Orla Mining drills 3.53 g/t gold over 36.6 metres at South Railroad, Nevada

Orla Mining Ltd. [TSX-OLA; NYSE-ORLA] provided an update on its exploration activities at the South Railroad project, Nevada, in the second half of 2023. This news release presents the first of two updates from the 2023 infill and extension drilling, totalling seven drill holes and representing 2,508 metres. Drilling at the 100%-owned South Railroad project in 2023 totalled 14,695 metres and additional results from other exploration targets will be shared in a subsequent update.

Highlights: Potential expansion of resources at Pinion and Dark Star deposits through new oxide intersections in step-out drilling: Pinion: 0.72 g/t gold over 112.7 metres (oxide); Dark Star: 3.53 g/t gold over 36.6 metres (oxide).

Successful infilling and metallurgical drilling with confirmation of modeled grade, continuity of mineralization, via infill drill program: Intersection includes 2.20 g/t gold over 163.1 metres (oxide) and 2.50 g/t gold over 88.1 metres (oxide).

“Since acquiring the South Railroad project in August 2022, Orla has made substantial progress in near-deposit exploration, satellite deposit testing, and expanding our land position along the Carlin Trend. The recent positive drill results outside the projected open pits highlight the project’s low exploration maturity and significant growth potential. In 2024, we will focus on expanding resources at existing deposits and continuing exploration across the property, which could soon be expanded to include Pony Creek,” said Sylvain Guerard, Orla’s SVP Exploration.

In 2023, Orla extended oxide-hosted gold mineralization at the Pinion and Dark Star deposits, with highly positive drill intersections outside of the projected open pits. Meanwhile, infill drill results met expectations, confirming robust oxide mineralization within projected pits, while supplying material for new metallurgical column test work to further optimize the planned development project.

Exploration drilling at the Dark Star deposit consisted of 1,112 metres in two drillholes. Results from these two exploration drill holes identified the potential to extend oxide mineralization beyond the currently defined mineral resources and explained a seismic anomaly identified below the Dark Star deposit.

One reverse circulation and one core drillhole were completed within the northern pit at the Dark Star deposit to support ongoing project development work.

The reverse circulation hole, DR23-02, was drilled to confirm continuity of high-grade Au in oxide mineralization at the base of the designed open pit. Highly positive assay results, 2.20 g/t gold over 163.1 metres (oxide), including 3.97 g/t gold over 30.5 metres, confirmed the modeled grade, limits of gold mineralization, and continuity of high-grade mineralization at the base of the designed open pit.

The core drillhole, DSC23-02, was drilled to provide material for run-of-mine column test work. The strong assay results, 2.50 g/t Au over 88.1 metres (oxide), incl. 5.69 g/t Au over 30.5 metres, from hole DSC23-02 are consistent with historical drill data and the mineral resource estimate block model. The run-of-mine column test work is expected to be undertaken in 2024.

Orla is committed to growing the Pinion and Dark Star deposits through exploration in 2024. As part of the broader South Railroad exploration program totaling approximately 14,000 metres, Orla plans to drill 4,400 metres across 16 holes, with a focus on exploration near the Pinion and Dark Star deposits. Near-deposit exploration in 2024 will seek to define the extension of oxide mineralization beyond the currently defined open pit extents, building on the drill success from 2023, and supporting resources expansion efforts.

The 2024 exploration program at South Railroad is planned to commence in the spring of 2024 and is expected to continue through October 2024.

The South Railroad Project covers a strike length of over 25 km along the southern part of the prolific Carlin Gold Trend, Nevada. The property hosts multiple zones of oxide, transition and sulphide mineralization, throughout the entire land package, with current oxide measured and indicated mineral resources of 1.8 Moz (75.3 Mt at 0.74 g/t Au) inclusive of proven & probable mineral reserves of 1.6Moz (65.2 Mt at 0.77 g/t Au) at the Pinion and Dark Star deposits.

The mineral reserve estimate for the South Railroad Project consists of 333 koz of proven gold reserves (8,960 k tonnes at 1.17 g/t gold) and 1,271 koz of probable gold reserves (56,239 k tonnes at 0.72 g/t gold). The open pit mineral resource estimate for the South Railroad Project consists of 343 koz of measured gold resources (9,561 k tonnes at 1.13 g/t gold), 1,410 koz of indicated gold resources (65,450 k tonnes at 0.68 g/t gold), and 653 koz of inferred gold resources (21,805 k tonnes at 0.93 g/t gold). The underground mineral resource estimate consists of 66 koz of inferred gold resources (457 k tonnes at 4.49 g/t gold).

Orla is operating the Camino Rojo Oxide Gold Mine, a gold and silver open-pit and heap leach mine, located in Zacatecas State, Mexico. The property is 100% owned by Orla and covers over 160,000 hectares.

Orla also owns 100% of Cerro Quema located in Panama which includes a gold production scenario and various exploration targets. Cerro Quema is a proposed open pit mine and gold heap leach operation.