TIDMOMI
RNS Number : 3338Y
Orosur Mining Inc
04 May 2023
Orosur Mining Inc - Operational Update
-- Minera Monte Aquila reviewing its position in relation to Anzá.
-- Mapping and sampling at El Pantano enhances prospectivity.
-- Regional sampling results from Ariquemes provide vectors for next phase.
London, May 4th 2023 . Orosur Mining Inc. ("Orosur" or the
"Company") (TSXV/AIM:OMI) , announces an update on the progress of
exploration activities across its project portfolio.
Anzá - Colombia
The Anzá Project ("Project") 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 roughly 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 ("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 Project.
The first phase of the Exploration Agreement was completed in
September 2022, with MMA spending in excess of US$10m on the
Project and in so doing earning an equity interest of 51%. MMA
subsequently informed the Company of its intention to progress to
Phase 2. This included the payment to the Company of a US$2m option
fee (received in February 2023) and formation of a new mining
company required to crystallise the various ownership stakes.
As at December 31, 2022, MMA had already incurred some US$3.65
million in excess Qualifying Expenditures for Phase 1. This excess
may be carried forward and credited towards MMA's investment
obligation of US$4 million for the first year of Phase 2.
MMA has advised the Company that it has reduced exploration
expenditures on the Project and effectively placed it in care and
maintenance. The Company expects that MMA will continue to focus on
protecting the asset and maintaining positive relationships with
local community groups while it explores options regarding its
involvement in the Project.
The Company will keep shareholders informed as MMA reaches a
decision regarding their involvement in the Project. The Company
has great faith in the prospectivity of the Anzá Project and stands
ready and able to reassume operatorship of Anzá if that is deemed a
viable option.
El Pantano - Argentina
The El Pantano Project is an early-stage gold exploration
project in Santa Cruz province, southern Argentina.
The El Pantano Project covers nine contiguous licences totalling
over 600km(2) in the prolific Deseado Massif region, roughly 45km
from Anglo Gold's Cerro Vanguardia mining camp.
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 February 15(th) 2022.
As announced on March 2(nd) , 2023, low level reconnaissance
field work has been ongoing at El Pantano for the current field
season since late 2022 and will continue until roughly mid-May 2023
before ceasing for the winter recess.
These work programs are focussed on geological mapping, soil and
rock chip sampling, and ground magnetic surveys. As a largely
untouched, grass-roots project, these programs were designed to
collect the necessary underlying base data to confirm the
prospectivity of the project, develop the exploration model and to
begin the process of defining targets for the next phase of work
after the winter recess.
Thus far, the results of these programs have exceeded the
Company's expectations and El Pantano has the potential to develop
into a large scale gold exploration project.
As noted in March 2023, Company geologists and a specialist
structural geology consultant were invited to visit Newmont's Cerro
Negro gold project, as it was felt by various visitors that El
Pantano bore many similarities to Cerro Negro, both in geology and
geographic scale. This visit provided substantial guidance to the
Company's exploration team to allow more efficient targeting over
El Pantano's large area.
Most of the gold/silver deposits of the Deseado Massif region
are of the low-sulphidation epithermal style. In particular, there
is a close correlation to major crustal scale fractures related to
the breakup of the Pangea supercontinent and opening of the
Atlantic Ocean in the mid to upper Jurassic. This is often
manifested locally as major SE-NW rift systems with pervasive
silicification and veining, over tens of kilometres, precisely the
features that are present at El Pantano and which attracted the
Company to the project.
Fig 1. Low Sulphidation Schematic - Poster by Williams Mata
Rimac
From an exploration perspective, a key feature is the mechanism
by which gold is precipitated from solution to form
low-sulphidation gold deposits, which is by boiling. Hot,
gold-bearing fluid rising from depth, boils as the binding pressure
of the surrounding host rocks falls below a certain point,
occasionally producing large, and very high-grade gold deposits, as
seen at Cerro Negro, that are constrained to a particular vertical
level of the epithermal system (the boiling zone).
The quartz vein systems will then invariably continue upward to
the surface, but have often been stripped of gold, thus producing
minimal surface gold geochemical anomalism.
Following the Cerro Negro visit, Orosur's geologists recognised
that much of the modern-day surface across El Pantano sits at a
high level in the epithermal system, above any boiling zone, and
therefore gold anomalism in soil geochemistry is likely not an
effective indicator of mineralising potential. Instead, greater
attention should be paid to the higher-level path finder elements,
in particular mercury (Hg) and Arsenic (As), as well as textural
variations in quartz veins and surrounding silicification that
provide guidance as to the level within the system.
Exploration programs were modified on this basis with positive
results achieved.
Ground magnetic surveys have been ongoing for several months
using in house crews and equipment. Magnetic surveys have proven a
fast and effective method for defining the primary structural
corridors in the prospect area and this work will continue for
several more weeks. Some preliminary interpretations have been
undertaken, in advance of more detailed work once the survey is
complete, and demonstrate that the project is dominated by a very
large, NW-SW rift system, exactly as predicted by the local mineral
system model.
Fig 2. Ground magnetic surveys with Au, Hg and As anomalism
Fig 3. Structural features with Au, Hg and As anomalism, and
vein swarms
Mapping and ground magnetic surveys have identified a major
NW-SE structural corridor over 20km long and 5km wide, with large
areas of silicification, alteration and geochemical anomalism over
large areas. Gold anomalism in soils is evident in the NW end of
the main structure, suggesting this area is somewhat lower in the
epithermal system, while the SE end shows significant Hg and As
anomalism, suggesting a higher level.
A large section of the central part of the main structure
covering more than 10km is not suited to soil geochemistry due to
being covered by river sediments and recently transported
cretaceous cover. Magnetic data however shows the main structure
continues uninterrupted under this thin cover.
Mapping to the north of the main structure has so far identified
over 70 quartz veins over an area in excess of 20km(2) , with
textures indicative of cooler temperatures, fully consistent with
the model of a very large low-sulphidation epithermal system.
Mapping of this vein field continues with more being identified on
a daily basis.
Future Work
As noted, mapping, sampling and magnetic surveying will continue
until roughly mid-May 2023 before the winter closure, with final
assay results and magnetic survey data then due in June.
Upon receipt of all data, a detailed process of compilation and
interpretation will be undertaken to better understand the mineral
system and to plan work programs for after the winter recess in
September 2023.
The required environmental permit process for drilling will also
commence in May 2023 such that drilling will then be able to be
undertaken later in 2023 should appropriate targets be
identified.
Ariquemes - Brazil
The Ariquemes Project is a large-scale Tin (and associated
metals) exploration project in Rondonia 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 (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.
While the Ariquemes district is a major Tin producing region,
most production is sourced from local cooperatives or artisanal
producers and as such little or no modern exploration has ever been
undertaken across the wider district.
The Company was therefore required to start exploration work at
the regional scale, collecting wide spaced stream sediment samples
across the entire 3,000km(2) area as the first pass to identify key
areas for follow up.
To avoid issues with access to farming land, samples were taken
using the 10km x 5km road network across much of the area. During
the campaign, over 400 samples were taken, and then assayed for a
wide variety of elements, including Tin, Niobium, Titanium and a
suite of rare earths.
Fig 4. Tin in streams
Fig 5. Niobium in streams
Fig 5, Rare earths in streams
Results from the reconnaissance program (Figs 4,5 and 6)
demonstrate widespread Tin, Niobium and rare earth anomalies across
the wider area, with most Tin interest focussed on the southern
portion and a lease package to the far east of the area.
In general, Tin and Niobium are often found and exploited
together given they derive from the same source rocks, however the
above data demonstrates a transition from Tin dominance in the
southern areas to Niobium dominance in the north - a fact that was
anecdotally know by local miners. The two metals are roughly
similar in pricing structure and as such the Company will examine
commercial opportunities in both.
Rare earths on the other hand are not always correlated and
there are several areas of interest in the centre of the
exploration that will be examined further.
Future Plans
Stream sediment sampling is largely a qualitive method due to
the inherent uncertainty in how minerals are concentrated in
drainage systems. However, it is an efficient method to cover large
areas quickly.
Areas of substantial metal anomalism that have been subsequently
identified, will now be followed up by more direct, quantitative
exploration methods in the coming months. These will include
detailed mapping, soil and rock chip sampling and auger drilling of
metal bearing drainages.
For efficiency, this work will be done by the Company's
exploration teams during the winter recess in Argentina.
Orosur CEO Brad George commented:
"We respect MMA's decision to reassess Anzá and fully understand
the complex dynamics and priorities of companies of that size,
especially in light of recent mergers. Orosur however sees a
tremendous potential at Anzá and would welcome the opportunity to
get back into the driver's seat if that option is viable. In the
meantime, our other projects are growing in stature and positioning
us well as a diversified explorer."
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 / Kasia Brzozowska
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. (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.
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.
Anzá
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.
El Pantano
Initial soil sample lines at El Pantano varied from 500m to 1km
spacing with infill lines located at 120m spacing in areas of
anomalism. Samples were taken at 20m intervals along these
lines.
Samples were taken at depths of 30 cm to 60 cm below the
surface, corresponding to the local equivalent of the B Horizon.
This layer of silt-clay is thought to contain the highest
accumulation of metals commonly used in mineral prospecting.
Shallow material such as ashes and rock fragments were removed
from the area before collecting samples. Manual tools were used to
reach the silt-clay level, with sample weights varying from 1.5 to
2.0 kg. Samples were then sent to an ALS Chemex preparation
facility in Santa Cruz province for preparation and thence to the
ISO 9001 certified ALS Chemex laboratory in Lima Peru for assay by
In ductively Coupled Plasma - Atomic Emission Spectroscopy
(ICP-AES) and Inductively Coupled Plasma - Mass Spectrometry
(ICP-MS)
Ariquemes
Stream sediment samples were taken at specific locations where
drainages intersected local roads, on roughly a 10km x 5km spacing.
Samples of approximately 20 litres were gathered at a depth of
around 70cm to 1 m. To avoid anthropogenic contamination, the
sampling points were located at a distance from the roads. The
collection process was carried out using a post-hole digger, and
samples were then packaged in plastic bags, sealed, and labelled
accordingly. Collected samples underwent a concentration process by
panning to produce a concentrate of heavy minerals.
Samples were then sent to the SGS laboratory in Belo Horizonte,
Minas Gerias State for assay by Inductively Coupled Plasma -
Optical Emission Spectroscopy (ICP OES) and Inductively Coupled
Plasma - Mass Spectrometry (ICP-MS).
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.
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