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Orosur Mining Inc Announces Colombia Update

November 9, 2021 GMT
Assays from five additional holesMost holes drilled for geological and stratigraphic reasonsThick anomalous zones of mineralisation intersectedOperational handover of Anzá now largely completeLONDON, UK / ACCESSWIRE / November 9, 2021 / Orosur ...
Assays from five additional holesMost holes drilled for geological and stratigraphic reasonsThick anomalous zones of mineralisation intersectedOperational handover of Anzá now largely completeLONDON, UK / ACCESSWIRE / November 9, 2021 / Orosur ...
Assays from five additional holesMost holes drilled for geological and stratigraphic reasonsThick anomalous zones of mineralisation intersectedOperational handover of Anzá now largely completeLONDON, UK / ACCESSWIRE / November 9, 2021 / Orosur ...

  • 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

LONDON, UK / ACCESSWIRE / November 9, 2021 / Orosur Mining Inc. (“Orosur” or the “Company”) (TSXV:OMI)(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

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.

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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.

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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

info@orosur.ca

Tel: +1 (778) 373-0100

SP Angel Corporate Finance LLP - Nomad & Joint Broker

Jeff Keating / Caroline Rowe

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

Market Abuse Regulation (MAR) Disclosure

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.

Drill Hole Details - 2020/2021 Programme*

Hole ID

Easting (m)

Northing (m)

Elevation asl (m)

Dip (°)

Azimuth (°)

MAP-072

400088

694745

1075

-55

293

MAP-073

400018

694503

1097

-58

295

MAP-074

399981

694684

1110

-58

295

MAP-075

400168

694723

1024

-55

295

MAP-076

400019

694527

1107

-50

295

MAP-077

400168

694723

1024

-69

295

MAP-078

399917

694719

1112

-50

295

MAP-079

399995

693976

960

-55

295

MAP-080

400231

694580

966

-55

295

MAP-081

400045

693950

920

-55

295

MAP-082

400176

694797

1020

-50

296

MAP-083

400176

694797

1020

-60

310

MAP-084

400045

693950

920

-57

321

MAP-085

400167

694552

1000

-46

247

MAP-086

400067

694360

1068

-54

295

MAP-087

400027

694168

988

-54

290

MAP-088

400168

694723

1024

-55

341

MAP-089

400067

694360

1068

-59

317

MAP-090

400041

694630

1059

-56

296

MAP-091

400060

694715

1089

-50

295

MAP-092

399420

695235

1162

-50

138

MAP-093

400055

694203

1006

-59

290

MAP-094

399954

694347

1031

-64

303

MAP-095

399722

695252

1113

-50

135

MAP-096

399759

694632

1082

-57

127

* Coordinates WGS84, UTM Zone 18

About Orosur Mining Inc.

Orosur Mining Inc. (TSX-V: OMI; AIM: OMI) is a minerals explorer and developer focused on identifying and advancing projects in South America. The Company currently operates in Colombia and Uruguay.

About the Anzá Project

Anzá is a gold exploration project, comprising three exploration licences, four exploration licence applications, and several small exploitation permits, totalling 207.5km2 in the prolific Mid-Cauca belt of Colombia.

The Anzá Project is currently wholly owned by Orosur via its subsidiary, Minera Anzá S.A.

The project is located 50km west of Medellin and is easily accessible by all-weather roads and boasts excellent infrastructure including water, power, communications and large exploration camp.

The Anzá Project is subject to an Exploration Agreement with Venture Option dated September 7th, 2018, as announced on September 10th, 2018, (the “Agreement”) between Orosur’s 100% subsidiary Minera Anzá S.A and Minera Monte Águila SAS, a 50/50 joint venture between Newmont and Agnico.

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 Ltd 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.

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 Global 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 over-limit 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.

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 and Option agreement, the ability for Loryser to continue and finalize with the remediation in Uruguay, the ability to implement the Creditors’ Agreement successfully as well as continuation of the business of the Company as a going concern 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Orosur Mining Inc

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