TIDMOMI
RNS Number : 5971R
Orosur Mining Inc
02 March 2023
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 200km(2) .
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 obligations 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 also 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.
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 2(nd) 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 and
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 15(th) 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 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
methods such as 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 modern 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 regional 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
restructuring 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."
F or 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.
Drill Hole Details - 2020/2022 Programme*
Hole ID Easting Northing Elevation Dip Azimuth
(m) (m) asl (m) (deg) (deg)
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. (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 Anza 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 Anza S.A
("Minera Anza ") and Minera Monte A guila SAS ("Monte A guila"), 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.
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 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 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.
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
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