Orosur Mining Inc - Operational Update
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Orosur Mining Inc - Operational Update
• US$2m Anzá JV option payment received.
• Anzá JV structuring advancing.
• Mapping and sampling at El Pantano Project in Argentina
yielding positive results.
• Major regional mapping campaign at Ariquemes Project in Brazil
now complete - results pending.
London, March 2 nd 2023. Orosur Mining Inc. ("Orosur" or the
"Company") (TSXV/AIM:OMI), is pleased to provide an update on the
progress of exploration activities across its project portfolio.
Anzá Project - Colombia
Anzá is an advanced stage exploration project in the mid -Cauca belt of
northern Colombia, that plays host to most of that country's major gold
deposits.
Anzá comprises a number of contiguous granted exploration titles and
applications totalling over 200km2.
Since late 2018, Anzá has been 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 (NYSE:NEM, TSX:NEM) and Agnico Eagle
Mines Limited (TSX:AEM), and is the Colombian vehicle by which these two
companies jointly exercise their rights and obligati ons with respect to the
Exploration Agreement over the Project.
The first phase of the Exploration Agreement was completed in September
2022, with MMA spending over US$10m on the project and thereby earning
an equity interest of 51% in MMA.
MMA has als o elected to move to Phase 2 of the JV, that will require it to
spend US$20m on the project over a maximum of four years to earn an
additional 14% equity, taking its total ownership position to 65%. The
process of moving to Phase 2 requires a substantial level of corporate
restructuring in order to crystallise MMA's 51% shareholding and to provide
a mechanism for Phases 2 and 3 to progress. This process is well underway
but is expected to take several months to complete.
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As part of the move from Phase 1 to Phase 2, a US$2m option payment was
payable to Orosur. The Company is pleased to announce these funds have
been received, substantially strengthening the Company's balance sheet to
over US$4m in cash.
Over 40,000m of drilling has been undertaken at Anzá since 2014, with the
last holes being completed in late 2022 at the end of Phase 1. Assays from
the final two holes have now been received (PEP10 and PEP11). These
holes were the last in a program at the Pepas Prospect at Anzá and were
planned to test targets north of the high -grade mineralisation intersected in
the earlier holes.
Neither hole intersected substantial mineralisation, however this was to be
expected given the results from the previous holes that had been reported
on 2nd December 2022.
Following completion of drilling, exploration work at Anzá has been wound
back to allow for the required corporate restructuring of the joint venture to
be completed, and to advance a variety of licence processes such as
integration of smaller licences a nd conversion of applications to granted
status.
El Pantano Project - Argentina
The El Pantano Project is an early -stage gold exploration project in Santa
Cruz province, southern Argentina.
The Project covers nine contiguous licences totalling 607km 2 in the prolific
Deseado Massif region, roughly 45km from Anglo Gold's Cerro Vanguardia
mine.
The El Pantano Project is subject to an Exploration & Joint Venture
agreement ("Agreement") with private Argentinean company DESEADO
DORADO S.A.S and its shareholders ("Deseado"), the details of which were
announced on 15th February 2022.
Since the end of the southern hemisphere winter break in September 2022,
El Pantano has been the subject of ongoing mapping, sampling and ground
magnetic surveys, designed to slowly build up the geological understanding
of this grass roots project.
A field visit has just been completed by the Orosur team and a specialist
structural geology consultant to examine the project and to develop
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exploration models and a framework for potential mineralisation that would
form the basis of future targeting. The visit and an allied study of regional
geological and mining data has proved invaluable in developing a better
understanding of the primary controls on the style of mineralisation, and in
providing exploration strategies that will be employed, at El Pantano.
Results to date have been extremely encouraging, with the latest round of
mapping and sampling suggestive that El Pantano has potential to host a
major, previously unexplored low-sulphidation epithermal system. In the low-
sulphidation model, fluid boiling is the key gold depositional mechanism,
such that gold mineralisation is constrained to a distinct vertical zone, and
there may be limited or no gold anomalism at surface. Instead, pathfinder
elements are a more important guide to mineralisation, especially mercury
(Hg) and arsenic (As). Recent work is expanding the picture of very large
zones of Hg and As anomalism along more than 8km strike of a major NW
trending structure. (Figure 1)
Figure 1. As and Hg anomalism at El Pantano
Geological mapping, geochemical sampling and ground magnetic surveys
are continuing. It is also planned that other geophysical me thods such as
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Induced Polarization (IP) may be employed before the winter break in late
May.
Environmental permitting work is also underway that will allow drilling to be
undertaken later in the year.
Ariquemes Project - Brazil
The Ariquemes Project is a large -scale tin exploration project in Rondônia
State, Brazil, entirely within the world class Ariquemes Tin Field. The project
comprises a large number of granted licences and applications that in total
cover more than 3,000km 2, representing the largest land holding in this key
mining district.
Ariquemes is a JV with Canadian listed Meridian Mining UK S (TSXV: MNO),
whereby Orosur has the right to earn a 75% stake in the project by investing
US$4m in exploration over a four-year period in two stages.
Despite being one of the world's major tin provinces, the region has seen
little or no moder n exploration, as most of the mineral exploitation is
undertaken by local cooperatives. The Company was thus of the view that
substantial potential existed for new discoveries as the region was largely
untouched.
To this end, a large-scale regional sampling program has been underway for
the last several months, taking stream and drainage sediment samples over
much of the Ariquemes district. This large program is now complete and
final results are pending. Once received, it is anticipated that this regio nal
dataset will be able to provide vectors to potential mineralisation that will then
form the basis for more targeted exploration programs in the near term.
Orosur´s CEO Brad George commented:
"With work at Anzá slowed to concentrate on corporate r estructuring of the
JV with MMA, the Company has been busy on its other projects. Current
results are extremely positive and validate our decision to focus on early -
stage projects. With our strong balance sheet, we are able to develop these
opportunities and we keenly anticipate being able to advance these projects
and possibly drill one later this year."
For further information, visit www.orosur.ca , follow on twitter @orosurm or contact:
Orosur Mining Inc.
Louis Castro, Chairman,
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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 Europe an 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.
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
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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. (TSX: 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 ("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 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.
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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 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 Agreeement, 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 U ruguay 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 state ments
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.
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.