REG - Orosur Mining Inc - Colombia update

Orosur MiningAnnouncement

09/12/2024 07:00

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RNS Number : 2365P  Orosur Mining Inc  09 December 2024

 

 

 

Orosur Mining Inc - Colombia update

 

 

·    Assays from second hole of current drill program (PEP013) received.

·    Composite intersection of 77.3m @ 7.68g/t Au from surface.

·    Assays from third hole (PEP014) expected shortly.

·    Drilling of fourth hole (PEP015) has been completed and assays
dispatched to the lab for analysis.

·    Preparation of platform for PEP016 under way.

 

 

London, December 9th, 2024. 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 now 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).

 

During the JV, the Project comprised several granted exploration licences and
applications totalling roughly 176km2, covering a large strike length of major
structures on the mid-Cauca belt, Colombia's primary gold region (Figure 1).

 

Post the acquisition of MMA, the area of the Project has increased
substantially to roughly 400km2 due to the acquisition of a number of
additional applications that were owned by MMA. The full extent of these new
applications is currently being assessed and will be detailed in a later
announcement.

 

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.

 

Figure 1 - Anzá Project (pre-MMA transaction)

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 2).

 

Figure 2.  Anzá Project - prospects

 

Field work commenced at Pepas in late 2021 as the gradual abatement of Covid
allowed field crews to move outside a covid bubble that had constrained their
movements during the pandemic to the core APTA deposit that had up to that
point been the target of most historical exploration work.

 

The Company mobilised a drill rig to site in mid-November with a view to a
small program of approximately 800m with the dual objectives of assessing the
continuity of gold mineralisation identified in previous drilling and gaining
of greater understanding of the orientation of mineralisation and its
lithostructural controls.

 

The first hole of this new program, PEP012, was collared adjacent to mapped
artisanal workings and directed back toward the first of the previous JV holes
(PEP001), as a scissor hole, a reasonably standard strategy in instances of
uncertain geological orientation. Assay results for PEP012 were announced on
2(nd) December 2024, and returned an excellent intersection of 66.75m @
5.64g/t Au from surface.

 

PEP013 was collared from the same pad as PEP012 but rotated 51 degrees to the
east to be orientated to be more orthogonal to what is currently interpreted
as the strike of the mineralisation and controlling structures.

 

Figure 3.  Plan of holes

 

As with PEP012, PEP013 entered highly mineralised tuffs almost immediately, of
similar nature to that seen in PEP001 and PEP012, before intersecting a
basement fault at 79m, very close to the predicted depth. The hole was
terminated at 85m.

 

Figure 4. Section, PEP013

 

The entire length of PEP013 above the fault, was mineralised with a composite
intersection of 77.3m @ 7.68g/t Au being calculated, from surface.

 

 Hole Number     From (m)     To (m)     Interval (m)    Au (g/t)
 PEP013          0            77.30      77.30           7.68
 including       0            18.75      18.75           11.02
 including       28.2         45         16.80           13.29

Table 1. Drill Intercepts

 

 

Discussion and ongoing drilling

Hole PEP012 was designed largely as a confirmatory hole, to verify previous
drilling undertaken by the Company's former JV partner in 2022, and to gain
better understanding of the nature and orientation of the recorded
mineralisation.

 

Hole PEP013 was drilled in a direction that was deemed to be more orthogonal
to what is currently interpreted as the trend of the mineralisation, roughly
SE to NW.  Intersection of the basement fault at close to the predicted
depth, lends weight to this interpretation.

 

Later holes PEP014 and PEP015 are positioned on the same dip and azimuth as
PEP013 but shifted to the NW (Figure 3) by various separations, to a large
extent driven by access for drill pad creation. The objective of these holes
is to further define mineralisation, and to provide sufficient pierce points
into the basement fault to allow more reliable interpretation of the
mineralisation trend.

 

Hole PEP016 is a deeper hole located some distance to the SW that is planned
to test downdip extensions and to begin the process of assessing the wider
extent of the Pepas mineralisation.

 

PEP014 has been completed and assays should be available shortly. PEP015 has
been completed and assays have been dispatched to the lab for analysis, whilst
preparation of the platform for the drilling of PEP016 is under way.

 

 

Orosur CEO Brad George commented:

"Results from PEP013 are little short of exceptional in terms of thickness and
grade, especially from surface.  But of equal importance is the information
this hole has provided in relation to the form and orientation of the Pepas
mineralisation. A few more like this and perhaps we can then start to step out
and define its size".

 

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 / Caroline Rowe

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

 

*  Coordinates WGS84, UTM Zone 18

** Preliminary coordinates with handheld GPS. To be later verified by survey

 

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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