REG - Orosur Mining Inc - Colombia update

Orosur MiningAnnouncement

08/03/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220308:nRSH9387Da&default-theme=true

RNS Number : 9387D  Orosur Mining Inc  08 March 2022

 

 

 

Orosur Mining Inc - Colombia update

 

·    Assays from four additional holes - MAP- 097, 098, 099, 100.

·    High grade gold intersections - 6.06m @ 2.72g/t Au, 14.2m @ 1.84 g/t
Au, 8.35m @ 14.27 g/t Au, and 59.15m @ 0.91 g/t Au.

·    Including a potential new area at depth in Anza.

·    High-grade rock samples in new southern targets.

·    Plans and permitting advancing for drilling new targets

 

London, March 8th, 2022. 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.

 

As previously announced, Monte Águila (the JV between Newmont Corporation and
Agnico Eagle Mines Limited) assumed control of the Project in Q4 2021 after a
major 10,000m drilling program which saw up to five drill rigs operating at
Anza. During the hand over process, all drill rigs demobilised as part of a
planned changeover to a different drill contractor and rig design (man
portable). One new rig was mobilised to focus on drilling regional and deep
stratigraphic holes in order to test a variety of geological concepts to
assist future targeting.

 

With drilling wound back, geological effort shifted to regional mapping and
sampling at the northern and southern extremes of the Project that could not
be previously reached due to Covid-19 related restrictions on personnel
movement.

 

Results from these activities are extremely positive and several high priority
prospects have been defined. It is expected that drilling activities will soon
resume once the required permitting has been completed.

 

For the full PDF version of the announcement with Figures 1-4 included, please
refer to:

http://www.rns-pdf.londonstockexchange.com/rns/9387D_1-2022-3-7.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9387D_1-2022-3-7.pdf)

 

Drilling

Assay results for four diamond drillholes have been received from the ALS
laboratory in Lima, Peru - MAP-097, 098, 099 and 100.  Key intersections are
noted below.

 

 

MAP-097       4.35m @ 1.63g/t Au, 2.00g/t/Ag, 0.71% Zn

MAP-098       6.05m @ 2.72g/t Au, 3.01g/t Ag, 0.74%Zn

                      14.2m @ 1.84g/t Au, 3.57 g/t Ag.
0.59% Zn

                      8.36m @ 14.27g/t Au, 49.92g/t Ag,
3.93% Zn

MAP-100       59.15m @ 0.91g/t Au, 3.88g/t Ag, 0.39% Zn

 

 

Full results are noted below.

 

 

 

 

 Hole Number     From (m)     To (m)     Interval (m)    Au (g/t)    Ag (g/t)    Zn (%)
 MAP097          242.90       253.75     10.85           0.46        2.24        0.20
 including       243.75       244.70     0.95            1.21        15.90       0.40
 MAP097          258.05       260.50     2.45            0.62        1.97        0.06
 MAP097          262.40       276.50     14.10           0.75        1.21        0.31
 including       263.70       268.05     4.35            1.64        2.00        0.71
 MAP097          307.20       351.10     43.90           0.24        2.65        0.09
 MAP097          370.20       373.45     3.25            0.24        1.94        -
 MAP097          393.70       396.95     3.25            0.24        1.87        -
 MAP098          64.35        67.85      3.50            0.38        3.36        -
 MAP098          216.10       217.60     1.50            0.82        1.01        0.01
 MAP098          268.05       274.10     6.05            2.72        3.02        0.74
 including       270.05       270.45     0.40            16.75       8.12        0.55
 including       272.75       273.10     0.35            13.2        7.58        0.20
 MAP098          288.20       292.80     4.60            1.68        5.39        2.56
 including       290.10       292.25     2.15            3.16        5.99        2.31
 including       290.10       290.55     0.45            5.81        5.04        2.73
 including       291.55       291.90     0.35            5.61        3.28        2.82
 MAP098          315.20       329.40     14.20           1.84        3.57        0.59
 including       315.20       316.70     1.50            7.33        24.92       4.42
 including       319.90       322.45     2.55            4.08        1.40        0.13
 MAP098          349.15       353.60     4.45            0.45        0.67        0.06
 MAP098          366.35       374.70     8.35            1.03        2.96        0.14
 including       369.95       374.10     4.15            1.53        3.23        0.26
 MAP098          508.00       508.60     0.60            7.22        4.81        3.00
 MAP098          509.30       509.85     0.55            1.65        1.02        0.78
 MAP098          515.30       515.75     0.45            8.32        4.01        1.04
 MAP098          516.55       520.00     3.45            0.27        1.17        -
 MAP098          524.25       532.60     8.35            14.27       49.92       3.94
 including       525.25       528.70     3.45            29.78       115.01      6.31
 including       526.95       528.70     1.75            46.19       220.4       9.67
 including       530.45       532.60     2.15            7.10        7.12        4.91
 including       531.90       532.60     0.70            14.10       5.62        5.41
 MAP098          537.85       538.55     0.70            0.90        0.65        -
 MAP098          539.35       543.50     4.15            0.25        1.26        -
 MAP098          555.25       557.90     2.65            0.85        1.30        0.92
 MAP098          559.10       560.05     0.95            0.53        1.09        0.92
 MAP098          561.95       563.10     1.15            2.86        1.38        0.66
 including       562.25       562.60     0.35            7.33        2.46        1.61
 MAP098          593.40       594.35     0.95            0.98        2.58        1.12
 MAP098          660.90       672.60     11.70           0.51        1.89        0.01
 including       667.95       669.20     1.25            1.98        2.26        0.01
 MAP099          No significant results

 MAP100          190.90       192.10     1.20            2.51        29.20       0.26
 MAP100          195.9        202.45     6.55            0.91        12.3        0.11
 including       196.65       199.25     2.6             1.5         19.85       0.06
 including       196.65       197.45     0.8             2.33        22.4        0.07
 MAP100          226.75       228.45     1.7             2.31        1.37        0.39
 including       227.5        228.45     0.95            3.56        1.80        0.65
 including       227.5        227.9      0.4             4.98        2.08        0.63
 MAP100          243.6        302.75     59.15           0.91        3.89        0
 including       255.85       258.95     3.1             1.39        2.74        0.50
 including       262.6        265.5      2.9             8.72        8.72        3.80
 including       264.4        264.8      0.4             20.10       8.28        2.45
 including       264.8        265.5      0.7             9.01        6.27        8.47
 including       297.25       300.45     3.2             1.83        4.35        0.41
 including       299.4        299.85     0.45            4.95        8.55        1.32
 MAP100          312.6        319.35     6.75            0.26        3.01        0.04

 

Table 1.  Drill Intercepts.

 

 

 

Fig 1.  Plan of drill collar locations

 

 

MAP-097 and MAP-098

Holes MAP-097 and 098 (Fig. 2) were a pair of deep scissor holes drilled from
opposing directions to depths of 647m and 696m, respectively at APTA.

 

The dual objective of these two holes were largely stratigraphic, to assess
geology at depth and to continue to examine the geological concept of the main
mineralised horizons folding over as an anticline.

 

These holes would seem to have confirmed the folding hypothesis, but of most
interest was the intersection in MAP-098 of a previously unknown, thick,
high-grade structure (8.35m @ 14.27g/t Au, 49.92g/t Ag, 3.93%Zn), over 100m
below any previous anomalous intersections, with an additional lower grade
intersection over 100m further down again.  The considerable distance from
previous drilling is highly encouraging as it opens up large areas at depth as
being potentially of interest, however, more drilling will now be required to
confirm this.

 

 

Fig 2. Holes MAP-097 and 098

 

 

            MAP-099

MAP-099 (depth 418m) was drilled to the west of APTA, largely as a
stratigraphic hole to define the local geology in order to assist in future
work.   No significant assays were returned, but the hole provided
substantial geological information.

 

MAP-100

MAP-100 (depth 360m) (Fig. 3) was drilled to provide greater geological
context to high-grade results previously intersected in MAP-089.

 

The hole was successful in confirming previous results, but also demonstrated
a very thick zone of lower grade mineralisation returning 59.15m @ 0.91g/t Au,
3.88g/t Ag, 0.39% Zn, which included higher grade zones of gold and base
metals.

 

 

Fig 3. Hole MAP-100

 

Surface work - mapping and sampling

Following completion of the initial 10,000m drill program in Q3 2021, and the
operational handover of the Project, the focus of geological work shifted to
regional mapping and sampling.  The objective of this work was to define high
quality targets that could be drilled once Covid-19 had abated and free
movement of staff could resume.

 

As shown in Fig 4, recent work has delineated highly anomalous results in the
NE granted tenements at Pupino and Pepas, with multiple rock chip assays over
extensive areas, returning results in excess of 1.5g/t Au.

 

In addition, the most recent phase of sampling in the south at Guaimarala has
identified a similarly extensive area of highly anomalous gold mineralisation
at surface, with some samples returning assays of multiple g/t Au.

 

The high priority targets of La Cejita and Jesuitas, not being in granted
titles, have only been covered in a cursory fashion, however anomalous rock
chip samples have been noted.

 

 

 

Fig 4.  Soil and Rock Sampling 2020-2021

 

 

Planning for Drilling

These targets are now nearing the stage of requiring drill testing. The
process of permitting (land access and water use) and the development of the
required access is now well advanced. Exact timing of the commencement of
drilling is dependent upon the outcome of the permitting process and will be
communicated when more details become available.

 

Orosur CEO Brad George commented:

"Handing over operating control of Anzá was a complex and protracted process,
slowing work and news flow.  However, this effort was a necessary component
of the evolution of the Project and is now reaping rewards as our major
partners ramp up activities.

 

Covid-19 has now abated in the region to the extent that field activities can
be undertaken more freely, and we look forward to major drill campaigns
restarting on the exciting prospects that have been defined."

 

 

For 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

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 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
 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

 

*  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 projects in South America. The
Company operates in Colombia, Argentina and Brazil.

 

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 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 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDBKOBKDBKBDNK