Orosur Mining Inc - Colombia
update
·
High grade and
highly anomalous rock chip, channel and soil samples across a wide
area at Pepas increase the prospectivity of the
region.
·
Historical
sampling results from the El Cedro and El Roble prospects suggest
highly prospective porphyry system that the Company plans to follow
up in the near term.
London, October 22nd 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 Anzá Project ("Project") in
Colombia.
As announced on September
10th 2024, the Company has signed a definitive, binding
Share Purchase Agreement ("SPA") that once completed, would see the
Company returning to 100% ownership of the Anzá Project, in return
for deferred, production based consideration.
The Anzá project comprises a number
of granted exploration licences and applications on the prolific
Mid-Cauca belt of Colombia, approximately 50km west of Medellin.
The total licence package previously under joint venture currently
totalled some 175km2 in area, however the size of the Project may
increase substantially with additional applications made by the
Company and acquired as part of the SPA.
Figure 1. Anzá Project
- Prospect Locations
Pepas Prospect
The Pepas Prospect is in the
northern extents of the Anzá Project, over 10km north of the
central base at APTA.
Field work commenced at Pepas in
late 2021 as the gradual abatement of Covid allowed field crews to
venture further afield from APTA base.
Mapping work by the Company's JV
partner identified Pepas as a small window of attractive altered
tuffs and other volcanics, roughly 1000m x 500m in size, along the
main structure thought to control mineralisation in the vicinity
(Figure 2).
Figure 2, Pepas
Prospect.
The area is rugged, thickly wooded
and heavily weathered, with sparse outcrop. Where identified,
rock chip samples were taken and this work identified highly
anomalous results, with assays at times in excess of several
grammes per tonne of gold over a wide area (Figure 3). In
particular, a small outcrop of silicified tuff, roughly 20m2 in
size was identified and channel sampled in early 2022, returning
assays between 3.41g/t Au to 95.5g/t Au.
Drilling of hole PEP-001 was
commenced in June 2022, positioned to intersect the interpreted
depth extension of this anomalous outcrop. Assay results from
PEP-001, announced on September 6th, 2022, showed high
grade gold mineralisation from surface, with the hole returning a
composite intersection of 150.90m @ 3.0g/t Au from
surface.
Two additional holes were then
drilled from this same pad, with results announced on October
21st 2022, with PEP-005 returning 35.5m @ 2.12g/t Au and
PEP-007 returning 80.55m @ 3.05g/t Au. (Figure 3).
Later holes at the Pepas prosect
were drilled some considerable distance from this original drill
pad, and did not return similar results. It is the view of the
Company that the form, orientation and controlling structures of
the gold mineralisation at Pepas, first identified in hole PEP-001,
remain unresolved by this later drilling, and that the Pepas target
remains largely untested.
Figure 3. Pepas
Prospect, detailed scale - drilling and sampling
During 2024, while the Company was
negotiating the return of the Project from its JV partners, staff
at the Company were granted access to the Pepas site in order to
commence the necessary logistical planning and social and community
liaison to allow the Company to drill once the agreement had
completed.
As part of this process, the
Company's geological teams undertook more detailed sampling and
geological mapping across the Pepas prospect to gain a better
understanding of potential geological controls to target future
drilling.
The Company's exploration teams
carried out soil and rock chip sampling across the prospect,
concentrating on roads and tracks that had been newly opened to
facilitate planned drilling. In addition, the Company
identified two abandoned artisanal mining tunnels (A and B, Figure
3) close to the original silicified tuff targeted by hole
PEP-001.
Channel rock-chip sampling of the
new tracks have identified a large extent of highly anomalous
mineralisation over an area roughly 120m in length, with multiple
rock chip results over 2g/t Au, several over 5g/t Au and one of
80g/t Au.
The abandoned artisanal tunnels were
entered and mapped by the Company's geological teams, taking 1m
composite channel samples along the entire length of each tunnel,
roughly 20m in each case.
Figure 4. Channel
sampling results, artisanal tunnel A
Figure 5, Channel sampling
results, artisanal tunnel B
Mapping of these tunnels not only
showed the same lithologies and alteration as seen in nearby
drilling (andesites, tuffs, silicification and brecciation) but
similar or higher gold grades.
The first tunnel sampled (tunnel A),
returned channel sample assays varying from 0.35g/t Au to 10.16g/t
Au (Figure 4), while the second tunnel (tunnel B), returned
high-grade gold assays for most of its length (Figure 5), up to a
maximum of 195g/t Au near the mouth of the tunnel.
The Company considers these results
to be highly encouraging not only in the exceptional grades
measured but the large area over which they were recorded. In
addition, the lithologies and structures mapped in the tunnels have
provided greater geological context to the gold mineralisation
intersected in hole PEP-001, some 61m distant from tunnel B (Figure
6).
In order to better define the
orientation and controls of this mineralisation, the Company plans
to locate several new holes collared near the entrance of tunnel B,
oriented such as to intersect PEP-001 and the holes beneath.
It is anticipated that once the orientation of mineralisation is
better defined, its scale can then begin to be assessed with
gradual step out drilling.
In the meantime, geological teams
continue mapping and sampling to better define the
prospect.
Figure 6. Pepas cross
section
El
Cedro/El Roble
El Cedro and El Roble were two
prospects to the south of the Project area that were first
identified as a result of mapping and geochemical surveys by Anglo
American before the Company acquired the Anzá Project.
As with Pepas, the region remained
largely untouched until the abatement of Covid.
Geological mapping and sampling
began in these southern prospects in 2022, ramping up in
2023. Interpretation of later mapping and sampling results
suggests that El Cedro and Roble could potentially be different
parts of the same porphyry system. Porphyry lithologies and
alteration assemblages have been mapped over a roughly 2km x 2km
area, with extensive areas of quartz veining with highly anomalous
gold values up to 10g/t Au (Figure 7).
Following the technical completion
of the SPA, which the Company is actively progressing, the Company
plans to mobilise geological teams to map the area in more detail,
with the objective of identifying drill targets.
Figure 7. El Cedro and El
Roble geology and rock chip samples
Orosur CEO Brad George commented:
"Mapping and sampling by ourselves
and our previous JV partners are showing the enormous potential
across the Anzá project. Pepas particularly is showing excellent
numbers and we are aiming to be drilling here in the short
term."
For further information, visit
www.orosur.ca , follow on twitter @orosurm or 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 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
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.
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
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.
Sampling procedures within the
artisanal mining tunnels involved systematic channel sampling on
both walls of the tunnel at a height of 1 meter from the floor.
Channel samples were taken with a length of 1 meter and a width of
0.1 meters, parallel to the tunnel walls, ensuring that all
possible sectors were covered as long as geomechanical conditions
allowed.
In cases where it was necessary to
avoid sampling across contrasting lithologies or significant
geological features, the sample length was adjusted accordingly. As
part of quality assurance (QA) protocols, reference standard
materials were inserted at a proportion of 10% to monitor
laboratory performance. All samples were accurately mapped
and subsequently sent to the laboratory for analysis.
Gold assaying was undertaken at
ACTLabs laboratory in Medellin, Colombia.
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, completion of the Acquisition, approval of the
TSXV of the acquisition, Orosur becoming operator of the Anzá
Project, the expected 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, obtaining conditional approval of the TSXV and meeting
other conditions to closing the Acquisition, timing of closing of
the Acquisition and those as described in Section "Risks Factors"
of the Company's MD&A for the year ended May 31, 2023. 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. The Company's
continuance as a going concern is dependent upon its ability to
obtain adequate financing, 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