VANCOUVER, BC,
March 31, 2022
/PRNewswire/ - Orea Mining Corp. ("Orea") (TSX: OREA)
(OTCQX: OREAF) (FSE: 3CG) is pleased to provide an update on
exploration at the Antino Gold Project ("Antino"), located in
Suriname, South America. As
announced on March 17, 2022, Orea has
entered into an option agreement to acquire up to a 75% interest in
Antino.
Orea has completed the initial data acquisition and compilation
that includes:
- GIS compilation of historical exploration and drilling
data;
- Airborne Light Detection and Ranging (LiDAR) high-resolution
topographic and orthophoto survey covering 110 square
kilometers;
- Re-processing of maiden 1994 airborne geophysical survey data;
and
- Geological/structural mapping of the gold mineralized zones
exposed in open pits and core relogging.
This first phase of exploration by Orea has provided a
comprehensive dataset for the planning of a drilling program on
select resource definition targets.
Antino Geological Setting, Gold Mineralization and Targeting
Antino lies within the underexplored Southern Greenstone Belt of
the Guiana Shield and at the intersection of major deformation
corridors known as the CGSZ and NSSZ. Gold mineralization is
spatially associated with large-scale shear (ductile fault)
corridors. In Precambrian Greenstone Belts, such as in the Guiana
Shield, the large-scale shears and associated gold mineralization
are known to be vertically extensive (>1 km depth).
Antino project location map is available at the following
link:
- www.oreamining.com/i/nr/2022-03-31-map-antino-location.pdf
Small-scale open pit gold mining has been active at Antino since
1999 and mainly in two areas known as Upper Antino and Buese. The
open pits are mined to a maximum depth of 50 meters, limited to
soft rock at the surface within the weathered saprolite layer. No
tonnage/grade data of the mined pits are available.
Geophysical and structural analysis suggest that the Upper
Antino and Buese areas are linked by a regional fault named the
Antino Main Shear. The Antino Main Shear and associated splays and
second order structures are interpreted as the principal
conduits/controls for gold mineralization. Very limited exploration
has been conducted along the 5-kilometer trend between Upper Antino
and Buese.
Upper Antino and Buese location maps are available at the
following links:
-
www.oreamining.com/i/nr/2022-03-31-map-antino-locations.pdf
-
www.oreamining.com/i/nr/2022-03-31-map-antino-geophysics.pdf
Two styles of shear associated gold ores are exploited by open
pit at Upper Antino and Buese:
- North- to northwest-striking, sub-vertically dipping,
shear-tension quartz-sulfide vein systems of up to 10 meters in
width cutting volcanic and sedimentary units and adjoining
porphyritic intrusions; high-grade ore shoots (>10 g/t gold) are
recognized; and
- Quartz-sulfide vein stockworks of several tens of meters in
diameter developed in porphyritic intrusive stocks in proximity to
shears.
Both styles of gold mineralization are considered to have
economic potential for industrial scale mining. The
intrusive-hosted stockworks have potential for bulk tonnage gold
mineralization.
Structural fabrics within the mineralized shears are consistent
at both the Upper Antino and Buese areas and indicate a dominant
dip-slip (oblique-vertical) movement along the structures. This
implies that the ore shoots within the shear plane would
preferentially be elongated in the vertical direction. The first
phase of drilling will need to confirm this interpretation,
specifically below high-grade historical drill holes
intersections.
Although the Antino land holdings remain largely unexplored,
Orea's objective is to define economic gold mineralization along
the depth and lateral extent of the exploited open pits
at Upper Antino, Buese and the immediate surroundings. Both
the underground and open pit potential will be
considered.
Upper Antino Target
The Upper Antino area offers several targets for resource
development in 2022. The geology of the area and extent of gold
mineralization remains poorly defined despite past drilling
campaigns and mining. Numerous shallow open pits have been
exploited over an area of 1,000m by
1,200m along a set north- to
northwest-striking splays and second order structures to the Main
Antino Shear. Initial drilling targets identified include:
- Froyo I and Froyo II pits - The Upper Antino Shear (UAS) was
exploited by 4 pits over a strike extent of 1 kilometer, namely the
Froyo I, Froyo II, Ginger and E-Clair pits (see link to figure
below). Notable historical drill hole intersections along the
southern Froyo I and Froyo II pits include: 30.47 g/t gold over
10.5 meters, 8.28 g/t gold over 8.0 meters, 17.37 g/t gold over 2.6
meters, 10.54 g/t gold over 4.0 meters, 4.16 g/t gold over 8.2
meters and 5.47 g/t gold over 4.6 meters. Orea's channel sampling
of the quartz-sulfide vein zone exposed on the south wall of the
Froyo I pit returned 4.53 g/t gold over 6.2 meters. Orea's drilling
will target vertically below historical higher-grade intersections
beneath the pits and the south strike extent of the UAS, where
historical intersections include 4.16 g/t gold over 8.2
meters.
- Cup Cake pit - Located to the east of the UAS, the Cup Cake pit
exploited a gold mineralized shear that remains untested by
drilling within the pit area and along its northern and southern
projections.
- Donut pit - Located at the eastern end of the mined area, the
Donut pit exploited a vein stockwork hosted in a porphyritic
intrusive stock, bordered to the west by a gold mineralized shear
revealed by a single fence of 4 historical drill holes, which
returned an intersection of 6.19 g/t gold over 5.2 meters. At
surface, a nearby trench returned 18.0 meters averaging 6.92 g/t
gold. The exploited intrusive-hosted stockwork remains untested by
drilling.
Upper Antino Area map is
available at the following link:
- www.oreamining.com/i/nr/2022-03-31-map-upper-antino.pdf
Buese Target
Similar to Upper Antino, the geology of the area and extent
of gold mineralization remains poorly defined despite past drilling
campaigns and mining. Shallow open pits at Buese are developed to
the north and south of the interpreted trace of the Antino Main
Shear over an area of 1500m by
750m. The mined gold ores are similar
to Upper Antino consisting of:
- Shear-vein systems (Para North and Para South pits),
potentially along second order shears to the Antino Main Shear;
and
- Vein stockworks in porphyritic intrusive stocks (Terzah Bergi,
Filuca and Para East pits).
The Terzah Bergi and Para East pits are starter pits currently
in exploitation. The Terzah Bergi intrusive-hosted vein stockwork
and its potential extensions towards the Para and Filuca pits are a
priority target of interest.
Buese Area map is available at
the following link:
- www.oreamining.com/i/nr/2022-03-31-map-buese.pdf
About Antino
Antino is a resource definition stage gold exploration project
located in the Sipaliwini mining district, southeastern Suriname,
275 km of the capital city of Paramaribo. Orea has entered into an option
agreement to acquire up to a 75% interest in Antino. The project
can be accessed by air from Paramaribo or by barge 250 kilometers up the
Maroni/Lawa river bordering French
Guiana.
The project consists of Rights to Exploitation of Gold (Suriname
mining titles) covering 200 square kilometers. Under Suriname
mining regulations, the mining titles allow for exploration,
drilling and small-scale mining without any additional permits.
The project is located in a significant area of alluvial and
small-scale saprolite open pit gold mining. Alluvial gold was first
discovered in the Antino area in 1891. Recorded alluvial gold
production from 1895 to 1969 is estimated at 425,430 ounces.
Small-scale open pit gold mining at Antino commenced in 1999 and is
currently active. The mining is mainly in two areas known as Upper
Antino and Buese. The open pits are limited to the surface
weathered saprolite layer. Recovered and recorded gold production
from 1999 to 2021 is estimated at 105,970 ounces from alluvial and
saprolite. Gold recoveries are estimated at approximately 30%,
therefore, the total content of gold in the material mined is much
higher. Past exploration was conducted by Canadian junior
exploration companies during 1993-97 and 2006-07, including over
32,000 meters of drilling. The exploration programs largely predate
the open pit mining. The land holdings remain largely
unexplored.
Accommodations, communications, equipment, machinery, security
and personnel have been established at Antino by the optionor,
facilitating logistics for exploration.
Qualified Person
Rock Lefrançois, President & Chief Executive Officer of Orea
and Qualified Person under National Instrument 43-101, has reviewed
this news release and is responsible for the technical information
reported herein, including verification of the data disclosed.
About Orea Mining Corp.
Orea is a leading gold exploration and development company
operating in a prospective and underexplored segment of the Guiana
Shield, South America. Its mission
is to develop gold deposits with a reduced environmental footprint
using innovative technologies, upholding the highest international
standards for responsible mining. In French Guiana, Orea holds a major interest in
the world-class Montagne d'Or mine development project and is also
advancing the Maripa gold exploration project. In Suriname, Orea is
advancing the Antino gold exploration project through its option
agreement to acquire up to a 75% interest.
For more about Orea visit the company's website at
www.oreamining.com.
ON BEHALF OF THE BOARD:
Rock Lefrançois
President & CEO
Forward-looking statements
Certain statements made herein, including statements relating
to matters that are not historical facts and statements of the
Company's beliefs, intentions and expectations about developments,
results and events which will or may occur in the future,
constitute "forward looking information" within the meaning of
applicable Canadian securities legislation ("forward-looking
statements"). Forward-looking statements relate to future events or
future performance, reflect current expectations or beliefs
regarding future events and are typically identified by words such
as "anticipate", "could", "should", "expect", "seek", "may",
"intend", "likely", "budget", "plan", "estimate", continue",
"forecast", "believe", "predict", "potential", "target", "would",
"might", "will", and similar words, expressions or phrases
(including negative variations) suggesting future outcomes or
statements regarding an outlook. These include, but are not limited
to, statements and information regarding: the Company's plans to
earn into the Antino gold project; the Company's objective to
become an emerging gold producer; the acquisition of exploration
projects including terms of acquisition, exploration or development
plans, intentions to acquire additional exploration or development
interests and the implications thereof; the production capacity and
potential of future plant and equipment; future exploration and
mine plans, objectives and expectations and corporate planning of
the Company, future studies and environmental impact statements and
the timetable for completion and content thereof and statements as
to management's expectations with respect to, among other things,
the matters and activities contemplated in this news
release.
Forward-looking statements are made based upon certain
assumptions and other important factors that, if untrue, could
cause the actual results, performance or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such statements. Such
assumptions and analyses are made by the Company's management in
light of their experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors management believes are reasonable and appropriate in
the circumstances. All assumptions and analyses are those of the
Company's. There can be no assurance that such statements will
prove to be accurate. Forward-looking statements are based on
numerous assumptions regarding present and future business
strategies, local and global economic conditions, and the
environment in which the Company will operate in the future,
including compliance by the Company with regulatory and permitting
requirements applicable in Suriname, the sufficiency of Company's
working capital; the Company's ability to secure additional funding
for the continued exploration and development of its properties;
the price of gold and other metals; and the Company's ability to
retain key personnel. You are hence cautioned not to place undue
reliance on forward-looking statements.
Certain important factors that could cause actual results,
performance or achievements to differ materially from those in the
forward-looking statements include, among others, political and
economic risks in Suriname, regulatory risk including but not
limited to unforeseen changes in regulatory requirements, the
Company's ability to enforce its contractual and other legal rights
to explore and exploit its properties, risks related to exploration
and development, permitting and licensing risk, future
profitability of the Company, the ability to obtain additional
financing on a timely basis, the price of gold and marketability
thereof, government regulations including with respect to taxes,
royalties, land tenure and land use, title to the Company's
properties, currency exchange rates and fluctuations, environmental
risks, dilution resulting from the issuance of additional
securities of the Company, joint venture risks, the availability of
equipment, conflicts of interest, competition in the mining
industry, uninsured risks, market fluctuations, global financial
conditions, credit risk and risks arising from pandemics and
epidemics such as the COVID-19 pandemic. Although the Company has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. These statements, however, are subject to a
variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those
projected in the forward-looking statements.
Readers are cautioned not to place undue reliance on
forward-looking statements. By their nature, forward-looking
statements involve numerous assumptions, inherent risks and
uncertainties, both general and specific, which contribute to the
possibility that the predicted outcomes will not occur. Events or
circumstances could cause the Company's actual results to differ
materially from those estimated or projected and expressed in, or
implied by, these forward-looking statements. Important factors
that could cause actual results to differ from these
forward-looking statements are included in the "Risk Factors"
section in Company's annual information form dated December 15, 2021 for the year ended September 30, 2021 ("AIF").
Readers are further cautioned that the list of factors
enumerated in the "Risk Factors" section of the AIF that may affect
future results is not exhaustive. When relying on the Company's
forward-looking statements and information to make decisions with
respect to the Company, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. Furthermore, the forward-looking statements and
information contained herein are made as of the date of this
document and the Company does not undertake any obligation to
update or to revise any of the included forward-looking statements
or information, whether as a result of new information, future
events or otherwise, except as required by applicable law. The
forward-looking statements and information contained herein are
expressly qualified by this cautionary statement.
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SOURCE Orea Mining Corp.