- Positive Results From Follow Up Soil Sampling Program at El Pantano Confirms Previous Work.
- High Level Gold in Soils Anomaly Over 1km, Plus Pathfinder Elements Over Wider Area, Suggestive of a Major Epithermal System.
LONDON, UK / ACCESSWIRE / June 28, 2022 / Orosur Mining Inc. ("Orosur" or the "Company") (TSXV:OMI)(AIM:OMI), is pleased to announce positive assay results from a follow up soil sampling program at the La Esfinge prospect at El Pantano, Santa Cruz Province, Argentina.
For the full PDF version of the announcement with Figures 1-5 included, please refer to:
http://www.rns-pdf.londonstockexchange.com/rns/3737Q_1-2022-6-27.pdf
As announced on May 3rd, 2022, field teams had returned to El Pantano to complete a short infill program designed to add more detail to the positive soil sampling results from the first pass reconnaissance program undertaken in March 2022.
13 additional soil sampling lines were completed across the western section of La Esfinge (Figure 4) and have returned highly anomalous results, with gold in soil results up to 152ppb Au.
Figure 1. Gold (Au) in soils
These results are highly encouraging in both scale and composition. A geochemical anomaly has now been defined in detailed over a strike length in excess of 1km (Figure 1), but open to both east and west. This anomaly is also evident in a range of additional pathfinder elements, such as would be expected from a substantial epithermal system.
This work has now defined a high priority exploration target which will be followed up after the winter recess which is expected to last until early September.
El Pantano
The El Pantano project ("Project") is subject to an Exploration & Joint Venture agreement ("Agreement") with private Argentinean company DESEADO DORADO S.A.S and its shareholders ("Deseado").
The general terms of the Agreement allow for the Company to earn 100% equity in the Project by investing US$3m over five years in two phases:
- Phase 1, earn 51% by investing US$1m over an initial 3-year period.
- Phase 2, move to 100% ownership by investing an additional US$2m over a subsequent 2-year period and granting Deseado a residual 2% net smelter return royalty on the Project.
Figure 2. Regional Location
Figure 3. Licences
Survey
This second pass program entailed 13 additional geochemical survey lines at a nominal spacing of 120m, across the western end of the La Esfinge silicified ridge.
The program was only small due to approaching winter and was designed to better define the highest coarse scale anomalies that had been previously defined by the first pass survey in March. It was felt that such definition was important so as to gain a better understanding of the potential of the prospect and allow for follow up work to be planned over the winter break.
The same sampling techniques were employed as per the earlier work in March.
Figure 4. Line plans, phases 1 and 2
The results of the program were extremely positive, with the broad anomalous responses at the western end of La Esfinge being confirmed, and much better defined.
While anomalous gold results are important, of equal importance is the response from a range of pathfinder elements which are generally more mobile. Multielement geochemical analysis of the soil samples has confirmed good correlation between gold, and anomalous responses from a suite of other elements such as Ag, As, Bi, Cu, In, and Bi (Figure 5), that are suggestive as being derived from an epithermal system.
Work at El Pantano has now ceased for the winter recess, which in general would be expected to last until early September.
After this, the Company plans follow up work, which could include additional geochemical analysis over a wider area, ground magnetics, mapping, which if positive, could lead to a drilling campaign in the medium term.
Figure 5. Plans, path finder elements.
Orosur CEO Brad George commented:
"It is early days at El Pantano, but it is highly encouraging to obtain such positive results from what is essentially an untouched grass roots project. We look forward to returning after the winter, but work so far has supported our strategy of carefully selecting attractive earlier stage projects on the best possible terms."
For further information visit www.orosur.ca, follow on twitter @orosurm or contact:
Orosur Mining Inc
Louis Castro, Chairman,
Brad George, CEO
[email protected]
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 Strategic and Investor Communications
Tim Thompson
Mark Edwards
Fergus Mellon
Tel: +44 (0) 207 129 1474
[email protected]
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.
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 and Brazil.
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.
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.
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SOURCE: Orosur Mining Inc.