LONDON, UK / ACCESSWIRE / May 3, 2022 / Orosur Mining Inc. (“Orosur“or the”Company“) (TSX-V/AIM: IMO)is pleased to announce that the results of the first soil reconnaissance geochemical sampling program on the La Esfinge prospect in El Pantano returned highly anomalous results in gold and several other scout elements, over a strike length of 3.3 km of the target, with a moderate level of anomaly over a further 3.4 km from the target.
Gold anomalies in soil samples returned results greater than 100 ppb Au in the western half of the La Esfinge target, with very significant anomalies of other elements such as arsenic (As), silver (Ag), bismuth (Bi), indium (In) and copper (Cu) along the entire length of the target of almost 7 km (figures 4 to 9).
The anomaly remains open to the west.
Although widely spaced and preliminary in nature, these results are very encouraging from a first pass program and are consistent with the geochemical responses we would expect from an epithermal gold system in this environment.
Following these positive results, the Company’s geological teams returned to El Pantano to carry out a short filling program to better define the scale and nature of the main anomalies before the approach of winter. Due to time constraints associated with short days, this fill will focus on the western half of the target with the most anomalous gold values.
For the full PDF version of the announcement with Figures 1-9 included, please refer to:http://www.rns-pdf.londonstockexchange.com/rns/9803J_1-2022-5-2.pdf
The El Pantano project is the subject of an exploration and joint venture agreement (“JV”) (“Agreement”) with the private Argentinian company DESEADO DORADO SAS and its shareholders (“Deseado”).
The terms and conditions of the Agreement allow the Company to acquire 100% of the capital of the Project by investing 3 million US dollars over five years in two phases:
- Phase 1, earn 51% by investing $1 million over an initial period of 3 years.
- Phase 2, moving to 100% ownership by investing an additional $2 million over a 2-year period and granting Deseado a residual 2% net smelter return royalty on the project.
Figure 1. Regional Location
Figure 2. Licenses
As announced on March 21, a geochemical reconnaissance program was planned at El Pantano as the first phase of the JV’s work.
Survey planning focused on the La Esfinge prospect, a silicified ridge approximately 7 to 8 km long which had geological features potentially suggestive of a major epithermal system, but which, to the knowledge of the Company , had never been sampled.
Nine geochemical survey lines were located along the target length, at approximately 1 km spacing, with samples taken every 20 m along these lines. The lines varied in length in order to extend well into the surrounding host rocks and thus provide background geochemical signatures that are needed for subsequent statistical analysis of the results.
Samples were taken at depths varying from 30 cm to 60 cm below the surface, at what was considered the local equivalent of a B horizon, although this nomenclature is somewhat complicated in Patagonia because there is no has almost no vegetation and therefore very little soil development. This area was however considered to have the required levels of manganese and iron clays and nodules and thus act as a suitable collection medium.
A total of 362 samples were collected, with these samples prepared at the local ALS preparation facility in the province of Santa Cruz, prior to final analysis at the ALS laboratory in Lima, Peru. Samples were analyzed for gold and a wide range of other metals, some of which are known to act as precursor elements in the geological environment of the Deseado Massif gold province.
Line spacing was intentionally wide, as the survey was designed as a first-pass reconnaissance program to assess the suitability of sampling method and medium, and to collect baseline data needed for analysis. results.
Unlike drilling or rock chip sampling, the results of soil sampling cannot be assessed against an absolute, objective scale, but rather must be statistically analyzed above the local background. What is considered “abnormal” depends entirely on the prospect’s local conditions.
Figure 3. Satellite imagery of the project
Results and follow-up.
The geochemical results were statistically analyzed item by item, with varying levels of anomaly determined by the number of standard deviations above the mean.
The analysis demonstrated a widespread moderate gold anomaly across most of the western half of La Esfinge, with several key occurrences of high-level anomalies (>24 ppb Au), with the highest value of 118 ppb Au.
The gold anomaly was concentrated along the southern margin of the silicified La Esfinge ridge, most likely indicating major structure along this margin that allowed the less mobile element to migrate upward. The highest gold values also coincide with the western half of the La Esfinge ridge, where the ridge orientation deviates closer to the SE-NW direction which is generally the primary structural control of gold mineralization in this part of the Deseado massif.
Other pathfinder elements, however, show a more widespread anomaly in both directions, which is to be expected as these elements, such as As, are more mobile and therefore able to migrate more easily.
Although extremely preliminary in nature, these results are a positive indicator of an epithermal system along a substantial length of nearly 8 km. Seeing the most prevalent gold anomaly at the western end of the ridge may suggest the system is subsiding in that direction.
As a result, the Company’s geological teams are remobilizing to the site to carry out a brief program of infill soil sampling in the short time allowed before the winter holidays.
A number of additional soil sample lines will be located on the western half of the La Esfinge ridge to fill in the preliminary wide spacing and thus better define the anomalies, and to extend coverage to the west and south where the anomaly remains open. This work program should take approximately two weeks, although the actual duration depends on weather conditions.
Figure 4. Gold in soils
Figure 5. Arsenic in soils
Figure 6. Silver in soils
Figure 7. Bismuth in soils
Figure 8. Indium in soils
Figure 9. Copper in soils
Orosur CEO Brad George commented:
“While preliminary and reconnaissance in nature, these positive results are very encouraging from a first pass program on a virgin prospect. We targeted La Esfinge not only because of its positive geological indicators, but also its very large in size. To now see the geochemical anomaly along almost the entire 8km strike gives us a lot of work moving forward.”
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 Strategic and Investor Communications
Tel: +44 (0) 207 129 1474
The information contained in this announcement is considered by the Company to be inside information as set out in the Market Abuse Regulation (EU) No 596/2014 (“MAR”) which was incorporated into UK law by statute of the European Union (withdrawal) 2018. Upon the publication of this announcement via the Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.
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, Argentina, Brazil and Uruguay.
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.
Orosur Mining personnel follow standard operating and quality assurance procedures to ensure that sampling techniques and sample results meet international reporting standards.
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 activities 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.
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