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-Drilling started at Pepas
-Two additional imported rigs for deep drilling
LONDON, UK / ACCESSWIRE / April 25, 2022 / Orosur Mining Inc. (“Orosur“or the”Company“) (TSXV: IMO)(LSE: IMO)is pleased to report an update on the progress of the ongoing drilling campaign at the Company’s Anz project in Colombia.
The Anzá project is currently subject to a risk option exploration agreement (Exploration Agreement) with the Colombian company Minera Monte Águila (MMA). MMA is itself a 50/50 joint venture 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 under the exploration agreement on the Anzá project.
MMA is the operator of the Anzá project after exercising its right to assume operational control in the second half of 2021.
Drilling resumed at Anzá in October 2020, and since then 35 holes (MAP-072 to MAP-105) have been drilled at the Central APTA project for a total of 15,195 meters.
Following the completion of hole MAP-105, this rig has now been mobilized to the NE of the project area and has begun work on the Pepas prospect (Figure 1).
Drilling preparations at Pepas had been underway for some time, with all necessary permitting processes having begun a few months ago. The area is rugged and required a substantial degree of preparation for access, including a minor degree of helicopter support to move the rig close to the Pepas target, after which it can then be moved by hand.
In addition to this move to Pepas, two other rigs are currently being imported into Colombia to drill at APTA and the northern prospects of Pepas and Pupino. We hope they will be there in a few weeks.
These rigs are portable, like the current rig, but with more power and a different configuration that allows them to drill at depths greater than 1,200 meters. Current and previous rigs used at APTA were constrained to depths of approximately 800 meters. As announced on March 8and, 2022, recent drilling at APTA had demonstrated substantial depths to mineralization, well beyond what had previously been understood. MMA has therefore decided to acquire new rigs capable of exploring these depths more effectively.
Figure 1. Prospect locations.
Pepas was selected as the first new drill target not only because of the overwhelmingly positive geochemical assay results, as noted in the March 8 reportand announcement, but the prospect has also recently seen the completion of ground-based induced polarization (IP) geophysical surveys.
IP surveys were effectively tested at APTA in late 2021, but were halted due to difficulties finding local labor during the coffee harvest. IP work resumed in early 2022, beginning in the northern reaches and gradually expanding south towards Pupino.
Details of this new drilling program at Pepas will be released as work progresses.
Samples from five holes (MAP-101 to MAP-105) are in the laboratory for analysis. The results of these drillings will be communicated to the market as soon as they are available.
Two of the Company’s employees exercised a total of 100,000 options on the Company’s common shares at an exercise price of C$0.05 each. Application will be made for such 100,000 shares, which will rank pari passu with the existing ordinary shares, to be admitted to trading (“Admission”). Admission is expected to become effective at 8:00 a.m. on or about April 28, 2022.
Following the issuance of the above-mentioned 100,000 shares, the total number of common shares without nominal value of the Company will be 188,520,300. There are currently no treasury shares held. The total number of voting rights in the Company is therefore 188,520,300. This figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to declare their participation or a change in their participation in the society.
Orosur CEO Brad George commented:
“It is exciting to finally see drill rigs moving into the wider region. ‘about 5 per cent of the length of Aragon. default.’
For more information, please contact:
Orosur Mining Inc
Louis Castro, President,
Brad George, CEO
Tel: +1 (778) 373-0100
SP Angel Corporate Finance LLP – Nomad and co-broker
Jeff Keating/Caroline Rowe
Tel: +44 (0) 20 3 470 0470
Turner Pope Investments (TPI) Ltd – joint broker
Tel: +44 (0)20 3657 0050
Flagstaff Communications and Investor Communications
Tel: +44 (0)207 129 1474
The information contained in this press release is considered by the Company to constitute inside information within the meaning of the Market Abuse Regulation (“MAR“). Upon publication of this announcement via the regulatory information service, this inside information is now considered to be in the public domain.
About Orosur Mining Inc.
Orosur Mining Inc. (TSX: OMI; AIM: OMI) is a precious metals developer and explorer focused on identifying and advancing projects in South America. The Company operates in Colombia, Argentina and Brazil.
About the Anzá Project
Anzá is a gold exploration project, comprising three exploration permits, four exploration permit applications and several small exploitation permits, totaling 207.5 km2 in the prolific Mid-Cauca belt in Colombia.
The Anzá project is currently 100% owned by Orosur through its subsidiary, Minera Anzá SA
The project is located 50 km west of Medellin and is easily accessible by all-weather roads and has excellent infrastructure, including water, electricity, communications and a large exploration camp. .
The AnzaÌ project is subject to a risk option exploration agreement dated September 7, 2018, as announced on September 10, 2018 (the “Agreement”) between the wholly owned subsidiary of Orosur Minera AnzaÌ SA (“Minera AnzaÌ”) and Minera Monte AÌ guila SAS (“Monte AÌ guila”), an equal joint venture between Newmont Corporation (“Newmont”) (NYSE: NEM, TSX: NGT) and Agnico Eagle Mines Limited ( “Agnico”) (NYSE: AEM, TSX: AEM).
Declaration of qualified persons
The information in this press release has been compiled, reviewed and verified by Mr. Brad George, BSc Hons (Geology and Geophysics), MBA, Fellow of the Australian Institute of Geoscientists (MAIG), CEO of Orosur Mining Ltd and a qualified person as defined by National Instrument 43-101.
All statements, other than statements of historical facts, contained in this press release constitute “forward-looking statements” within the meaning of applicable securities laws, including, but not limited to, “safe harbour” provisions. of the United States Private Securities Litigation Reform Act of 1995 and are based on estimates and projections of expectations as of the date of this press release.
Forward-looking statements include, but are not limited to, exploration plans in Colombia and funding of such plans by Monte Águila, Monte Águila’s decision to pursue the exploration and option agreement, the possibility for Loryser to pursue and finalize the reorganization in Uruguay, the ability to successfully implement the agreement with creditors as well as the continuation of the company’s operations as a going concern and other events or conditions that may arise in the future. The Company’s continuation as a going concern depends on its ability to secure adequate financing, achieve profitable operating levels and achieve satisfactory implementation of the agreement with creditors in Uruguay. These material uncertainties may cast significant doubt on the Company’s ability to realize its assets and discharge its liabilities in the normal course of business and, therefore, on the appropriateness of using the applicable accounting principles. to an active business. 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 these forward-looking statements. These statements are subject to important risks and uncertainties, including, but not limited to, those described in the “Risk Factors” section of the MDA and the AIF. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law.
This information is provided by RNS, the information service of the London Stock Exchange. RNS is authorized by the Financial Conduct Authority to act as a primary information provider in the UK. Terms and conditions relating to the use and distribution of this information may apply. For more information, please contact [email protected] or visit www.rns.com.
THE SOURCE: Orosur Mining Inc.
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