Orosur Mining (TSXV: OMI; AIM: OMI) says diamond drilling at its flagship Anzá gold undertaking in Colombia returned “substantial” assays from the Pepas prospect.
Drill gap PEP007 intersected 80.6 metres of three.05 grams gold per tonne from floor, together with 41.7 metres at 5.24 grams gold and a pair of.91 grams silver per tonne, the Toronto-based firm mentioned in a launch on Friday.
Drill gap PEP005 reduce 36.8 metres from floor at 2.13 grams gold and three.74 grams silver, Orosur mentioned.
Regardless of these holes returning “substantial gold intersections,” on the web site 50 km west of Medellin, the drilling confronted some difficulties, the corporate mentioned.
“As with a number of different early holes at Pepas, damaged floor and troublesome drilling situations had been encountered, and the outlet was terminated at a untimely depth of 134 metres.”
Pepas is 12 km north-northeast from the central APTA prospect the place most drilling was achieved at Anzá till early this yr.
Drilling was additionally troublesome at Pupino, 4km nearer than Pepas to the central APTA prospect. It was suspended after two holes throughout drilling “proved extra logistically difficult than anticipated, particularly due to the time misplaced for crews to stroll to and from the rig from a distant camp,” the corporate mentioned. Orosur mentioned it desires to construct higher camps there.
Chief govt officer Brad George mentioned the outcomes are “encouraging” following the Sept. 6 report of an intersection of three grams gold per tonne over 150.9 metres from floor in gap PEP001.
“PEP001 was clearly a spectacular consequence, however being solely the primary gap, warning was warranted,” George mentioned within the launch. “We eagerly await outcomes from higher positioned holes which can be at the moment underway to get a greater sense of the dimensions of what seems a most enjoyable prospect.”
There isn’t sufficient information to offer a useful resource estimates for Anzá, which is a three way partnership with Colombian firm Minera Monte Águila, itself a 50:50 JV between Newmont Mining (TSX: NGT; NYSE: NEM,) and Agnico Eagle Mines (TSX: AEM; NYSE: AEM).
London-based asset supervisor Hargreaves Lansdown owns 21% of Orosur, adopted by Manchester U.Ok.’s Interactive Investor Buying and selling with 17% and Newmont with 16%, Orosur mentioned.
Orosur shares rose 46% in buying and selling on Friday in Toronto to 19¢. The inventory has traded in a 52-week window of 11¢ and 27¢. The corporate has a market cap of $35 million.