REG - Orosur Mining Inc - El Pantano, Argentina Update

Orosur MiningAnnouncement

28/06/2022 07:00

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RNS Number : 3737Q  Orosur Mining Inc  28 June 2022

 

 

Orosur Mining Inc. - El Pantano, Argentina Update

 

·    Positive results from follow up soil sampling program at El Pantano
confirms previous work.

·    High level gold in soils anomaly over 1km, plus pathfinder elements
over wider area, suggestive of a major epithermal system.

 

London, June 28th, 2022. Orosur Mining Inc. ("Orosur" or the "Company")
(TSX-V/AIM:OMI), is pleased to announce positive assay results from a follow
up soil sampling program at the La Esfinge prospect at El Pantano, Santa Cruz
Province, Argentina.

 

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

http://www.rns-pdf.londonstockexchange.com/rns/3737Q_1-2022-6-27.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3737Q_1-2022-6-27.pdf)

 

As announced on May 3(rd), 2022, field teams had returned to El Pantano to
complete a short infill program designed to add more detail to the positive
soil sampling results from the first pass reconnaissance program undertaken in
March 2022.

 

13 additional soil sampling lines were completed across the western section of
La Esfinge (Figure 4) and have returned highly anomalous results, with gold in
soil results up to 152ppb Au.

 

 

Figure 1.  Gold (Au) in soils

 

These results are highly encouraging in both scale and composition.  A
geochemical anomaly has now been defined in detailed over a strike length in
excess of 1km (Figure 1), but open to both east and west.  This anomaly is
also evident in a range of additional pathfinder elements, such as would be
expected from a substantial epithermal system.

 

This work has now defined a high priority exploration target which will be
followed up after the winter recess which is expected to last until early
September.

 

 

El Pantano

The El Pantano project ("Project") is subject to an Exploration & Joint
Venture  agreement ("Agreement") with private Argentinean company DESEADO
DORADO S.A.S and its shareholders ("Deseado").

 

The general terms of the Agreement allow for the Company to earn 100% equity
in the Project by investing US$3m over five years in two phases:

·    Phase 1, earn 51% by investing US$1m over an initial 3-year period.

·    Phase 2, move to 100% ownership by investing an additional US$2m over
a subsequent 2-year period and granting Deseado a residual 2% net smelter
return royalty on the Project.

 

 

 

Figure 2. Regional Location

 

 

Figure 3.  Licences

Survey

This second pass program entailed 13 additional geochemical survey lines at a
nominal spacing of 120m, across the western end of the La Esfinge silicified
ridge.

 

The program was only small due to approaching winter and was designed to
better define the highest coarse scale anomalies that had been previously
defined by the first pass survey in March.  It was felt that such definition
was important so as to gain a better understanding of the potential of the
prospect and allow for follow up work to be planned over the winter break.

 

The same sampling techniques were employed as per the earlier work in March.

 

 

 

Figure 4.  Line plans, phases 1 and 2

 

The results of the program were extremely positive, with the broad anomalous
responses at the western end of La Esfinge being confirmed, and much better
defined.

 

While anomalous gold results are important, of equal importance is the
response from a range of pathfinder elements which are generally more mobile.
 Multielement geochemical analysis of the soil samples has confirmed good
correlation between gold, and anomalous responses from a suite of other
elements such as Ag, As, Bi, Cu, In, and Bi (Figure 5), that are suggestive as
being derived from an epithermal system.

 

Work at El Pantano has now ceased for the winter recess, which in general
would be expected to last until early September.

 

After this, the Company plans follow up work, which could include additional
geochemical analysis over a wider area, ground magnetics, mapping, which if
positive, could lead to a drilling campaign in the medium term.

 

 

Figure 5.  Plans, path finder elements.

 

 

Orosur CEO Brad George commented:

 

"It is early days at El Pantano, but it is highly encouraging to obtain such
positive results from what is essentially an untouched grass roots project.
We look forward to returning after the winter, but work so far has supported
our strategy of carefully selecting attractive earlier stage projects on the
best possible terms."

 

 

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

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

James Pope

Tel: +44 (0)20 3657 0050

 

Flagstaff Strategic and Investor Communications

Tim Thompson

Mark Edwards

Fergus Mellon

Tel: +44 (0) 207 129 1474

orosur@flagstaffcomms.com (mailto:orosur@flagstaffcomms.com)

 

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.

 

 

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, Argentina and Brazil.

 

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.

 

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.

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