SANTIAGO, Chile--(BUSINESS WIRE)--
Orosur Mining Inc. (“Orosur” or “the Company”) (TSX/AIM: OMI), is pleased to announce the upcoming diamond drilling program at its wholly-owned, high-grade Anzá gold project located in the Mid Cauca Gold Belt in Colombia.
- Completed C$4 million (US$3.2 million) financing in August 2017 to fund drilling in Colombia
- Engaged Logan Drilling Group International (“Logan”) for up to 15,000m of diamond core drilling, contract signed on September 29, 2017
- Preparatory work in place to commence drilling in October 2017
- Expect first drilling results to be announced in the Company’s fiscal third quarter (Q3 ending February 2018)
- Objective is to delineate maiden resources and further define and expand mineralization potential
Ignacio Salazar, CEO of Orosur, comments:
“We are pleased to announce that the resource definition drilling campaign at our high-grade Anzá project in Colombia, will start in October 2017 following the successful US$3.2m financing in August and recent contract execution with Logan Drilling. Orosur is well advanced with its preparatory work for the drilling campaign and Logan is in the process of mobilizing drill rigs to the property at present. We look forward to commencing the drilling campaign before the end of the month.”
The drilling program is designed to further define and expand the potential mineralization at the Aragon-Pastorera Trend Area (“APTA”) of the Anzá project as well as initial testing of highly prospective targets nearby. The program will include infill and step out drilling with the intent to prepare and publish a maiden NI 43-101 compliant mineral resource estimate for the Anzá project.
Preparatory technical and logistical work for the first two months of the drilling campaign has been completed and includes the construction of drill platforms for the first 7 holes, an assurance of adequate water supply, and ensuring that all legal, social and environmental permitting are in place. Geological staff and supporting crews are ready while preparatory work for the rest of the campaign is nearing completion.
To view the full release, showing the position of planned and historic drill holes, please click here.
Anzá is Orosur’s 100% owned, high-grade gold project in Colombia, which has an active mining license in place. It is located in the Western Cordillera, approximately 50 km west of the city of Medellin. The gold prospect occurs along the Cauca - Romeral fault system that is the locus for Colombia’s most renown gold deposits.
Anzá is approximately 60 km south of the Buriticá high grade deposit owned by Continental Gold (4.48 Moz measured and indicated (“M&I”) resource, grading 10.8 g/t Au)
As announced in October 2016, initial metallurgical and density test work were completed utilising a combination of gravity concentration, flotation and cyanidation processing, with average gold recoveries ranging from 95.9 – 96.1%. This is in line with the metallurgical recoveries of development projects and producing mines in the region.
The site has existing environmental permits enabling both underground and open-pit mining operations. Access to the project is via a paved road to the town of Anzá and a 17 km gravel road operable all year round. The Anzá project includes a gypsum mine which has been in operation at the site since 1991. It has excellent infrastructure, with power grid, abundant water and mine facilities on site. The elevation ranges from 700 m to 2,000 m above sea level.
The APTA deposit is up to 200 m wide and at least 2.5 km long, with soil geochem showing gold content along the entire 7 km Aragón fault. The deposit is open on strike, at surface and down-dip. Significant drill hole intercepts to date include:
|Hole Number||From (m)||To (m)||Interval (m)||Au g/t||Ag g/t||Zn (%)|
The Anzá land package, which is wholly owned by Orosur, includes multiple additional highly prospective potential gold targets. In addition to the APTA, there is an extensive area of more than 100 km² open to exploration. Favourable topography, existing infrastructure and the existence of a wide low-grade gold envelope in the Anzá land package provide further exploration, development and mining upside, all with strong indications of the potential for significant by-product mineralization.
The technical information related to the current assets of Orosur Mining in this announcement has been reviewed and approved by independent Mining engineer Miguel Fuentealba, a qualified person as defined by National Instrument 43-101.
About Orosur Mining Inc.
Orosur Mining Inc. (TSX: OMI; AIM: OMI) is a fully integrated gold producer, developer and explorer focused on identifying and advancing gold projects in South America. The Company operates the only producing gold mine in Uruguay (San Gregorio), and has assembled an exploration portfolio of high quality assets in Uruguay, Chile and Colombia.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR"). Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Ignacio Salazar, Chief Executive Officer of the Company (responsible for arranging release of this announcement) on: +1 (778) 373-0100.
Forward Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any information as to the future financial or operating performance of the Company, constitute "forward-looking statements" within the meaning of certain securities laws, including the "safe harbour" provisions of the Securities Act (Ontario) and 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. There can be no assurance that such statements will prove to be accurate. Such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements include, without limitation success of exploration activities; permitting time lines; the failure of plant; equipment or processes to operate as anticipated; accidents; labour disputes; requirements for additional capital title disputes or claims and limitations on insurance coverage. 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.
Orosur Mining Inc
Ignacio Salazar, Chief Executive Officer
Tel: +1 (778) 373-0100
Cantor Fitzgerald Europe – Nomad & Joint Broker
David Porter/Keith Dowsing
Tel: +44 (0) 20 7894 7000
Numis Securities Limited – Joint Broker
John Prior / James Black / Paul Gillam
Tel: +44 (0) 20 7260 1000
Ben Brewerton / Sara Powell / Emerson Clarke
Tel: +44 (0) 20 3727 1000