Orosur Mining drilling Pepas prospect at Anza Project, Colombia
Orosur Mining Inc. [TSXV, AIM: OMI] provided an update on the completion of the acquisition of Minera Monte Aguila SAS (MMA) and the progress of exploration activities at the company’s Anza project in Colombia.
As announced September 10, 2024, the company signed a definitive, binding share purchase agreement (SPA) for the acquisition of MMA, which, once completed, would see the company returning to 100% ownership of the Anza project in return for deferred, production-based consideration.
The project comprises a number of granted exploration licences and applications on the prolific Mid-Cauca belt of Colombia, approximately 50 km west of Medellin. The total licence package previously under joint venture currently totals approximately 175 km2 in area; however, the size of the project will increase substantially post-completion with the addition of new applications held by MMA.
As announced October 17, 2024, following approval of the SPA by the TSX Venture Exchange, the parties began the process of completion, largely involving the exchange of necessary documentation and the lodging of a variety of notices and company accounts with regulatory bodies in Colombia and Canada. This process is expected to complete in the next few weeks.
In the meantime, the company has reassumed activities at the project and control of the site, including reoccupation of the main camp at Apta, where company staff will be based and all drill core from drilling programs will be logged, cut and sampled prior to being submitted to a laboratory in Medellin for analysis.
Prior to this, the company has, for some months, been preparing for resumption of fieldwork, focusing on a planned drill program at the Pepas prospect in the north of the project area. The drilling contractor mobilized to site last week and drilling has now commenced at Pepas.
A small drill program is planned at Pepas, with six or seven holes for a total of roughly 800 metres. This program is expected to take approximately six weeks to complete.
The objective of this program is to better understand the orientation and litho-structural controls of high-grade gold mineralization intersected in three previous holes drilled by the company’s former joint venture partner from the same drill pad in 2022.
Drill hole PEP-001 was commenced in June 2022. Assay results from PEP-001, announced on September 6, 2022, showed high-grade gold mineralization from surface, with the hole returning a composite intersection of 150 metres at 3.0 g/t gold from surface.
Two additional holes were then drilled from this same pad, with results announced on October 21, 2022, with PEP-005 returning 35.5 metres at 2.12 g/t gold and PEP-007 returning 80.55 metres at 3.05 g/t gold. Several later holes were drilled at Pepas from different distant pads that did not intersect substantial mineralization. The nature of gold mineralization in these first three holes therefore remained unresolved.
The first hole of this new drill program will be collared near an abandoned artisanal tunnel containing high-grade gold mineralization (tunnel A; results announced October 22, 2024) and drilled toward the northwest to intersect the mineralization identified in hole PEP-001, but from the opposite direction. The location and azimuth of the next holes will then be adjusted on the basis of geological information obtained from this scissor hole so as to define the nature of this mineralization and provide guidance for later definition drilling.
Brad George, CEO, commented: “The commencement of drilling at Pepas is the culmination of a long commercial process that sees Orosur return to 100% ownership of the Anza project. Previous drilling and recent sampling show Pepas has developed into an impressive target. We eagerly anticipate results in coming weeks.”
Orosur Mining is currently operating in Colombia, Argentina and Nigeria.