REG - Orosur Mining Inc - Colombia update

Orosur MiningAnnouncement

27/06/2022 07:00

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RNS Number : 2088Q  Orosur Mining Inc  27 June 2022

 

 

 

Orosur Mining Inc. - Colombia update

 

·    Assays from five additional holes - MAP-101 to 105.

·    Results generally reflect lower levels of gold anomalism but
high-grade zinc and copper evident at depth, beyond the capacity of the
existing rig fleet.

·    Focus shifted to northern prospects - two rigs drilling at Pepas and
one at Pupino with another rig being mobilised.

·    First assay results from Pepas expected in July.

 

For the full PDF version of the announcement with Figures 1-5 included, please
refer to:

http://www.rns-pdf.londonstockexchange.com/rns/2088Q_1-2022-6-26.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2088Q_1-2022-6-26.pdf)

 

London, June 27th, 2022. Orosur Mining Inc. ("Orosur" or the "Company")
(TSX/AIM:OMI), is pleased to announce an update on the progress of exploration
activities at the Company's flagship Anzá project in Colombia.

 

Exploration work at Anzá is under the operational control of the Company's
Joint Venture partner, Minera Monte Águila SAS ("Monte Águila"). Monte
Águila is a 50/50 joint venture between Newmont Corporation ("Newmont")
(NYSE:NEM, TSX:NEM) and Agnico Eagle Mines Limited ("Agnico") (NYSE:AEM,
TSX:AEM) and is the vehicle by which these two companies jointly exercise
their rights and obligations with respect to the Exploration Agreement with
Venture Option ("Exploration Agreement") over the Anzá Project.

 

Assay results from the final five holes drilled at the APTA prospect have been
received. In general, the results reflect lower levels of gold anomalism
compared to previously drilled holes, but show some high-grade base metal
results, similar to intersections from previous drilling, adding support to
the theory of hybrid volcanogenic massive sulphide
(VMS)/intermediate-sulfidation epithermal system.

 

While few significant gold intercepts were recorded, this was not wholly
unexpected as these holes were drilled to better define the geological and
structural context of the APTA environment whilst the Company awaited mapping,
sampling, geophysics and land access to be finalised on the northern
prospects.

 

These results would suggest that while APTA remains a highly prospective
target, with multiple thick and high-grade intersections having been
previously recorded, it is also complex and has substantial depth extent that
is beyond the capacity of the current drill rig fleet to test.

 

As previously announced on April 25(th), 2022, drilling ceased at APTA in late
March with the remaining Colombian rig being mobilised to the Pepas prospect
at the far northern extent of the project area. The focus of the scout
drilling program in the NE of the project area is to test several anomalous
targets identified through surface mapping and sampling, geophysics, and
geochemistry - it is planned to have four rigs operating in this area, with
two each at Pepas and Pupino.

 

 

 

 

 

 

Assay Results

Assay results from the final five holes drilled at APTA have been received
from the ALS laboratory in Lima, Peru (MAP-101 to 105).  Key intersections
from these holes are noted below:

 

MAP-102        4.85m @ 0.51g/t Au, 1.24g/t 0.16% Zn

MAP-103        0.75m @ 3.30g/t Au, 0.86g/t Ag, 0.14% Zn

                        0.95m @ 4.90g/t Au, 3.49g/t Ag,
3.39% Zn

MAP-104        5.35m @ 2.62g/t Au, 2.61g/t Ag, 1.04% Zn

                        0.50m @ 22.80g/t Au, 13.95g/t
Ag, 0.52%Zn

MAP-105        2.50m @ 3.30g/t Au, 1.61g/t Ag, 0.06% Zn

                        9.25m @ 1.77g/t Au, 4.63 g/t
Ag, 5.33% Zn

                        9.70m @ 0.17g/t Au, 2.59 g/t
Ag, 13.88% Zn, 0.91% Cu

 

Full results from these holes are noted below.

 

 Hole Number  From    To      Interval  Au      Ag      Zn     Cu

(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
 MAP101       No significant results
 MAP102       219.60  221.00  1.40      0.46    6.81    0.10   0.01
 MAP102       243.05  247.90  4.85      0.51    1.24    0.16   0.02
 MAP102       289.75  341.95  52.20     0.23    1.69    0.04   0.01
 MAP103       205.90  216.35  10.45     0.49    0.48    0.03   -
 including    214.95  215.70  0.75      3.30    0.86    0.14   -
 MAP103       258.95  283.65  24.70     0.37    11.76   0.32   0.03
 including    258.95  260.70  1.75      0.83    15.33   1.48   0.08
 including    264.10  264.75  0.65      0.27    10.75   2.28   0.47
 including    266.20  268.35  2.15      0.92    43.14   0.44   0.02
 MAP103       302.60  303.55  0.95      4.90    3.49    3.39   0.17
 MAP103       328.80  335.15  6.35      0.50    0.45    0.15   -
 including    329.50  330.35  0.85      1.47    0.94    0.34   0.02
 MAP103       581.10  584.10  3.00      0.34    2.90    3.92   0.45
 including    581.60  583.05  1.45      0.55    4.62    6.63   0.55
 MAP103       637.95  658.80  20.85     0.42    4.63    0.07   0.01
 including    651.20  651.90  0.70      1.40    12.15   0.10   0.01
 MAP104       75.00   93.20   18.20     0.55    2.34    0.21   0.02
 including    83.00   83.70   0.70      2.86    3.51    0.02   -
 including    89.10   90.05   0.95      2.11    6.89    1.08   0.12
 MAP104       188.90  194.25  5.35      2.67    2.61    1.04   0.04
 including    188.90  190.45  1.55      8.37    5.61    0.20   0.03
 including    188.90  189.40  0.50      22.80   13.95   0.52   0.07
 including    192.55  194.25  1.70      0.39    2.28    3.10   0.10
 MAP105       278.70  281.20  2.50      3.30    1.61    0.06   -
 including    278.70  279.80  1.10      5.97    2.42    0.02   -
 MAP105       305.25  314.50  9.25      1.77    4.63    5.33   0.39
 including    309.55  310.70  1.15      3.14    4.18    4.56   0.72
 including    312.65  314.50  1.85      2.73    5.63    10.91  0.70
 including    312.65  313.60  0.95      4.41    5.55    11.43  0.96
 MAP105       320.35  327.70  7.35      0.32    8.53    6.17   0.82
 including    323.70  324.75  1.05      0.34    23.45   16.53  2.29
 MAP105       475.40  485.10  9.70      0.17    2.59    13.88  0.91
 including    478.85  484.80  5.95      0.15    3.58    18.04  1.40

Table 1. Drill Intercepts.

 

Figure 1. Plan of last five holes

 

Figure 2. Plan, all holes since 2020

 

 

 

 

MAP-101

MAP-101 was drilled well to the north of all previous drilling and angled away
to a NW azimuth. The primary objective of the hole was to intersect and thus
confirm the location of the northward continuation of the Aragon fault.

 

The hole was successful in these objectives, but no substantial mineralisation
was intersected.

 

MAP-102

MAP-102 was drilled to test the northern extension of higher-grade
mineralisation previously intersected in hole MAP-089. While substantial
widths of mineralisation were intersected, these were of lower grade, and
somewhat similar to the nearby hole MAP-097.

 

Figure 3. Section MAP-102

 

MAP-104

MAP-104 was drilled into a gap between the previously defined north and south
sections of the APTA zone. This is a zone where the primary structures change
direction and thus it was necessary to better define this section.

 

Some narrow high-grade gold and base metal veins were intersected.

 

Figure 4. Section MAP-104

 

MAP-103,105

MAP-103 and 105 were drilled to test the continuity of mineralisation
previously intersected in MAP-098, but also to push downward to test
stratigraphy to the limit of the available rigs. Both holes were drilled from
the west, and so designed more as stratigraphic holes.

 

Reasonable intersections of gold mineralisation were intersected, however of
most interest was the intersection in MAP-105 of a likely VMS system at depth
with high grade zinc and copper mineralisation, including 5.95m @ 18% Zn and
1.4% Cu from 478m.

 

 

Figure 5. Section MAP-103 & MAP-105

 

Other Drilling

As previously announced on April 25(th), 2022, drilling activities ceased at
APTA in March, with the remaining rig mobilised to the northern Pepas
prospect.

 

Extensive programs of mapping, sampling and geophysics had been undertaken
along the northern extent of the Aragon fault and associated structures over
previous months, with highly anomalous geochemical and geophysical responses
being recorded. Access to the area however was challenging due to terrain
issues and substantial logistical infrastructure and support was required to
be developed before rigs could be mobilised.

 

Drilling commenced at Pepas with one rig in April, with a second rig mobilised
to Pepas in recent weeks.  The Company is also informed that a third rig has
commenced drilling at Pupino, with a fourth in the process of being mobilised
to commence at Pupino in the near term.

 

Core from the first hole at Pupino have been submitted to the laboratory for
assay and results are expected soon.

 

Orosur CEO Brad George commented:

"This last batch of holes were largely focused on resolving stratigraphic and
structural issues at APTA, while waiting for permitting and access to be
developed at the highly prospective northern prospects of Pepas and Pupino.
APTA has been the focus of attention for Waymar, Orosur and Monte Águila
since 2012 with the remaining 20km of strike of the Aragon Fault tantalisingly
out of reach. APTA proved the region is fertile, and field mapping in the
north suggested this could continue, but it was only in April that we were
finally able to move rigs onto these targets.  We await with some
anticipation the results of recent drilling at Pepas and Pupino and look
forward to updating shareholders shortly."

 

 

 

 

 

 

 

 

 

For further information visit www.orosur.ca (http://www.orosur.ca) , follow on
twitter @orosurm or contact:

 

 

Orosur Mining Inc.

Louis Castro, Chairman

Brad George, CEO

info@orosur.ca (mailto: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 (mailto: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 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
 MAP-101  400286       694890        967                -50       331
 MAP-102  400095       694426        990                -61.5     303.5
 MAP-103  399793       694730        1162               -65.5     123.3
 MAP-104  399982       694294        1015               -60       297
 MAP-105  399793       694730        1162               -64       113

* 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, Brazil, Argentina 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 207.5km(2) 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 7(th), 2018, as announced on September 10(th), 2018, 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 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.

 

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 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 MD&A 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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