REG - Orosur Mining Inc - Colombia Update

Orosur MiningAnnouncement

04/02/2025 07:15

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RNS Number : 7518V  Orosur Mining Inc  04 February 2025

 

 

 

Orosur Mining Inc - exceptional results continue at Pepas

 

·    Assays from four more holes at Pepas - exceptional results continue

 

o PEP022 - 76.3m @ 7.24g/t Au (from surface)

o PEP021 - 107.05 @ 6.22 g/t Au (from surface)

o PEP020 - 54.65m @ 1.94 g/t Au (from surface)

o PEP019 - 44.3m @ 1.63 g/t Au (from surface)

 

·    Surface sampling defines potential to the north

 

 

London, February 4th, 2025. Orosur Mining Inc. ("Orosur" or the "Company")
(TSXV/AIM:OMI), is pleased to announce an update on the progress of
exploration activities at the Company's flagship Anzá Project ("Project") in
Colombia.

 

ANZÁ Project

The Anzá Project is 100% owned by the Company following recent completion of
a Share Purchase Agreement (SPA), announced 28(th) November 2024, whereby the
Company purchased all of the shares of its previous JV partner, Minera Monte
Aguila (MMA).

 

The Project is located 50km west of Medellin and is easily accessible by
all-weather roads and boasts excellent infrastructure including water, power,
communications as well as a large exploration camp.

 

Pepas

The Pepas Prospect is in the northern extent of the Anzá Project
(pre-acquisition) over 10km north of the central base at APTA (Figure 1).

 

Figure 1.  Anzá Project - prospects

Pepas was discovered by MMA in late 2021 by BLEG sampling and geological
mapping, followed by 11 diamond drill holes in 2022 (PEP001 to PEP011).

 

After completion of the transaction to buy MMA, the Company restarted drilling
at the Pepas prospect in mid-November 2024.

 

Drilling commenced with hole PEP012, which was positioned to confirm previous
high-grade results in holes PEP001, PEP005 and PEP007 drilled in 2022.

 

Later holes were then rotated some 51 degrees clockwise from PEP012 to begin
to test what was considered by Company geological teams to be the controlling
trend of SE to NW.  The primary objective of the first phase of drilling by
the Company was to attempt to understand the geological controls upon
mineralisation first identified in 2022, so as to provide guidance for later
step out drilling.

 

Holes drilled and announced to date (PEP012 to PEP018) have all intersected
thick sequences of gold mineralisation, that seem to be bounded on each side
by two faults that converge at depth (Tesorito North and Tesorito South
faults). Recent drilling continues to improve the geological understanding of
the lithostructural architecture of the mineralised zone.

 

Figure 2.  Plan of holes

 

Holes PEP019 and PEP020 were both drilled from the same pad in the SE of the
mineralised zone to test continuity of mineralisation and to examine some
additional structures that had been identified at surface in this location
(Figure 3).

 

Both holes entered broken ground at shallow depth, potentially indicative of a
N-S fault that will require more examination.  The fault zone, however, was
substantially mineralised, with the holes recording high quality intersections
of 44.3m @ 1.63g/t Au and 54.65m @ 1.94 g/t Au respectively, both from
surface.

Figure 3. Section, PEP019 and PEP020

 

 

Holes PEP021 and PEP022 were drilled from the same pad, on section with PEP014
in the centre of the mineralised zone, but in the opposite direction to
PEP014, to define the nearly identified Tesorito South fault, which thus far
had only been intersected at a very shallow angle in holes PEP016 and
PEP018.

 

Both holes entered high grade gold mineralisation immediately from surface,
which continued at a consistent level until intersection of the Tesorito South
fault (Figure 4).

 

The holes returned exceptional gold intersections of 107.05m @ 6.22g/t Au and
76.3m @ 7.24g/t Au respectively, both from surface.

 

Figure 4 Section PEP021 and PEP022

 

Hole PEP022 encountered a second fault toward the bottom of the hole, possibly
indicative of a small N-S fault, intersected at a shallow angle. This fault
zone was mineralised to a low level of less than 0.3g/t Au but was included in
the above quoted composite intersection as it was felt its thickness may have
been exaggerated due to the shallow angle of intersection. If this fault zone
were removed from calculation, the composite intersection of PEP022 would
instead be 62.95m @ 8.73g/t Au, from surface.

 

Drill intersections for these four holes are as follows:

 

 Hole Number     From (m)     To (m)     Interval (m)    Au (g/t)
 PEP019          0            44.30      44.3            1.63
 including       8.7          17.5       8.8             3.35
 PEP020          0            54.65      54.65           1.94
 including       47.0         54.65      6.75            4.51
 PEP021          0            107.05     107.05          6.22
 including       23.2         47.05      23.85           13.67
                 82.25        86.45      4.2             15.31
                 98.55        105.9      7.35            9.2
 PEP022          0            76.3       76.3            7.24
 including       20.55        34.45      13.9            8.72
                 37.25        56         18.75           17.02
                 58.4         62.95      4.55            9.11

Table 1. Drill Intercepts

 

 

Surface Sampling

The Pepas prospect was originally identified by regional BLEG sampling in late
2021, with high grade surface outcrop then being discovered early in 2022 and
immediately drilled.

 

Little or no surface geochemical sampling was undertaken prior to drilling.

 

However, upon taking control of the Project post completion of the MMA
transaction in late November 2024, the Company took possession of all
historical databases.  It was then noted that some substantial ridge and spur
soil sampling programs had been undertaken in the region post drilling, later
in 2022.  The Company had not previously been aware of these data.

 

Analysis of these data (Figure 5) not only clearly shows the Pepas area as
being highly anomalous but also shows an area to the north of even more
extensive soil anomalism.  The current area of Pepas that has been drilled,
covers roughly half of N-S extent of the southern anomaly (Figure 5) marked as
"Pepas".

 

The northern area marked as "Pepas 2" is untouched. Combined, the two zones
cover some 1000m of strike.

 

Figure 5.  Pepas soil sampling

 

These soils, while extremely anomalous, are limited in by being constrained to
ridges and spurs - a common strategy in steep terrain to ensure samples are
in-situ.

 

As a result, over the last several weeks, Company geological teams have been
active in this northern area, mapping the flanks of these ridges for in-situ,
residual material that could provide more targeting guidance.

 

A number of areas of mineralised material have been identified, with one large
area along a small walking track exposing saprolite and semi-fresh rock.
Over 100m of mineralisation was identified at surface, with samples taken at
1m intervals over the entire length of the exposure.  Assay results averaged
1.15g/t Au over 105m, with individual samples at times exceeding 5g/t Au
(Figure 6.). This channel sample is at the southern extreme of the new Pepas 2
anomalous area, but over 200m north of the limit of current drilling.

 

No work has yet been undertaken on the majority of the zone.

 

 

Figure 6.  Channel Samples

 

Mapping and sampling programs continue in this northern area, with a view to
potential drilling at a later date once the current Pepas area is better
defined.

Discussion and ongoing drilling

Since the Company reassumed control of the Project, 11 holes have been
completed for 941m.  All holes have returned substantial gold intersections,
particularly in the centre of the currently drilled area where assays results
have been exceptional (Table 2)

 

 Hole Number     From (m)     To (m)     Interval (m)    Au (g/t)
 PEP012          0            66.75      66.75           5.64
 PEP013          0            77.30      77.30           7.68
 PEP014          0            75.1       75.1            5.58
 PEP015          23.5         63.7       40.2            3.75
 PEP016          61.6         105.3      43.7            3.13
 PEP017          56.1         96.3       40.2            2.06
 PEP018          0            54.1       54.1            6.01
 PEP019          0            44.3       44.3            1.63
 PEP020          0            54.65      54.65           1.94
 PEP021          0            107.05     107.05          6.22
 PEP022          0            76.3       76.3            7.24

Table 2.  Results to date, post MMA transaction

 

While some understanding of the form of the Pepas mineralisation is beginning
to emerge, this represents a relatively limited amount of drilling and can be
considered as preliminary testing at best.

 

As we are very encouraged by these early results, we will continue the
drilling programme, although for the foreseeable future the Company will
operate conservatively within its cash and personnel constraints and continue
with only one drill rig; defining, expanding and understanding the current
Pepas body, thus freeing up a team to examine the large anomalous area
abutting to the north.

 

Orosur CEO Brad George commented:

"In some nine weeks (including the Christmas break), and less than 1000m of
drilling, we have moved Pepas from a concept to one of the most exciting
exploration stories in the gold space.  It is very early days, but the
results obtained thus far, if continued, could see the project advance very
quickly."

 

For further information, visit www.orosur.ca (http://www.orosur.ca) , follow
on X @orosurm or 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 / Jen Clarke / Devik Mehta

Tel: +44 (0) 20 3470 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 - Pepas prospect 2022/2024 Programme*

 Hole ID  Easting (m)  Northing (m)  Elevation asl (m)  Dip (°)   Azimuth (°)
 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
 PEP-010  403375       705106        982                -50.31    190.4
 PEP-011  403573       704939        1001               -50.3     255
 PEP-012  403415       704890        997                -56       352
 PEP-013  403413       704887        997                -50       43
 PEP-014  403400       704910        1007               -50       43
 PEP-015  403375       704938        1017               -50       43
 PEP-016  403326       704912        999                -50       43
 PEP-017  403365       704848        976                -40       47
 PEP-018  403345       704851        977                -45       43
 PEP-019  403446       704890        991                -45       43
 PEP-020  403446       704890        991                -75       43
 PEP-021  403424       704935        1012               -62       223
 PEP-022  403424       704935        1012               -42       223

 

*  Coordinates WGS84, UTM Zone 18

 

 

About Orosur Mining Inc.

 

Orosur Mining Inc. (TSXV: OMI; AIM: OMI) is a minerals explorer and developer
currently operating in Colombia, Argentina and Nigeria.

 

 

About the Anzá Project

Anzá is a gold exploration project, comprising three exploration licences,
four exploration licence applications, and several small exploitation permits,
totalling 176km2 in the prolific Mid-Cauca belt of Colombia. Post the
acquisition of Minera Monte Aguila S.A.S, the area of the Project has
increased substantially to approximately 400km2 due to the acquisition of a
number of additional applications that were owned by Minera Monte Aguila
S.A.S.

 

The Anzá Project is currently wholly owned by Orosur via its subsidiaries,
Minera Anzá S.A. and Minera Monte Aquila S.A.S.

 

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.

 

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 Inc. 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 10% of
total submitted samples being blanks, repeats or Certified Reference Materials
(CRMs).

 

Samples for holes PEP-001 to PEP-011 were sent to the Medellin preparation
facility of ALS Colombia Ltd, and then to the ISO 9001 certified ALS Chemex
laboratory in Lima, Peru.

 

Samples from PEP-012 onwards are sent to Medellin laboratory of Actlabs for
preparation and assay.

 

30 gram nominal weight samples are then subject to fire assay and AAS analysis
for gold with gravimetric re-finish for overlimit assays of >5 g/t.
ICP-MS Ultra-Trace level multi-element four-acid digest analyses may 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 continuing focus
on the Pepas prospect, the exploration plans in Colombia and the funding of
those plans, and other events or conditions that may occur in the future.
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 to those
described in the Section "Risks Factors" of the Company's MD&A for the
year ended May 31, 2024. 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 closure 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. 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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