Orosur Mining Inc - Colombia update and Exercise of Options
Orosur Mining Inc - Colombia update and Exercise of Options
• Drilling commenced at Pepas
• Two additional rigs being imported for deep drilling
London, April 25th, 2022 . Orosur Mining Inc. ("Orosur" or the
"Company") (TSXV/AIM:OMI), is pleased t o announce an update on the
progress of the drilling campaign underway at the Company's Anzá project
in Colombia.
The Anzá project is currently the subject of an Exploration Agreement with
Venture Option (Exploration Agreement) with Colombian company Mi nera
Monte Águila (MMA). MMA is itself a 50/50 JV between Newmont
Corporation ("Newmont") (NYSE:NEM, TSX:NEM) and Agnico Eagle Mines
Limited ("Agnico") (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 Anzá Project.
MMA is the operator of the Anzá Project after exercising its right to assume
operational control in the second half of 2021.
Drilling recommenced at Anzá in October 2020, and since that time, 35 holes
(MAP-072 to MAP-105) have been drilled at the central APTA project for a
total of 15,195 metres.
Following completion of hole MAP -105, that rig has now been mobilised to
the NE of the project area and has commenced work at the Pepas prospect
(figure 1).
Preparations for drilling at Pepas had been underway for some time, with all
necessary permitting processes having commenced some months ago. The
area is rugged and has required a substantial degree of preparation for
access including a minor degree of helicopter support to move the rig into
the vicinity of the Pepas target, after which it can then be moved by hand.
In addition to this move to Pepas, two more rigs are currently in the process
of being imported into Colombia to drill at APTA and the northern prospects
of Pepas and Pupino. It is hoped they will be on site in several weeks.
These rigs are man portable as is the current rig, but with more power and a
different configuration that allows them to drill to depths in excess of 1,200
metres. The current and previous rigs used at APTA were constrained to
depths of roughly 800 metres . As announced on March 8 th, 2022, recent
drilling at APTA had demonstrated substantial depth extents to
mineralisation, well beyond what had been previously understood. MMA has
thus decided to bring in new rigs capable of exploring these depth extents
more efficiently.
http://www.rns-pdf.londonstockexchange.com/rns/1270J_1-2022-4-24.pdf
Figure 1. Prospect locations.
Pepas has been selected as the first new target for drilling not only because
of extremely positive geochemical assay results as outlined in the March
8th announcement, but the prospect has also recently seen the completion of
ground Induced Polarisation (IP) geophysical surveys.
IP surveys were trialled effectively at APTA in late 2021 but were halted due
to difficulties in sourcing local labour during the coffee harvest. IP work
recommenced in early 2022, starting in the northern extents and gradually
being extended southward toward Pupino.
Details of this new drill program at Pepas will be released as the work
progresses.
Samples from five holes (MAP -101 to MAP -105) are in the laboratory for
assay. Results from these holes will be communicated to the market when
they are available.
Exercise of Options
Two of the Company's employees have exercised a total of 100,000 options
over the Company's common shares at an exercise price of 0.05 Cdn$ each.
Application will be made for these 100,000 shares, which will rank pari passu
with the existing common shares, to be admitted to trading ("Admission"). It
is expected that Admission will become effective at 8:00am on or around 28
April 2022.
Following the issue of the 100,000 shares noted above, the total number of
common shares of no par value in the Company will be 188,520,300. There
are currently no shares held in treasury. The total number of voting rights in
the Company is therefore 188,520,300. This figure may be used by
shareholders as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change to their
interest in, the Company.
Orosur CEO Brad George commented:
"It is exciting to be finally seeing drill rigs move into the wider region. Almost
all drilling to date has been concentrated at APTA, and while this has at times
returned spectacular results, it only represents about 5% of the strike length
of the Aragon fault."
For further information, please 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
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 Regulation ("MAR "). Upon the publication of this announcement via
Regulatory Information Service, this inside information is now considered to be in the public domain.
About Orosur Mining Inc.
Orosur Mining Inc. (TSX: OMI; AIM: OMI) is a precious metals developer and explorer focused on identifying and
advancing projects in South America. The Company operates in Colombia, Argentina and Brazil.
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, (the "Agreement") between Orosur's 100% subsidiary Minera Anzá S.A
("Minera Anzá") and Minera Monte Águila SAS ("Monte Águila"), a 50/50 joint venture between Newmont
Corporation ("Newmont") (NYSE:NEM, TSX:NGT), and Agnico Eagle Mines Limited ("Agnico") (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 Ltd and
a qualified person as defined by National Instrument 43-101.
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 Stat es 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 fro m
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 a s 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 profitab le 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 dis claims 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.