The Project is the subject of an Exploration Agreement with Venture Option ('Exploration Agreement') with Colombian company
MMA is the operator of the Project after exercising its right to assume operational control in the second half of 2021.
Assay Results
Assay results for four additional diamond drill holes from the Pepas and Pupino prospects have been received.
Both the Pupino and Pepas prospects are located in the northern region of the
Geology and Drilling
Drilling activities commenced at Pepas in
All three of these holes were drilled in different orientations from the same drill pad, with gold mineralisation starting from surface. While the intersections were encouraging, the fact that the drill pad was positioned within the mineralised body, with holes drilling outward, was problematic in terms of being able to effectively define the shape and orientation of the body and so provide guidance for later drilling.
Two new drill pads were constructed some 200m southwest and 300m northwest respectively from the original drill pad to drill holes PEP008 and PEP009 (Figure 1). Moving the rigs to the west was based on the assumption that the mineralised body dipped toward the west, and therefore these two holes were targeted at the presumed down-dip extension, vertically below the previous drilling.
PEP006 was the last of a group of earlier holes drilled some distance to the north of the mineralised body intersected at PEP001 and was drilled to a depth of 882m. No significant gold intersections were encountered; however, this was expected as previous drilling in the area (PEP004) had also been negative.
PEP008 and PEP009
PEP008 was drilled from the southwest toward the northeast to test directly below the mineralised intersections identified in holes PEP001. The hole was drilled to a depth of 647m. The step back for this new pad was substantial such that PEP008 passed some 220m vertically below PEP001.
PEP009 was drilled to a depth of 602m well north of the previously identified mineralised body and was intended to test an interpreted faulted offset extension of the Pepas body based upon surface mapping and low-level gold mineralisation that had been previously intersected in hole PEP003 (announced
PUP002
PUP002 was drilled to the south at the Pupino prospect to a depth of 301m to test several mapped structures that showed evidence of epithermal alteration. The hole intersected several veins with sulphide mineralisation, but with no substantial gold anomalism.As noted previously, drilling at Pupino had ceased some time ago due to logistical difficulties and the need to develop new camp facilities.
Temporary Suspension of Drilling
The Company has been informed that MMA has decided to temporarily suspend drilling activities at the Project to focus on field mapping, sampling and trenching activities will continue across the Project to define further drilling targets, including additional surface works specifically in the Pepas prospect area.
Phase 2 of Exploration Agreement.
As previously announced on
As previously noted, this process entails the formation of a new
Orosur CEO
'While these drill results are not as exciting as hoped, this is not surprising. Epithermal gold systems by their nature are complex and several phases of drilling are often required to properly define the geometry before more substantial drilling can then be undertaken. In the meantime, we continue the work necessary to create the corporate structure for the MMA-Orosur joint venture and hope to have this in place in the next few months.'
Contact:
CEO
E: info@orosur.ca
Tel: +1 (778) 373-0100
Nomad & Joint Broker
Tel: +44 (0) 20 3 470 0470
Joint Broker
Tel: +44 (0)20 3657 0050
E: orosur@flagstaffcomms.com
Tel: +44 (0)207 129 1474
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
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