Orosur Mining Inc. – El Pantano, Argentina Update
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.
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 E xploration & 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 i n
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
Commented [LC1]: How specific do we want to be on the
precise location? Do we have to do this per NI 43-101?
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, b ut 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, follow on twitter @orosurm or
contact:
Orosur Mining Inc
Louis Castro, Chairman,
Brad George, CEO
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
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 fut ure. 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 uncerta inties 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 c an 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, fut ure events and such forward-looking statements, except to
the extent required by applicable law.