REG - Orosur Mining Inc - Colombia Update

Orosur MiningAnnouncement

13/01/2025 07:00

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RNS Number : 0532T  Orosur Mining Inc  13 January 2025

 

 

 

Orosur Mining Inc - Pepas continues to grow

 

·    Assays from three more holes - exceptional results continue

o PEP016 - 43.7m @ 3.13 g/t Au

o PEP017 - 40.2m @ 2.06 g/t Au

o PEP018 - 54.1m @ 6.01 g/t Au (from surface)

·    Geological picture continues to develop.

 

London, January 13th, 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).

 

On 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 by MMA in 2022.

 

Later holes (PEP013 to PEP015) 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 PEP012 to PEP015 (previously announced) all intersected thick sequences
of high-grade gold mineralisation (table 2), and importantly, intersected a
well-defined basement fault that could be correlated from hole to hole and
thus provide clear guidance as to orientation.

 

Figure 2.  Plan of holes

 

Holes PEP016 and PEP017 were both drilled downdip of previous holes, but at
opposing ends of the current mineralised zone, in order to test additional
structural complexities that were anticipated to the SW and to begin creating
several drill sections to aid in interpretation. PEP018 was then drilled up
dip of and on section with holes PEP013 and PEP017.

 

Both PEP016 and PEP017 intersected loose and broken ground from surface,
likely as a result of both holes being drilled through and sub-parallel to a
large fault zone running parallel to the known basement fault and converging
at depth. Drilling within this zone was difficult, with poor recoveries, such
that PEP017 was abandoned, and redrilled as PEP017B from the same pad, with
slightly shallower dip so as to exit the fault zone earlier.

 

Some evidence of the existence of this fault had been noted in surface mapping
and these holes were designed to test its location and nature to gain a better
understanding of the mineralisation.

 

Once leaving the fault zone, both holes entered the mineralised zone and
recorded substantial intersections of gold mineralisation.

 

PEP018 was drilled immediately up dip of PEP013 to extend the exceptional
results recorded in this previous hole. PEP018 entered high grade
mineralisation from surface, which continued until intersection of the
expected basement fault.

 

Drill intersections for these three holes are as follows:

 

 Hole Number     From (m)     To (m)     Interval (m)    Au (g/t)
 PEP016          61.6         105.3      43.7            3.13
 including       61.6         76.25      14.65           8.09
 PEP017          56.1         96.3       40.2            2.06
 including       56.1         64.15      8.05            4.42
 including       74.35        78.6       4.25            8.3
 PEP018          0            54.1       54.1            6.01
 including       5.4          29.15      23.75           9.07

Table 1. Drill Intercepts

 

 

 

Figure 3. Section, PEP016

 

 

Fig 4 Section PEP017B

 

Discussion and ongoing drilling

Holes PEP016, PEP017, and PEP018 are adding to the geological picture in the
centre of the Pepas zone.

 

The holes drilled since the Company took control of the Project less than six
weeks ago, have confirmed the Company's assertion that previous drilling in
2022, while successful in discovering Pepas, did not resolve the orientation
of the mineralisation as most holes were drilled sub-parallel to what is now
thought to be the primary orientation.

 

Holes PEP016 and PEP017 were drilled with the joint objectives of increasing
the understanding of the litho-structural framework of the deposit, with
specific focus on a fault that was expected in the SW of the area.  A
geological picture is beginning to emerge of the current body of
mineralisation sitting within the keel of two roughly parallel faults that
converge at depth with a southerly plunge.

 

Hole PEP018 was drilled up dip of hole PEP013 to complete a drill section. It
was expected to return an exceptional result and did not disappoint.

 

Hole PEP019 is located parallel to PEP018, some 30m along strike to the SE
(figure 2), to gradually step out this mineralisation to the SE and to
commence a new section.  This hole is currently underway.

 

Preliminary interpretation suggests these two major faults are likely to
post-date mineralisation. Attention is thus being given to examining the sense
of movement of these structures and their potential impact in offsetting
mineralisation. Recent surface mapping and geochemistry results are beginning
to demonstrate substantial potential northward of the current body and
geological teams are currently expanding this work with a view to developing
new targets in addition to the definition drill program currently underway at
Pepas.

 

Since Orosur reassumed ownership and control of the Anzá project in late
November 2024, seven holes have been drilled at the Pepas prospect, with all
seven returning outstanding gold intersections:

 

 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

Table 2.  Results to date, post MMA transaction

 

Orosur CEO Brad George commented:

"Drilling at Pepas continues to develop an exciting story. It has been less
than six weeks and yet we have achieved a huge amount, with seven holes
drilled, all of which have returned exceptional intersections. We will
continue expanding Pepas, but attention now also turns northward where
tantalising surface mapping is attracting our attention."

 

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

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

 

*  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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