is
hoped to advance these into granted status as quickly as possible,
however this process requires, among other things, substantial
public hearings, which have only recently begun again, after a long
abeyance during Covid-19.
The Company is currently seeking to accelerate this process now
that Covid-19 is beginning to abate in the region.
Operational Handover
As announced on September 7 2021, the Company's Joint Venture
partner Monte Águila elected to exercise its right to assume
operatorship of the Anzá Project. The handover is now substantially
complete, with Monte Águila now exercising effective control of the
project.
Monte Águila, a 50/50 JV between Newmont Corporation ("Newmont")
(NYSE:NEM, TSX:NEM) and Agnico Eagle Mines Limited ("Agnico")
(TSX:AEM) is the vehicle by which these two companies jointly
exercise their rights and obligations with respect to the
Exploration Agreement.
As per the terms of the Exploration Agreement, the Company
remains the 100% owner of the licences and applications until such
time as Monte Águila earns their initial 51% interest in the
project (Phase 1) prior to September 6(th) , 2022. As such, the
Company remains responsible for most government related functions
and will retain a core team in Medellin to work alongside Monte
Águila in the management of this process.
Orosur CEO Brad George commented:
"The decision by our partners to take over operatorship of Anzá
was both positive and welcome, being testament to how two of the
world's largest gold miners see the region. The handover process is
substantially complete. The financial and technical resources that
can now be brought to bear are without parallel and we look forward
to them substantially ramping up activity."
F or further information, please 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
Market Abuse Regulation (MAR) Disclosure
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.
Drill Hole Details - 2020/2021 Programme*
Hole ID Easting Northing Elevation Dip (deg) Azimuth
(m) (m) asl (m) (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
-------- --------- ---------- ---------- --------
* Coordinates WGS84, UTM Zone 18
About Orosur Mining Inc.
Orosur Mining Inc. (TSX-V: OMI; AIM: OMI) is a minerals explorer
and developer focused on identifying and advancing projects in
South America. The Company currently 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 Anza 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 Anza S.A and Minera Monte A guila SAS, a 50/50 joint venture
between Newmont and Agnico.
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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