REG - Orosur Mining Inc - Pepas Drilling

Orosur MiningAnnouncement

23/12/2024 07:00

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RNS Number : 0365R  Orosur Mining Inc  23 December 2024

 

 

 

Orosur Mining Inc - Pepas drilling continues to shine

 

·    Assays from fourth hole (PEP015) received.

·    Composite intersection of 40.2m @ 3.75g/t Au from 23.5m

including 6.8m @ 9.02g/t Au.

 

London, December 23rd, 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).

 

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

 

 

The Company began drilling at the Pepas prospect in mid-November 2024, just
prior to completion of the MMA purchase transaction.

 

Drilling commenced with hole PEP012, which was positioned to confirm previous
high-grade results in hole PEP001, PEP005 and PEP007, drilled by MMA in 2022.

 

Holes PEP013, PEP014 and PEP015 were then rotated some 51 degrees Eastward
from PEP012 to begin to test what was considered by Company geological teams
to the controlling trend of SE to NW.  As well as defining thick zones of
high-grade mineralisation, a target for these holes was a clearly defined
basement fault that seemed to act as a distinct marker bed to define the
trend.

 

Figure 2.  Plan of holes

 

Holes PEP013 and PEP014 both intersected the basement fault at roughly the
depth predicted, and both recorded substantial intersections of high-grade
gold mineralisation above the basement fault.

 

Hole PEP015 was collared roughly 45m to the NW of PEP014, with the same
azimuth and same objective.

 

From surface, hole PEP015 entered a thick zone of soils, saprolite, intense
weathering and faulting, that appears substantially thicker and more complex
than previous holes.  The hole then entered the expected mineralised zone at
a downhole depth of 23.5m, until the basement fault at 63.7m.

 

 

Figure 3. Section, PEP015

 

In this zone, a composite intersection of 40.2m @ 3.75g/t Au was recorded.

 

 Hole Number     From (m)     To (m)     Interval (m)    Au (g/t)
 PEP015          23.5         63.7       40.2            3.75
 including       27.3         34.1       6.8             9.02
 including       49.35        54.65      5.3             6.95

Table 1. Drill Intercepts

 

 

Discussion and ongoing drilling

At this early stage, it would seem that the NW end of current mineralised zone
is more structurally complex and slightly lower grade than the SE end, with
the gold grades encountered in PEP015 being similar to that intersected by the
initial drilling in 2022 in holes PEP001, PEP005 and PEP007.

 

The unmineralized surface zone of PEP015 is a mix of transported soil and
highly weathered and altered tuffs indicative of a hanging wall fault
system.  This will need to be better defined by further drilling to examine
its potential impact.

 

Hole PEP016 was collared to the SW to pierce the basement fault further down
dip and to further examine these hanging wall features.  This hole has been
completed and samples are currently in laboratory awaiting assay.

 

Hole PEP017 was relocated back to the SE of the mineralised area, to test
downdip of hole PEP013.

 

The recent capital raising has now provided sufficient funds such that the
planned 800m drill program will be substantially extended.  Given this
extension, the drilling crews will now take a short break over Christmas
before ramping up in the new Year.

 

 

Orosur CEO Brad George commented:

"Results from the drilling at Pepas continue to be outstanding - but as
expected, there are complexities, as there always are. One of the objectives
of this early, close spaced drilling is to identify and attempt to resolve
these complexities early. This strategy appears to be working and thus far
Pepas has exceeded all expectations."

 

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
 PEP-014**  403400       704910        1007               -50       43
 PEP-015**  403375       704938        1017               -50       43
 PEP-016**  403326       704912        999                -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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