Orosur Mining Inc - Colombia update
Orosur Mining Inc - Colombia update
Assays received from four additional diamond holes at Pepas
and Pupino.
Results provide guidance for future targeting.
Near-term focus will shift from drilling to groundwork to better
define local structural controls.
Finalisation of Phase 2 of JV continuing.
London, December 2 nd 2022, Orosur Mining Inc. ("Orosur" or the
"Company") (TSXV:OMI,AIM:OMI), is pleased to announce an update on
the progress of exploration activities at the Company's flagship Anzá Project
("Project") in Colombia.
The Project is the subject of an Exploration Agreement with Venture Option
("Exploration Agreement") with Colombian company Minera Monte Águila
("MMA"). MMA is itself a 50/50 joint venture ("JV") between Newmont
Corporation ("Newmont") (NYSE:NEM, TSX:NEM) and Agnico Eagle Mines
Limited ("Agnico") (NYSE:AEM,TSX:AEM), and is the Colombian vehicle by
which these two companies jointly exercise their rights and obligations with
respect to the Exploration Agreement over the Project.
MMA is the operator of the Project after exercising its right to assume
operational control in the second half of 2021.
Assay Results
Assay results for four additional diamond drill holes from the Pepas and
Pupino prospects have been received.
Both the Pupino and Pepas prospects are located in the northern region of
the Anzá Project, roughly 8km and 12km, respectively north-northeast from
the central APTA prospect that had seen most drilling at Anzá up until early
2022.
Key intersections are noted below.
Hole Number From (m) To (m) Interval
(m) Au (g/t) Ag (g/t) Zn (%)
PEP006 No significant results
PEP008 145.90 147.50 1.60 1.05 2.05 0.04
PEP009 456.95 494.00 37.05 0.30 1.10 0.21
including 492.35 494.00 1.65 3.49 5.21 0.19
PEP009 504.00 518.05 14.05 0.38 1.75 0.07
including 516.30 517.40 1.10 2.16 8.36 0.20
PUP002 No significant results
Table 1. Drill Intercepts.
Geology and Drilling
Drilling activities commenced at Pepas in April 2022, and at the nearby
Pupino prospect soon afterward. Assay results from the first six holes from
Pepas were released on September 6th ,2022 and October 21st ,2022, which
included thick, high grade gold intersections in holes PEP001 (150.90m @
3.00g/t Au), PEP005 (36.85m @ 2.85m Au) and PEP007 (80.55m @ 3.05m
Au).
All three of these holes were drilled in different orientations from the same
drill pad, with gold mineralisation starting from surface. While the
intersections were encouraging, the fact that the drill pad was positioned
within the mineralised body, with holes drilling outward, was problematic in
terms of being able to effectively define the shape and orientation of the body
and so provide guidance for later drilling.
Two new drill pads were constructed some 200m southwest and 300m
northwest respectively from the original drill pad to drill holes PEP008 and
PEP009 (Figure 1). Moving the rigs to the west was based on the assumption
that the mineralised body dipped toward the west, and therefore these two
holes were targeted at the presumed down-dip extension, vertically below
the previous drilling.
Figure 1. Drill Plan, Pepas Prospect
PEP006
PEP006 was the last of a group of earlier holes drilled some distance
to the north of the mineralised body intersected at PEP001 and was
drilled to a depth of 882m. No significant gold intersections were
encountered; however, this was expected as previous drilling in the
area (PEP004) had also been negative.
PEP008 and PEP009
PEP008 was drilled from the southwest toward the northeast to test
directly below the mineralised intersections identified in holes
PEP001. The hole was drilled to a depth of 647m. The step back for
this new pad was substantial such that PEP008 passed some 220m
vertically below PEP001.
PEP009 was drilled to a depth of 602m well north of the previously
identified mineralised body and was intended to test an interpreted
faulted offset extension of the Pepas body based upon surface
mapping and low-level gold mineralisation that had been previously
intersected in hole PEP003 (announced September 6th, 2022). Again,
the step back was substantial with PEP009 projected to intersect the
targeted structures over 300m below previous drilling.
Both holes intersected mineralised structures, largely as expected, but
with lower levels of gold mineralisation than intersected in previous
drilling.
Subsequent analysis and interpretation of drill core from these and
previous holes has now suggested three distinct phases of structurally
controlled veining, with the youngest phase being the polymetallic
sheeted veining that produced the thick intersections of high-grade
gold intersected at Pepas in earlier holes. It is also likely that these
various vein systems have different orientations, with the most
important potentially dipping away from hole PEP008. As a result, hole
PEP008, being drilled from the west, may have drilled under this
important later structure.
PUP002
PUP002 was drilled to the south at the Pupino prospect to a depth of
301m to test several mapped structures that showed evidence of
epithermal alteration. The hole intersected several veins with sulphide
mineralisation, but with no substantial gold anomalism.
As noted previously, drilling at Pupino had ceased some time ago due
to logistical difficulties and the need to develop new camp facilities.
Temporary Suspension of Drilling
The Company has been informed that MMA has decided to temporarily
suspend drilling activities at the Project to focus on field mapping, sampling
and trenching activities will continue across the Project to define further
drilling targets, including additional surface works specifically in the Pepas
prospect area.
Phase 2 of Exploration Agreement.
As previously announced on September 9 th, 2022, MMA has provided the
Company with a "Phase 1 Earn-In Notice", thereby effectively notifying the
Company of MMA's intention of moving to Phase 2 of the Exploration
Agreement. Phase 2 would cover a period of a maximum of four years, over
which time MMA would be required to invest US$20M in the Project
As previously noted, this process entails the formation of a new Mining
Company, the governance of which will be based on terms in the existing
Exploration Agreement. The process is progressing on schedule and is
expected to be completed in the next few months.
Orosur CEO Brad George commented:
"While these drill results are not as exciting as hoped, this is not
surprising. Epithermal gold systems by their nature are complex and several
phases of drilling are often required to properly define the geometry before
more substantial drilling can then be undertaken. In the meantime, we
continue the work necessary to create the corporate structure for the MMA-
Orosur joint venture and hope to have this in place in the next few months."
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 Communications 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.
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 - 2020/2022 Programme*
Hole ID Easting (m) Northing (m) Elevation asl (m) Dip (°) Azimuth (°)
MAP-072 400088 694745 1075 -55 293
MAP-073 400018 694503 1097 -58 295
MAP-074 399981 694684 1110 -58 295
MAP-075 400168 694723 1024 -55 295
MAP-076 400019 694527 1107 -50 295
MAP-077 400168 694723 1024 -69 295
MAP-078 399917 694719 1112 -50 295
MAP-079 399995 693976 960 -55 295
MAP-080 400231 694580 966 -55 295
MAP-081 400045 693950 920 -55 295
MAP-082 400176 694797 1020 -50 296
MAP-083 400176 694797 1020 -60 310
MAP-084 400045 693950 920 -57 321
MAP-085 400167 694552 1000 -46 247
MAP-086 400067 694360 1068 -54 295
MAP-087 400027 694168 988 -54 290
MAP-088 400168 694723 1024 -55 341
MAP-089 400067 694360 1068 -59 317
MAP-090 400041 694630 1059 -56 296
MAP-091 400060 694715 1089 -50 295
MAP-092 399420 695235 1162 -50 138
MAP-093 400055 694203 1006 -59 290
MAP-094 399954 694347 1031 -64 303
MAP-095 399722 695252 1113 -50 135
MAP-096 399759 694632 1082 -57 127
MAP-097 400054 694472 1087 -71 311
MAP-098 399794 694730 1149 -65 130
MAP-099 399098 695129 1157 -50 250
MAP-100 400096 694431 1051 -59 283
MAP-101 400286 694890 967 -50 331
MAP-102 400095 694426 990 -61.5 303.5
MAP-103 399793 694730 1162 -65.5 123.3
MAP-104 399982 694294 1015 -60 297
MAP-105 399793 694730 1162 -63.8 113.3
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
PUP-001 403572 700326 927 -49.8 250.5
PUP-002 403411 699536 781 -50 116
* Coordinates WGS84, UTM Zone 18
About Orosur Mining Inc.
Orosur Mining Inc. (TSXV: OMI, AIM: OMI) is a minerals explorer and developer focused on identifying and
advancing projects in South America. The Company operates in Colombia, Argentina and Brazil. It has
discontinued operations in Uruguay.
About the Anzá Project
Anzá is a gold exploration project, comprising three exploration licences, four exploration licence applications,
and several small exploitation permits, totalling 207.5km2 in the prolific Mid-Cauca belt of Colombia.
The Anzá Project is currently wholly owned by Orosur via its subsidiary, Minera Anzá S.A.
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.
The Anzá Project is subject to an Exploration Agreement with Venture Option dated September 7th, 2018, as
announced on September 10th, 2018, between Orosur's 100% subsidiary Minera Anzá S.A ("Minera Anzá") and
Minera Monte Águila SAS ("MMA"), a 50/50 joint venture between Newmont Corporation (NYSE:NEM,
TSX:NGT), and Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM).
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 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 20% of total submitted samples being
blanks, repeats or Certified Reference Materials (CRMs).
Samples are sent to the Medellin preparation facility of ALS Colombia Ltd, and then to the ISO 9001 certified ALS
Chemex laboratory in Lima, Peru.
30-gram nominal weight samples are then subject to fire assay and AAS analysis for gold with gravimetric re-
finish for overlimit assays of >10g/t. ICP-MS Ultra-Trace level multi-element four-acid digest analyses is 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 exploration plans in Colombia and the funding from
MMA of those plans, MMA's decision to continue with the Exploration Agreement, the formation of a new mining
company or mining venture to hold the Project, the ability for Loryser to implement the Creditor´s Agreement
successfully in Uruguay 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.