London, November 9th, 2021 . Orosur Mining Inc. (“Orosur” or the “Company”) (TSX-V/AIM:OMI) , is pleased to announce an update on the Company’s Anzá Project in Colombia.
For the full PDF version of the announcement with Table 1 and Figures 1-6 included, please refer to: http://www.rns-pdf.londonstockexchange.com/rns/7221R_1-2021-11-8.pdf
· Assays from five additional holes
· Most holes drilled for geological and stratigraphic reasons
· Thick anomalous zones of mineralisation intersected
· Operational handover of Anzá now largely complete
Drilling Summary, Anzá
A major phase of drilling was undertaken at Anzá from October 2020 through to the end of June 2021, designed to confirm the potential of the core APTA deposit at Anzá and to provide sufficient information to allow the Company’s JV partner Minera Monte Águila SAS (“Monte Águila”)to move forward into the next annual period of the Exploration Agreement with Venture Option (“Exploration Agreement”). Once this was achieved, the number of drill rigs was reduced from five to one, with focus shifting to better understanding the regional picture and to mapping and sampling of the other licences and applications to identify targets for the next phase of work.
Reducing to one drill rig allowed geologists to be redeployed to mapping activities, with the remaining drill rig focussed near the margins of the APTA deposit, to address several regional stratigraphic questions and to provide greater guidance as to the controls on the previously identified high grade mineralisation at APTA.
Drilling Results, Anzá
Assay results for five additional diamond drillholes have been received from the ALS laboratory in Lima, Peru, MAP-092 to MAP-096.
Highlighted results from these holes include:
MAP-093 14.85m @ 1.60g/t Au, 1.08g/t Ag, 0.79% Zn
MAP-094 8.55m @ 0.96g/t Au, 5.88g/t Ag, 0.34%Zn
5.35m @ 1.17g/t Au, 2.18g/t Ay, 0.79% Zn
10.70m @ 1.08g/t Au, 0.24g/t Ag, 0.03% Zn
MAP-096 2.70m @ 2.84g/t Au, 1.12g/t Ag, 0.07%Zn
51.55m @ 1.32g/t Au, 1.34g/t Ag, 0.35%Zn
Full results are detailed in Table 1.
Table 1. Drill Intercepts*.
* Intersections are reported as down-hole widths, not true widths. The Company does not yet have sufficient drilling information to accurately calculate true widths of drill hole intersections.
Holes MAP-092 and MAP-095 were collared well away from the known mineralisation at APTA (Figure 1) and were drilled in the opposite direction to current drilling, from west to east. Both of these holes were designed to assess the regional geology and to test the idea that the target stratigraphy identified at APTA represented the eastern limb of an anticline and would be repeated to the west. These holes were purely stratigraphic and were not expected to intersect mineralisation.
Figure 1. Drill Collar Locations – APTA
Hole MAP-093 was targeted to test the down dip continuity of the stratigraphic section related to the historical La Pastorera gypsum mine. The footwall breccia was identified and was mineralised to a moderate degree (Figure 2).
Figure 2. Section, Hole MAP-093
Hole MAP-094 was targeted to test the southern extension of a high-grade pod defined in previous drilling. A substantial thickness of moderately mineralised breccia was identified (Figure 3).
Figure 3. Section, Hole MAP-094
Hole MAP-096 (like holes 092 and 095) was drilled from the west to test a geological hypothesis related to possible anticlinal folding of the mineralised stratigraphy.This hole confirmed the existence of such folding, and thus opens the potential for folded repetition of higher grades further down the western limb (Figure 4). This potential will be tested with later drilling.
Figure 4. Section, Hole MAP-096
Regional Mapping and Sampling
Most drilling to date has been concentrated at the central APTA deposit in the central granted licence of the Company’s 200km2 tenement package (Figure 5).
However, with reduction to one drill rig in June, exploration teams were deployed to field mapping and sampling activities in other licences, albeit subject to limitations related to Covid-19 which was still proliferating through the region at the time.
Most of this activity focused on the NE integrated tenement, around the Pepas and Pupino working areas.
Extensive programs of soil and rock sampling, BLEG sampling, geological mapping and geophysics commenced and will continue after handover of operational control of the project to partner Monte Águila. Terrain in this region is extremely rugged and thus progress is slow, however substantial coverage has now been achieved. Complete geochemical results are still pending however preliminary results are encouraging and suggest the northern extent of the Aragon fault is prospective.
Figure 5. Licence package and prospects
Figure 6. Sampling, Pepas and Pupino
Conversion of Applications
Of the Company’s land package, two major areas remain at the application stage and are therefore not accessible for exploration involving any form of ground disturbance – these areas contain the La Cejita and Jesuitas prospects.
With acceleration of work under the Exploration Agreement, it is hoped to advance these into granted status as quickly as possible, however this process requires, among other things, substantial public hearings, which have only recently begun again, after a long abeyance during Covid-19.
The Company is currently seeking to accelerate this process now that Covid-19 is beginning to abate in the region.
Operational Handover
As announced on September 7 2021, the Company’s Joint Venture partner Monte Águila elected to exercise its right to assume operatorship of the Anzá Project. The handover is now substantially complete, with Monte Águila now exercising effective control of the project.
Monte Águila, a 50/50 JV between Newmont Corporation (“Newmont”) (NYSE:NEM, TSX:NEM) and Agnico Eagle Mines Limited (“Agnico”) (TSX:AEM) is the vehicle by which these two companies jointly exercise their rights and obligations with respect to the Exploration Agreement.
As per the terms of the Exploration Agreement, the Company remains the 100% owner of the licences and applications until such time as Monte Águila earns their initial 51% interest in the project (Phase 1) prior to September 6th, 2022. As such, the Company remains responsible for most government related functions and will retain a core team in Medellin to work alongside Monte Águila in the management of this process.
Orosur CEO Brad George commented:
“The decision by our partners to take over operatorship of Anzá was both positive and welcome, being testament to how two of the world’s largest gold miners see the region. The handover process is substantially complete. The financial and technical resources that can now be brought to bear are without parallel and we look forward to them substantially ramping up activity.”
For further information, please contact:
Orosur Mining Inc
Louis Castro, Chairman,
Brad George, CEO
Tel: +1 (778) 373-0100
